Insurance: The Hunt for Catalysts into 2H – Move AXA to Top Pick

Research evidence excerpt

Insurance: The Hunt for Catalysts into 2H – Move AXA to Top Pick

Foundation

May 15, 2026 03:00 AM GMT

Morgan Stanley & Co. International plc+MInsurance | Europe Hadley Cohen

Equity Analyst

The Hunt for Catalysts into 2H Hadley.Cohen@morganstanley.comDaniel Wilson-Omordia +44 20 7425-3289

Daniel.Wilson-Omordia@morganstanley.com +44 20 7677-3618

– Move AXA to Top Pick Alexa Psillos, FASSA

Research Associate

Alexa.Psillos@morganstanley.com +44 20 7677-2384

The insurance sector is in good shape, with strong balance

Insurance

sheets, but not without challenges (asset leverage, softer Europe

pricing). With valuations looking fuller, we focus on stock-level Industry View In-Line

catalysts. We move AXA to Top Pick (alongside Talanx) ahead of What’s Changed

ASR Nederland NV

its CMD and downgrade Aegon & Generali to Equal-weight. (ASRNL.AS) From To

Price Target €61.50 €70.00

Key Takeaways NN Group NV (NN.AS) From To

Price Target €67.00 €72.00

The insurance sector in good shape, but valuation is towards the upper end of

historical ranges, and we stay In-Line. Aegon NV (AEGN.AS) From To

Rating Overweight Equal-weight

Ahead of potential catalysts at the CMD, we make AXA a Top Pick, alongside Assicurazioni Generali

Talanx (GASI.MI) From To

We move Generali and Aegon down to Equal-weight on valuation Top Pick GASI.MI AXAF.PA

We stay relatively cautious on reinsurance (Swiss Re and Munich Re both AXA (AXAF.PA) From To

Underweight) Top Pick GASI.MI AXAF.PA

M&G PLC (MNG.L) From To

Sector fairly valued – focus on idiosyncratic ideas. With most of 1Q26 reporting Price Target 280p 310p

behind us, the Insurance sector remains in good shape. Solvency is near all-time

highs ( Exhibit 1 ), structural growth opportunities continue (more so in Life), private