Berenberg Forecasts 'Solid' Q3 Outlook for Allianz

03:16 AM EDT, 09/30/2026 (MT Newswires) -- Berenberg expects a "solid" outlook for Allianz (ALV.F) in the third quarter, after meeting with the German insurer's investor relations team during the research firm's recent German Corporate Conference. "While hailstorms in Q3 2026 may slow the rise in operating profit in non-life, we expect this will be partly offset by the benefit in life and asset management of a strong USD/EUR FX rate in Q3 2026. For example, we estimate that the 6% drop in the USD/EUR FX rate in H1 2026 reduced the contribution of Allianz's life unit to group operating profit by cEUR90mn (3% of life profit). By contrast, the 1.5% stronger USD/EUR FX rate in Q3 2026 may have added EUR20m to earnings," analysts said Tuesday. Following its investor meetings with the company, Berenberg maintained its expectation that the insurer will continue to deliver "strong" top-line and profit growth through the end of its current 2025 to 2027 strategic plan. The research firm also noted the recent weakness in Allianz's stock reflects concerns regarding its 141 billion-euro exposure to non-traded assets, which is a risk analysts continue to view as "manageable." Berenberg has a buy rating and price target of 684 euros on the stock, noting the current share price serves as a "particularly attractive entry point."