In addition to the in-house asset manager Allianz GI, the largest shareholders of the insurer are the Vanguard Group, Norges Bank and Blackrock.
(Photo: dpa)
Munich The major US bank Goldman Sachs is buying shares in the two major Munich insurers Allianz and Munich Re. At Allianz, the bank secures 0.48 percent of the paper. In addition, there are financial instruments such as futures, swaps and call and put options for a total of 4.88 percent of the 408.5 million Allianz shares.
At Munich Re, Goldman Sachs invests in 0.51 percent of the stock. Financial instruments give access to up to 4.89 percent of the shares. The new shares were published on Thursday, but both deals were closed last week.
So far, Goldman Sachs has not held a stake in either Allianz or Munich Re to an extent that made a report necessary. In addition to the in-house asset manager Allianz GI, the largest shareholders of Allianz are the Vanguard Group, Norges Bank and Blackrock. The large German fund companies DWS, Union Investment and Deka are also among the major shareholders. The largest single shareholder is Allianz GI with just over three percent. More than 83 percent of Allianz shares are in free float. These investors are also involved in Munich Re, the largest single shareholder with almost three percent is currently DWS.
After the announcement on Thursday, the Allianz share was one of the few winners in an overall very weak Dax: Shortly before the close of trading, the share was 0.2 percent higher at 172.32 euros. Munich Re lost 0.8 percent to EUR 253.60.
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The Allianz course had lost significantly in the past few weeks. In addition to the generally weak market environment, the high burden of around six billion euros that the group had to pay in penalties and compensation for failed hedge fund strategies by its subsidiary Allianz GI in the USA also contributed to this.
The procedures with the US Securities and Exchange Commission and the US judiciary have been completed since the spring. Now former fund managers still have to answer to US courts. However, the start of the process is not scheduled until February 2024.
Significant price loss since spring
Allianz shares were still listed at up to 220 euros in April. When it then became clear how much the US debacle would actually burden the group, many investors reacted disappointed. A number of investors reduced their share price targets.
Recently, however, opinion has turned. Since the share fell towards EUR 170, experts have praised the high dividend yield of six percent that could be achieved with the current price after the Annual General Meeting in May next year. CFO Giulio Terzariol emphasized in August that Allianz’s distribution policy in the coming year is not in jeopardy despite the billions in damage.
After a distribution of 10.80 euros for the past year, this time it should be at least five percent more, according to the goal. The more than 800,000 Allianz shareholders can therefore expect at least EUR 11.34 per share next May.
As is usual in such cases, there were no reactions from any of those involved. On the stock market, a trader rated it positively that Goldman Sachs, of all things, is a large US bank, i.e. from the country in which Allianz recently had the greatest problems: “We will now be watching with interest whether other names from there will follow .”
More: Allianz boss Oliver Bäte: “Germany is a world champion in fear”