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.
N+1 Singer - Uncovered Gems - Speed Dating Lunch - A Famous Five for the future?
12 Apr 17
On Friday we hosted our third “speed dating” lunch with the management of five very interesting and contrasting companies not under our formal coverage: Be Heard, Byotrol, Gfinity, Oxehealth and Plant Impact. Each company gave a concise and punchy overview of its business and investment case to a group of fund managers, before rapid fire Q&A. Below we summarise our thoughts on each company with more details inside the note, plus some relevant slides. We believe that all five companies are well-managed and well worth a closer look - we intend to repeat this efficient and popular format for engaging with management teams.
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
N+1 Singer - Morning Song 25-04-2017
25 Apr 17
Carpetright (CPR LN) Tougher conditions leaves forecasts towards lower end of range | Centaur Media (CAU LN) Bigger steps | Elementis (ELM LN) Positive update confirms strengthening of demand | Rathbone Brothers (RAT LN) Facing the challenge to deliver growth | Vp (VP/ LN) Another niche Hire Station deal prompts 3% EPS upgrades
Small Cap Breakfast
24 Apr 17
Global Ports Holding—Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected on AIM 3 May. RTO of Escape Hunt raising £14m at 135p. Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1 update. Admission expected 25 April on AIM raising £122m. ADES International Holding— Intends to join the Standard List of the Main Market in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
24 Apr 17
Lok’nStore* (LOK): Growth supported by a strong balance sheet (CORP) | Mortice* (MORT): UK acquisition (CORP) | Avacta* (AVCT): Another milestone – 1st non-therapeutics licence (CORP) | Petra Diamonds (PDF): Trading update and Q3 results (BUY) | Nasstar* (NASA): Growth and margin focus (CORP)