Generali 1Q 2018: Steady as She Goes
Generali reported first-quarter 2018 operating profit of EUR 1.3 billion, just shy of a 5% increase on the prior year. The result was predominantly driven by a better nonlife insurance segment, with a very good combined ratio reported. Operating return on equity is above target, and life net inflows stand at EUR 2.4 billion. On the capital side, the Solvency II ratio was good, at 211%. These results are broadly in line with what we expected. We therefore maintain our EUR 17.70 fair value estimat...
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