Generali (AO) | Buy | Q1 26: P&C underlying performance better

研报英文原文证据摘录

Generali (AO) | Buy | Q1 26: P&C underlying performance better

Generali Buy | Target Price: EUR45.21

Company description Management

Generali is a leading European insurer offering life and savings, protection, Philippe Donnet, CEO

property and casualty insurance, health insurance, serving 71m customers. Its Cristiano Borean, CFO

main Western European markets are Italy, France and Germany, it has a sizeable Giancarlo Fancel , CRO

CEE franchise and a growing presence in Asia. The group also has majority Key shareholders

ownership of Banca Generali. Distribution is weighted to the agent channel with Free float 62.71%

161k agents, and via financial advisers, brokers, bancassurance partners and Mediobanca 12.77%

direct/digital. Caltagirone 9.95% Leonardo Del Vecchio 9.82%

Investment case Valuation methodology

Generali has leading positions in attractive, profitable regions. It We value Generali on an SOP basis, using an ROE/COE approach

benefits from a greater focus on proprietary distribution for each division.

channels than peers. Its asset management focus is also We apply a cost of equity of 9% on average.

providing strong earnings growth. Risks to our rating

After significant asset sales and restructuring, Generali is much Any change in the perception of the intentions of its major

more focused. shareholders will influence the share price.

Its strong Solvency II and cash build adds optionality and the A strategic change in direction under new ownership.

opportunity for EPS growth over and above organic earnings. An overreach by the Italian state on insurance companies'

Catalysts operations and strategy.

The management and board getting another mandate at the

AGM.

Continued recovery in P&C profitability.

Executing on JV with Natixis.

Key data charts