Germany-based multinational insurance giant Allianz (OTCQX:AZSEY) has amply demonstrated that it is a well-run insurer with strong underwriting policies and capital allocation discipline. Unfortunately, it's a lot of what investors don't seem to want these days - it's focused on slower-growing Western European markets when investors want to tap the growth in Latin America and Asia, it's defensive when investors want offense, and it hasn't been particularly aggressive in keeping up with AXA (OTCQX:AXAHY) or Aegon (NYSE:AEG) in terms of new product development. Although I do like AXA more, I think the market is underestimating the value of this lagging giant today.
Allianz is the largest insurance company in Europe, with revenue...
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