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FINANCIALS: Allianz: Supportive Results, P&C Combined Beat, Guidance Held

FINANCIALS

Allianz (ALVGR: Aa2/AA/AA-u) results appear reassuring with P&C combined ratio a beat, operating profit similarly and Solvency II ratio at 206%, beating 202% consensus. Spreads have broadly tracked insurance peers, so perhaps not enough here to tighten meaningfully but certainly supportive results, we feel.

  • “*ALLIANZ 2Q OPER PROFIT EU3.93B, EST. EU3.66B
  • *ALLIANZ STILL SEES FY OPER PROFIT EU13.8B TO EU15.8B [cons: 15.4bn]
  • *ALLIANZ TO BUYBACK ADDL SHARES UP TO 500M EUROS” – BBG
  • “*Allianz 2Q Property-Casualty Combined Ratio 93.5% [cons: 94.3%]

Conf call is 1000 (London time) at: https://www.youtube.com/live/S9nZ6uPoPII 

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