Generali Fiscal-Year 2018: Disappointing Non-Operating as To Be Expected, Decent Operating Result
Generali reported full-year earnings before tax of EUR 3.45 billion, below our forecast for the full year and below consensus and the prior year. The lower result has mainly been caused by impairments on the non-operating result and declines on book value as Italian yields have unrealised gains and losses. The harvesting rate, which is net realized gains, net impairment losses, and net unrealised gains, has dropped from 70 basis points to negative 10 basis points, and the investment yield has dr...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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