Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ALLIANZ SE-REG. We currently have 9 research reports from 2 professional analysts.
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Good 2016 results, dividend increased
17 Feb 17
Preliminary net profit attributable to shareholders increased by 4% to €6.88bn for FY2016 compared to the year before. Premiums earned were mainly unchanged at €70.4bn in FY2016. Interest and similar income was down by 2.2% to €22.15bn and realised investment rose by 2.6% to €6.9bn for FY2016. Total operating income was flat at €106.1bn in FY2016 compared to 2015. Claims increased by 3% to €53.2bn and total operating expenses declined by 0.3% to €95.2bn. Operating profit (under Allianz’s definition) increased from €10.74bn for FY2015 to €10.83bn for FY2016. Pre-tax profit rose by 1% to €10.3bn for FY2016. Third-party assets under management rose by 6.7% to €1,361bn in FY2016. Net new money outflow was €20bn in 2016 compared to €107bn in 2015. Shareholders’ equity rose by 6.6% to €67.3bn at the end of 2016 compared to 2015. The solvency II ratio was 218% at the end of 2016 compared to 200% for 2015. The dividend proposal rose from €7.30 for FY2015 to €7.60 per share for FY2016. The new operating profit target for FY2017 is €10.8bn plus or minus €0.5bn. Allianz has decided to launch a share buy-back programme with a volume of up to €3bn as part of a previously announced plan to return unused capital from the group’s external growth budget from the period 2014 to 2016. The buy-back programme is envisaged to start on 17 February 2017, and to last no longer than 12 months. Allianz SE will cancel all repurchased shares.
Good Q3 16 figures, net new money inflow but lower transparency
11 Nov 16
Allianz has cancelled the Q1 and Q3 Interim Reports from 2016 onwards using the change in the EU Transparency Directive. The information given regarding Q1 16 developments are therefore rather limited and refer mainly to the internal operating profit calculation of Allianz which can’t be fully restated to the normal income statement. Net profit attributable to shareholders increased by 36.5% to €1.86bn for Q3 16 versus the same period last year. Premiums earned were slightly up by 1% to €17.3bn for Q3 16. Operating investment result rose by 43% to €6.4bn for Q3 16 compared to Q3 15. Fee and commission income was flat at €2.7bn in Q3 16. Insurance claims increased by 1.8% to €12.7bn in Q3 16. Changes in insurance reserves rose by 89% to €3.75bn for Q3 16. Operating profit increased by 18% to €2.9bn for Q3 16 compared to Q3 15. Non-operating items were a profit of €174m for Q3 16 compared to a loss of €17m for Q3 15. Pre-tax profit increased by 29% to €2.8bn for Q3 16. The tax ratio declined from 33% for Q3 15 to 30% for Q3 16. The Solvency II ratio was down from 200% at the end of 2015 to 186% at end September 2016. Shareholders’ equity rose by 11% to €70.1bn in the same period, partly due to higher unrealised gains. Third-party assets under management were up by 4% to €1,327bn at end September 2016 compared to the end of 2015. Net new money inflow was €6.2bn in Q3 16 versus an outflow of €14.8bn for Q3 15. Allianz said it remains on track to achieve the operating profit outlook for the full year of €10.5bn, +/- €500m.
Disappointing Q2 16 results
05 Aug 16
Net profit attributable to shareholders decreased by 46% to €1.09bn for Q2 16 versus the same period last year. The sale of the South Korean business burdened the Q2 16 results by a net loss of €352m. Premiums earned were down by 0.6% to €17.2bn for Q2 16. The operating investment result declined by 3% to €5.7bn for Q2 16 compared to Q2 15. Fee and commission income decreased by 3% to €2.6bn in Q2 16. Insurance claims were up by 4% to €12.8bn in Q2 16. Changes in insurance reserves declined by 12% to €3.1bn for Q2 16. Operating profit decreased by 17% to €2.35bn for Q2 16 compared to Q2 15. Non-operating items were a loss of €573m for Q2 16 partly due to the sale of the South Korean business compared to a profit of €137m for Q2 15. Pre-tax profit increased therefore by 40% to €1.78bn for Q2 16. The tax ratio was up from 29% for Q2 15 to 33% for Q2 16. The Solvency II ratio was down from 200% at the end of 2015 to 186% at end June 2016. Shareholders’ equity rose by 7% to €67.7bn in the same period, mainly due to higher unrealised gains. Third-party assets under management were up by 5% to €1,307bn at end June 2016 compared to the end of 2015. Net money outflow was €19.1bn in Q2 16 versus €22.5bn for Q2 15. Allianz said it remains on track to achieve the operating profit outlook for the full year of €10.5bn, +/- €500m.
Political risk over-hang
18 Jul 16
Mixed messages from UK and EU governments already highlight a potential for on-going political risk, with any sector volatility accentuated by Solvency II. With significant value in the sector we would look to now buy shares with strong fundamentals to be confirmed by upcoming results.
Solid Q1 16 figures but lower transparency
11 May 16
Allianz has cancelled the Q1 and Q3 Interim Reports from 2016 onwards using the change in the EU Transparency Directive. The information given regarding Q1 16 developments are therefore rather limited and refer mainly to the internal operating profit calculation of Allianz which can’t be fully restated to the normal income statement. Net profit attributable to shareholders increased by 20.5% to €2.2bn for Q1 16 versus the same period last year. Premiums earned were down by 5% to €17.4bn for Q1 16. Operating investment result declined by 21% to €6.5bn for Q1 16 compared to Q1 15. Fee and commission income decreased by 5% to €2.5bn in Q1 16. Insurance claims were down by 2.5% to €12.5bn in Q1 16. Changes in insurance reserves declined by 28% to €4.4bn for Q1 16. Operating profit decreased by 3.5% to €2.76bn for Q1 16 compared to Q1 15. Non-operating items were a profit of €278m for Q1 16 compared to a loss of €61m for Q1 15. Q1 16 benefited from a much better non-operating investment result due to higher realisations, mainly on equity investments, as well as a positive contribution from hedging-related activities. Pre-tax profit increased therefore by 9% to €3.03bn for Q1 16. The tax ratio declined from 31% for Q1 15 to 24% for Q1 16. The Solvency II ratio was down from 200% at the end of 2015 to 186% at end March 2016. Shareholders’ equity rose by 7% to €67.4bn in the same period, partly due to higher unrealised gains. Third-party assets under management were down by 3% to €1,242bn at end March 2016 compared to the end of 2015. Net money outflow was €9bn in Q1 16 versus €62bn for Q1 15. Allianz said it remains on track to achieve the operating profit outlook for the full year of €10.5bn, +/- €500m.
N+1 Singer - Uncovered Gems - Speed Dating Lunch - A Famous Five for the future?
12 Apr 17
On Friday we hosted our third “speed dating” lunch with the management of five very interesting and contrasting companies not under our formal coverage: Be Heard, Byotrol, Gfinity, Oxehealth and Plant Impact. Each company gave a concise and punchy overview of its business and investment case to a group of fund managers, before rapid fire Q&A. Below we summarise our thoughts on each company with more details inside the note, plus some relevant slides. We believe that all five companies are well-managed and well worth a closer look - we intend to repeat this efficient and popular format for engaging with management teams.
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
N+1 Singer - Morning Song 25-04-2017
25 Apr 17
Carpetright (CPR LN) Tougher conditions leaves forecasts towards lower end of range | Centaur Media (CAU LN) Bigger steps | Elementis (ELM LN) Positive update confirms strengthening of demand | Rathbone Brothers (RAT LN) Facing the challenge to deliver growth | Vp (VP/ LN) Another niche Hire Station deal prompts 3% EPS upgrades
Small Cap Breakfast
24 Apr 17
Global Ports Holding—Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected on AIM 3 May. RTO of Escape Hunt raising £14m at 135p. Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1 update. Admission expected 25 April on AIM raising £122m. ADES International Holding— Intends to join the Standard List of the Main Market in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
24 Apr 17
Lok’nStore* (LOK): Growth supported by a strong balance sheet (CORP) | Mortice* (MORT): UK acquisition (CORP) | Avacta* (AVCT): Another milestone – 1st non-therapeutics licence (CORP) | Petra Diamonds (PDF): Trading update and Q3 results (BUY) | Nasstar* (NASA): Growth and margin focus (CORP)