Hannover Re’s shares were index winners on Monday in an uncertain market environment.
FRANKFURT (dpa-AFX) – Most recently, the reinsurer’s increase on XETRA was 1.76 percent to 243 euros, while the increase at its competitor Münchener Rückversicherungs-Gesellschaft was 0.86 percent to 516.80 euros.
The Hanover stocks were supported by the fact that they were placed on a recommendation list by the investment bank Goldman Sachs. Because of their defensive nature, insurance stocks were also in demand overall.
Goldman has placed Hannover Re’s securities, which have already been recommended for purchase, on the “European Conviction List” with particularly convincing investment ideas. The analyst responsible for Hannover Re, Andrew Baker, expects continued earnings growth even in a weaker price environment. A reserve buffer offers the necessary flexibility and the life and health insurance business is more stable than the competition. He therefore described it as unjustified that the valuation, after a relatively weak trend, only corresponded to the sector average./tih/jha/
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