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Die Einnahmen der Deutschen Bank aus festverzinslichen Handelsaktivitäten stiegen im zweiten Quartal an, als das Geschäftsfeld die meisten US-amerikanischen Konkurrenten übertraf. Der Umsatz stieg um 16 % gegenüber dem Vorjahreszeitraum auf 2,6 Milliarden Euro und erreichte damit einen Rekord für das zweite Quartal. Dieser Anstieg übertraf den Durchschnitt der großen Wall-Street-Banken bei 13 %. Die Deutsche Bank sagte, dass die Ergebnisse dazu beigetragen haben, dass der Gewinn im Zeitraum auf 1,9 Milliarden Euro stieg.

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Investoren, die sich für Versicherungsmulti-Aktien interessieren, kennen Radian (RDN) und Axa Sa (AXAHY) wahrscheinlich. Aber welche dieser beiden Aktien bietet Investoren derzeit das bessere Wertangebot? Lassen Sie uns genauer hinschauen.

Es gibt viele Strategien zum Entdecken von Wertaktien, aber wir haben festgestellt, dass die Kombination eines starken Zacks-Rangs mit einem beeindruckenden Wertgrad in unserem Style-Scores-System die besten Renditen produziert. Der bewährte Zacks-Rang legt den Schwerpunkt auf Earnings-Estimates und -Revisionsaktivitäten, während unsere Style-Scores daran arbeiten, Aktien mit bestimmten Merkmalen zu identifizieren.

Radian und Axa Sa haben derzeit Zacks-Ränge von #2 (Kaufen) bzw. #4 (Verkaufen). Dies bedeutet, dass RDNs Earnings-Estimate-Revisionsaktivitäten beeindruckender waren, sodass Investoren sich mit seinem verbesserten Analysten-Outlook wohlfühlen können. Wertinvestoren werden jedoch mehr als nur das beachten.

Wertinvestoren schauen auch gerne auf eine Vielzahl traditioneller, bewährter Zahlen, um festzustellen, ob sie glauben, dass die Aktie bei ihrem aktuellen Stückpreis unterbewertet ist.

Der Wertgrad des Style-Scores berücksichtigt eine Vielzahl von Schlüsselmomenten, einschließlich des beliebten KGV-Verhältnisses, des KGV-Verhältnisses, des Earnings-Yield-Verhältnisses, des Cash-Flow-per-Aktie und einer Reihe anderer wichtiger Statistiken, die von Wertinvestoren häufig verwendet werden.

RDN hat derzeit ein Vorwärts-KGV-Verhältnis von 7,38, während AXAHY ein Vorwärts-KGV-Verhältnis von 10,95 hat. Wir stellen auch fest, dass RDN ein PEG-Verhältnis von 0,96 hat. Dieses Verhältnis ist ähnlich zum beliebten KGV-Verhältnis und berücksichtigt auch die erwartete Wachstumsrate der Aktie. AXAHY hat derzeit ein PEG-Verhältnis von 10,33.

Ein weiteres beachtenswertes Bewertungsmerkmal für RDN ist sein P/B-Verhältnis von 1,07. Das P/B-Verhältnis wird verwendet, um den Marktwert einer Aktie mit ihrem Buchwert zu vergleichen, der als Gesamtbetriebsvermögen minus Gesamtverbindlichkeiten definiert ist. Zum Vergleich hat AXAHY ein P/B von 2,01.

Diese sind nur einige der Merkmale, die zum Wertgrad B von RDN und zum Wertgrad C von AXAHY beitragen.

RDN verfügt derzeit über eine verbesserte Earnings-Outsicht, was es in unserem Zacks-Rang-Modell hervorhebt. Und basierend auf den oben genannten Bewertungsmerkmalen glauben wir, dass RDN wahrscheinlich die bessere Wertoption ist.

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(Bloomberg) -- As London bakes in record-breaking sunshine, Bank of England officials are beginning to fret that, as one supply shock dissipates, the weather could produce the next one to push up inflation.

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Climate scientists increasingly expect a severe El Niño event disrupting global weather patterns will take hold later this year and into 2027. Now economists are beginning to worry that it could cause the next supply shock that boosts food inflation and provide the latest setback for central banks.

"The exposure here in the UK is more about what we import than anything else," said David Owen, founder of Saltmarsh Economics — a consultancy focusing on climate economics. "You'd get things like droughts impacting parts of the world so obviously that would impact their ability to produce agricultural food," he said, adding: "It might also have a major impact here in the UK directly."

The threat of high inflation this year is fading after the US-Iran truce sent energy prices sliding and allowed ships to pass through the Strait of Hormuz. That's prompted some economists to believe that the BOE could resume rate cuts next year.

However, there are signs that officials at the UK central bank are growing concerned about the impact of a stronger than usual El Niño if it causes droughts in some areas and flooding in other parts. That could set back plans to reduce rates if it causes UK inflation to spike again in 2027.

The rising inflation threat posed by shifting climate patterns jars with the recent path taken by the BOE, which has slashed spending on climate work as it tries to ease its strained finances. The bank has also shelved plans to regularly stress-test banks on their exposure to climate change and the net zero transition.

El Niño is an irregular phenomenon that typically occurs every two to seven years and lasts nine to 12 months. Characterized by higher sea surface temperatures in parts of the Pacific off the South American coast, it slows trade winds and affects weather patterns around the world, increasing rainfall and flooding in some parts of the globe and bringing drought conditions to others.

The US Climate Prediction Center this month put a 63% chance of the weather phenomenon becoming a very strong event, dubbed by some scientists a "super" El Niño, in late 2026 and early 2027.

Story Continues

It prompted BOE rate-setter Swati Dhingra to warn this week that such an event "raises the risk of higher global prices for weather-sensitive crops such as cocoa, edible oils, sugar, rice and coffee."

"The drivers, the consequences, and the solutions to climate change are all relevant to price stability," she said in a speech. "These channels are becoming more material over time."

Central bankers watch food prices carefully, alongside energy costs, because it is particularly pertinent for household inflation expectations. Shoppers buy food frequently and therefore notice rapid and large price changes more than for products they purchase only occasionally, such as a new TV or laptop.

A spike in headline inflation driven by food is therefore a bigger risk for households' price expectations, raising the prospect of second-round effects if it causes consumers to demand higher wages.

Britain is also more vulnerable to global supplies given its heavy reliance on food imports. Food arriving from abroad accounts for around 40% of the UK's supply, according to government figures.

Owen at Saltmarsh said Dhingra "knows it represents another supply shock and obviously supply shocks complicate monetary policy decisions."

"If it's almost certain there's going to be one this year, which then impacts food prices and other things into 2027, then obviously policymakers need to be thinking ahead about it," he said.

For now, UK food inflation remains subdued. It fell to 2.1% in May, the lowest since late 2024 and well below the peak of almost 20% in 2023. However, it could soon become a source of concern for the central bank and a new UK prime minister if it reignites angst over the cost-of-living.

A recent report co-authored by BOE official James Talbot included modeling that suggested a global El Niño scenario would see droughts that reduce economic output and increase inflation.

"Repeated and increasingly severe shocks can produce persistent and compounding effects on inflation and output over time, exacerbating monetary policy trade-offs," the report for the Network for Greening the Financial System said.

Still, the impact is likely to be larger in developing countries where food makes up a bigger share of the inflation basket.

"In Asia and parts of Latin America, the transition to lower inflation will be complicated by the impact of El Niño, which is expected to cause extreme weather, affecting agriculture and in some cases hydroelectricity, resulting in higher food prices," said Claire Dissaux, head of macro research at AXA Group. "This new supply shock coming on top of the recent rise in energy and fertilizer prices could tip the balance towards monetary policy tightening."

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(Bloomberg) -- Hedge fund manager Lee Robinson notched a 900% gain during the global financial crisis by turning a $20 million position into $200 million with timely bets against the US subprime mortgage sector.

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Today, he sees a new opportunity as risks bubble up around private credit. But instead of betting directly against the sector, he's focused on potential second-order effects and is shorting some of the $1.8 trillion market's biggest backers: insurers.

Robinson is ramping up bearish wagers on firms from Lincoln National Corp. to MetLife Inc. and even Berkshire Hathaway Inc. through the use of credit default swaps, derivative contracts designed to protect investors against a default. His firm, Altana, is launching a new fund, into which it is also investing its own capital, to protect against what he sees as an inevitable downturn in private credit, a cooling-off in AI hype, and the impact of declining liquidity on corporate valuations.

He says there are parallels between the general calm that prevailed in the subprime mortgage market before the blowup of Lehman Brothers Holdings Inc. and markets today, where corporate yield premiums remain at historically low levels. That investor confidence — or overconfidence, as Robinson sees it — persists even as concerns simmer about private credit's exposure to software borrowers under threat from artificial intelligence, and as warning signs flash from a couple of corporate blowups.

"In August 2008, we were pulling our hair out, wondering how on earth volatility is at this low level," Robinson, founder and chief investment officer for London-based Altana Wealth, said. "It feels a little like that now."

It's not that insurers face an existential threat from their exposure. Robinson's argument is more nuanced: He believes markets aren't adequately pricing in the added risks of writedowns from an untested corner of debt that has shown itself prone to trouble spots. Holdings of private credit are rising in the industry, particularly among life insurers, and while the debt is still a relatively small part of many established firms' investments, it does present risks, he said. Another attraction of the trade is that it isn't easy to short private credit directly.

Story Continues

Lincoln National didn't respond to a request for comment while a spokesperson for Berkshire Hathaway declined to comment. A spokesperson for MetLife pointed to recent comments by Chief Financial Officer John McCallion that around 95% of its private debt portfolio is investment grade, "well diversified and built to perform across market cycles."

Increased Activity

Robinson's gambit is starting to spread. Other hedge funds are targeting insurers' CDS, and Wall Street desks including JPMorgan Chase & Co. and Goldman Sachs Group Inc. are also getting involved, responding to client requests with products that provide protection against risks swirling around the industry, people familiar with the matter told Bloomberg.

Representatives for JPMorgan and Goldman declined to comment.

Net notional bets on US insurers' CDS have risen to $5.5 billion by May 22 from less than $4.9 billion at the end of last year, based on data by the Depository Trust and Clearing Corp. Trading volumes in those contracts has also seen an increase, and the price to buy default protection has started to rise — though only marginally compared with the potential risks involved, leaving room for further gains in the event of a true meltdown.

Insurers' exposure to the private credit industry has grown significantly over the last decade as asset managers sought yield and diversification, particularly during the easy-money era when traditional assets were yielding close to zero. A Moody's Ratings analysis of US life insurers showed that a fifth of the sector's $4 trillion of fixed-income holdings were allocated to illiquid assets, mostly private credit, at the end of 2025, up from 18% the year before.

The move to private credit has been particularly pronounced among the life insurers owned by asset management giants with private equity arms such as KKR & Co. and Apollo Global Management Inc., according to researchers at the Federal Reserve Bank of Chicago, though there is no suggestion that Robinson and others have been targeting those firms in particular. The shift has been primarily into investment grade-rated private debt.

"Insurers have become intertwined with the broader private credit ecosystem," authors Ralf Meisenzahl, Jackson Overpeck and Andy Polacek wrote in a working paper last revised in late April.

Representatives for Apollo and KKR declined to comment.

Some insurers have been vocal about their activity. Last year, Lincoln Financial launched a fund with Bain Capital to "provide individual investors access to private credit." MetLife said it held about $85 billion of what it deemed "high-quality" private fixed income as of March 31.

Already, the cost of protection against defaults by US insurance heavyweights including American International Group Inc. has started to rise, exceeding that of a broad gauge of North American high-grade risk this year, based on data compiled by Bloomberg. That's seen in widening CDS spreads.

It's a similar picture with European giants Allianz SE, Generali, Aviva Plc and Axa SA compared to the region's own high-grade credit-default swap index. So much so, that it has caught the attention of the European Central Bank, which sent out a warning about potential losses for insurers.

An Allianz spokesperson cited an earnings presentation and analyst call in which executives at the firm said they are comfortable with the private debt exposure and that they have a "very high quality, diversified portfolio." Aviva declined to comment, while Axa and Generali didn't respond to a request for comment.

Even after some recent widening, CDS spreads in these companies are still quite tight, limiting potential downside for investors. Lincoln National, for example, was last quoted at 142 basis points. That reflects some recent widening, but is miles away from where a truly troubled company would trade, and on par with many of the world's largest companies.

"There's going to be more pain for private and institutional investors going forward and insurance companies will probably have to partially write down their investments," said Mark Lieb, chief executive officer at Spectrum Asset Management, who has been active in preferred securities since the 1970s.

Connecticut-based Spectrum specializes in junior securities that companies, including insurers, sell to pad their financial health, often at the behest of regulators.

"The insurance side, we monitor that closely. Some insurance companies have gotten a little more aggressive with their private placements," Lieb said. "We've made some internal changes on what we like and don't like in some of the names, so you have to be a little bit more vigilant of that part of their portfolio."

Distressed Debt Wagers

Robinson for his part is spreading his bets within his new fund, investing in single-stock equity options in addition to insurance CDS. Robinson, who previously worked for hedge fund billionaire Paul Tudor Jones, has a track record with opportunistic and distressed debt wagers.

Back during the global financial crisis, Robinson allocated a small portion of his funds into a bet against subprime mortgages, and by doing so he generated an outsized profit. This successful bet helped propel his two Trafalgar funds to gains of 5% and 26% respectively for the year 2008, compared with an average decline of 18.3% for the wider hedge fund industry.

Elsewhere, Robinson launched a digital currency fund in 2014 that has gained significantly since inception, and made winning wagers on Lebanese sovereign debt and Fannie Mae junior preferred securities. His Credit Opportunities fund is up 47.5% year to date, and 416% since inception in 2020. Meanwhile, one big bet he made related to Credit Suisse remains unresolved; his funds own claims on Additional Tier 1 bonds wiped out with the bank's collapse and takeover by Swiss peer UBS. A lengthy legal battle is underway.

Regulators paved the way for private credit to balloon in size after the global financial crisis, imposing onerous requirements for traditional lenders that prompted banks to retreat from some of the riskier, more capital-intensive parts of their business. This created a gap that private credit firms pounced on. Insurers needing to match assets with liabilities were ready buyers of the assets.

While the reasons for the shift may be understandable, it poses complexity and concentration risks, Moody's Ratings analysts led by Manoj Jethani said in a note this month. "Risks are emerging — particularly in middle-market direct lending — driven by weaker credit quality and rising borrower stress," they said.

All it would take now, Robinson says, is one stressed insurer — "any single blow-up" — to cause ripples throughout the industry.

--With assistance from Caleb Mutua and Alexandre Rajbhandari.

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Während europäische Märkte unter den Herausforderungen von geopolitischen Spannungen und steigenden Energiepreisen leiden, suchen Investoren nach stabilen Einnahmequellen in Zeiten wirtschaftlicher Unsicherheit. In diesem Kontext können Dividendenaktien aufgrund ihrer potenziellen Fähigkeit, konsistente Renditen durch regelmäßige Auszahlungen zu liefern, eine wichtige Überlegung im heutigen Marktenvironment darstellen.

Top 10 Dividendenaktien in Europa

Name Dividendeintrag Dividenderating Zurich Insurance Group (SWX:ZURN) 4,28% ••••• Zinzino (OM:ZZ B) 4,43% ••••• Teleperformance (ENXTPA:TEP) 5,93% ••••• Swiss Re (SWX:SREN) 5,04% ••••• Rubis (ENXTPA:RUI) 5,93% ••••• Hannover Rück (XTRA:HNR1) 5,04% ••••• EFG International (SWX:EFGN) 3,75% •••••2 DKSH Holding (SWX:DKSH) 4,01% ••••• Cembra Money Bank (SWX:CMBN) 4,43% ••••• Banque Cantonale Vaudoise (SWX:BCVN) 3,79% ••••2

Klicken Sie hier, um die vollständige Liste von 202 Aktien aus unserem Top-Europäischen-Dividenden-Aktien-Screener zu sehen.

Hier werden wir eine Auswahl unserer bevorzugten Aktien aus dem Screener hervorheben.

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Die faire Wertpreiszielmarke von AXA wurde von €46,07 auf €46,12 angehoben. Dieser Anpassung liegt eine kleine Änderung der Modellierung durch die Analysten zugrunde. In den letzten Tagen haben sich neue und überarbeitete Preisziele wie €46, €48 und €50,70 entwickelt, was unterschiedliche Ansichten auf AXA's Schritt in Richtung technischer Versicherungen und Einnahmen aus Gebühren widerspiegeln.

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Bei AXA (ENXTPA:CS) haben sich kürzlich die Aktienkurse bewegt, mit einem aktuellen Preis von etwa €41,58. Die gemischten Kurzfrist-Erträge kontrastieren mit stärkeren Langfrist-Verläufen sowie soliden bereitgestellten Umsatz- und Nettoumsatzzahlen. Der letzte 1-Tages-Aktienkursrückgang von 0,53 % steht gegenüber einem 90-Tage-Aktienkursrückgang von 4,84 % und einem 5-Jahres-Gesamtaktienbesitzerertrag von 133,59 %. Dies deutet darauf hin, dass sich die Momentum über längere Zeiträume trotz kurzfristiger Rückschläge aufgebaut hat. Wenn AXA's kürzliche Bewegungen Sie dazu bringen, darüber nachzudenken, was sonst noch da ist, ist dies ein gutes Moment, um Ihren Suchbereich zu erweitern mit den 100 Top-Gründer geführten Unternehmen.

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Der französische Versicherer AXA hat im ersten Quartal 2026 (Q1 2026) eine 6-prozentige jährliche Erhöhung der Bruttogeschriebenen Prämien und anderer Einnahmen auf €37,95 Mrd. verzeichnet, unterstützt durch Wachstum in seinen P&C- und L&H-Geschäften.

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Investing.com -- Der französische Versicherer AXA hat ein starkes Start in das Jahr 2026 gemacht. Die Bruttogeschäftsprämien und andere Einnahmen stiegen um 6% im Vergleich zum Vorjahr auf 38,0 Milliarden Euro im ersten Quartal an, getrieben von einem breit gefächerten Wachstum in seinen Immobilien- und Kreditversicherungsbereichen sowie in den Lebens- und Gesundheitsbereichen.

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OLDWICK, N.J., March 25, 2026--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of "aa" (Superior) to AXA XL Excess & Surplus Lines Insurance Company (Delaware), a subsidiary of AXA S.A. The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings of AXA XL Excess & Surplus Lines Insurance Company reflect AXA S.A.’s consolidated balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, very favorable business profile and very strong enterprise risk management.

The ratings of AXA XL Excess & Surplus Lines Insurance Company reflect its key role in the U.S. underwriting market, which is further supported by explicit support through a pooling mechanism, internal reinsurance, common management and common ownership.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260325342758/en/

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