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Generali: Solid Operating Results, Little To Change View On Credit

FINANCIALS

Generali (G IM) 4Q23 results were solid at the operating level but, overall, look like “business as usual” with little here to change a view on the credit, we feel.


  • Key credit metrics: Solvency II (S2) ratio is 220% (from 224% at Sep-23 and against consensus of 222%) and the dividend is marginally ahead of expectations, too (EUR1.28ps vs. 1.25 est.). EUR2.9bn was upstreamed to holding company level, the same as in FY22, and shareholders’ equity is EUR26.7bn (only marginally lower than Sep-23 figure of EUR27.2bn).
  • Operating results looked strong across most lines with life and P&C both beating consensus though wealth & asset mgmt was weaker in the quarter. AuMs were EUR516bn (ahead of consensus of 504bn). The overall operating result was 4% ahead of consensus with net income well ahead but adjusted net income looking like a miss, so presumably some positive one-offs.
  • Outlook: management statements look very much like “business as usual” with no major changes in views on either operating outlook or capital allocation assumptions.
Conf call is 1100 London time at: https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=1613081&linkSecurityString=327718a1e
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