Generali Reports a Tough First Half; Shares Still Undervalued
Generali reported first-half 2018 operating profit of EUR 2.5 billion and net profit of EUR 1.3 billion. The combined ratio came in at an impressive 92% with life new business margin of 4.5%. While this is slightly better than our short-term expectations, we think the previous valuation we applied to the business was overly generous, based on interest, claims, and benefits paid to policyholders. We are therefore revising our fair value estimate down to EUR 17.30 per share from EUR 17.70. We main...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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