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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.
FINANCIALS
Generali (G IM) 4Q23 results due 12-Mar. Peers have generally done well with increased equity payouts but Generali pre-announced at its recent investor day. Generali’s cash curve has tightened significantly over the last month (over 20bp in places) so there are good expectations in place already, we feel.
- These will be the first set of FY results under new IFRS 17/9 rules but 1H23 figures were digested without problem, so this should not surprise the market. 3Q23 results were good on operating results but there was a small Solvency II ratio miss (against consensus). This is always a key metric for the insurers.
- The investor day on 30-Jan saw both an upgraded share buyback announced (EUR500m) but also an “M&A for growth” pronouncement from the management which can often be taken negatively by investors.
- Peer results: Zurich’s were taken well with a larger-than-expected buyback announced. Axa similarly and upped equity payout to 75%. Allianz upped the dividend, but operating results disappointed the market.
- The equity market has been very kind to Generali YTD (see graphic, best of the big 4) but all have been in favour as rate tailwinds have helped drive equity payouts higher.
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.
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