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DAX experiences slight decline amid ongoing sideways market movement
The DAX index fell 0.1% to 19,189, continuing its sideways movement after a 0.3% decline on Friday. It briefly peaked at 19,279 before dropping to a low of 19,092, with key resistance at 19,250 and support at 19,150. A breakdown below 19,000 could target the October low of 18,912.
DAX remains stagnant as market seeks direction amid mixed signals
The DAX index experienced a slight decline of 0.3% to close at 19,210 points, remaining in a neutral zone after an "inside day" of trading. For upward momentum, it needs to surpass 19,250 points, while a continued downward trend could test support levels around 19,136 and 19,000.
insurance sector updates management changes and growth in sales and earnings
R+V Versicherung is restructuring its Management Board, with Dragica Mischler leading the new Finance & Risk Management division starting April 1, 2025. Meanwhile, HDI Global reports an 11% increase in insurance sales to EUR 7.3 billion and a rise in operating results to EUR 479 million after three quarters. Allianz has launched the "Power of Unity" initiative to restore trust in societal institutions and appointed new executives in its Commercial division.
sompo appoints andreas hasler as head of distribution for switzerland
Sompo has appointed Andreas Hasler as Head of Distribution & Client Relationship Management for Switzerland, effective immediately. With over 40 years in the insurance industry, Hasler will oversee broker and client relationships in the primary insurance sector, reporting to Christoph Müller and Herndon Stokes. Müller highlighted Hasler's extensive experience as key to expanding Sompo's business in Switzerland.
swiss re reports lower profits due to increased reserves and major losses
Swiss Re reported a profit of $100 million in Q3 2024, significantly impacted by a $2.4 billion increase in reserves for past-year claims, particularly in the U.S. liability business. The Property & Casualty Re division's profit fell to $603 million, while the Life & Health Re division performed better with a profit of $1.2 billion. Looking ahead, the group expects to exceed $3 billion in profit for the year, despite anticipated losses from Hurricane Milton.
The DAX index closed at 19,003, marking a new monthly low after a decline of 2.1% earlier in the week. The index is currently testing the 19,000 threshold, with potential upward movement towards 19,250 if it surpasses the 50-day line at 19,104. Conversely, a drop below 19,000 could lead to further declines, targeting the October low at 18,912.
ubs maintains neutral rating for allianz shares with target price of 287 euros
UBS has maintained a "Neutral" rating for Allianz shares with a target price of €287, following a slight earnings beat in Q3. The stock rose 1.2% to €286.40, indicating a potential growth of 0.21% towards the target. Trading volume increased to 275,241 shares, with a year-to-date price increase of 24.7%. Quarterly results are expected on November 13, 2024.
allianz se maintains strong position in global insurance and banking sectors
Allianz SE is a leading global insurance group also involved in banking, with a revenue breakdown of 47.9% from life and health insurance, 47.1% from non-life insurance, and 5% from asset management. As of the end of 2023, the company manages assets totaling EUR 2,224 billion.
ubs maintains neutral rating for allianz shares with target price of 287 euros
UBS AG has maintained a "Neutral" rating for Allianz shares, setting a target price of 287 euros. Analyst Will Hardcastle noted that Allianz slightly exceeded expectations in Q3, with the stock rising 1.2% to EUR 286.40, reflecting a 24.7% increase since the start of 2024. The upcoming capital markets day in December is anticipated to be a key focus.
Allianz raises profit outlook after strong third-quarter results
Allianz SE, the German insurer that owns Pacific Investment Management Co., has raised its full-year profit guidance after reporting a 14% increase in third-quarter operating profit to €3.94 billion. This growth was primarily driven by a 36% surge in its property-casualty insurance business. The company now anticipates full-year profit to fall in the upper half of its forecast range of €13.8 billion to €15.8 billion.
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