Allianz SE

ALV: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€996.00	Lccg	Lxvclbnd

Allianz Earnings: Delivers Stunning Growth Again

Henry Heathfield

May 12, 2023

Allianz reported earnings for the first quarter of 2023 above our expectations. The headline is the company delivered an operating profit for the first three months of EUR 3.7 billion. This leaves Allianz on track to hit its full-year target of EUR 14.2 billion. Our full-year 2023 estimate was EUR 10.2 billion. We have now raised this to EUR 11.6 billion. We raise our fair value estimate to EUR 250. We maintain our no moat rating.

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