Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ASSICURAZIONI GENERALI. We currently have 11 research reports from 2 professional analysts.
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The Lion of Trieste remains strong
16 Mar 17
The Italian giant posted a positive result in 2016, with an operating result of €4,830m, a slight increase of 0.9%. Net profit income reached €2,081m (+2.5% yoy). In the Life segment, the operating result amounted to €3,127m, +5.5% yoy and this is despite the decline in gross written premiums to €53,297m. APE decreased by 6.6% to €4,847m. NBV improved by 14.6% to €1,256m, with the New Business margin improving by 480bp to 25.9%. Gross written premiums of the Property & Casualty segment increased by 2.1% to €20,783m. In particular, the Motor line maintained its positive trend (+4.3% at €8,023m) while the non-Motor line increased by 0.5% to €12,009m. The operating result rose to €2,044m (+2.9% compared to 2015). The combined ratio (COR) decreased to 92.5% (-70bp). In the financial segment, the operating income reduced by 14.7% yoy to €370m. The Economic Solvency ratio was 194% as calculated under the group’s full internal model, while the regulatory coverage stood at 177%. The shareholders’ equity of the group rose to €24,545m. The group’s total AuM stood at €530bn. The proposed dividend is €0.80 per share, €0.08 higher than last year.
A round of poker
25 Jan 17
The Italian giant Generali is interesting to two European colossi: Allianz and Intesa Sanpaolo (ISP). A deal between the German insurer and the Italian bank is the more probable. According to Generali, Allianz has acquired some assets belonging to Generali while Intesa has invested €6bn to “protect” Italian interests. At the same time, Generali has surprised by acquiring 3.01% of the capital of Intesa.
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.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.