Generali Is Tracking In Line With Our Thesis on Write-Downs and Guarantees
Generali reported a good end to 2016. We maintain our fair value estimate of EUR 15.30, along with our no-moat rating.Generali reported net income of EUR 2.1 billion, higher than we expected. The Solvency II ratio has declined to 177%, as the business has taken some write-downs. Within Generali’s investment portfolio, there has been a EUR 336 million reduction in realized gains, and impairments amounted to EUR 543 million. The 52% haircut applied to Atlas Fund seems very light to us, particular...
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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