JPMorgan Cazenove will follow the share of insurer ASR with an underweight recommendation. This made the US banking Announced in a report. The insurer nationalized in 2008, Which was recently Brought to the fair by the Dutch government, Consists Largely of a life insurance portfolio Placed in run-off. Therefore, the investment bank focused Primarily on the capital flow generated by the insurer, and the amount of excess capital That the company, based on the Solvency II regime. Based on the market-based discount rate – which excludes the flattering effect, or noncompetitive discount rate UFR – the solvency II buffer ASR 113 percent, calculated_PCR the analysts Ashik Mussadi and Kunai Zaveri, What they consider to be sufficient is but without excess capital. Ash interest rates have fallen this year, the free cash flow generated by the business as a percentage of the market value per share dropped to 7.7 percent. Given the capital buffer sufficient is to make the analysts are not Concerned about the expected dividend yield of 6 percent, but They see little room for additional share buybacks. The market researchers see free cash flow over the next three years reduced by 10 percent by the greater negative impact of the UFR, lower investment results in the non-life insurer, the phasing out of the life insurance and higher interest expense. This will partly be made up in other parts. Analysts see better opportunities in other Dutch life insurers, especially NN Group, and other European insurers and Therefore come to Under Weight recommendation. The price target is put at 18:04. The share ASR posted Tuesday on a green Damrak 0.9 percent higher at 18:41 euros. By: ABM Financial News. Info@abmfn.nl Editors: +31 (0) 20 26 28 999 © Copyright ABM Financial News BV All rights reserved. Any redistribution, duplication or archiving prohibited. ABM Financial News BV and the provider of this website / application do not warrant the accuracy of any News Content provided and Shall Not Be liable for any errors, inaccuracies or delays in the content, or for any actions taken in reliance thereon.