GS initiates European insurers on policy rate easing, retail P&C, mix improvement
** Goldman Sachs initiates coverage of European multi-line insurers, as it sees positive trend of diversification and downside protection multi-lines can provide
** Says key sub-sector themes are an impact of central bank policy easing, earnings volatility and retail vs commercial Property and Casualty insurance cycle (P&C)
** Begins Italy's Generali GASI.MI and Germany's Allianz ALVG.DE with "buy", citing greater upside risks to margins in retail insurance vs commercial P&C
** Rates UK's Aviva AV.L "buy", pointing to the greatest mix improvement over time driven by the run-off of its heritage life business and growth in its P&C, health and wealth businesses
** Starts French AXA AXAF.PA and Zurich Insurance ZURN.S with "neutral", as consensus positioning and commercial P&C bias limit upside risks for both
** Nearly all ratings in-line with analysts' avg, except for AXAF, which is rated "buy" - LSEG
** ZURN down 1%, rest trading flat
Reporting by Anastasiia Kozlova and Amir Orusov
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