05:02 AM EDT, 10/26/2026 (MT Newswires) -- Berenberg maintained its investment case on Allianz (ALV.F), viewing concerns that artificial intelligence assistants like Meta Platforms' (FB2A.F) Muse could displace traditional insurance agency distribution as "overdone and premature." "There are three reasons to buy Allianz now, ahead of Q3 2026 results on 12 November. 1) The concern that Muse and other AI assistants could quickly replace agency distribution is, in our view, overdone and premature; 2) although Allianz is the largest investor in non-traded assets in our coverage, with c33% allocated to this asset class, its risk exposure is still relatively modest, as reflected by its reduced solvency sensitivities; and 3) while Q3 2026 has seen a spike in natural catastrophe (nat-cat) losses, very strong Pimco earnings and robust life earnings mean that we believe Allianz is still very much on track to at least reach the top end of its EUR16.4bn-18.4bn FY 2026 target operating range," analysts said Monday. While investors seem to be favoring reinsurers for their "defensive qualities" at the moment, the research firm argued that primary insurance's "less volatile" pricing outlook makes Allianz an "attractive alternative." On the earnings side, analysts expect third-quarter natural catastrophe costs to rise by 300 million euros quarter over quarter, partly offset by a 100 million-euro boost in asset management profit, while operating profit for the first nine months of the year is projected at 14 billion euros. Against this backdrop, Berenberg left the stock's buy rating and price target of 684 euros unchanged.

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