ALLIANZ: NUESTRA FAVORITA (ANÃLISIS BANCO SABADELL)
Nuestra favorita en el sector seguros. COMPRARALV continúa siendo nuestra favorita en el sector ya que vemos riesgos limitados a la baja en cotización junto a los atractivos múltiplos a los que cotiza (PER c.10x similar al sector pero con ROE de c. 12% y una retribución total al accionista sostenida de c. 7% y vs de 11% y 5%, respectivamente del sector). Todo en un entorno bajista y presiones en las yields, donde tiene palancas para defenderse: TACC Rdo. Operativo’19-21 BS(e) de c. +3% (consenso, en lÃnea). En No Vida. Por el claro foco en margen técnico (RC’21 BS(e) 93% vs c. 94% actual) y en Vida por inmunización de cartera, mayores duraciones, producto “sin garantÃa†y reduciendo participación en beneficios a los asegurados.
Allianz is engaged in the provision of a range of insurance and asset management products and services. Co. has three business segments: Property-Casualty, which provides insurance products to both private and corporate customers, including motor liability and own damage, accident, general liability, fire and property, legal expense, credit and travel insurance; Life/Health, which provides life and health insurance products including annuities, endowment and term insurance, unit-linked and investment-oriented products and private health and supplemental health and long-term care insurance; and Asset Management, which provides institutional and retail asset management products and services.
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