Generali's FY 2017 Shows Steady Progress
Generali reported operating profit of EUR 4.9 billion and net profit of EUR 2.1 billion. Life reserves were up 4%, and the nonlife division reported an encouraging 92.8% current year combined ratio, despite EUR 415 million of natural catastrophe losses. We are maintaining our EUR 17.70 fair value estimate, along with our no-moat and stable trend ratings.The cost-reduction plan has been achieved two years ahead of schedule, and unit-linked reserves grew by 12%, both helping return on equity as n...
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