Berenberg announced on Friday that it is maintaining its buy recommendation on Allianz shares, with a target price of €419.

In its view, one of the main reasons for acquiring the stock, despite the sluggishness that usually slows its share price during the summer, is the German insurer's ability to generate operating capital.

In its note, Berenberg points out that operating cash generation (OCG) represents, within the meaning of Solvency II, the very definition of the profit that can be generated by a financial group, with Allianz setting itself a target of 24%-25% in this area by 2027.

However, it argues that the results presented by the group in the first quarter—as well as the progress made in reducing the risks associated with its business model—seem to indicate that Allianz is ahead of this figure, it says.


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