MS favours Italy's Generali among European major insurers
** Morgan Stanley highlights Italy's Generali GASI.MI as its top pick among major European insurance companies, lifting its rating to "overweight" from "equal-weight"
** It says Generali's capital markets day in January could surprise positively, especially around dividend
** MS forecasts Generali's dividend per share annualised growth of more than 10% to 2026 vs consensus estimate of 8%
** It notes that market expectations for Germany's Allianz ALVG.DE are already high and leave limited upside, thus cuts the group to "equal-weight" from "overweight"
** It prefers France's AXA AXAF.PA over Allianz as itsprofitable growth should drive a re-rating of shares
** Its least preferred nameis the Swiss company Zurich ZURN.S due to limited excess capital return potential to shareholders
COMPANY | NEW RATING | OLD RATING | NEW PT | OLD PT |
|---|---|---|---|---|
Generali | overweight | equal-weight | EUR 30 | EUR 23 |
Axa | overweight | overweight | EUR 40 | EUR 40 |
Allianz | equal-weight | overweight | EUR 300 | EUR 295 |
Zurich | equal-weight | equal-weight | CHF 505 | CHF 486 |
Reporting by Michela Stasio
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