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MarketScreener Homepage  >  Equities  >  Xetra  >  Allianz SE    ALV   DE0008404005

ALLIANZ SE

(ALV)
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Delayed Quote. Delayed Xetra - 07/03 11:35:27 am
184.14 EUR   -1.05%
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Exclusive: Brazilian reinsurer IRB Brasil in talks to buy rivals' portfolios - sources

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05/21/2020 | 02:33pm EDT

By Aluisio Alves

Brazilian reinsurer IRB Brasil Resseguros SA is in advanced negotiations to buy rivals' portfolios in Brazil and elsewhere in Latin America as foreign competitors scale back in the region, two sources close to the company told Reuters.

Any such acquisition would be a bold move for IRB given that the reinsurer revealed last week it was being inspected by the country's insurance regulator for potential liquidity problems as it fell short of assets to cover technical provisions.

The inspection was the latest headwind to hit the insurer, which earlier this year replaced both its chief executive and chief financial officer after false reports that Berkshire Hathaway Inc's had acquired a stake.

IRB shares have lost about 80% this year but the sources said it has maintained a cash position of around 4 billion reais, including liquid assets.

With the region's economy side-swiped by the coronavirus-linked economic crisis, some global reinsurers are leaving or decreasing operations in Latin America to focus on their main markets in the United States and Europe, one source said, without revealing names.

"IRB is negotiating the purchase of portfolios and making alliances with more insurers," another source said, requesting anonymity, because the matter is not public.

Although there are about a hundred reinsurers authorized to operate in Brazil, IRB holds a roughly 40% market share, with other top players including Munich Re, Swiss Re AG and Chubb Ltd.

In coming weeks, IRB will reveal more details on issues including technical provisions ahead of its first quarter results, scheduled for June 18, according to one of the sources.

IRB said in a statement that "it is constantly assessing possible operations in Brazil and abroad that are in line with its business strategy."

Asked about potential disclosures about balance sheet-related issues, IRB said "it will timely communicate facts or decisions judged by companies that are of interest to its shareholders, customers and the market."

(Por Aluísio Alves; Editing by Nick Zieminski)

Stocks mentioned in the article
ChangeLast1st jan.
ALLIANZ SE -1.05% 184.14 Delayed Quote.-15.69%
BERKSHIRE HATHAWAY INC. 0.20% 267551 Delayed Quote.-21.21%
CHUBB LIMITED -0.07% 125.57 Delayed Quote.-19.33%
EURO / BRAZILIAN REAL (EUR/BRL) -0.68% 5.9769 Delayed Quote.33.67%
IRB - BRASIL RESSEGUROS S.A. 8.04% 9.68 End-of-day quote.-75.15%
MUENCHENER RUECKVERSICHERUNG AG 0.04% 232.3 Delayed Quote.-11.67%
SUL AMÉRICA S.A. 4.98% 48.5 End-of-day quote.-19.06%
SWISS RE LTD -0.40% 74.4 Delayed Quote.-31.55%
THE GLOBAL LTD. 0.97% 209 End-of-day quote.-55.63%
THE NEW HOME COMPANY INC. 0.63% 3.2 Delayed Quote.-31.33%
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Financials
Sales 2020 142 B 159 B 159 B
Net income 2020 6 391 M 7 188 M 7 188 M
Net Debt 2020 20 915 M 23 525 M 23 525 M
P/E ratio 2020 11,6x
Yield 2020 5,26%
Capitalization 75 810 M 85 228 M 85 271 M
EV / Sales 2019
EV / Sales 2020 0,68x
Nbr of Employees 147 268
Free-Float 99,9%
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Technical analysis trends ALLIANZ SE
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 200,24 €
Last Close Price 184,14 €
Spread / Highest target 40,1%
Spread / Average Target 8,74%
Spread / Lowest Target -46,9%
EPS Revisions
Managers
NameTitle
Oliver Bäte Chief Executive Officer
Michael Diekmann Chairman-Supervisory Board
Christof Mascher Chief Operating Officer
Giulio Terzariol CFO, Head-Finance, Controlling & Risk
Gabriele Burkhardt-Berg Vice Chairman-Supervisory Board
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ALLIANZ SE-15.69%85 228
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AMERICAN INTERNATIONAL GROUP INC-41.71%25 770
HARTFORD FINANCIAL SERVICES GROUP (THE), INC.-38.29%13 428