(Corrects Generali's RIC in last bullet point)
** JP Morgan says it is still optimistic on the European
insurance sector, citing "plenty room for re-rating" towards
year-end after strong H1 earnings and increased capital returns
** "Around 84% of the insurers reported an earnings beat in
the H1/Q2 reporting season," the brokerage says, with the
sector's average ratio now above pre-pandemic levels at 207%
** JPM raises Scor to "overweight" from "neutral"
ahead of its investor day on valuation grounds, saying current
risk/reward of the cheapest European reinsurer is attractive
** The brokerage, however, downgrades Swiss Re to
"neutral" from "overweight" as it sees limited catalysts in the
near-term and remains cautious on natural catastrophies risks
** JPM's top picks are Poste Italiane, NN Group
, Generali, Aviva, AXA,
Hannover Re and Beazley, all rated
"overweight"
(Reporting by Juliette Portala)