(CercleFinance.com) – Allianz earns just over 1 percent in Frankfurt, supported by a Credit Suisse analysis. The research firm is maintaining its ‘outperformance’ rating for Allianz and raising its price target to 220E, up from 205E previously.
According to the broker, the risk of the share falling due to Covid is very limited in the future and the GATS unit (Allianz Global Corporate Solutions) – which is in charge of resolving problems such as the rise in civil liability claims – could even return to profitability as early as this year.
In addition, ‘life insurance margins were higher than consensus, and asset management results benefited from better margins than we expected,’ Credit Suisse notes.
While Allianz had forecast operating profit of between EUR 11 billion and EUR 13 billion in 2021, Credit Suisse now believes it should logically be in the upper half of that range.