European insurers, led by those providing a range of coverage and reinsurers, offer good value for investors, Goldman Sachs Group Inc. analysts said.
Allianz SE (ALV), Europe’s biggest insurer, and London-based Prudential Plc (PRU) have the “greatest upside” of 34 percent and 28 percent respectively, William Elderkin and Vinit Malhotra wrote in a note to clients dated yesterday, keeping both companies on their conviction-buy list.
Goldman downgraded Swiss insurers Swiss Life and Baloise Holding AG (BALN) as well as Paris-based trade-credit insurer Euler Hermes SA (ELE) to sell from neutral “largely on relative valuation grounds.” It upgraded Topdanmark A/S (TOP) to neutral from sell to “give more credit than previously to the company sustaining and increasing its buyback program.”
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