Berenberg upgrades Talanx as primary insurance unit shines

Talanx AG

28/09/2023 08:46

** Berenberg upgrades Talanx to "buy" from "hold", citing 
the "outstanding" business model of the German insurer's core
primary insurance unit  
    ** Berenberg says the unit has successfully completed its
phase of restructuring, reserve strengthening and reorganisation
    **  "We believe this means that the primary insurance unit
should be valued on similar multiples to those of Talanx's
composite peers Allianz  ALVG.DE , AXA  AXAF.PA , Generali
 BGN.MI  and Zurich  ZURN.S ," it adds
    ** The broker also notes a successful acquisition of Liberty
Mutual's Latin America business, which would potentially add
about 80 million euros ($84.06 million) to earnings
    ** The acquisition would make Talanx the second biggest
player in the Brazilian property and casualty (P&C) insurance
market  
    ** Talanx shares rise 2.8%

($1 = 0.9517 euros)

 (Reporting by Andrey Sychev)
 ((andrey.sychev@thomsonreuters.com))