MS cuts Aegon and Generali to 'equal weight', taps Axa as insurance top pick

Aegon

15/05/2026 08:01

** Morgan Stanley downgrades Aegon AEGN.AS and Generali GASI.MI from "overweight" to "equal weight" as companies fundamentals are now reflected in their valuation

** Broker notes that with Aegon's planned UK disposal announcement, the broker expects "future catalysts to be slower burning"

** "We regard management's efforts to turn around the businesses, extract trapped capital and share excess capital with investors as notable positives," broker says on Aegon

** MS says Aegon offers the lowest free cash flow yields among Dutch peers

** Broker says Generali remains among highest-quality names but shares are now trading in-line with price target

** MS highlights France's Axa AXAF.PA as sector top pick on improved earnings trajectory

** Morgan Stanley sees the insurance sector "in good shape" but "not without challenges"

 (Reporting by Margaux Perrin and Ronan Corcoran in Gdansk)

 ((margaux.perrin@thomsonreuters.com and ronan.corcoran@thomsonreuters.com))