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
Benoit Valleaux

Generali : Generali remains well-armed to weather the crisis

>Good resilience by underlying profitability - Generali reported H1 2020 net profit yesterday. Premiums beat forecasts at € 36.5bn (+2.1% reported, +1.2% like-for-like), aided by the sale in June of a very large pension contract (€ 1.5bn). Operating result fell by 0.4% to € 2.74bn in H1, close to forecasts. Excluding the COVID impact, it would have grown by 2.7% to € 2.8bn. The operating result performance was mixed by business line, beating forecasts in P&C insuranc...

Benoit Valleaux

Generali : Generali reste solidement armé pour faire face à la crise

>Une bonne résistance de la rentabilité sous-jacente - Generali a publié hier son RN du S1 2020. Les primes ont été de 36,5 Md€ (+2,1% en publié, +1,2% à données comparables), supérieures aux attentes bénéficiant notamment de la vente en juin d’un très important contrat de retraite (1,5 Md€). Le RO du groupe a été de 2 714 M€ au S1 (-0,4%) proche des attentes. Hors impact COVID, le RO aurait progressé de 2.7% à 2 797 M€. La performance a été hétérogène selon les ligne...

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/27/2020

After years of unrealised €/$ bullish forecasts the single currency is finally on an upward trajectory. This change of course reflects a radical shift in the perception of the political risk associated with the European Union. The starting point for the rise (17 May) corresponds, moreover to the Franco-German announcement of the stimulus plan project. The European agreement of 21 July to begin the implementation process argues in favour, in a context of an upturn in PMIs, in favour of...

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.

Assicurazioni Generali Spa: 1 director sold

A director at Assicurazioni Generali Spa sold 30,000 shares at 14.320EUR and the significance rating of the trade was 84/100. 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 na...

Benoit Valleaux

Generali : Generali remains well-armed to weather the crisis

>Good resilience by underlying profitability - Generali reported H1 2020 net profit yesterday. Premiums beat forecasts at € 36.5bn (+2.1% reported, +1.2% like-for-like), aided by the sale in June of a very large pension contract (€ 1.5bn). Operating result fell by 0.4% to € 2.74bn in H1, close to forecasts. Excluding the COVID impact, it would have grown by 2.7% to € 2.8bn. The operating result performance was mixed by business line, beating forecasts in P&C insuranc...

Benoit Valleaux

Generali : Generali reste solidement armé pour faire face à la crise

>Une bonne résistance de la rentabilité sous-jacente - Generali a publié hier son RN du S1 2020. Les primes ont été de 36,5 Md€ (+2,1% en publié, +1,2% à données comparables), supérieures aux attentes bénéficiant notamment de la vente en juin d’un très important contrat de retraite (1,5 Md€). Le RO du groupe a été de 2 714 M€ au S1 (-0,4%) proche des attentes. Hors impact COVID, le RO aurait progressé de 2.7% à 2 797 M€. La performance a été hétérogène selon les ligne...

Benoit Valleaux

Generali : A resilient business model in the face of the crisis

>Lower premiums expected in life insurance - Generali is due to report its H1 2020 results on 30 July before trading. We forecast H1 2020 premiums down 3.4% at € 34.5bn (i.e. premiums of € 15.3bn for Q2, down 9.0%). We thus expect life insurance premiums to be down 7% in H1 as a result of the lockdown (despite sharply higher sales as lockdown measures were lifted), whereas P&C insurance premiums are expected to have shown growth of 5%. We also forecast a 6% fall in li...

Benoit Valleaux

Generali : Un business model résistant face à la crise

>Une baisse des primes attendue en assurance vie - Generali publiera son RN du S1 2020 jeudi 30 juillet avant Bourse. Nous prévoyons des primes de 34.5 Md€ au S1 2020 en baisse de 3.4% (soit des primes de 15.3 Md€ sur le seul T2, en baisse de 9.0%). Nous attendons ainsi des primes en assurance vie en baisse de 7% au S1 du fait du confinement (malgré une forte progression des ventes en période de sortie de confinement), alors que les primes en assurance dommages devrai...

Benoit Valleaux

Generali : Strategic partnership with Cattolica

>Generali to own 24.4% of Cattolica’s capital - Generali and Cattolica (listed Italian insurer) have just announced the signature of a strategic partnership. Generali is to subscribe to Cattolica’s reserved share capital increase for € 300m (issuance of 54.054 million shares at a unit price of € 5.55 per share). Prior to this deal, Cattolica must approve a modification to its status. Generali should therefore obtain the right of veto on a number of subjects aimed at p...

TP ICAP - Europe - Morning CreditUpdate 12/06/2020 - Generali

Fixed Income        TP ICAP (Europe) S.A. | Recherche Crédit | Vendredi 12 juin 2020 Generali (Achat) : Poursuite du recentrage et des cessions d’actifs Atlantia (Achat) : EBITDA de 1,3 md (-18,6%) Allemagne : Le plan de relance de €130 mds pourrait ajouter +1,3 pt au PIB 2020 et 2021 Lloyds (Vente) : Amende de £64m de la FCA britannique  BNP (Conserver) : Réduction des coûts de €1,5 md cette année et une baisse du RN de -15% à -20% Hertz (Vente) : Envisage de procéder à une augmentation de capital de $1 md Nestlé : Pourrait céde...

Carine Maciol

Generali : Stronger credit quality and attractive yields underpin our Buy recommendation

Publication date 16/12/2019 17:22 - Writing date 16/12/2019 17:19 - - - - - Equity data - Reco : - Target : EUR - Equity analyst: Benoit Valleaux - - +33 (0)1 55 35 42 75 - ESG analyst: XXX - Corporate Governance: Opportunity (2) - / - - - - - - The successful implementation of Generali's previous strategic plan has put it on a firm footing for further development. As such, between now and 2021 Generali will focus on profitable growth, expanding through organic g...

Carine Maciol

Generali : Une qualité de crédit renforcée, et des rendements attractifs confortent notre recommandation à l’Achat

Avec son précèdent plan stratégique, réalisé avec succès, Generali avait posé les bases nécessaires à son futur développement. Et de fait, à horizon 2021, Generali met en avant la croissance rentable, en se développant par croissance organique et acquisitions sur des produits et pays ciblés, l’Europe en premier lieu. Les résultats à 9 mois traduisent clairement la rentabilité des trois segments d’activités, avec des marges techniques en vie qui résistent grâce au mix produits, un...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 07/11/2019 - UniCredit - EN

TP ICAP - Europe - Morning CreditUpdate 07/11/2019 - UniCredit - EN

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 07/11/2019 - UniCredit - FR

UniCredit (Achat) : RN de €4,3mds sur les 9M-19 (versus €2,2mds un an avant), amélioration de la qualité d’actifs Generali (Achat) - 9M-19 : RN en hausse de +17% à €2,2mds ING (Achat): Emission d'un nouveau titre Tier 2  11NC6 AXA (Achat) - 9M-19 : CA de €79,7 mds (+5%) Coty (Achat) - T1-2019/20 : Résultat opérationnel de $155m (+10%) ArcelorMittal (Achat) - 9M-19 :  EBITDA de $4,3 mds (-48,6%) CNH Industrial (Achat) - 9M-19 :  EBIT de $1,5 md (-6,3%) Wirecard (Achat) - 9M-19 : EBITDA de €553m (+38,4%)

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/27/2020

After years of unrealised €/$ bullish forecasts the single currency is finally on an upward trajectory. This change of course reflects a radical shift in the perception of the political risk associated with the European Union. The starting point for the rise (17 May) corresponds, moreover to the Franco-German announcement of the stimulus plan project. The European agreement of 21 July to begin the implementation process argues in favour, in a context of an upturn in PMIs, in favour of...

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/07/2020

Après des années de prévisions haussières de l’€/$ non réalisées, l’euro connait enfin une trajectoire ascendante. Ce changement de cap reflète une évolution radicale de la perception du risque politique associé à l’Union européenne. Le point de départ de la hausse (17 mai) correspond d’ailleurs à l’annonce franco-allemande du projet de plan de relance. L’accord européen du 21 juillet pour engager son processus de mise en œuvre milite, dans un contexte de redressement des PMI, pour le...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Jean Sassus
  • Jean Danjou
  • Laurence Hofmann
  • Martial Descoutures
  • Nicolas David
  • Olfa Taamallah
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/25/2020

...

ASSICURAZIONI GENERALI sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ASSICURAZIONI GENERALI (IT), a company active in the Full Line Insurance industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date June 9, 2020, the closing price was EUR 14.27 and its potential was estimated at EUR 14.98.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Assicurazioni Generali – AGM 27 April 2020

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.   In item 2, the Board of Directors proposes to distribute a dividend of €0.96 per share on 2019 results. Taking into account the recommendations issued by European and Italian supervisory authorities to temporarily suspend dividend distribution, on April 10 the Board of Directors resolved to split the payment of the dividend: €0.50 per share will be paid in May, while the second tranche of €0.46 p...

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...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch