Generali's Capital-Light Rotation Continues in First-Half 2017
Generali reported net profit of EUR 1.2 billion for the first half of 2017, slightly above our expectations and slightly up on the prior year. This was broad-based across segments. We maintain our EUR 15.30 fair value estimate, along with our no-moat rating.The business continues with its strategic shift away from capital-intensive savings products into more hybrid and unit-linked, which has been helped by the low interest rates and growth in equity markets. The growth in premiums has been part...
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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