Following the publication of its annual results last Friday, Oddo BHF is maintaining its 'outperform' rating on Allianz, with a target price raised from 276 to 281 euros, to take into account the lower cost of capital.

The research firm highlights the German insurer's decision to prioritize the dividend within its capital return policy: it will thus distribute a dividend of 13.8 euros per share for 2023, a level well above expectations.

Allianz will continue to benefit from favorable operating dynamics, with an attractive return on capital, and we believe the Group could potentially increase its level of SBB (share buybacks) by the end of the year or in the future," he adds.

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