Generali faces more serious issues than the exit of Greco.
Generali reported operating income of EUR 2.5 billion and net income of EUR 1.2 billion in the first half, ahead of our and consensus expectations. We retain our fair value estimate of EUR 15 per share, along with our no-moat rating. Though profits were lower, the downward pressure came from investment returns, while the underlying results were strong across both the property and casualty, or P&C, and life and health segments. Returns on equity deteriorated from more prudent unrealized gains...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.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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