Bryan, Garnier & Co publishes a new Research Report on the Insurance sector
Insurance: it’s raining money. Halleluja?
Following the Q1 2013 reporting season and new BG valuation metrics
(risk-free rate of 3.0% vs. 3.3%), we have adjusted our expectations for 2013
(revised up 1%) and 2014 (revised down 2%) and our Fair Values. We now have
five Buy recommendations vs. four previously: Allianz (FV EUR140), AXA (FV
EUR18.5), Scor (FV EUR27.5), Zurich (FV CHF320) and Swiss Re (upgraded from
Sell, FV CHF85).
Full report available to subscribers
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