While insurance stocks have been tumbling since the Brexit vote, there has been some good news for one UK-based provider.
Prudential, which has its headquarters in London, has received an “overweight” rating from Barclays with the bank stating the insurer has a “strong high quality business and the double digit growth story is intact.”
Highlighting that stocks have dropped since the EU referendum, it suggested that the recent sell-off from Prudential would be an opportunity to buy the “best in class insurer at an attractive valuation” while describing it as “our top pick among European insurers.”
“We view Prudential as the one true large-cap growth stock in European insurance, and the compound growth of its earnings is the tangible evidence,” it said.
In addition, Barclays added that Prudential’s operating earnings have grown at 13% since 2014 – placing it ahead of Aviva
at 4% and Legal & General at 8%.
Prudential pulls out of open annuity market