RHB Equity 360°(Allianz, CIMB, Sime, GentMsia, GentBhd, Sunrise, AEON, WTK, Kossan, Mah Sing,YNH, Puncak; Technical: Berjaya Corp)-27/08/2010

Top Story : Allianz – Encouraging fundamentals Outperform
Briefing Note
- General insurance gross premiums grew by 14.1% yoy in 1H FY12/10, driven by its productive agency force (49%) and bancassurance tie-up with CIMB (12%).
- Life insurance premiums grew by 27.6% yoy, but, Annualised New Premiums (ANP) grew by only 5.6% vs.
20.9% in 1H09. We understand that the ANP was under pressure as Allianz introduced its first universal life product, the Income Generator.
- Maintain Outperform call with an unchanged SOP-derived fair value of RM5.32/share.


RHB Equity 360°(Allianz, CIMB, Sime, GentMsia, GentBhd, Sunrise, AEON, WTK, Kossan, Mah Sing,YNH, Puncak; ...