Insurance: All about dividends - Berenberg

Topdanmark A/S

23/06/2020 11:03

** Berenberg starts coverage of 18 insurers, saying it sees
dividends as the sector's key performance drivers
    ** The broker adds trading through the COVID-19 crisis
confirmed investors buy insurers for dividends and showed most
investors prefer non-life insurers, mainly motor, to life
dividends
    ** Berenberg says that the insurance sector remains very
attractive and that the market still does not recognise this
    ** "We have no Sell recommendations in this note. We believe
that there is significantly more upside than downside risk for
all the insurers we cover," the broker adds
    ** Berenberg's top picks are Munich Re  MUVGR.UL  in
reinsurance, Allianz among large caps, Hastings  HSTG.L  in UK
motor, Tryg  TRYG.COM  in Nordic non-life, M&G in UK life, and
Aegon  AEGN.AS  among European midcaps, all rated "buy"
    ** The broker starts with "buy" Direct Line  DLGD.L , M&G
 MNG.L , Scor  SCOR.PA , Swiss Life  SLHN.S , and Swiss Re
 SRENH.S 
    ** Berenberg initiates with "hold" Admiral  ADML.L , Ageas
 AGES.BR , Aviva  AV.L , Gjensidige  GJFS.OL , Hannover Re
 HNRGn.DE , Legal & General  LGEN.L , NN Group  NN.AS , Sabre
Insurance  SBRE.L , and Topdanmark  TOP.CO 

 ((jakub.lubinski@thomsonreuters.com))