Goldman Sachs cautious on European insurers but upgrades ASR, Phoenix

ASR Nederland NV

21/01/2026 10:00

** Goldman Sachs remains cautious on European insurers as pricing momentum cools after strong performance in 2025

** Brokerage says weakening outlook for property and casualty (P&C) makes re-rating some companies more challenging amid fundamental headwinds

** Downgrades France's SCOR SCOR.PA to "neutral" and UK-based Admiral ADM.L to "sell"; both previously rated "buy"

** Cuts rating of Swiss Re SRENH.S, the world's second-largest reinsurer, to "sell" from "neutral"

** However, the brokerage sees potential path to capital deployment, upgrades Dutch insurer ASR Nederland ASRNL.AS to "buy" from "neutral" and UK-based Phoenix Group PHNX.L to "neutral" from "sell"

 (Reporting by Anastasiia Kozlova)

 ((Anastasiia.Kozlova@thomsonreuters.com))