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

1 director bought

A director at Assicurazioni Generali Spa bought 4,300 shares at 16.530EUR and the significance rating of the trade was 57/100. 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. The n...

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. - ...

Benoit Valleaux

Generali : Earnings in line with expectations

>2018 results broadly in line with expectations - Yesterday morning, Generali reported its 2018 earnings. Total gross premiums came to € 66.7bn, up 4.7% l-f-l, with organic growth of 5.7% in life insurance and 3.3% in P&C insurance. The group’s operating result came to € 4,857m (+3.0%) in line with our forecast and 1% above the consensus. In life insurance, the operating result was € 3,067m (+2.8%), also in line with our estimates but 2% above the consensus, with an ...

Henry Heathfield

Morningstar | Generali Fiscal-Year 2018: Disappointing Non-Operating as To Be Expected, Decent Operating Result

Generali reported full-year earnings before tax of EUR 3.45 billion, below our forecast for the full year and below consensus and the prior year. The lower result has mainly been caused by impairments on the non-operating result and declines on book value as Italian yields have unrealised gains and losses. The harvesting rate, which is net realized gains, net impairment losses, and net unrealised gains, has dropped from 70 basis points to negative 10 basis points, and the investment yield has dropped 30 basis points. However, the operating results look decent, which we discuss below. The busin...

Henry Heathfield

Generali Fiscal-Year 2018: Disappointing Non-Operating as To Be Expected, Decent Operating Result

Generali reported full-year earnings before tax of EUR 3.45 billion, below our forecast for the full year and below consensus and the prior year. The lower result has mainly been caused by impairments on the non-operating result and declines on book value as Italian yields have unrealised gains and losses. The harvesting rate, which is net realized gains, net impairment losses, and net unrealised gains, has dropped from 70 basis points to negative 10 basis points, and the investment yield has dr...

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 ...

Benoit Valleaux

Generali : Earnings in line with expectations

>2018 results broadly in line with expectations - Yesterday morning, Generali reported its 2018 earnings. Total gross premiums came to € 66.7bn, up 4.7% l-f-l, with organic growth of 5.7% in life insurance and 3.3% in P&C insurance. The group’s operating result came to € 4,857m (+3.0%) in line with our forecast and 1% above the consensus. In life insurance, the operating result was € 3,067m (+2.8%), also in line with our estimates but 2% above the consensus, with an ...

Henry Heathfield

Morningstar | Generali Fiscal-Year 2018: Disappointing Non-Operating as To Be Expected, Decent Operating Result

Generali reported full-year earnings before tax of EUR 3.45 billion, below our forecast for the full year and below consensus and the prior year. The lower result has mainly been caused by impairments on the non-operating result and declines on book value as Italian yields have unrealised gains and losses. The harvesting rate, which is net realized gains, net impairment losses, and net unrealised gains, has dropped from 70 basis points to negative 10 basis points, and the investment yield has dropped 30 basis points. However, the operating results look decent, which we discuss below. The busin...

Henry Heathfield

Generali Fiscal-Year 2018: Disappointing Non-Operating as To Be Expected, Decent Operating Result

Generali reported full-year earnings before tax of EUR 3.45 billion, below our forecast for the full year and below consensus and the prior year. The lower result has mainly been caused by impairments on the non-operating result and declines on book value as Italian yields have unrealised gains and losses. The harvesting rate, which is net realized gains, net impairment losses, and net unrealised gains, has dropped from 70 basis points to negative 10 basis points, and the investment yield has dr...

Benoit Valleaux

Generali : Anticipated decline in net realised capital gains in Q4 2018

>Favourable operational trends - Generali is due to publish its 2018 net profit on 14 March. We forecast total gross written premiums of € 64.7bn in 2018, down 1.8% on a reported basis but up 4.5% on a 2017 base restated for divestments undertaken by the group, with growth of 6% anticipated for the life insurance activity and 1% for P&C insurance. We forecast an operating result of € 4.89bn in 2018 (+3.7% vs 2017), a shade above the consensus (€ 4.82bn) which is more ...

Benoit Valleaux

Generali : Baisse attendue des plus-values réalisées au T4 18

>Des tendances opérationnelles favorables - Generali publiera jeudi 14 mars prochain son RN 2018. Nous prévoyons des primes brutes totales de 64,7 Md€ en 2018, en baisse de 1,8% en publié, mais en hausse de 4,5% sur une base 2017 retraitée des cessions opérées par le groupe, avec une croissance attendue de 6% en assurance vie et de 1% en assurance dommages. Nous attendons un RO du groupe de 4,89 Md€ en 2018 (+3,7% par rapport à 2017), légèrement supérieur au consensus...

1 director bought

A director at Assicurazioni Generali Spa bought 4,300 shares at 16.530EUR and the significance rating of the trade was 57/100. 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. The n...

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. - ...

Alain William ...
  • Benoit Valleaux
  • Cecile De Coincy
  • Fehmi Ben Naamane
  • Johanna Jourdain
  • Michael Foundoukidis
  • Olfa Taamallah
  • Pierre Tegner
  • Samantha Jeary
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/19/2019

In spite of a thorough restructuring programme (operational and financial), Veolia’s valuation multiples remain close to their average historic levels. The group has significantly reduced its areas of industrial risk and is benefiting from its revamped commercial positioning. Optimisation is set to continue in the medium term and should drive performance, along with bolt-on acquisitions. Whilst there is a risk of macroeconomic slowdown, this is yet to be reflected in volumes. The valu...

Alain William ...
  • Benoit Valleaux
  • Cecile De Coincy
  • Fehmi Ben Naamane
  • Johanna Jourdain
  • Michael Foundoukidis
  • Olfa Taamallah
  • Pierre Tegner
  • Samantha Jeary
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/02/2019

En dépit d’une restructuration en profondeur (opérationnelle et financière), les multiples de valorisation de Veolia demeurent proches des niveaux historiques moyens. Le groupe a significativement réduit ses zones de risques industriels et bénéficie de son positionnement commercial renouvelé. L’optimisation va se poursuivre sur le moyen terme et alimenter la performance, avec une croissance externe ciblée. Si un risque de ralentissement macroéconomique existe, il ne se reflète pas enc...

Benoit Valleaux ...
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/22/2018

...

Benoit Valleaux ...
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/11/2018

...

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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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