reports
- Henry Heathfield
- CFA
Allianz Reports Solid Full-Year 2017
Allianz reported a solid end to 2017, confirming our view that this is one of the best-running insurance businesses, considering the size of the entity. Overall, the business experienced stable growth, against a backdrop of higher natural catastrophes. Net income was essentially in line with our expectations, with return on equity slightly ahead of our estimated, adjusted for the Oldenburgische Landesbank, or OLB, disposal. While we will reflect 2017 full-year results and roll our model, we donâ...
- Henry Heathfield
- CFA
Allianz Reports Strong Set of Nine-Month Results
Allianz reported a good set of nine-month results for 2017. Operating profit was slightly below our expectations at EUR 8.337 billion, and the combined ratio was affected by the higher incidence of natural catastrophe events. However, Allianz’s asset management division continued to be driven by third-party inflows that increased to EUR 106 billion. We are increasing our fair value estimate to EUR 175 per share to account for the time value of money, and we maintain our no-moat rating. Profita...
- Henry Heathfield
- CFA
Allianz Reports Strong Results for 2Q 2017, but We Are Not Convinced o...
Allianz reported second-quarter net income of EUR 2 billion, ahead of our expectations. This was a better result across the board, but we are maintaining our fair value estimate of EUR 165 per share and our no-moat rating for the moment. Though the results look very good against the prior quarter, we want to see evidence of sustained higher performance in order to be convinced of better long-term execution. In property and casualty, gross premiums increased 11%, though this was largely the resul...
- Henry Heathfield
- CFA
Allianz is rebuilding its moaty Pimco franchise.
Allianz reported a stable set of first-quarter 2017 results, and net income of EUR 1.8 billion was slightly ahead of our expectations. The performance was solid broadly across the board, and Allianz’s capitalisation remains good at 212%. Though this is a decline from the prior year, the movement is essentially a net 9 point full impact of the EUR 3 billion share buyback--3 points were added from business and market developments. We will maintain our EUR 165 fair value estimate per share and no...
- Henry Heathfield
- CFA
Allianz Reports Stable First-Quarter 2017
Allianz reported a stable set of first-quarter 2017 results, and net income of EUR 1.8 billion was slightly ahead of our expectations. The performance was solid broadly across the board, and Allianz’s capitalisation remains good at 212%. Though this is a decline from the prior year, the movement is essentially a net 9 point full impact of the EUR 3 billion share buyback--3 points were added from business and market developments. We will maintain our EUR 165 fair value estimate per share and no...
- Henry Heathfield
Intesa Sanpaolo Ends Speculation of a Bid for Generali
Intesa has announced that, having reviewed Generali, it was unable to identify opportunities for synergies to grow in insurance, asset management, and private banking. Generali had made clear from the outset that any approach from Intesa Sanpaolo would be hostile. We maintain our no-moat rating and EUR 15.00 per share fair value estimate for Generali, as we noted earlier that this combination was unlikely. We believed the bid speculation that occurred around Jan. 24 was unlikely to proceed. At t...
- Henry Heathfield
Allianz Reports a Strong Final Quarter to 2016
Allianz reported a strong set of fourth-quarter results across all divisions. The restructuring of FFIC is on track, the company's capital position is still very strong, the disposal of Korea in life is complete, and the asset management arm PIMCO is returning to strength. We maintain our fair value estimate of EUR 164 per share and no-moat rating. The cost income ratio within PIMCO has come in below 60% and operating profit is stable. Allianz assets under management have increased 6.1%, and out...
- Henry Heathfield
We Believe Current Bid Speculation Surrounding Generali Is Unlikely
There has been a lot of speculation in the media over the past few days surrounding a potential bid for Generali Assicurazioni; during this time, Generali shares have rallied 13%. In defence against a potential bid from Intesa Sanpaolo in a possible combination with Allianz, Generali has bought 3.01% of Intesa shares in a move that protects it from a bid approach under cross-holding rules. At present, we believe a successful takeover approach is unlikely, and we therefore maintain our fair value...
- Henry Heathfield
Allianz is rebuilding its moaty Pimco franchise.
Allianz reported good operational improvements for its third quarter. We plan to maintain our EUR 164 fair value estimate and no-moat rating. Net income increased 36% on the prior year to EUR 1.9 billion, taking cumulative earnings to EUR 5.1 billion for the nine-month period. All segments reported positive results. In property and casualty, the large operating entities of Germany and France reported good price and volume growth, confirming our prior expectations of modest rate increases in moto...
- Stephen Ellis
Allianz Reports Good Operational Improvements
Allianz reported good operational improvements for its third quarter. We plan to maintain our EUR 164 fair value estimate and no-moat rating. Net income increased 36% on the prior year to EUR 1.9 billion, taking cumulative earnings to EUR 5.1 billion for the nine-month period. All segments reported positive results. In property and casualty, the large operating entities of Germany and France reported good price and volume growth, confirming our prior expectations of modest rate increases in moto...
- Stephen Ellis
Allianz's diverse revenue model helps protect its capital base.
Allianz reported weak first-half results, in particular within its property and casualty division. These results are predominantly from higher natural catastrophe and weather-related events, impairments on the sale of the South Korea division, and equity market volatility towards the latter half of the quarter. We don't see any fundamental change in the business, and we therefore maintain our fair value estimate of EUR 164 per share and our no-moat rating. Operating profits for the first half we...
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