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FINANCIALS: Allianz Results: German Floods, US Hurricanes But Likely Solid

FINANCIALS
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Allianz (ALVGR: Aa2/AA/AA-u) results are 8-Aug. Results last time were solid but German floods and US hurricanes are likely to feature. However, this remains a very high grade credit.

  • Results last time (15-May) were broadly in line with the CFO indicating “very confident” on outlook. The Solvency II ratio was a little low but neither credit nor equity moved particularly on the day.
  • The issuer has bought a relatively small business in Singapore in the period. German flood costs (reported in the press in early-June) are likely to feature in the GI business. S&P affirmed its ratings (20-Jun) but hurricane costs (including Debbie) could also feature.
  • Spreads have beaten insurance peers marginally (7bp) since last results, as has the equity so the size and stability of this issuer has obviously been a positive during recent turbulence.
  • Revenue estimates were cut after last results (6% and 3%) but EPS estimates are actually slightly higher.

Results are due at 0600 (London time) with conf call at 1000 at: https://www.youtube.com/live/S9nZ6uPoPII

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Allianz (ALVGR: Aa2/AA/AA-u) results are 8-Aug. Results last time were solid but German floods and US hurricanes are likely to feature. However, this remains a very high grade credit.

  • Results last time (15-May) were broadly in line with the CFO indicating “very confident” on outlook. The Solvency II ratio was a little low but neither credit nor equity moved particularly on the day.
  • The issuer has bought a relatively small business in Singapore in the period. German flood costs (reported in the press in early-June) are likely to feature in the GI business. S&P affirmed its ratings (20-Jun) but hurricane costs (including Debbie) could also feature.
  • Spreads have beaten insurance peers marginally (7bp) since last results, as has the equity so the size and stability of this issuer has obviously been a positive during recent turbulence.
  • Revenue estimates were cut after last results (6% and 3%) but EPS estimates are actually slightly higher.

Results are due at 0600 (London time) with conf call at 1000 at: https://www.youtube.com/live/S9nZ6uPoPII