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Research Tree provides access to ongoing research coverage, media content and regulatory news on ASSICURAZIONI GENERALI. We currently have 6 research reports from 1 professional analysts.
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Better technical performance cancelled by lower capital gains
10 Nov 16
In a short press release, Generali announced its Q3 16 figures. 9M 16 gross written premiums declined by 2.8% to €52.1bn, of which €36.5bn of Life sales (-4.5% yoy) and €15.6bn of P&C sales (+1.5% yoy). APE decreased by 4.8% to €3.6bn. The Italian insurer posted a 5.6% decrease in the 9M operating result to €3.6bn, but it benefited from a strong Q3 and showed 7.3% growth. The two business lines showed lower earnings with a decline of 0.4% for Life operations to €2.3bn and 3.6% for P&C to €1.5bn. The combined ratio decreased to 92.7%. The 9M 16 net result stood at €1.6bn (-5.9% yoy) but +6.4% in Q3. The group’s shareholders’ equity rose to €25.8bn. The economic Solvency ratio (calculated on the base of the internal model for the entire group) stood at 188% while the regulatory Solvency ratio (use of the internal model solely for companies that have obtained the relevant approval from IVASS) stood at 159%.
Resilience in the face of rough times
29 Jul 16
Generali posted a decreasing H1 16 operating result (-10.5% yoy at €2,487m). The net result was €1,178m, -9.9% relative to H1 15. In the Life segment, the operating result amounted to €1,653m, -3.5% relative to June 2015 (but +0.8% in the Q2 to €897m). Savings products and Protection lines recorded a growth, but unit-linked sales dropped by 19.9%. Premiums amounted to €25,816m, -4% yoy. Compared to June 2015, APE decreased by 4.5% to €2,571m. In P&C, gross written premiums recorded a decline to €11,131m (-1.2% yoy). Downturns were reported in Italy (-3.8% to €2,815m), Germany (-0.5% to €2,133m) and France (-0.9% to €1,368m). An increase in premiums was recorded in CEE (+2.3% to €1,033m) and EMEA countries (+3.1% to €2,640m). The operating result decreased to €1,042m (-5.6% compared to H1 15). The combined ratio decreased to 92.3%. The overall operating result of the “Holding and other businesses” segment was €-102m. The contribution of financial segment was lower than H1 15 with a reduced operating result to €173m (-29.3% yoy). The Solvency II ratio stood at 188%. The group’s shareholders’ equity rose to €24,562m. Total AuM stood at €528bn.
Lower than expected
13 May 16
The Italian giant posted a lower than expected result in Q1 16, with an operating result of €1,163m, -12.3% yoy. Net profit income reached €626m (-17.7% yoy). In the Life segment, the operating result amounted to €756m, -8.1% yoy. Life premiums reached €13,430m, -1.3% relative to March 2016. Generali recorded net inflows of €4,546m, +5.5% yoy. APE decreased by 7.5% to €1,321m. NBV rose by 12.7% to €361m, with the New Business margin improving by 480bp to 27.3%. Gross written premiums of the Property & Casualty segment were stable at €6,311m (-0.6% yoy). The Motor and non-Motor lines lost 5.2% and -0.7% to €2,531m and €3,597m, respectively. The operating result stood at €498m (-1.3% compared to 2015). The combined ratio decreased to 92% (-1.3pp). In the Holding and other activities segment, the operating result was €-38m vs. €54m in the Q1 15. The Solvency II ratio stood at 188% (202% in FY 15). The shareholders’ equity of the group rose to €24,924m. The group’s total AuM stood at €519bn.
Benvenuto signor Donnet
18 Mar 16
The Italian giant posted a positive result in 2015, with an operating result of €4,785m, +6.1% year-on-year, with a strong Q4 (+12.5% to €946m). Net profit income reached €2,030m (+21.6% yoy), of which €304m was recorded in Q4. In the Life segment, the operating result amounted to €2,965m, -0.4% yoy. Thanks to the positive performances in all business segments, Life premiums reached €53,297m, +6.2% relative to December 2014. Generali recorded net inflows of €14,920m, +15.5% yoy. APE slightly decreased by 0.2% to €5,210m. NBV reduced by 13% to €1,097m, with the New Business margin decreasing by 300bp to 21%. Gross written premiums of the Property & Casualty segment were stable at €20,868m (+0.8% yoy). In particular, the Motor line maintained last year’s trend (+0.2% at €8,129m). The performance of the non-Motor line was better than expected with gross written premiums of €11,859m (+1.1% yoy). The operating result rose to €1,987m (+8.5% compared to 2014). The combined ratio decreased to 93.1% (-0.6pp). In the financial segment, the operating income increased by 16% yoy, reaching €434m. The Solvency I ratio stood at 164% (+8pp since the end of 2014). The Economic Solvency ratio was 202% as calculated under the group’s full internal model. The shareholders’ equity of the group rose to €23,565m. The group’s total AuM stood at €500m. The proposed dividend is €0.72 per share, €0.15 higher than last year. The insurer has also announced that its board has appointed Philippe Donnet as Group CEO, previously the Group CFO and Manager in charge of preparing the company’s financial reports. An extraordinary Shereholders’ Meeting should resolve the proposal to delegate to the Board of Directors a free and divisible capital increase in accordance to the new Long Term Incentive Plan to a maximum of €10m.
Modest Q3 but no fear for the full-year figures
05 Nov 15
The Generali Group closed 9M 15 with a strong development in key figures, but the Q3 was not so brilliant. The Italian insurer posted a 9.3% decrease in the Q3 operating result to €1,061m, but the 9M operating result benefited from a strong H1 and show a 4.7% growth ytd. The Q3 net result stood at €420m (-18.1% yoy) but +8.7% ytd at €1,727m. In the Life segment, the operating result amounted to €2,338m, +3.8% yoy (-15.1% to €625m in the Q3). APE increased by 1.7% to €3,784m. In P&C, the 9M gross written premiums were stable at €15,775m (+1.3% yoy). The operating result increased in both Q3 (+10.8% to €501m) and 9M (+4.9% to €1,605m). The combined ratio decreased to 92.7%. The 9M overall operating result of the “Holding and other businesses” segment was €87m. The financial segment made a positive contribution, with an increase in operating result to €319m (+9.6% yoy) thanks to the support of Banca Generali. The Solvency I ratio stood at 166%. The group's shareholders’ equity rose to €22,764m. Total AuM stood at €493m, +2.9% relative to December 2014. The pro-forma internal model Economic Solvency ratio stands at 196%, an increase of 10% compared to 31 December 2014. The group applied to the College of Supervisors to use its own internal model for the calculation of the capital requirements according to the Solvency II regime. The outcome of the application process is expected by March 2016.
Q2 15, the inflexion point
30 Jul 15
Generali posted a record first half with its best operating result for the last 8 years. The group posted double-digit growth in operating result to €2,779m, +11.3% year-on-year. The net result was 1,307m, +21.6% relative to H1 14. In the Life segment, the operating result amounted to €1,713m, +13.2% yoy. All business segments posted growth and gross premiums reached €26,906m, +10.6% compared to June 2014. APE increased by 5.4% to €2,707m. In P&C, gross written premiums were stable at €11,226m (+0.1% yoy). Downturns were reported in Italy (-3.5% to €2,927m) and France (-2.5% to €1,380m). An increase in premiums was recorded in Germany (+0.6% to €2,144m), where a strategic repositioning on this market is taking place. The operating result increased to €1,103m (+0.1% compared to H1 14). The combined ratio decreased to 92.6%. The overall operating result of the “Holding and other businesses” segment was €71m. The financial segment made a positive contribution, with a substantial increase in operating result to €245m (+21.9% year-on-year) thanks to the support of Banca Generali. The Solvency I ratio stood at 156%. The group['s shareholders’ equity rose to €23,284m. Total AuM stood at €493m.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
N+1 Singer - Grainger - Final results in line, further progress on PRS investment pipeline
01 Dec 16
Grainger has reported FY16 final results this morning with key NNNAV and recurring PBT metrics in line with our forecasts. Sales performance and rental income growth was strong in H2, as previewed in the positive FY trading update driving our 19% PBT upgrade in early October (11/10). The PRS investment pipeline continues to grow now standing at £389m secured and £347m in legals as Grainger pursues an £850m investment target by 2020. A 3.05p final dividend is in line with the revised policy to distribute 50% net rental income. The shares continue to trade on a significant, and unwarranted, 20%+ discount to NNNAV. We reiterate our BUY recommendation.
Interims reveal value creation
28 Nov 16
In June Draper Esprit was listed on the LSE. Today its maiden interim results reveal substantial progress since IPO. In addition to strengthening the executive team with the appointment of Ben Wilkinson as CFO, Draper Esprit has created shareholder value through new investment and realisations.