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BUZZ-European Insurers: SocGen soothes fear of hit from Labour Dept's latest proposal

Reuters - UK Focus

** SocGen (Paris: FR0000130809 - news) says remain positive on European insurance sector

** Brokerage cites strong solvency, strong earnings, increasing clarity on Solvency II by year-end, attractive valuation and high yield

** All the stocks on E300 Insurance Financial Index in the green

** SocGen's says top picks include Axa (Paris: FR0000120628 - news) and Aviva (Amsterdam: AW8.AS - news) , retains Buy on Aegon (Swiss: AGN.SW - news)

** Aviva (Other OTC: AIVAF - news) jumps 4 pct, Axa rises 3 pct similar to Aegon's stock increase on Tuesday

** Steers insurers clear of significant -ve impact of the U.S (Other OTC: UBGXF - news) . Dept of Labor's Fiduciary latest proposal

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** DoL has proposed to tighten up unscrupulous sales practices of investment products, a move that could result in significant fall in sales

** SocGen says industry's lobbying will prove successful in limiting the sales impact

** Insurers could benefit from the DoL's proposal; could see reduced new business strain and boost in cash generation from a likely move away from paying up-front sales commission to paying level commission

** SocGen says Axa's exposure to the DoL's proposal is modest and Aviva has no exposure at all

** Other European insurers likely to see DoL's proposal's impact include Prudential (HKSE: 2378.HK - news) , Allianz (aashika.jain@thomsonreuters.com)