Generali’s H1 22 results were very strong on operations. Most of the outperformance came from an outstanding investment result, on the back of higher interest rates already kicking in. However, the share price reacted negatively which we believe is due to the further downside potential for the book value due to the Russian exposure and interest rates sensitivity. We strongly confirm our positive opinion but remain cautious in terms of momentum.
03 Aug 2022
Torn between strong operations and fragile fundamentals
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Torn between strong operations and fragile fundamentals
- Published:
03 Aug 2022 -
Author:
Grégoire Hermann -
Pages:
3
Generali’s H1 22 results were very strong on operations. Most of the outperformance came from an outstanding investment result, on the back of higher interest rates already kicking in. However, the share price reacted negatively which we believe is due to the further downside potential for the book value due to the Russian exposure and interest rates sensitivity. We strongly confirm our positive opinion but remain cautious in terms of momentum.