2025-05-15-Jefferies-安联集团（ALV）_初步观点我们从电话会议中学到了什么_6页_101kb

Allianz's Equity Research First View for the first quarter of 2025 indicates no change to the Hold rating or views on the company's results and stock, despite insights from the conference call. The call covered various business lines and corporate updates, but key points highlight management's justification for the Viridium investment (good IRR, asset management potential, and credible back book consolidator need). AGI (Asset Management) is reorganizing for public and private markets, which may involve job cuts. Solvency issues from the miss were partly due to analysts not accounting for dividend accrual and incorrect financial market modeling.

Group restructuring items are lumpy and higher this quarter, while FX and interest rate volatility hurt solvency. Asset Management saw mid-single-digit net inflows. Property & Casualty insurance showed seasonal discounting; motor liability prices rising in some markets, falling in others (e.g., US commercial), but margins hold. Life & Health retains the Viridium stake for diversification. The valuation target is €325, a 8% decrease, with risks including natural catastrophes and low interest rates.