Insurer ASR edges down after mixed 2024-2026 targets

ASR Nederland NV

27/06/2024 08:16

** Shares in ASR Nederland  ASRNL.AS  slip 1.3% after the
Dutch insurer gave a mixed guidance for 2024-2026 ahead of its
CMD on Thursday, with some targets missing expectations
    ** It targets organic capital creation of 1.35 bln euros
($1.44 bln) in 2026, 525 mln euros in share buybacks, and a
combined ratio of 92-94% for its non-life business (excluding
health)
    ** "New targets for 2024-2026 are mixed compared to our
expectations, with higher capital generation, a slightly lower
cumulative buyback over 2024-26e and lower targets for non-life
margins and fee businesses," J.P.Morgan says in a note 
    ** "Growth plan looks solid, with ASR starting to
immediately target growth opportunities from Dutch pensions
reform - and its capital generation target suggests shares offer
a higher free capital generation yield than peers in 2026" -
JPM​​

($1 = 0.9354 euros)

 (Reporting by Olivier Sorgho)
 ((Olivier.Sorgho@thomsonreuters.com))