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Generali: Solid Results, Little To Drive Further Spread Outperformance

FINANCIALS

Generali (ASSGEN: Baa2/BBB+) 1Q24 results show good credit stats and revenues but a weaker life margin means pre-tax is only inline with expectations. Financial guidance is unchanged. ASSGEN spreads are 60bp tighter YTD, and 17bp in the last month (€IG insurers: -53bp and -13bp) so there appears little here to see spreads outperform near-term, we feel.


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Generali (ASSGEN: Baa2/BBB+) 1Q24 results show good credit stats and revenues but a weaker life margin means pre-tax is only inline with expectations. Financial guidance is unchanged. ASSGEN spreads are 60bp tighter YTD, and 17bp in the last month (€IG insurers: -53bp and -13bp) so there appears little here to see spreads outperform near-term, we feel.


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