Core Insights - Three stocks with strong momentum and buy rank are highlighted for investors: Michelin, Allianz SE, and Engie SA [1][2][3] Group 1: Michelin - Michelin (MGDDY) has a Zacks Rank 1 and a 15.5% increase in the Zacks Consensus Estimate for current year earnings over the last 60 days [1] - Michelin's shares increased by 0.8% in the last three months, while the S&P 500 declined by 9.9% [1] - The company has a Momentum Score of A [1] Group 2: Allianz SE - Allianz SE (ALIZY) also holds a Zacks Rank 1 with a 5.5% increase in the Zacks Consensus Estimate for current year earnings over the last 60 days [2] - Allianz's shares rose by 21.5% over the last three months, contrasting with the S&P 500's decline of 9.9% [2] - The company has a Momentum Score of B [2] Group 3: Engie SA - Engie SA (ENGIY) has a Zacks Rank 1 and a 9.2% increase in the Zacks Consensus Estimate for current year earnings over the last 60 days [2][3] - Engie's shares gained 26.8% over the last three months, while the S&P 500 declined by 9.9% [3] - The company possesses a Momentum Score of A [3]

Group 1 - Allianz SE (ALIZY) has seen a 5.5% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Tokio Marine Holdings, Inc. (TKOMY) has experienced a 17.7% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Priority Technology Holdings, Inc. (PRTH) has reported a 36.8% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Banco Santander, S.A. (SAN) has seen a 9.6% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Credit Agricole S.A. (CRARY) has experienced a 9.4% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3]

Group 1: Credit Agricole S.A. (CRARY) - The company provides retail, corporate, insurance, and investment banking products and services [1] - The Zacks Consensus Estimate for its current year earnings has increased by 9.4% over the last 60 days [1] - The company has a dividend yield of 4.3%, compared to the industry average of 4% [1] Group 2: Tokio Marine Holdings, Inc. (TKOMY) - This global insurance company has a Zacks Rank 1 [2] - The Zacks Consensus Estimate for its current year earnings has increased by 17.7% over the last 60 days [2] - The company has a dividend yield of 3.1%, compared to the industry average of 0.7% [2] Group 3: Allianz SE (ALIZY) - This insurance company has a Zacks Rank 1 [2] - The Zacks Consensus Estimate for its current year earnings has increased by 5.5% over the last 60 days [2] Group 4: General Information - The companies mentioned have strong income characteristics and are ranked highly by Zacks [1][2][3]

Group 1: Company Performance - Allianz SE shares have increased by 5.1% over the past month and reached a 52-week high of $39.31, with a year-to-date gain of 27.3% compared to the Zacks Finance sector's -1.4% and the Zacks Insurance - Multi line industry's 4.1% return [1] - The company has consistently exceeded earnings expectations, reporting EPS of $0.67 against a consensus estimate of $0.64 in its last earnings report [2] - For the current fiscal year, Allianz is projected to achieve earnings of $3.01 per share on revenues of $107.98 billion, reflecting a 9.45% increase in EPS despite a 4.21% decline in revenues [3] Group 2: Valuation Metrics - Allianz has a Value Score of B, with Growth and Momentum Scores of C and D respectively, resulting in a combined VGM Score of B [6] - The stock trades at 12.9X current fiscal year EPS estimates, which is above the peer industry average of 9.6X, and at 12.4X on a trailing cash flow basis compared to the peer group's average of 11.1X [7] - Allianz holds a Zacks Rank of 2 (Buy) due to rising earnings estimates, indicating potential for further price appreciation [8] Group 3: Industry Comparison - The Insurance - Multi line industry is performing well, ranking in the top 15% of all industries, providing favorable conditions for both Allianz and its peer, Horace Mann Educators Corporation [11] - Horace Mann has a Zacks Rank of 2 (Buy) and is expected to post earnings of $3.87 per share on revenues of $1.73 billion for the current fiscal year, indicating strong performance within the industry [10]

Core Insights - The Allianz Group's report emphasizes the urgent need for reform in global pension systems to balance sustainability and adequacy [2] Group 1: Current Challenges in Pension Systems - The current pay-as-you-go pension systems face significant challenges due to a declining workforce and an increasing number of retirees, leading to financial imbalances [2] - Countries like Japan, Greece, and Italy are under heavy fiscal pressure due to high public pension expenditures relative to GDP [2] - The average score of the Allianz Pension Index (API) for 71 countries/regions in 2024 is 3.7, indicating a need for further reforms [2] Group 2: Ideal Pension System Characteristics - An ideal pension system combines pay-as-you-go and strong capital financing pillars, which prepares countries to better handle demographic changes [3] - A well-functioning labor market is essential for successful pension reforms, necessitating an increase in the share of formal labor in emerging markets [3] Group 3: Improving Long-term Sustainability and Adequacy - To enhance the long-term sustainability of pension systems, several measures can be considered, such as increasing contribution rates and adjusting retirement ages [4] - The average pension contribution rate across analyzed countries is 18%, with 28 countries exceeding 20%, indicating limited room for further increases [4] Group 4: Adequacy of Pension Systems - The primary goal of pension systems is to prevent longevity and elderly poverty while ensuring a decent living standard for seniors [5] - Adequacy can be assessed by comparing the coverage and benefit levels of public pension pillars and the availability of supplementary capital financing options [5] Group 5: Coverage Disparities - Coverage is a critical factor for pension adequacy, with significant differences between industrialized and emerging markets [6] - In most industrialized markets, 100% of the retirement-age population is covered, while in many emerging markets, this figure is below 50% [6] Group 6: Pension Savings Gap - The report introduces the concept of the Pension Savings Gap (PSG), estimating a global gap of approximately $51 trillion, requiring an annual increase of $1 trillion in retirement savings over the next 40 years [7] - The solution lies not in increasing savings but in redeploying existing savings [7]

Core Insights - Allianz Group released the "2025 Allianz Global Pension Report," focusing on the challenges and potential improvements in pension systems amid global aging populations [1][2] Group 1: Public Pension System Challenges - The report emphasizes the need for long-term financial sustainability of public pension systems to avoid heavy burdens on future generations while ensuring adequate pensions for an increasing number of elderly [1] - Key challenges include balancing the sustainability and adequacy of pension systems while creating necessary conditions for supplementary capital financing [1] Group 2: Recommendations for Sustainability - To enhance the long-term sustainability of public pension systems, several methods are suggested, including increasing contribution rates, extending the minimum contribution period for early or full pension claims, and adjusting benefits based on demographic factors [1] - Other recommendations include delaying retirement age and introducing capital financing elements in the first pillar of pension systems [1] Group 3: Pension Savings Gap - The report introduces the concept of Pension Savings Gap (PSG), which represents the difference between the present value of required retirement income and the total of current pension assets and future contributions, estimated at approximately $51 trillion globally [2] - It highlights the necessity of increasing retirement savings by $1 trillion annually over the next 40 years to address the challenges facing global pension systems [2] Group 4: Financial Literacy and Planning - Allianz advises the public to proactively engage in financial literacy regarding retirement planning and to stay informed about financial market trends and pension policy changes [2] - The report calls for governments and society to enhance financial service systems and improve the accessibility of financial services to support individual retirement planning [2]

Company Performance - Allianz SE shares have increased by 11% over the past month, reaching a new 52-week high of $35.83, with a year-to-date gain of 16.2% compared to 4.9% for the Zacks Finance sector and 6.1% for the Zacks Insurance - Multi line industry [1] - The company has consistently exceeded earnings expectations, reporting EPS of $0.67 against a consensus estimate of $0.64 in its last earnings report [2] Earnings Forecast - For the current fiscal year, Allianz is projected to achieve earnings of $2.96 per share on revenues of $107.98 billion, reflecting a 7.64% increase in EPS and a 4.21% decrease in revenues [3] - The next fiscal year is expected to see earnings of $3.27 per share on revenues of $113.44 billion, indicating a year-over-year change of 10.3% in EPS and 5.06% in revenues [3] Valuation Metrics - Allianz has a Value Score of B, a Growth Score of C, and a Momentum Score of B, resulting in a combined VGM Score of B [6] - The stock trades at 12X current fiscal year EPS estimates, above the peer industry average of 10.5X, and at 11.3X on a trailing cash flow basis compared to the peer group's average of 10.1X [7] - The PEG ratio stands at 1.33, indicating that while the stock is not in the top echelon from a value perspective, it still holds a premium valuation [7] Zacks Rank - Allianz holds a Zacks Rank of 2 (Buy) due to rising earnings estimates, suggesting potential for further price appreciation [8] Industry Comparison - The Insurance - Multi line industry is performing well, ranking in the top 33% of all industries, providing favorable conditions for both Allianz and its peer, CNO Financial Group, Inc. [11]

Core Insights - The article compares Allianz SE (ALIZY) and Münchener Rückversicherungs-Gesellschaft (MURGY) to determine which stock is more attractive to value investors [1] Valuation Metrics - ALIZY has a forward P/E ratio of 11.05, while MURGY has a forward P/E of 21.17 [5] - ALIZY's PEG ratio is 1.21, indicating a better expected earnings growth rate compared to MURGY's PEG ratio of 1.75 [5] - ALIZY's P/B ratio is 2.02, compared to MURGY's P/B of 2.27, suggesting ALIZY is more favorably valued in terms of market value versus book value [6] Zacks Rank and Earnings Outlook - ALIZY holds a Zacks Rank of 2 (Buy), indicating a stronger improvement in its earnings outlook compared to MURGY, which has a Zacks Rank of 3 (Hold) [3][7] - ALIZY's improving earnings outlook makes it stand out in the Zacks Rank model, reinforcing its position as a superior value option [7] Value Grades - Based on various valuation metrics, ALIZY has a Value grade of A, while MURGY has a Value grade of C, highlighting ALIZY's stronger appeal to value investors [6]

Financial Data and Key Metrics Changes - The company reported an overall growth of 11% year-to-date, up from 7.5% in the first half of the year, with all segments contributing positively [5][6] - Core Return on Equity (ROE) reached 17.5%, a 15% increase compared to the previous year, with operating profit at EUR11.8 billion for the first nine months [6][12] - Shareholder core net income for the third quarter was EUR2.5 billion, reflecting a 23% increase year-on-year, and core EPS was up 25% [42] Business Line Data and Key Metrics Changes - Property and Casualty (P&C) saw a 9.5% internal growth, with an operating profit of EUR2 billion for the quarter and a combined ratio of 93.5% [8][17] - Life and Health reported a 31% increase in new business, with a value of new business at EUR1.2 billion, up 33% year-on-year [9][35] - Asset Management experienced third-party net flows of EUR20 billion for the quarter, with total assets under management increasing by 7% year-to-date [10][38] Market Data and Key Metrics Changes - The solvency ratio improved to 209%, up 3 percentage points from the previous quarter, indicating strong capital management [11][13] - The company noted a limited negative market impact of -1 percentage point, primarily due to lower interest rates [12] Company Strategy and Development Direction - The company aims to refine its full-year guidance for operating profit to the upper half of the outlook range, indicating confidence in sustained growth and profitability [43] - The focus remains on maintaining a strong solvency ratio and capital generation, with expectations of organic capital generation aligning with the 6% to 8% range for the full year [12][13] Management's Comments on Operating Environment and Future Outlook - Management highlighted resilience in the face of elevated natural catastrophes and large losses, with expectations for Q4 losses to remain within budget [47][48] - The company anticipates continued strong performance across all segments, with a particular emphasis on the positive momentum in Life and Health [35][43] Other Important Information - The company is experiencing a normalization in loss experience for trade credit, with expectations of continued strong margins despite recent volatility [25][82] - The investment results are impacted by a higher rate environment, with revenues driven by assets under management up 7% year-on-year [26][39] Q&A Session Summary Question: What is driving the favorable mix changes in the P&C expense ratio? - Management indicated that various business types contribute to the mixed effect, and the Arch transaction has a positive impact on the expense ratio [45][49] Question: What is the outlook for Q4 natural catastrophe experience? - Management expects losses from recent hurricanes and floods to be within the anticipated budget, with specific estimates provided for each event [47][48] Question: Can you explain the decline in CSM for AZ Life despite strong new business? - Management noted that updates to lapse assumptions in the U.S. market are affecting the CSM, particularly due to recycling of business [51][52] Question: What is the outlook for commercial lines margins given rate softening? - Management expects flat margins across the commercial business, with ongoing attention to underwriting quality [78][82] Question: What are the October net inflows from PIMCO? - Management reported approximately EUR10 billion in net inflows for PIMCO in October [88][90]

DHí NYSE: DHX Q3 2024 Investor Presentation November 12, 2024 Forward looking statements This presentation and oral statements made from time to time by our representatives contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You should not place undue reliance on those statements because they are subject to numerous uncertaintie ...