Allianz SE

ALV: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€346.00	Zvnj	Sbqbxdbfv

Allianz Earnings: Lower Profits, but Still Looks Good for the First 9 Months; Shares Undervalued

Henry Heathfield

Nov 10, 2023

Allianz has reported a lighter quarter, yet the business still looks sound in the first nine months. The business has increased sales by 4.5% though operating profit has fallen by almost 15%. This lower operating profit of EUR 3.5 billion has mainly been hit by higher claims for natural catastrophes, which Allianz reports are the highest in a decade. The business has confirmed its EUR 14.2 billion full-year operating profit guidance, plus or minus EUR 1 billion. And that is substantially ahead of our EUR 11.6 billion full-year forecast. The EUR 1.5 billion buyback is almost complete. Solvency is strong at 212%.

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