UBS upgrades ASR Nederland to 'buy' citing 'attractive valuation'
** UBS upgrades Dutch insurance company ASR Nederland ASRNL.AS to "buy" from "neutral", citing an "attractive valuation relative to history and peer, NN Group"
** "ASR's surprise share buyback is a good signal to the market," says UBS
** Broker says it expects further share buybacks of 25 million euros per year above guidance, taking ASR's FY26E all-in yield to 10%, in line with NN Group
** It also sees ASR's Solvency 2 ratio above 200% from FY25 onwards
** "By FY27 we expect ASR to have €1.3bn of excess capital for reinvestment into the business to additional shareholder returns," says UBS
** Shares rise 1.7% to 54.63 euros at 0909 GMT
** Of 15 analysts that cover ASR Nederland, 13 rate it "strong buy" or "buy" and two rate "hold"
Reporting by Dimitri Rhodes
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