|Bid||217.40 x 214900|
|Ask||217.45 x 10000|
|Day's Range||216.85 - 218.80|
|52 Week Range||170.46 - 219.05|
|Beta (3Y Monthly)||0.85|
|PE Ratio (TTM)||12.39|
|Earnings Date||Aug 2, 2019|
|Forward Dividend & Yield||9.00 (4.14%)|
|1y Target Est||213.69|
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Allianz SE and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
(Bloomberg Opinion) -- Deutsche Bank AG’s big shrinkage plan runs to more than 4,700 words over 47 pages. Apart from a few passing references sprinkled throughout the announcement, the document devotes just half a page and 115 words to the asset management business specifically. That feels like a missed opportunity.Germany’s biggest bank still owns about 80% of DWS Group GmbH after the fund manager’s initial public offering in March last year. The division is still Deutsche Bank’s most profitable and is expected to remain so in coming years. It expects to make a return on tangible equity of at least 20% by 2022, compared with the 8% target for Deutsche Bank as a whole.DWS, though, has had to trim its ambitions for growing assets under management. Its initial target was for net new money inflows of 3% to 5% annually. After clients pulled money in every quarter of 2018, even a 6% rebound in the first three months of this year leaves the business expecting growth of just 2% to 3% for 2019 as a whole, according to the restructuring plan.If Deutsche Bank is serious in its stated aim of growing DWS into one of the world’s 10 top global asset managers, organic growth will be insufficient. With 704 billion euros ($788 billion) of assets, it doesn’t even make the top 15.The 10% drop in Deutsche Bank’s stock price since the revamp was unveiled shows how skeptical investors remain about the lender’s ability to execute on a plan that will see 18,000 jobs go and cost 7.4 billion euros. So it needs its fund management business to sparkle.For that to happen, DWS needs to bulk up. Talk earlier this year that UBS Group AG was considering a plan to combine DWS with its fund unit before spinning the pair off as a separate entity has helped to fuel a 32% rally in DWS’s shares this year. It appeared that the Swiss bank was willing to let Deutsche Bank control enough of the venture to allow it to continue consolidating the unit’s earnings rather than just its dividends, at least at the outset. Other mooted suitors include German insurer Allianz AG, which could combine DWS with its Pimco business, and Amundi SA, currently Europe’s largest independent asset manager with about $1.7 trillion of assets.But as I wrote in April, the point of listing DWS last year was to free it to make acquisitions using its shares as currency. And in June, DWS Chief Executive Officer Asoka Woehrmann said playing an “active role” in the long-awaited consolidation of the fund management industry was a “personal ambition.”Even as it shrinks its banking footprint, the fund management division is the one part of Deutsche Bank that needs to grow through acquisition. If it wants to achieve its ambitions for DWS, the German lender needs to free the business to embark on a shopping spree. Otherwise, the dream of joining the trillion-dollar club of top 10 asset managers will remain just that – a dream.To contact the author of this story: Mark Gilbert at firstname.lastname@example.orgTo contact the editor responsible for this story: Edward Evans at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Mark Gilbert is a Bloomberg Opinion columnist covering asset management. He previously was the London bureau chief for Bloomberg News. He is also the author of "Complicit: How Greed and Collusion Made the Credit Crisis Unstoppable."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Allianz Global Investors, one of the largest asset managers in Europe, plans to partner with global start-ups in Hong Kong to expand use of artificial intelligence (AI) in its Asian operations to enhance fund returns, a move in line with government efforts to boost the city's reputation as an innovation hub.AllianzGI's three-day AI Hackathon, held from Tuesday to Thursday in partnership with Cyberport, will allow nine start-ups to pitch to fund management executives on AI solutions to enhance fund investment performance, improve sales and support services.Hong Kong Investment Funds Association chief executive Sally Wong said many fund houses in the city have adopted AI, which is helping to create a growing base of demand for start-ups focused on the fund management industry."More and more fund houses have been deploying AI and big data in the investment management process. It can greatly enhance the ability to analyse a large pool of data from more sources in a more timely fashion. But many key aspects still require human intellectual inputs," Wong said.The winners of the hackathon will be invited to use Hong Kong as a base to help develop AllianzGI's AI platform in Asia. The qualifying start-ups are from New York, London, Paris, Shanghai, Beijing, Poland, Uruguay, and India. One team is from Hong Kong.Desmond Ng Ka-yiu, Asia-Pacific head of Allianz Global Investors. Photo: Xiaomei Chen alt=Desmond Ng Ka-yiu, Asia-Pacific head of Allianz Global Investors. Photo: Xiaomei ChenFinancial Secretary Paul Chan Mo-po said in April that the government would amend the law to make it easier for angel funds and start-ups to set up in Hong Kong."We think AI and disruptive technology will radically change the asset management industry," said Desmond Ng Ka-yiu, Asia-Pacific head of AllianzGI."We are keen to enhance our AI platform with new approaches and strategies. Hosting hackathons is one way we can source solutions and build long-term partnerships with some of the world's leading technology talents," Ng said."We are committed to helping tech start-ups worldwide achieve their ambitions and make a contribution to the asset management industry."George Lam, chairman of the Hong Kong Cyberport Management Company, said international start-ups would have many opportunities in Hong Kong."Hong Kong is an international financial centre so there is a lot of demand for fintech solutions from banks, insurance companies and fund houses. Besides, start-ups can use Hong Kong as a base to expand into the Greater Bay Area and other Asian countries," Lam said at the Hong Kong " Asean Summit 2019 on Monday.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
(Bloomberg) -- Banco Santander SA agreed to pay 937 million euros ($1.1 billion) to buy Allianz SE out of an insurance joint venture in Spain, more than halving the value of the German insurer’s assets under management in the country.Aegon NV and Mapfre SA are now set to become Santander’s insurance partners in Spain. Aegon is expected to purchase 51% in a joint venture that will sell life risk, health, accidents, home and other non-life products through Santander’s network. Mapfre is acquiring a 50% stake in a partnership to sell car insurance and insurance for small- and medium-sized businesses.The move marks another step in the consolidation of Banco Popular, which had been in partnership with the German insurer before Santander bought it in 2017. The Spanish bank last week agreed with unions to cut 3,223 jobs in the country as part of the integration of the failed lender.Allianz will remain active in Spain. Europe’s biggest insurer manages about 7 billion euros of assets outside the Allianz Popular joint venture. In 2018, it gathered about 700 million euros of premiums through its direct business, twice the 362 million euros of policies that came through Allianz Popular.Top 10The end of the joint venture will knock Allianz out of the top 10 life insurers in Spain, an unusual position for the German company. Allianz has an annual budget for acquisitions of about 1.5 billion euros, according to a spokesman.“If opportunities come along and they are in the right segment of the market, we will look at them,” Allianz spokesman Holger Klotz said by telephone.Santander said it expects the transaction to occur in in the first quarter of 2020 and that it will have a negative impact of 8 basis points on its CET1 ratio. The lender fell 0.3 percent at 1:19 p.m. in Madrid, while Allianz was little changed in Frankfurt.Popular collapsed in 2017 after failing to repair a balance sheet weighed down by loans that soured during Spain’s real estate crash. Santander agreed to take on the bank, acquiring it for 1 euro.In Spain, life insurance is typically distributed through banks. Allianz and Banco Popular created the joint venture to sell life insurance, asset management, non-life insurance products and pensions in Spain. With the European Central Bank set to extend its monetary policy of negative interest rates for the foreseeable future Spanish banks are looking for alternative revenue streams to generate profit.Allianz spent $1 billion last month on two deals in the U.K. general-insurance market.(Updates with details of Allianz’s Spain business from fourth paragraph.)To contact the reporters on this story: Charlie Devereux in Madrid at firstname.lastname@example.org;Will Hadfield in London at email@example.comTo contact the editors responsible for this story: Dale Crofts at firstname.lastname@example.org, ;Shelley Robinson at email@example.com, Christian BaumgaertelFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Creandum, an early investor in Spotify Technology SA and iZettle AB, has raised a 265 million euro ($300 million) fund, in a bid to find and back Europe’s next tech superstars.With offices in Stockholm, Berlin and San Francisco, the venture capital fund returned more than $800 million to investors last year after exits from previous investments, such as Spotify, which went public on the New York Stock Exchange, and Small Giant Games, which was acquired by Zynga Inc.With it’s fifth and latest fund, Creandum will continue to target early-stage investments in so-called seed and A rounds in areas including food, health tech, mobility, fintech as well as logistics, manufacturing software and energy."We try to continue to stay small, despite a chance to raise more money," Johan Brenner, the general partner at Creandum, said in an interview, adding the fund’s backers are comprised of 26 investors, including pension funds, endowments and family offices in Europe, the U.S. and Asia.Creandum turned away some investors to keep the fund small, Brenner says, adding that it would help "to focus on the early stage, where we think the best investments can be made and the best returns can be made for our investors."While a larger fund would allow the firm to make many more small investments, Creandum wouldn’t have the time to support the investments and the management, resulting in lower returns, Brenner said. Creandum said it has already made some investments through the new fund that are yet to be announced.Creandum’s fund size compares to peers that have raised much larger pools of capital. Accel, an early investor in Slack Technologies Inc., in May announced it has raised a $575 million fund aimed at nascent companies in Europe and Israel. While European insurer Allianz SE unveiled in February it was increasing the size of its tech investment fund to 1 billion euros.The Creandum II fund, which started in 2007, has returned about 1,000 percent. The fund in May 2018 sold its stake in iZettle to PayPal Holdings Inc. It was also one of the first institutional investors in Spotify in 2008.(Added context on Creandum II fund.)To contact the reporter on this story: Natalia Drozdiak in Brussels at firstname.lastname@example.orgTo contact the editors responsible for this story: Giles Turner at email@example.com, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Spain's largest lender Banco Santander said on Monday it will pay almost 1 billion euros ($1.1 billion) to end an agreement between Allianz and Banco Popular over the distribution of insurance products. Banco Popular, saddled with debt, became the first bank to be wound down using new European rules aimed at avoiding taxpayer funded bailouts and was sold to Santander for a nominal one euro in June 2017. Santander agreed to pay 936.5 million euros ($1.07 billion)for Allianz Group's 60% stake in Allianz Popular which distributed insurance products for Banco Popular in Spain.
(Bloomberg) -- Europe’s biggest insurers refuse to sell policies to coal miners and arms producers. A Dutch firm may go further by denying coverage to gambling companies and nuclear-power generators.The asset-management arm of ASR Nederland NV already has a list of 243 companies that it won’t invest in for ethical reasons. Now the Utrecht, Netherlands-based firm is considering applying that list to the insurance side as well, according to Chief Executive Officer Jos Baeten.“We are having an internal debate on whether we can still justify insuring those companies that are excluded from our investments based on our socially responsible investment policy,” Baeten said in an interview.That would put ASR, the second-largest general insurer in the Netherlands, ahead of the pack.Axa SA was the first big firm to stop insuring new coal-fired power plants back in 2017. By the end of 2018, Zurich Insurance Group AG, Munich Re, Swiss Re AG, Hannover Re and Allianz SE had all followed suit. These insurers also deny policies to producers of weapons banned by international agreements.‘Controversial Pipelines’NN Group NV, ASR’s larger Dutch rival, has restricted investment in tobacco companies and firms involved in oil sands and “controversial pipelines” from its investments, in addition to thermal coal and banned weapons producers. These restrictions also apply to its insurance business, according to spokesman Maurice Piek.ASR is now looking at broadening its exclusion list further to cover all armaments, gambling and nuclear power, a move that other firms could follow. Baeten said the ban would apply to new policies, and ASR will honor all of its existing contracts. The firm has already denied cover to several companies, he said, declining to identify them.National issues could prevent some insurers from following ASR in refusing policies to nuclear power producers, for example, according to Charles Graham, an analyst with Bloomberg Intelligence.“Denying cover to nuclear power is a tricky one,” he said. “For Allianz to do so given the position of the German state may be not impossible; for Axa, given the importance of nuclear power in France, it’s probably a lot less likely.”‘Black Sheep’Other firms prefer to continue doing business with such companies to retain the leverage needed to push them to change.“It’s better to talk to the black sheep and try to engage with them,” said Chris Bonnet, head of environmental, social and governance business services at Allianz Global Corporate & Specialty. “We see such a high risk in coal, so it makes sense to exclude them. But in other sectors, it makes no sense to exclude.”Providing insurance to a company that your asset-management arm has refused to invest in is an obvious source of tension for underwriters.“We should not have one decision on underwriting and another on investment,” said Linda Freiner, global head of sustainability at Zurich. “The underwriting side is starting to wake up, but we are a little bit behind compared with the investment industry.”Baeten’s position is straightforward.“If you can’t explain yourself on the national news, you shouldn’t do it,’’ he said. “You should have the guts to make choices.”To contact the reporters on this story: Ruben Munsterman in Amsterdam at firstname.lastname@example.org;Will Hadfield in London at email@example.comTo contact the editors responsible for this story: Shelley Robinson at firstname.lastname@example.org, ;Joost Akkermans at email@example.com, Patrick HenryFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Bond investors are preparing for another wave of quantitative easing from the European Central Bank by returning to some of their favorite post-crisis trades.Policy makers anticipate an interest-rate cut could be their first move and President Mario Draghi said the institution could also resume bond buying. Fund managers are getting ahead of any stimulus by snapping up the debt of nations such as France and Italy that have greater scope for purchases by the ECB, and betting on a drop in longer-maturity yields relative to near-term rates.While investors are not expecting immediate moves by the ECB, many are factoring in action to stimulate the region’s flagging economy this year. The global trade conflict and record-low inflation expectations have turned money markets to bring forward pricing for a rate cut to September.“The ECB has just handed bond bulls an ammunition dump,” said Mike Riddell, a money manager at Allianz Global Investors, which oversees 535 billion euros ($599 billion) in assets. “Despite the rally, we retain high conviction that the euro rates market in particular offers value.”Draghi said on Tuesday more stimulus will be needed if the outlook doesn’t improve, with interest-rate cuts and QE part of its arsenal, while three euro-zone central bank officials said a rate cut would be the first move. Bonds rallied, led by QE favorites Italy, France and Spain, while German bund yields hit a record low and Austria joined the club of nations with negative yields.In the last round of QE following the financial crisis, the ECB hoovered up 2.6 trillion euros of debt from 2015 to the time they called it quits at the end of 2018. That insulated markets from risk and led to winning bets for funds buying German, French and Italian debt, which were among the biggest beneficiaries of the program and saw yields fall to historic lows.The debt of nations with more longer-term securities that the ECB could still buy are now outperforming in the latest rally. That’s because, with the ECB only taking bonds yielding more than its minus 0.4% deposit rate, those have become scarcer. It is also pushing long-dated yields down faster.“I would expect further rate cuts, QE, a further extension of forward guidance,” said Russell Silberston, a fund manager at Investec Asset Management, which oversees $133.7 billion. “At the broadest level we like anything that benefits from lower for longer, so yield curve flatteners for example.”Flattening CurvesThe flattening of yield curves “has much further to run” as the restart of QE was barely factored into markets before the ECB’s last meeting, according to Citigroup’s Jamie Searle in a note entitled “Flatteners, flatteners, flatteners”. He favors trades targeting a fall in Spain’s 30-year yields relative to 10-year bonds.Investors have been piling into bonds since then, driving yields across the continent to fresh record lows and narrowing premiums over Germany. Danske Bank A/S likes bets on these spreads tightening further as it sees the pressure mounting on the ECB, while Rabobank’s head of rates strategy Richard McGuire recommends traders buy 30-year Belgian bonds versus Germany.Others favor Italy, which has plenty of debt for the ECB to soak up. While Italian bonds have been weighed down by political risk in the past year, they “would be the clearest long in Europe” if QE were to restart, according to NatWest Market’s Giles Gale. He recommends five-year Italian debt against Germany.Scarcity TradesA restart of QE is far from set in stone as the ECB may need to see more signs of an economic slowdown in the second half of the year to act. Any easing of trade tensions could scupper trades placed too soon, while a revival of inflation expectations could also curb the market speculation.“The macro picture is not bad enough yet to prompt more easing, but there has clearly been a shift in focus towards downside risks to growth and Draghi is prepping the market for more stimulus if things do get worse,” said Joubeen Hurren, a money manager at Aviva Investors. “Curves can still flatten.”Restarting bond buying wouldn’t be without its hurdles either. The ECB is currently only allowed to buy 33% of the total stock of a given nation’s bond and it is already at that level in Germany, and close in the Netherlands, according to Citigroup Inc. By comparison, the bank estimates it has France and Italy at around 20%.This issue of scarcity is leading some investors to buy bunds versus interest-rate swaps, which the ECB would be unlikely to buy. This trade could also serve as a hedge against turmoil, such as a flare up in Italian political risk, with the bonds outperforming from a flight to safety. Bank of America Merrill Lynch’s Sphia Salim favors buying 30-year German bonds against interest-rate swaps.“We like owning shorter-dated bonds in Germany and also in European swaps,” said Grant Peterkin, a senior managing director at Manulife’s Absolute Return Rates Fund. “We still feel there is value in a world where inflation expectations continue to be muted and some form of stimulus will be needed to reflate the global economy.”(Updates with ECB official comments.)\--With assistance from Tanvir Sandhu.To contact the reporters on this story: John Ainger in London at firstname.lastname@example.org;Stephen Spratt in Hong Kong at email@example.com;Anooja Debnath in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Ven Ram at email@example.com, Neil ChatterjeeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Companies going public in the United States face insurance costs that have increased as much as 200% in the last three years to cover their executives against lawsuits alleging they misled investors. A rise in securities class-action cases involving initial public offerings is spurring IPO insurers to double and triple prices for directors and officers coverage, or "D&O" coverage, insurers and brokers told Reuters. A $5 million policy that cost $200,000 in 2016 can now easily cost $500,000 to $600,000, said Paul Schiavone, head of North American Financial Lines for Allianz Global Corporate & Specialty, an Allianz SE unit.
Allianz SE said on Friday it closed its acquisition of a stake in New York's second-tallest office tower for 342 million euro ($384 million) and an undisclosed amount of debt, increasing its footprint in the city's fashionable Hudson Yards. Allianz said in a statement it acquired a 49% equity interest in 26 floors at 30 Hudson Yards previously owned by AT&T's WarnerMedia. The deal's closing makes New York the fifth most significant city for Allianz's real estate portfolio, the German insurer said.
In 2015 Oliver Bäte was appointed CEO of Allianz SE (FRA:ALV). First, this article will compare CEO compensation with...
The U.S. Federal Reserve may find it hard to resist an "insurance cut" in interest rates this summer, Mohamed El-Erian, chief economic adviser at Allianz, said after the U.S. Labor Department issued a dismal payrolls report on Friday. "The case for an interest rate 'insurance cut' this summer is building to a point that makes it hard for the Fed to resist," El-Erian told Reuters. "This weaker-than-expected jobs report, and notably so, will fuel concerns about what has been an impressively solid U.S. economy to date.
The number of ships over 100 gross tons* lost at sea during 2018 fell to a record low of 46 vessels, according to data from global insurer Allianz. It was also the lowest number of losses in a century, Allianz added.
** Casino and gaming operator Rank Group Plc said that it was in advanced discussions over a possible all cash offer for smaller online peer Stride Gaming Plc. ** French energy group Total has reach a deal to buy Toshiba's U.S. liquified natural gas business, a source familiar with the matter said. ** Private equity firm TPG is looking to acquire senior living communities operator Capital Senior Living Corp, Bloomberg reported, citing people with knowledge of the matter.
German giant Allianz is beefing up its presence in the UK, with two deals that could be worth £800 million, in what is seen as a show of confidence in the London market. With German authorities trying to lure financial services firms to Frankfurt and Munich in the wake of Brexit, Allianz has gone the other way. It says the two deals will give it 12 million UK general insurance customers with a market share of 9% and sales of £4 billion, making it the second-biggest player in Britain.
Insurance group Allianz Global Assistance expects Americans to spend $101.7 billion on summer vacations - more than they have in at least a decade. Daniel Durazo, Allianz Global Assistance USA Director of Marketing and Communications, joins Yahoo Finance's Adam Shapiro, Kristin Myers, and Brian Sozzi to discuss.
Jun.18 -- Neil Dwane, Allianz Global Investors global strategist, says he's still buying the rally in equities. He appears on "Bloomberg Daybreak: Americas."
Amazon, Allianz, Tesla, PG&E and Disney are the companies to watch.