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MarketScreener Homepage  >  Equities  >  Xetra  >  Allianz SE    ALV   DE0008404005

ALLIANZ SE

(ALV)
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Exclusive: French insurer AXA considers selling up in Central Europe - sources

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10/15/2019 | 08:45am EST
FILE PHOTO: Logo of insurer Axa is seen at the entrance of the company's headquarters in Brussels

WARSAW/FRANKFURT (Reuters) - French insurer AXA is considering selling its Central European business as part of a restructuring to quit markets where it lacks scale, three sources familiar with the situation said.

AXA is undergoing a deep restructuring to help it cope with a negative interest rate environment and make the French group stronger on health and property and damage insurance.

AXA is now focusing on expanding in Asia, after its $15 billion acquisition of Bermuda-based insurer XL last year and its listing of U.S. life insurance and asset management unit AXA Equitable Holdings.

"AXA plans to sell its businesses in Poland, the Czech Republic and Slovakia," one person told Reuters, speaking on condition of anonymity, adding that "teasers", or information packs, had been sent to potential investors.

Two other sources confirmed the planned sales. One person added that Poland's biggest insurer PZU as well as Italian insurer Generali and German Allianz were among companies which had received teasers.

One source said the deal could be worth around 400 million euros, while the other source said it could reach around 800 million euros.

AXA's gross revenues in Poland were down 6% in the first half of 2019 to 288 million euros, according to the group's financial report.

AXA, Allianz, Generali and PZU declined to comment.

(Reporting by Anna Koper in Warsaw and Arno Schuetze in Frankfurt; Additional reporting by Maya Nikolaeva in Paris, Tom Sims in Frankfurt, Marcin Goclowski in Warsaw and Stephen Jewkes in Milan; Writing by Agnieszka Barteczko; Editing by Edmund Blair)

By Anna Koper and Arno Schuetze

Stocks mentioned in the article
ChangeLast1st jan.
ALLIANZ SE 0.30% 218.7 Delayed Quote.24.87%
ASSICURAZIONI GENERALI S.P.A. -1.84% 18.7 End-of-day quote.31.30%
AXA -0.08% 25.13 Real-time Quote.33.26%
AXA EQUITABLE HOLDINGS, INC. 0.68% 23.75 Delayed Quote.41.85%
EQUITABLE GROUP INC. 0.38% 113.99 Delayed Quote.90.43%
POWSZECHNY ZAKLAD UBEZPIECZEN SA 0.81% 38.81 End-of-day quote.-11.21%
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Financials (EUR)
Sales 2019 137 B
EBIT 2019 11 896 M
Net income 2019 7 941 M
Debt 2019 22 952 M
Yield 2019 4,38%
P/E ratio 2019 11,6x
P/E ratio 2020 10,9x
EV / Sales2019 0,83x
EV / Sales2020 0,80x
Capitalization 91 025 M
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 233,03  €
Last Close Price 218,70  €
Spread / Highest target 18,9%
Spread / Average Target 6,55%
Spread / Lowest Target -8,55%
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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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