Free Trial

FINANCIALS: Generali Results A Miss, P&C Weak. Unhelpful.

FINANCIALS

Generali (ASSGEN: Baa2/BBB+) results headlines look like a miss from the P&C business, we assume life and asset mgmt therefore more in line. Net income quite a big miss (exceptionals?) and a new EUR500m equity buyback is in here. Solvency ratio misses by 2pp. Spreads had very marginally underperformed over the last month, but this still has to be seen as disappointing, in our view. More to follow…

  • “*GENERALI 2Q OPER PROFIT EU1.83B, EST. EU1.93B
  • *GENERALI 2Q PROPERTY & CASUALTY OP. PROFIT EU862M, EST. EU911M
  • *GENERALI 2Q NET INCOME EU797M, EST. EU881.4M
  • Solvency ratio 211%, estimate 213%” – BBG

Conf call is 1100 (London time) at: https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=1613081&linkSecurityString=327718a1e

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.