When Investment Yields Begin to Turn, Generali Should Be in a Sweet Spot; Boosting FVE to EUR 15.30
We are transferring coverage of Generali and raising our fair value estimate to EUR 15.30 per share, 0.8 times book value, with a no-moat rating. Generali is predominantly a life insurer, and so returns are tied to capital markets. It is therefore difficult for the firm to establish a competitively advantaged position. We believe the business will generate an average return on equity of 10% over our explicit forecast period.Since the sudden departure of Mario Greco in early 2016, the business h...
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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