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FINANCIALS: Generali Disposals: Too Small To Reverse Recent Performance

FINANCIALS

Generali headlines about business sales (ASSGEN: Baa1/A) relating to Turkey and Philippines businesses – small but part of overall strategy to streamline the group and improve shareholder returns. Spreads (and the equity) have performed poorly over the last month but this is too small to reverse that situation, in our view. 

  • BBG is reporting Generali’s looking to sell its businesses in Turkey and the Philippines with as many as six potential buyers in the process for each unit.
  • CEO Philippe Donnet is reportedly building a new strategy, to be unveiled in early-25 focused on improving profitability and the group has already sold businesses in both Italy and Germany in the recent past.
  • Spreads are c.25bp wider in the last month (€IG insurers +14bp) with the underperformance driven by the recent bond market dislocations around the French political situation. 1Q24 results were taken relatively positively, with premiums stabilising and even rising again, but that marked the recent high for the equity. It’s since underperformed insurance peers by around 6% but remains close to year-relative-highs.
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