Generali : Strong growth, but combined ratio above forecasts
>Very strong increase in P&C premiums in H1 - Generali released its H1 2022 earnings yesterday. Premiums came to € 41,880m in H1 2022, up 9.9% reported and 2.4% at constant scope and forex (excluding the Cattolica acquisition). Premiums were in line with estimates in life insurance at € 27.3bn (+5.8% reported, -0.5% l-f-l), but better than expected in P&C insurance at € 14.6bn (+18.5% reported and +8.5% l-f-l) vs the consensus of € 13.8bn and our forecast of € 14.0bn...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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