reports
- Henry Heathfield
Morningstar | Allianz's 1Q: Good Life and Non-Life; Poorer Showing Ass...
Allianz reported operating profit of EUR 3.0 billion for the first quarter of 2019. This is a little ahead of our estimate of EUR 11.6 billion for the full year. And this result, which beats us, flows all the way down to net income. Management are maintaining guidance of EUR 11.5 billion for the full year, plus or minus EUR 500 million. Currently, it looks like results will be on the plus side and we are still impressed with how well management execute in this business. We maintain our EUR 200 f...
- Henry Heathfield
Allianz's 1Q: Good Life and Non-Life; Poorer Showing Asset Management;...
Allianz reported operating profit of EUR 3.0 billion for the first quarter of 2019. This is a little ahead of our estimate of EUR 11.6 billion for the full year. And this result, which beats us, flows all the way down to net income. Management are maintaining guidance of EUR 11.5 billion for the full year, plus or minus EUR 500 million. Currently, it looks like results will be on the plus side and we are still impressed with how well management execute in this business. We maintain our EUR 200 f...
- Henry Heathfield
Morningstar | Turkey Turnaround for Allianz and Traditional Life Inves...
While we think Allianz is one of the best-run multiline insurance companies, life and health insurance is its main problematic business. Allianz has three main business units, nonlife insurance, life insurance, and asset management. The nonlife business contributes around 45% to operating profit, while life and health insurance and asset management each add around 35% and 20%, respectively. In the nonlife business, Allianz sells motor, accident, property, general liability, travel insurance, and...
- Henry Heathfield
Turkey Turnaround for Allianz and Traditional Life Investment Margin H...
Allianz reported a very good set of fourth-quarter and full-year 2018 results. The division that has not performed that well within these results has been life and health, but that comes down quite specifically to one product line. The non-life division continues to really impress us, and management has delivered on its underwriting target. While the asset management results are mixed with base-line profitability up, there are encouraging signs for the business unit. We maintain our EUR 175 fair...
- Henry Heathfield
Morningstar | Allianz's FY 2018: Expenses Drive Non-Life; Low Investme...
Allianz reported a very good set of fourth-quarter and full-year 2018 results. The division that has not performed that well within these results has been life and health, but that comes down quite specifically to one product line. The non-life division continues to really impress us, and management has delivered on its underwriting target. While the asset management results are mixed with base-line profitability up, there are encouraging signs for the business unit. We maintain our EUR 175 fair...
- Henry Heathfield
Allianz's FY 2018: Expenses Drive Non-Life; Low Investment Margin Pull...
Allianz reported a very good set of fourth-quarter and full-year 2018 results. The division that has not performed that well within these results has been life and health, but that comes down quite specifically to one product line. The non-life division continues to really impress us, and management has delivered on its underwriting target. While the asset management results are mixed with base-line profitability up, there are encouraging signs for the business unit. We maintain our EUR 175 fair...
- Henry Heathfield
Morningstar | AZSEY Updated Forecasts and Estimates from 09 Nov 2018
We think Allianz reported pretty good numbers for the third quarter of 2018. These included EUR 30.5 billion in revenue, an increase of just under 8.0%, and operating profit of EUR 3.0 billion, growth of 20%. This growth in operating profit has mainly been driven by the property and casualty business that reported an operating profit of EUR 1.5 billion, and this business unit continues to impress us and the market. We maintain our EUR 175.0 fair value estimate and no-moat and stable moat ratings...
- Henry Heathfield
Morningstar | Decent Third-Quarter Results From Allianz, but Shares St...
We think Allianz reported pretty good numbers for the third quarter of 2018. These included EUR 30.5 billion in revenue, an increase of just under 8.0%, and operating profit of EUR 3.0 billion, growth of 20%. This growth in operating profit has mainly been driven by the property and casualty business that reported an operating profit of EUR 1.5 billion, and this business unit continues to impress us and the market. We maintain our EUR 175.0 fair value estimate and no-moat and stable moat ratings...
- Henry Heathfield
Decent Third-Quarter Results From Allianz, but Shares Still Overvalued
We think Allianz reported pretty good numbers for the third quarter of 2018. These included EUR 30.5 billion in revenue, an increase of just under 8.0%, and operating profit of EUR 3.0 billion, growth of 20%. This growth in operating profit has mainly been driven by the property and casualty business that reported an operating profit of EUR 1.5 billion, and this business unit continues to impress us and the market. We maintain our EUR 175.0 fair value estimate and no-moat and stable moat ratings...
- Henry Heathfield
Morningstar | Allianz Reports Standard 2Q; Shares Overvalued
Allianz reported second-quarter operating earnings of EUR 3.0 billion. While this is slightly above our expectations, we are maintaining our EUR 175 per share fair value estimate. Growth within property and casualty premiums has largely been driven by volume, with only 2.2% of the 7.3% growth rate coming from price. Corporate solutions was a significant contributor. The business reported a 94% combined ratio, demonstrating it is well on track to meet the 94% target. In terms of life and health...
- Henry Heathfield
- CFA
Allianz is rebuilding its moaty Pimco franchise.
Allianz reported first-quarter 2018 results slightly below our expectations. We are maintaining our EUR 175 per share fair value estimate and no-moat and stable trend ratings. At a corporate level, Allianz completed the acquisition of Euler Hermes April 27, delisting the business from Euronext Paris. And it completed its EUR 2.0 billion buy-back in early May. Within non-life insurance, the combined ratio improved marginally by 80 basis points to 94.8%. The improvement was mainly driven by better...
- Henry Heathfield
- CFA
Standard First-Quarter 2018 for Allianz
Allianz reported first-quarter 2018 results slightly below our expectations. We are maintaining our EUR 175 per share fair value estimate and no-moat and stable trend ratings. At a corporate level, Allianz completed the acquisition of Euler Hermes April 27, delisting the business from Euronext Paris. And it completed its EUR 2.0 billion buy-back in early May. Within non-life insurance, the combined ratio improved marginally by 80 basis points to 94.8%. The improvement was mainly driven by better...
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