Generali : Strength already fairly well reflected in prices – Recommendation lowered to Neutral vs. Buy
The recent upgrades and positive outlook from the agencies reflect an improvement in credit quality driven by: 1/ a less risky product mix of life insurance policies, with a diminishing share of guaranteed-rate policies and a growing share of unit-linked policies; 2/ improved profitability resulting from this and a covid/post-covid period that led to lower P&C losses; 3/ adequate capital ratios, albeit still constrained by the BTP portfolio, though also reducing. - So 2023 could be...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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