Assicurazioni Generali is the parent company for The Generali Group (the Group), an insurance and financial services provider. The commercial offer is composed of savings and pure risks policies, which constitute the majority of the portfolio, which includes protection and pension funds. In the non-life sector the Group is focused primarily on the retail market. In addition, through the Europ Assistance Group, Co. is engaged in services in motor, travel, health, home and family. The Group has also expanded its business from insurance to a range of asset management, property and financial services.
  • TickerG
  • ISINIT0000062072
  • SectorNonlife Insurance
  • CountryItaly

Analysts

Henry Heathfield

Morningstar | Generali 1Q 2019: Decent Results Reported Again

Generali reported a searing set of results for the first quarter of 2019. The company has made about EUR 615 million of net and EUR 1.3 billion operating profit on an adjusted basis. These figures are close to our full-year estimates and are between 6% and 7% increases. We maintain our EUR 17.30 fair value estimate and no-moat rating. There's not a lot of negative news to be taken away from these results. Segment profits are up and holding expenses are down. We think probably two of the best key indicators in these results are the combined ratio, which was again a pleasing 91.5%. This shows t...

Henry Heathfield

Generali 1Q 2019: Decent Results Reported Again

Generali reported a searing set of results for the first quarter of 2019. The company has made about EUR 615 million of net and EUR 1.3 billion operating profit on an adjusted basis. These figures are close to our full-year estimates and are between 6% and 7% increases. We maintain our EUR 17.30 fair value estimate and no-moat rating. There's not a lot of negative news to be taken away from these results. Segment profits are up and holding expenses are down. We think probably two of the best key...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Delphine Brault
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/17/2019

...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Delphine Brault
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/05/2019

...

Benoit Valleaux

Generali : Solid insurance technical profitability

>Strong premium growth in Q1 - Generali posted premiums of € 18.9bn in Q1 2019, up 6.6% on l-f-l, beating expectations. Premiums increased by 8.5% on l-f-l in life insurance, with strong growth in savings products (+18.4%), thanks to Italy, China and France, and solid growth in sales of protection products (+6.5%), while sales of unit-linked contracts declined by 12%. The life insurance new business margin declined slightly, affected by this shift in the product mix, ...

Assicurazioni Generali S.p.A: Semi-annual update

FINANCIAL INSTITUTIONS CREDIT OPINION 9 November 2017 Update RATINGS Assicurazioni Generali S.p.A Domicile Italy Long Term Rating Baa1 Type Insurance Financial Strength Outlook Stable Please see the  ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Benjamin Serra 33-1-5330-1073

Carine Maciol

Generali : A profitable and solvent insurer, attractive spreads, what else?

We remain convinced that the group is fundamentally moving in the right direction but we are maintaining a Stable credit opinion on Generali as the lion’s share of restructuring efforts are already reflected in profitability levels and credit ratings. These ratings remain capped by Italy’s sovereign rating, leaving little hope for a fresh upgrade in the medium term. - Both Generali’s bonds perpetual and dated bonds offer higher yields than those of peers, which we attribute to its Italian exposure. We are buyers of these bonds for the spread pick-up and the ongoing credit recovery. We think th...

Carine Maciol

Generali : Un assureur rentable et solvable, des spreads attractifs, what else ?

Nous restons convaincus que les développements vont fondamentalement dans le bon sens mais nous maintenons une opinion crédit Stable, car la majorité des effets de la restructuration est déjà reflétée dans la rentabilité atteinte et ont été pris en compte dans les notations des agences. Et ces dernières restent capées par la note de l’Italie, laissant peu d’espoir de nouvel upgrade à moyen terme. - Que ce soit en daté ou perpétuel, les obligations Generali proposent des rendements supérieurs vs ceux des comparables, ce que nous attribuons à son exposition à l’Italie. Nous sommes acheteurs de ...

Henry Heathfield

Morningstar | Generali 1Q 2019: Decent Results Reported Again

Generali reported a searing set of results for the first quarter of 2019. The company has made about EUR 615 million of net and EUR 1.3 billion operating profit on an adjusted basis. These figures are close to our full-year estimates and are between 6% and 7% increases. We maintain our EUR 17.30 fair value estimate and no-moat rating. There's not a lot of negative news to be taken away from these results. Segment profits are up and holding expenses are down. We think probably two of the best key indicators in these results are the combined ratio, which was again a pleasing 91.5%. This shows t...

Henry Heathfield

Generali 1Q 2019: Decent Results Reported Again

Generali reported a searing set of results for the first quarter of 2019. The company has made about EUR 615 million of net and EUR 1.3 billion operating profit on an adjusted basis. These figures are close to our full-year estimates and are between 6% and 7% increases. We maintain our EUR 17.30 fair value estimate and no-moat rating. There's not a lot of negative news to be taken away from these results. Segment profits are up and holding expenses are down. We think probably two of the best key...

Benoit Valleaux

Generali : Solid insurance technical profitability

>Strong premium growth in Q1 - Generali posted premiums of € 18.9bn in Q1 2019, up 6.6% on l-f-l, beating expectations. Premiums increased by 8.5% on l-f-l in life insurance, with strong growth in savings products (+18.4%), thanks to Italy, China and France, and solid growth in sales of protection products (+6.5%), while sales of unit-linked contracts declined by 12%. The life insurance new business margin declined slightly, affected by this shift in the product mix, ...

Benoit Valleaux

Generali : Un résultat technique assurance solide

>Forte croissance des primes au T1 - Generali a enregistré des primes de 18.9 Md€ au T1 2019, en hausse de 6.6% à données comparables, supérieures aux attentes. Les primes ont progressé de 8.5% à d.c. en assurance vie, avec une forte croissance des produits d’épargne (+18.4%) tirée par l’Italie, la Chine et la France, et une solide progression des ventes en prévoyance (+6.5%), alors que les ventes de contrats en unités de compte a baissé de 12%. La marge sur affaires ...

Benoit Valleaux

Generali : Good operating profitability expected in Q1 2019

>Premium growth on a restated base - Generali is due to report its Q1 2019 results on Thursday 16 May before the open. We forecast premiums of € 18.195bn for the quarter, a fall of 2.2% in reported terms, but up 2.6% on a base restated for the disposals made by the group (notably Belgium). We forecast premium growth, both in life insurance (+2.9%e) and P&C insurance (+2.0%e).Set to maintain good technical profitability - We forecast an operating resul...

1 director bought

A director at Assicurazioni Generali Spa bought 100,000 shares at 16.381EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. Th...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Delphine Brault
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/17/2019

...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Delphine Brault
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/05/2019

...

Benoit Valleaux ...
  • Bruno Cavalier
  • Jean Sassus
  • Jerôme Bodin
  • Khaled Ben Amor
  • Louis Boujard
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Samantha Jeary
  • Steven Gould
  • Valentin Pernet

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/13/2019

...

Benoit Valleaux ...
  • Bruno Cavalier
  • Jean Sassus
  • Jerôme Bodin
  • Khaled Ben Amor
  • Louis Boujard
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Samantha Jeary
  • Steven Gould
  • Valentin Pernet

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/05/2019

...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Christophe Chaput
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/15/2019

The group is in the midst of a challenging reorganisation phase which will likely continue to hurt profitability and visibility. The “fleet of ships” strategy is gradually evolving, but the failure of the MO + Alstom deal represents a sizeable setback. We also think that the underlying issues, such as ROCE levels, have not been addressed: we are still at Neutral, and are lowering our target price from € 110 to € 100. See report published last evening. - ...

ASSICURAZIONI GENERALI with less fundamental stars is reduced to Neutral

ASSICURAZIONI GENERALI (IT), a company active in the Full Line Insurance industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date May 14, 2019, the closing price was EUR 17.06 and its expected value was estimated at E...

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Expert Corporate Governance Service (ECGS)

Assicurazioni Generali - AGM 30 April 2019

The ECGS partners Proxinvest and Frontis Governance provide voting advice to Generali Investments. It is important to note that these partners do not provide consulting services to Generali Group. Voting advice is provided primarily as a source of information at general meetings. In item 4 (EGM), the Board proposes to eliminate the age limits for the Board members (70 years for the Chairperson, 65 for the CEO and 77 for other Directors). Although their elimination would allow higher flexibility in the definition of the Board composition, we believe that the application of age limits may help ...

Assicurazioni Generali SPA – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Matthieu DRIOL

Analyse court terme - GENERALI ASSICURAZIONI : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 14,485 € prochainement. Le prochain objectif est à 13,764 €, puis 13,480 €. Le franchissement de 16,227 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - GENERALI ASSICURAZIONI : The background trend is clearly bearish.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €14.485. The next target is at €13.764, then €13.480. Passing €16.227 would question the continuation of the fall.

Matthieu DRIOL

Short term view - GENERALI ASSICURAZIONI : The background trend is clearly bearish.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €14.485. The next target is at €13.764, then €13.480. Passing €16.227 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - GENERALI ASSICURAZIONI : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 14,485 € prochainement. Le prochain objectif est à 13,764 €, puis 13,480 €. Le franchissement de 16,227 € remettrait en cause la suite de la baisse.

Valérie GASTALDY

Analyse moyen terme - GENERALI ASSICURAZIONI : Les cours baissent.

La tendance est incertaine. Les cours baissent, et il y a une possibilité d'accélération baissière. Une nouvelle tendance baissière tente de démarrer.

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