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STOCKS NEWS EUROPE-Allianz seen up on solid Q3 figs

Mon Nov 9, 2009 2:40am EST

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Shares in Allianz (ALVG.DE) are indicated 3.1 percent higher in pre-bourse trade after the insurer reports solid third-quarter figures which include a 23 percent rise in operating profit which beats consensus.

"The numbers are slightly better than expected and our analyst sees the stock as being cheap at the moment," says a Frankfurt-based trader.

Andreas Weese, analyst at UniCredit says: "Allianz more than fulfilled the forecasts, both bottom line and at the operating level. While P/C insurance was largely in line with expectations, LH insurance and Financial Services exceeded the forecasts."

Europe's biggest insurer says quarterly operating profit was 1.929 billion euros ($2.9 billion), above the average forecast of 1.804 billion in a Reuters poll of 18 analysts.

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