View ValuationAssicurazioni Generali 将来の成長Future 基準チェック /26Assicurazioni Generali利益と収益がそれぞれ年間5.9%と12.2%増加すると予測されています。EPS は年間 増加すると予想されています。自己資本利益率は 3 年後に14.7% 6.7%なると予測されています。主要情報5.9%収益成長率6.74%EPS成長率Insurance 収益成長5.7%収益成長率12.2%将来の株主資本利益率14.66%アナリストカバレッジGood最終更新日03 Jun 2026今後の成長に関する最新情報更新なしすべての更新を表示Recent updatesナラティブの更新 • Jun 02G: Full Valuations And Dividend Strength Will Guide Balanced Future ReturnsThe analyst fair value estimate for Assicurazioni Generali has moved from about €36.93 to €38.77, with analysts pointing to mixed but generally stabilizing views on valuation and earnings quality behind recent price target adjustments around €38 to €40. Analyst Commentary Recent Street research around Assicurazioni Generali reflects a more balanced stance, with price targets clustering around €38 to €40 and ratings centering on neutral or hold views.Buy Or Sell Opportunity • Jun 01Now 20% undervaluedOver the last 90 days, the stock has risen 14% to €38.40. The fair value is estimated to be €48.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has grown by 13%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 5.9% per annum over the same time period.新しいナラティブ • May 25AI Transformation And Capital Light Life Portfolio Will Support Long Term Earnings ResilienceCatalysts About Assicurazioni Generali Assicurazioni Generali is a large European insurance and asset management group with operations in Life, Property & Casualty, Asset & Wealth Management and assistance services. What are the underlying business or industry changes driving this perspective?ライブニュース • May 23Generali Delivers Growth With Strong Margins and Capital Strength Across All SegmentsGross written premiums were €28.2b, reflecting 6.8% growth supported by strong inflows in both Life and Property & Casualty (P&C) businesses. The operating result reached €2.2b, up 8.1%, while the adjusted net result was €1.3b, up 5.2%, with margins improving in both Life and P&C. The Solvency II ratio stood at 212%, and management reaffirmed guidance for the Life new business margin to remain at or above 5.5% through 2026. The combination of broad-based growth, higher profitability metrics and a Solvency II ratio above 200% indicates a business currently balancing expansion with capital strength. For investors, key watchpoints include whether Generali can keep Life and P&C margins at current levels and maintain its capital position while delivering on its Life new business margin guidance through 2026.Buy Or Sell Opportunity • May 12Now 20% undervaluedOver the last 90 days, the stock has risen 12% to €38.76. The fair value is estimated to be €48.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has grown by 13%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 6.5% per annum over the same time period.Upcoming Dividend • May 11Upcoming dividend of €1.64 per shareEligible shareholders must have bought the stock before 18 May 2026. Payment date: 20 May 2026. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Italian dividend payers (4.6%). Lower than average of industry peers (4.7%).ナラティブの更新 • Apr 25G: Mixed Broker Views And Dividend Outlook Will Shape Measured Future UpsideAnalysts have made a marginal upward adjustment to the average price target for Assicurazioni Generali to about €36.93, reflecting mixed recent research in which one bank slightly lowered its target, another raised its view to €38, and coverage was resumed with a Buy rating. These moves were all supported by small refinements to discount rate, profit margin, and forward P/E assumptions.Buy Or Sell Opportunity • Apr 15Now 20% undervaluedOver the last 90 days, the stock has risen 4.8% to €36.62. The fair value is estimated to be €45.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has grown by 13%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 6.3% per annum over the same time period.ナラティブの更新 • Apr 10G: Mixed Broker Views And Dividend And Margin Assumptions Will Shape Measured UpsideAnalysts have adjusted their price targets on Assicurazioni Generali in a tight range around €38, reflecting updated views on discount rates, profit margins and P/E assumptions, supported by recent research that includes both a €1 trim and a €0.50 increase in targets, as well as fresh Buy-rated coverage. Analyst Commentary Bullish Takeaways Bullish analysts point to the refreshed Buy rating as a sign that current valuation levels are seen as attractive relative to their earnings assumptions and P/E framework.ナラティブの更新 • Mar 27G: Mixed Broker Views And Dividend Plans Will Guide Measured Forward UpsideAnalysts have made a modest upward adjustment to the Assicurazioni Generali price target to about €36.87, reflecting mixed recent research in which some firms raised targets toward €38 to €38.50 while others trimmed estimates, alongside updated assumptions on growth, margins and a slightly lower future P/E. Analyst Commentary Bullish Takeaways Bullish analysts highlight that recent price targets in the €38 to €38.50 range suggest room for upside relative to the current average target, which may appeal if you think Generali can deliver on its plans.Declared Dividend • Mar 20Dividend increased to €1.64Dividend of €1.64 is 15% higher than last year. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 4.9%, which is lower than the industry average of 5.7%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has increased by an average of 8.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 22% over the next 3 years, which should provide support to the dividend and adequate earnings cover.お知らせ • Mar 19Assicurazioni Generali S.p.A. announces Annual dividend, payable on May 20, 2026Assicurazioni Generali S.p.A. announced Annual dividend of EUR 1.6400 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026.Reported Earnings • Mar 16Full year 2025 earnings: EPS misses analyst expectationsFull year 2025 results: EPS: €2.75 (up from €2.44 in FY 2024). Revenue: €57.6b (up 4.1% from FY 2024). Net income: €4.16b (up 11% from FY 2024). Profit margin: 7.2% (up from 6.8% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.7%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth.ナラティブの更新 • Mar 13G: Renewed Buy Coverage And Slightly Firmer Assumptions Will Shape Measured UpsideAnalysts have nudged their price target on Assicurazioni Generali higher to €36.75 from €36.50, citing recent positive Street research, including a fresh Buy initiation and a €38.50 target from the sell side, as support for slightly stronger assumptions on fair value and earnings multiples. Analyst Commentary Bullish Takeaways Bullish analysts view the fresh Buy rating and the €38.50 price target as support for the idea that the stock still has room to close a perceived gap between trading levels and their estimates of fair value.ナラティブの更新 • Feb 26G: Renewed Buy Coverage And Refined Assumptions Will Guide Measured Future UpsideNarrative Update on Assicurazioni Generali Analysts have nudged their price target on Assicurazioni Generali higher to about €36.50 from roughly €35.90, citing resumed positive coverage and recent target increases from the Street as support for a slightly richer valuation multiple, along with modestly adjusted growth and risk assumptions. Analyst Commentary Recent Street views on Assicurazioni Generali have centered on refreshed coverage and revised price targets that align with a slightly higher valuation framework.ナラティブの更新 • Feb 11G: Revised Discount Rate And Margin Assumptions Will Shape Measured Future UpsideAnalysts have raised their price target on Assicurazioni Generali by €1.00 to €38.50, citing updated assumptions on fair value, discount rate, profit margin and future P/E following recent Street research. Analyst Commentary Recent Street research around Assicurazioni Generali focuses on how updated assumptions around fair value, discount rate, profit margin and future P/E feed into the raised €38.50 price target.ナラティブの更新 • Jan 27G: Margin Resilience And P/E Assumptions Will Guide Measured Future UpsideAnalysts have lifted their fair value estimate for Assicurazioni Generali to about €35.80 from roughly €35.31, in line with a recent Street price target increase to €38.50. They cited updated assumptions on growth, discount rate and future P/E multiples.お知らせ • Jan 16Generali Appoints Giulio Terzariol As Group Deputy CEOGenerali announced a new appointment. Giulio Terzariol has been appointed as Direttore Generale - group deputy CEO, effective immediately. The board of directors had approved a new organisational structure for the firm on November 12, 2025. Terzariol will lead the insurance business and oversee Banca Generali. The CEO - insurance role, which he occupied until now, will no longer exist.ナラティブの更新 • Jan 12G: Margin Resilience And Discount Rate Assumptions Will Shape Measured Future UpsideAnalysts have nudged their fair value estimate for Assicurazioni Generali slightly higher to €35.31 from €35.10, supported by a recent Street price target increase to €38.50 from €37.50, which reflects updated views on margins, discount rates and future P/E assumptions. Analyst Commentary Recent research updates point to a slightly more constructive stance on Assicurazioni Generali, with the latest fair value tweak to €35.31 sitting below a Street price target of €38.50.お知らせ • Jan 05Assicurazioni Generali S.p.A. to Report Fiscal Year 2025 Final Results on Apr 23, 2026Assicurazioni Generali S.p.A. announced that they will report fiscal year 2025 final results at 9:05 AM, Central European Standard Time on Apr 23, 2026ナラティブの更新 • Dec 17G: Potential RedClick Sale And Reporting Visibility Will Shape Measured Future UpsideAnalysts have modestly raised their price target on Assicurazioni Generali to €35.10 from €34.11, reflecting slightly stronger expected profit margins and a higher justified future P/E multiple. What's in the News Reports indicate Generali is weighing a potential sale of its Irish unit RedClick, less than two years after acquiring it from Liberty Mutual, as part of a broader strategic review of options for the business (Bloomberg).ナラティブの更新 • Dec 03G: Solvency Review Will Shape Capital Optionality And Measured Upside OutlookAnalysts have nudged their fair value estimate for Assicurazioni Generali higher from EUR 33.50 to about EUR 34.11, citing the stock's strong optionality and potential upside from the upcoming solvency review as key supports for the higher price target. Analyst Commentary Recent research updates frame Assicurazioni Generali as a high-conviction name within the European insurance sector, with the latest price targets indicating meaningful upside from current trading levels.ナラティブの更新 • Nov 19G: Upcoming Solvency Review May Shape Earnings and Optionality OutlookNarrative Update: Assicurazioni Generali Price Target Raised Analysts have revised their fair value estimate for Assicurazioni Generali upward to €33.50 from €33.16. This adjustment reflects enhanced earnings potential and anticipated benefits from regulatory changes that support a higher price target.お知らせ • Nov 13Generali Appoints Giulio Terzariol as Deputy CEOGenerali has announced the appointment of a deputy CEO. The firm has appointed Giulio Terzariol to the position. In the position, Terzariol will oversee Banca Generali, the company's private bank.お知らせ • Oct 16+ 3 more updatesAssicurazioni Generali S.p.A. to Report Q4, 2025 Results on Mar 11, 2026Assicurazioni Generali S.p.A. announced that they will report Q4, 2025 results on Mar 11, 2026お知らせ • Sep 20Generali Reportedly Weighs A Potential Sale of Its Irish Unit, RedClickGenerali (Assicurazioni Generali S.p.A. (BIT:G)) is weighing a potential sale of its Irish unit, RedClick, according to reports, less than two years after it acquired the business from US peer Liberty Mutual as part of a wider deal. If a disposal were to result from a strategic review Generali is undertaking, according to a Bloomberg story, it would mark a second change of ownership within 15 years. Generali has hired Bank of America to review options for the Irish unit, which was rebranded as RedClick a little over a year ago, the report said. A disposal of RedClick is one of several options that are said to be under review. Representatives for Generali and Bank of America declined to comment, it said.ナラティブの更新 • Sep 19Digitalization And Global Expansion Will Secure Enduring ValueAnalysts have raised their price target for Assicurazioni Generali to €33.16, citing enhanced capital flexibility, expected regulatory benefits, and improved margin outlook, reflecting increased confidence in the company's ability to outperform. Analyst Commentary Bullish analysts highlight Generali's significant optionality within its peer group, raising expectations for capital deployment flexibility and strategic initiatives.ナラティブの更新 • Sep 04Digitalization And Global Expansion Will Secure Enduring ValueDespite strong earnings momentum, margin tailwinds, positive solvency review catalysts, and reinforced Overweight ratings, the consensus analyst price target for Assicurazioni Generali remained unchanged at €32.67. Analyst Commentary Bullish analysts highlight Generali's strong earnings momentum, expecting the company to beat 2025 and 2026 estimates driven by margin tailwinds.分析記事 • Sep 02Investors Don't See Light At End Of Assicurazioni Generali S.p.A.'s (BIT:G) TunnelAssicurazioni Generali S.p.A.'s ( BIT:G ) price-to-earnings (or "P/E") ratio of 13.2x might make it look like a buy...New Risk • Aug 07New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 93% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company.Reported Earnings • Aug 06First half 2025 earnings releasedFirst half 2025 results: Revenue: €31.5b (up 5.0% from 1H 2024). Net income: €2.15b (up 4.9% from 1H 2024). Profit margin: 6.8% (in line with 1H 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Insurance industry in Europe.お知らせ • Jul 14Bidders Reportedly Circle NIB's Travel UnitNIB's travel insurance (nib Travel Pty Ltd.) sale is understood to have attracted up to seven prospective buyers, including high-profile names such as Hollard (The Hollard Insurance Company Pty Ltd), Allianz (Allianz Australia Limited) and Zurich (Zurich Financial Services Australia Limited). Other possible parties that may be interested are Generali Group (Assicurazioni Generali S.p.A. (BIT:G)) or Japanese travel insurance group Sompo (Sompo Japan Insurance Inc.). Working on the sale process is Jarden, which was announced in May as the adviser carrying out a strategic review of the unit. First-round bids are likely due within the next four to six weeks. Zurich, which owns Cover-More, appeared to be the most obvious buyer, but it may face competition issues.お知らせ • Jun 11Iris®? Powered by Generali Launches Senior Identity Protection & Beneficiary Assistance PackageIris®? Powered by Generali announced the launch of its Senior Identity Protection & Beneficiary Assistance package to combat the growing risks seniors face in today's digital world. This new solution is designed to be offered by organizations that serve older populations, such as retirement communities, financial service providers, insurers, and Medicare plan administrators. With scams targeting seniors on the rise and more than $5 billion in reported losses in 2025 according to the FBI's Internet Crime Report, this bundle delivers timely, relevant, and compassionate protection that empowers businesses to better serve and safeguard their older clientele. According to data from Iris' inaugural Identity and Cybersecurity Concerns Survey, 85% of adults aged 61 to 79 are extremely concerned about being the victim of identity theft - far greater than any other age group polled. Seniors are also the least likely to employ newer protection methods like VPNs or other scam prevention offerings, according to the survey. Compared with younger Gen Z respondents, seniors were over 10% less likely to have third-party protections for their online accounts. The package includes around-the-clock protection features that help prevent scams, monitor identity theft, and provide essential aid to beneficiaries navigating post-loss logistics. Key features include: Dedicated 24/7/365 multilingual fraud resolution experts; Continuous monitoring of identity and credit activity; Alerts for high-risk transactions and spoofed phone calls; Oversight of social media accounts and dark web exposure; ScamAssist®? for suspicious communication review; Beneficiary Companion®? services for posthumous fraud prevention and paperwork support; Real-time home title monitoring and alerts; Up to $2 million in identity theft-related expense reimbursement.お知らせ • May 29Impact Partners, Inveready Asset Management, S.G.E.I.C., S.A., Assicurazioni Generali S.p.A. and Enric Del Pozo acquired Tekman Education Sl from Miura Partners SGEIC, S.A. and others.Impact Partners, Inveready Asset Management, S.G.E.I.C., S.A., Assicurazioni Generali S.p.A. and Enric Del Pozo acquired Tekman Education Sl from Miura Partners SGEIC, S.A. and others on May 28, 2025. A cash consideration will be paid by Impact Partners, Inveready Asset Management, S.G.E.I.C., S.A., Assicurazioni Generali S.p.A. and the management. As part of consideration, an undisclosed value is paid towards common equity of Tekman Education Sl. The founders, for their part, have reinvested their stake significantly to continue driving the project forward in this new phase. The founding team, led by Enric Del Pozo, continues to lead Tekman with the same commitment and vision for the future, along with the rest of the management team. For the period ending December 31, 2024, Tekman Education Sl reported total revenue of €22 million. Gómez-Acebo & Pombo Abogados, S.L.P. acted as legal advisor for Tekman Education Sl. Baker & McKenzie Madrid S.L. acted as legal advisor for Miura Partners SGEIC, S.A.EY and Deloitte acted as financial advisors for due diligence. Impact Partners, Inveready Asset Management, S.G.E.I.C., S.A., Assicurazioni Generali S.p.A. and Enric Del Pozo completed the acquisition of Tekman Education Sl from Miura Partners SGEIC, S.A. and others on May 28, 2025.お知らせ • May 23The Insular Life Assurance Company, Ltd. completed the acquisition of Generali Life Assurance Philippines, Inc. from Assicurazioni Generali S.p.A. (BIT:G).The Insular Life Assurance Company, Ltd. agreed to acquire Generali Life Assurance Philippines, Inc. from Assicurazioni Generali S.p.A. (BIT:G) on December 4, 2024. The transaction is subject to obtaining the necessary authorizations from the competent authorities. The transaction is expected to complete by first half of 2025. PwC acted as sole financial advisor and also provided vendor assistance services to The Insular Life Assurance Company, Ltd. and Puyat Jacinto & Santos acted as legal advisor for Generali Life Assurance Philippines, Inc. Ernst & Young Global, Phillipines acted as Due Diligence Provider to The Insular Life Assurance Company, Ltd. The Insular Life Assurance Company, Ltd. completed the acquisition of Generali Life Assurance Philippines, Inc. from Assicurazioni Generali S.p.A. (BIT:G) on May 23, 2025.Upcoming Dividend • May 12Upcoming dividend of €1.43 per shareEligible shareholders must have bought the stock before 19 May 2025. Payment date: 21 May 2025. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of Italian dividend payers (5.4%). In line with average of industry peers (4.2%).お知らせ • May 07Zurich in Frame If NIB Travel Insurance Arm Sold OffThe Swiss insurance giant Zurich Insurance Group AG (SWX:ZURN) that owns travel insurance firm Cover-More is being tipped as the most likely buyer of NIB's travel insurance unit nib Travel Pty Ltd. that is potentially being placed up for sale. At the Macquarie Australia Conference in Sydney on May 6, 2025, NIB chief executive Ed Close told investors it had appointed Jarden to weigh strategic options for NIB Travel following an internal review. It comes as the chief executive of the unit, Rob Hennin, who is also head of NIB NZ, steps down. Sources suggest that Zurich, which owns Cover-More, would be the most logical acquirer, while another could be a strategic player such as Assicurazioni Generali S.p.A. (BIT:G) (Generali Group).Reported Earnings • Mar 27Full year 2024 earnings: EPS misses analyst expectationsFull year 2024 results: EPS: €2.44 (up from €2.38 in FY 2023). Revenue: €62.8b (up 9.6% from FY 2023). Net income: €3.76b (up 2.5% from FY 2023). Profit margin: 6.0% (down from 6.4% in FY 2023). The decrease in margin was driven by higher expenses. Combined ratio: 94.0% (no change from 94.0% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Insurance industry in Italy. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 16% per year.お知らせ • Mar 25Assicurazioni Generali S.p.A. (BIT:G) completed the acquisition of 51% stake in Generali China Insurance Company Ltd. from CNPC Capital Company Limited (SZSE:000617).Assicurazioni Generali S.p.A. (BIT:G) signed an agreement to acquire 51% stake in Generali China Insurance Company Ltd. from CNPC Capital Company Limited (SZSE:000617) for approximately CNY 770 million on January 10, 2024. Prior to the transaction, Assicurazioni Generali S.p.A. (BIT:G) held 49%. Upon completion, Generali will become the 100% shareholder of GCI and the first foreign player to acquire a controling stake of a P&C insurance company from a single state owned entity in Chinapurely via mandatory public auction process. The completion of the transaction is subject to regulatory approvals. UBS (Italy) S.p.A acted as financial advisor and Fangda Partners acted as legal advisor to Assicurazioni Generali. The expected completion of the transaction is by the end of the year. Assicurazioni Generali S.p.A. (BIT:G) completed the acquisition of 51% stake in Generali China Insurance Company Ltd. from CNPC Capital Company Limited (SZSE:000617) on March 25, 2025. Having received all regulatory approvals, Generali now has full ownership of its Property and Casualty (P&C) insurance business in China. On completion, Generali China Insurance Company Ltd will now operate under the Generali brand in China, fully in line with Generali’s strategy and allowing the local business to capitalize on the fast-growing market in China.Declared Dividend • Mar 17Dividend increased to €1.43Dividend of €1.43 is 12% higher than last year. Ex-date: 19th May 2025 Payment date: 21st May 2025 Dividend yield will be 4.5%, which is lower than the industry average of 5.7%. Sustainability & Growth Dividend is covered by both earnings (59% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 9.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 26% over the next 3 years, which should provide support to the dividend and adequate earnings cover.お知らせ • Mar 15Assicurazioni Generali S.p.A. announces Annual dividend, payable on May 21, 2025Assicurazioni Generali S.p.A. announced Annual dividend of EUR 1.4300 per share payable on May 21, 2025, ex-date on May 19, 2025 and record date on May 20, 2025.New Risk • Mar 14New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 86% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company.お知らせ • Dec 06The Insular Life Assurance Company, Ltd. agreed to acquire Generali Life Assurance Philippines, Inc. from Assicurazioni Generali S.p.A. (BIT:G).The Insular Life Assurance Company, Ltd. agreed to acquire Generali Life Assurance Philippines, Inc. from Assicurazioni Generali S.p.A. (BIT:G) on December 4, 2024. The transaction is subject to obtaining the necessary authorizations from the competent authorities. The transaction is expected to complete by first half of 2025. PwC acted as sole financial advisor and also provided vendor assistance services to The Insular Life Assurance Company, Ltd. and Puyat Jacinto & Santos acted as legal advisor for Generali Life Assurance Philippines, Inc.新しいナラティブ • Nov 24Generali’s Tactical Moves In Life And P&C Fueling Growth Amidst Challenges Strong growth in Life insurance and technical excellence in P&C segments drive high-margin revenue and underwriting profitability. お知らせ • Nov 07Assicurazioni Generali Reportedly Plans to Takeover MGG Investment GroupAssicurazioni Generali S.p.A. (BIT:G) is planning a takeover. The firm, considered to be Italy's largest insurance company, is to take over American credit investment company, MGG Investment Group (MGG Investment Group LP). The acquisition is expected to increase the Italian insurer's private asset businesses, while offering an opportunity for the firm's diversification. Generali has held preliminary talks with MGG Investment and expects to reach an agreement by January 30, 2025.お知らせ • Oct 19+ 3 more updatesAssicurazioni Generali S.p.A. to Report Q3, 2025 Results on Nov 13, 2025Assicurazioni Generali S.p.A. announced that they will report Q3, 2025 results on Nov 13, 2025お知らせ • Sep 18Kiler Holding Anonim Sirketi (IBSE:KLRHO), Ekol Girisim Sermayesi Yatirim Ortakligi A.S., Arex Yatirim Holding A.S. and Arex Sigorta A.S. reached an agreement to acquire 99.99% stake in Generali Sigorta A.S from Assicurazioni Generali S.p.A. (BIT:G).Kiler Holding Anonim Sirketi (IBSE:KLRHO), Ekol Girisim Sermayesi Yatirim Ortakligi A.S., Arex Yatirim Holding A.S. and Arex Sigorta A.S. reached an agreement to acquire 99.99% stake in Generali Sigorta A.S from Assicurazioni Generali S.p.A. (BIT:G) on September 17, 2024. Assicurazioni Generali would sell a 42% stake to Kiler Holding AS; 9% stake would go to Ekol Girisim Sermayesi Yatirim Ortakligi AS, 48% stake would go to Arex Yatirim Holding A.S. and 1% stake would go to Arex Sigorta A.S. The transaction is fully in line with Generali’s “Lifetime Partner 24: Driving Growth” strategic plan to drive sustainable growth and enhance the Group’s earnings profile, focusing on the insurance markets in which Generali has a leading presence. The contribution of the Turkish business to the Group’s operating result was negligible and the transaction will generate an immaterial impact on Generali’s Solvency II position. The transaction is expected to be completed by the first half of 2025, subject to obtaining the necessary authorization from the competent authorities. PricewaterhouseCoopers, Turkey acted as sole M&A advisor to Assicurazioni Generali S.p.A. and also provided vendor due diligence services to the Group. Esin Attorney Partnership acted as legal advisor to Assicurazioni Generali S.p.A.New Risk • Aug 25New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 89% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company.Reported Earnings • Aug 11First half 2024 earnings released: EPS: €1.33 (vs €1.44 in 1H 2023)First half 2024 results: EPS: €1.33 (down from €1.44 in 1H 2023). Revenue: €26.6b (down 1.1% from 1H 2023). Net income: €2.05b (down 7.3% from 1H 2023). Profit margin: 7.7% (down from 8.2% in 1H 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth.お知らせ • Jun 19Generali Appoints Cecile Paillard as Chief Transformation OfficerGenerali announced that it has appointed a chief transformation officer. Cecile Paillard has been appointed as chief transformation officer at the firm. The official would also be joining the Group Management Committee (GMC). Paillard would be responsible for accelerating the company's transformation.お知らせ • May 25Assicurazioni Generali S.p.A. to Report Q2, 2024 Results on Aug 09, 2024Assicurazioni Generali S.p.A. announced that they will report Q2, 2024 results on Aug 09, 2024Upcoming Dividend • May 13Upcoming dividend of €1.28 per shareEligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. Payout ratio is a comfortable 54% but the company is paying out more than the cash it is generating. Trailing yield: 5.2%. Lower than top quartile of Italian dividend payers (5.4%). In line with average of industry peers (4.9%).New Risk • Apr 19New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (128% cash payout ratio). Shareholders have been diluted in the past year (2.9% increase in shares outstanding).Declared Dividend • Mar 15Dividend increased to €1.28Dividend of €1.28 is 10% higher than last year. Ex-date: 20th May 2024 Payment date: 22nd May 2024 Dividend yield will be 5.6%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (43% earnings payout ratio) but not covered by cash flows (118% cash payout ratio). The dividend has increased by an average of 9.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 5.1% over the next 3 years, which should provide support to the dividend and adequate earnings cover.Reported Earnings • Mar 13Full year 2023 earnings: Revenues exceed analyst expectationsFull year 2023 results: Revenue: €57.3b (down 25% from FY 2022). Net income: €3.66b (up 26% from FY 2022). Profit margin: 6.4% (up from 3.8% in FY 2022). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.4%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Insurance industry in Italy.お知らせ • Feb 02Assicurazioni Generali S.p.A. (BIT:G) completed the acquisition of Liberty Seguros, Compania de Seguros y Reaseguros, S.A. from Liberty Mutual Insurance Europe Societas Europaea.Assicurazioni Generali S.p.A. (BIT:G) signed a definitive agreement to acquire Liberty Seguros, Compania de Seguros y Reaseguros, S.A. from Liberty Mutual Insurance Europe Societas Europaea for €2.3 billion on June 15, 2023. The transaction includes Liberty Seguros operations in Ireland, Northern Ireland, Portugal and Spain. Liberty Mutual's other European operations (Liberty Specialty Markets, Liberty Mutual Reinsurance, Liberty Mutual Surety, Liberty IT and Hughes Insurance) are not included in this transaction and will continue to operate in their respective markets. As of January 18, 2024, The European Commission has approved the transaction. BofA Securities acted as financial advisor to Liberty Mutual. Todd E. Freed, Jisun Choi, Elena M. Coyle, A. Caroline M. Frizzo, Alex Jupp, Robin F. Marchant, Young M. Park, Jamie S. Talbot, and Christopher J. Ulery of Skadden, Arps, Slate, Meagher & Flom LLP provided legal advice to Liberty Mutual in the transaction. Citigroup Capital Markets Inc. and Credit Suisse Group AG acted as financial advisor to Assicurazioni Generali S.p.A. Ashley Prebble, Andre Duminy, Nicola Hemsley of Clifford Chance and at Generali, the in-house team includes Andrea Fassina, Valentina Sarrocco and Stefano Crisostomo of Clifford Chance S.L.P. acted as legal advisor to Assicurazioni Generali S.p.A. (BIT:G).Assicurazioni Generali S.p.A. (BIT:G) completed the acquisition of Liberty Seguros, Compania de Seguros y Reaseguros, S.A. from Liberty Mutual Insurance Europe Societas Europaea on January 31, 2024. After completion of transaction, the new board of directors of Liberty Seguros has appointed Carlos Escudero as the new Chief Executive Officer and Pedro Carvalho as Branch Manager of Liberty Seguros' branch in Portugal. Matheson Ormsby Prentice and Gráinne Callanan of Morais Leitão, Galvão Teles, Soares da Silva & Associados acted legal advisor to Assicurazioni Generali S.p.A. (BIT:G).お知らせ • Jan 11Assicurazioni Generali S.p.A. (BIT:G) signed an agreement to acquire 51% stake in Generali China Insurance Company Ltd. from CNPC Capital Company Limited (SZSE:000617) for approximately CNY 770 million.Assicurazioni Generali S.p.A. (BIT:G) signed an agreement to acquire 51% stake in Generali China Insurance Company Ltd. from CNPC Capital Company Limited (SZSE:000617) for approximately CNY 770 million on January 10, 2024. Prior to the transaction, Assicurazioni Generali S.p.A. (BIT:G) held 49%. The completion of the transaction is subject to regulatory approvals. UBS (Italy) S.p.A acted as financial advisor and Fangda Partners acted as legal advisor to Assicurazioni Generali.お知らせ • Jan 01Assicurazioni Generali S.p.A. to Report Fiscal Year 2023 Results on Apr 24, 2024Assicurazioni Generali S.p.A. announced that they will report fiscal year 2023 results on Apr 24, 2024Buying Opportunity • Nov 20Now 20% undervaluedOver the last 90 days, the stock is up 5.2%. The fair value is estimated to be €24.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.9% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings is also forecast to grow by 0.8% per annum over the same time period.お知らせ • Oct 21+ 3 more updatesAssicurazioni Generali S.p.A. to Report Q1, 2024 Results on May 21, 2024Assicurazioni Generali S.p.A. announced that they will report Q1, 2024 results on May 21, 2024お知らせ • Oct 14Allianz S.p.A. agreed to acquire TUA Assicurazioni S.p.A. from Assicurazioni Generali S.p.A. (BIT:G) for €280 million.Allianz S.p.A. agreed to acquire TUA Assicurazioni S.p.A. from Assicurazioni Generali S.p.A. (BIT:G) for €280 million on October 12, 2023. The transaction is subject to regulatory approvals, expected at the beginning of 2024. Mediobanca – Banca di Credito Finanziario S.p.A and Rothschild & Co acted as financial advisors and law firm Gianni & Origoni acted as legal advisor for the transaction.Buying Opportunity • Sep 27Now 21% undervaluedOver the last 90 days, the stock is up 4.3%. The fair value is estimated to be €24.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.1% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings is also forecast to grow by 0.3% per annum over the same time period.Buying Opportunity • Aug 18Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 3.2%. The fair value is estimated to be €23.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.1% over the last 3 years. Earnings per share has grown by 22%. Revenue is forecast to grow by 9.2% in 2 years. Earnings is forecast to decline by 11% in the next 2 years.New Risk • Aug 14New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 0.7% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (0.7% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows.Reported Earnings • Aug 13First half 2023 earnings released: EPS: €1.44 (vs €0.61 in 1H 2022)First half 2023 results: EPS: €1.44 (up from €0.61 in 1H 2022). Revenue: €25.2b (up 18% from 1H 2022). Net income: €2.21b (up 130% from 1H 2022). Profit margin: 8.8% (up from 4.5% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Insurance industry in Italy. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth.お知らせ • Jun 28Generali $22 Billion Portfolio Sale to Private Equity Reportedly Complicated by Rate SurgeAssicurazioni Generali S.p.A. (BIT:G) plans to shed up to EUR 20 billion ($21.87 billion) of insurance liabilities are being hampered as a surge in interest rates has complicated talks with buyers, three people familiar with the matter said. The Italian insurer embarked on a process late last year to sell a large batch of domestic life insurance contracts to free up capital. It has been working with Goldman Sachs (GS.N) to sound out buyers for the portfolio, including Portugal-based GamaLife - Companhia de Seguros de Vida, S.A. (GamaLife), backed by Apax Partners, and Bermuda-based Athora Holding Ltd., backed by Apollo Global Management (APO.N), said the people, who spoke on condition of anonymity. Spain-based Mediterraneo Vida, S.A. de Seguros y Reaseguros (MedVida), owned by U.S. billionaire Paul Singer's hedge fund Elliott Management, has also shown interest in the portfolio, which is made up of different clusters of policies, one of the people said. But interest rate rises have added to the deal's complexity, raising questions over the value of the portfolio and the regulatory appetite to authorise such a large transfer of risk to buyout groups. Generali may seek to revive discussions after agreeing to acquire Liberty Mutual's European operations earlier this month for EUR 2.3 billion, which had taken much of the group's attention, one person said. However, the insurer is open to alternative structures for outsourcing the risk, for example, through a reinsurance arrangement, another one added. Generali, Goldman Sachs, Apax Partners, Athora and Elliott declined to comment. Spokespeople for Apollo, GamaLife and MedVida did not respond to a request for comment. Back, closed or run-off insurance books consist of policies that are no longer sold to new customers but remain in force, requiring insurers to hold capital against future obligations.お知らせ • Jun 17Assicurazioni Generali S.p.A. (BIT:G) signed a definitive agreement to acquire Liberty Seguros, Compania de Seguros y Reaseguros, S.A. from Liberty Mutual Insurance Europe Societas Europaea for €2.3 billion.Assicurazioni Generali S.p.A. (BIT:G) signed a definitive agreement to acquire Liberty Seguros, Compania de Seguros y Reaseguros, S.A. from Liberty Mutual Insurance Europe Societas Europaea for €2.3 billion on June 15, 2023. The transaction includes Liberty Seguros operations in Ireland, Northern Ireland, Portugal and Spain. Liberty Mutual's other European operations (Liberty Specialty Markets, Liberty Mutual Reinsurance, Liberty Mutual Surety, Liberty IT and Hughes Insurance) are not included in this transaction and will continue to operate in their respective markets. BofA Securities acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP provided legal advice to Liberty Mutual in the transaction. Citigroup Capital Markets Inc. and Credit Suisse Group AG acted as financial advisor to Assicurazioni Generali S.p.A.お知らせ • Jun 16Assicurazioni Generali S.p.A. (BIT:G) signed an agreement to acquire Liberty Seguros from Liberty International.Assicurazioni Generali S.p.A. (BIT:G) signed an agreement to acquire Liberty Seguros from Liberty International on June 15, 2023.Buying Opportunity • May 22Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 1.6%. The fair value is estimated to be €22.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 15%. For the next 3 years, revenue is forecast to grow by 5.4% per annum. Earnings is also forecast to grow by 6.6% per annum over the same time period.Upcoming Dividend • May 15Upcoming dividend of €1.16 per share at 6.2% yieldEligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 6.2%. Within top quartile of Italian dividend payers (5.3%). In line with average of industry peers (6.2%).Reported Earnings • Mar 17Full year 2022 earnings: EPS and revenues exceed analyst expectationsFull year 2022 results: EPS: €1.85 (up from €1.81 in FY 2021). Revenue: €81.1b (down 16% from FY 2021). Net income: €2.91b (up 2.3% from FY 2021). Profit margin: 3.6% (up from 3.0% in FY 2021). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 2.9%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Insurance industry in Italy. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 16% per year.Buying Opportunity • Mar 01Now 21% undervaluedOver the last 90 days, the stock is up 8.2%. The fair value is estimated to be €23.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.2% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 4.3% per annum. Earnings is also forecast to grow by 7.5% per annum over the same time period.お知らせ • Oct 22+ 2 more updatesAssicurazioni Generali S.p.A. to Report Nine Months, 2023 Results on Nov 17, 2023Assicurazioni Generali S.p.A. announced that they will report nine months, 2023 results on Nov 17, 2023Reported Earnings • Aug 05First half 2022 earnings releasedFirst half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €1.54b from profit in 1H 2021). Profit margin: (down from 3.2% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to stay flat compared to a 24% decline forecast for the industry in Italy. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.Upcoming Dividend • May 16Upcoming dividend of €1.07 per shareEligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 6.0%. Within top quartile of Italian dividend payers (4.7%). In line with average of industry peers (6.1%).Reported Earnings • Mar 15Full year 2021 earnings: EPS in line with analyst expectations despite revenue beatFull year 2021 results: EPS: €1.81 (up from €1.23 in FY 2020). Revenue: €98.8b (up 22% from FY 2020). Net income: €2.85b (up 48% from FY 2020). Profit margin: 2.9% (up from 2.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is expected to shrink by 21% compared to a 27% decline forecast for the insurance industry in Italy. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 3% per year.Recent Insider Transactions • Dec 25Deputy Vice-Chairman recently bought €22m worth of stockOn the 20th of December, Francesco Caltagirone bought around 1m shares on-market at roughly €18.47 per share. In the last 3 months, they made an even bigger purchase worth €49m. Francesco has been a buyer over the last 12 months, purchasing a net total of €235m worth in shares.業績と収益の成長予測BIT:G - アナリストの将来予測と過去の財務データ ( )EUR Millions日付収益収益フリー・キャッシュフロー営業活動によるキャッシュ平均アナリスト数12/31/2028112,9885,3334,87010,848712/31/2027107,8425,0294,87010,753812/31/2026103,1294,6784,4309,693812/31/202557,8034,15019,22819,669N/A6/30/202556,7873,85618,33118,838N/A3/31/202556,0463,80616,66817,111N/A12/31/202455,6893,75515,00515,383N/A6/30/202452,0353,5028,9599,238N/A3/31/202451,1223,5835,2575,485N/A12/31/202350,2083,6631,5551,732N/A9/30/202351,4013,621424814N/A6/30/202352,5933,579-707-104N/A3/31/202351,6652,9544,3595,119N/A12/31/202250,7362,3289,42410,341N/A9/30/202260,5462,29913,46814,107N/A6/30/202270,3552,26917,51117,873N/A3/31/202283,0122,55817,49617,677N/A12/31/202195,6682,84717,48017,480N/A9/30/202195,6382,67917,23917,394N/A6/30/202195,6082,51016,99817,307N/A3/31/202188,3172,21918,00318,325N/A12/31/202081,0261,92719,00819,343N/A9/30/202079,8871,88319,30819,804N/A6/30/202078,7481,83819,60820,265N/A3/31/202085,2332,01719,68620,302N/A12/31/201991,7182,19519,76420,339N/A9/30/201985,0312,210N/A19,191N/A6/30/201978,3442,224N/A18,042N/A3/31/201974,5992,180N/A16,517N/A12/31/201870,8532,136N/A14,992N/A9/30/201874,2102,178N/A14,656N/A6/30/201877,5662,220N/A14,319N/A3/31/201878,8522,199N/A15,318N/A12/31/201780,1382,178N/A16,317N/A6/30/201782,7392,047N/A16,524N/A3/31/201783,6792,045N/AN/AN/A12/31/201681,9822,041N/A19,988N/A9/30/201687,4291,933N/AN/AN/A6/30/201680,5801,854N/A22,107N/A3/31/201679,2481,951N/AN/AN/A12/31/201587,4712,065N/A18,116N/A9/30/201585,6461,905N/AN/AN/A6/30/201589,7742,041N/A21,275N/Aもっと見るアナリストによる今後の成長予測収入対貯蓄率: Gの予測収益成長率 (年間5.9% ) は 貯蓄率 ( 3.3% ) を上回っています。収益対市場: Gの収益 ( 5.9% ) Italian市場 ( 11.2% ) よりも低い成長が予測されています。高成長収益: Gの収益は増加すると予測されていますが、大幅には増加しません。収益対市場: Gの収益 ( 12.2% ) Italian市場 ( 5.8% ) よりも速いペースで成長すると予測されています。高い収益成長: Gの収益 ( 12.2% ) 20%よりも低い成長が予測されています。一株当たり利益成長率予想将来の株主資本利益率将来のROE: Gの 自己資本利益率 は、3年後には低くなると予測されています ( 14.7 %)。成長企業の発掘7D1Y7D1Y7D1YInsurance 業界の高成長企業。View Past Performance企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/06/12 00:27終値2026/06/12 00:00収益2025/12/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Assicurazioni Generali S.p.A. 12 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。30 アナリスト機関Gabriele VenturiBanca Akros S.p.A. (ESN)Enrico EspostiBanca Akros S.p.A. (ESN)Nicolás Fernández PicónBanco de Sabadell. S.A.27 その他のアナリストを表示
ナラティブの更新 • Jun 02G: Full Valuations And Dividend Strength Will Guide Balanced Future ReturnsThe analyst fair value estimate for Assicurazioni Generali has moved from about €36.93 to €38.77, with analysts pointing to mixed but generally stabilizing views on valuation and earnings quality behind recent price target adjustments around €38 to €40. Analyst Commentary Recent Street research around Assicurazioni Generali reflects a more balanced stance, with price targets clustering around €38 to €40 and ratings centering on neutral or hold views.
Buy Or Sell Opportunity • Jun 01Now 20% undervaluedOver the last 90 days, the stock has risen 14% to €38.40. The fair value is estimated to be €48.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has grown by 13%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 5.9% per annum over the same time period.
新しいナラティブ • May 25AI Transformation And Capital Light Life Portfolio Will Support Long Term Earnings ResilienceCatalysts About Assicurazioni Generali Assicurazioni Generali is a large European insurance and asset management group with operations in Life, Property & Casualty, Asset & Wealth Management and assistance services. What are the underlying business or industry changes driving this perspective?
ライブニュース • May 23Generali Delivers Growth With Strong Margins and Capital Strength Across All SegmentsGross written premiums were €28.2b, reflecting 6.8% growth supported by strong inflows in both Life and Property & Casualty (P&C) businesses. The operating result reached €2.2b, up 8.1%, while the adjusted net result was €1.3b, up 5.2%, with margins improving in both Life and P&C. The Solvency II ratio stood at 212%, and management reaffirmed guidance for the Life new business margin to remain at or above 5.5% through 2026. The combination of broad-based growth, higher profitability metrics and a Solvency II ratio above 200% indicates a business currently balancing expansion with capital strength. For investors, key watchpoints include whether Generali can keep Life and P&C margins at current levels and maintain its capital position while delivering on its Life new business margin guidance through 2026.
Buy Or Sell Opportunity • May 12Now 20% undervaluedOver the last 90 days, the stock has risen 12% to €38.76. The fair value is estimated to be €48.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has grown by 13%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 6.5% per annum over the same time period.
Upcoming Dividend • May 11Upcoming dividend of €1.64 per shareEligible shareholders must have bought the stock before 18 May 2026. Payment date: 20 May 2026. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Italian dividend payers (4.6%). Lower than average of industry peers (4.7%).
ナラティブの更新 • Apr 25G: Mixed Broker Views And Dividend Outlook Will Shape Measured Future UpsideAnalysts have made a marginal upward adjustment to the average price target for Assicurazioni Generali to about €36.93, reflecting mixed recent research in which one bank slightly lowered its target, another raised its view to €38, and coverage was resumed with a Buy rating. These moves were all supported by small refinements to discount rate, profit margin, and forward P/E assumptions.
Buy Or Sell Opportunity • Apr 15Now 20% undervaluedOver the last 90 days, the stock has risen 4.8% to €36.62. The fair value is estimated to be €45.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has grown by 13%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 6.3% per annum over the same time period.
ナラティブの更新 • Apr 10G: Mixed Broker Views And Dividend And Margin Assumptions Will Shape Measured UpsideAnalysts have adjusted their price targets on Assicurazioni Generali in a tight range around €38, reflecting updated views on discount rates, profit margins and P/E assumptions, supported by recent research that includes both a €1 trim and a €0.50 increase in targets, as well as fresh Buy-rated coverage. Analyst Commentary Bullish Takeaways Bullish analysts point to the refreshed Buy rating as a sign that current valuation levels are seen as attractive relative to their earnings assumptions and P/E framework.
ナラティブの更新 • Mar 27G: Mixed Broker Views And Dividend Plans Will Guide Measured Forward UpsideAnalysts have made a modest upward adjustment to the Assicurazioni Generali price target to about €36.87, reflecting mixed recent research in which some firms raised targets toward €38 to €38.50 while others trimmed estimates, alongside updated assumptions on growth, margins and a slightly lower future P/E. Analyst Commentary Bullish Takeaways Bullish analysts highlight that recent price targets in the €38 to €38.50 range suggest room for upside relative to the current average target, which may appeal if you think Generali can deliver on its plans.
Declared Dividend • Mar 20Dividend increased to €1.64Dividend of €1.64 is 15% higher than last year. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 4.9%, which is lower than the industry average of 5.7%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has increased by an average of 8.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 22% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
お知らせ • Mar 19Assicurazioni Generali S.p.A. announces Annual dividend, payable on May 20, 2026Assicurazioni Generali S.p.A. announced Annual dividend of EUR 1.6400 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026.
Reported Earnings • Mar 16Full year 2025 earnings: EPS misses analyst expectationsFull year 2025 results: EPS: €2.75 (up from €2.44 in FY 2024). Revenue: €57.6b (up 4.1% from FY 2024). Net income: €4.16b (up 11% from FY 2024). Profit margin: 7.2% (up from 6.8% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.7%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth.
ナラティブの更新 • Mar 13G: Renewed Buy Coverage And Slightly Firmer Assumptions Will Shape Measured UpsideAnalysts have nudged their price target on Assicurazioni Generali higher to €36.75 from €36.50, citing recent positive Street research, including a fresh Buy initiation and a €38.50 target from the sell side, as support for slightly stronger assumptions on fair value and earnings multiples. Analyst Commentary Bullish Takeaways Bullish analysts view the fresh Buy rating and the €38.50 price target as support for the idea that the stock still has room to close a perceived gap between trading levels and their estimates of fair value.
ナラティブの更新 • Feb 26G: Renewed Buy Coverage And Refined Assumptions Will Guide Measured Future UpsideNarrative Update on Assicurazioni Generali Analysts have nudged their price target on Assicurazioni Generali higher to about €36.50 from roughly €35.90, citing resumed positive coverage and recent target increases from the Street as support for a slightly richer valuation multiple, along with modestly adjusted growth and risk assumptions. Analyst Commentary Recent Street views on Assicurazioni Generali have centered on refreshed coverage and revised price targets that align with a slightly higher valuation framework.
ナラティブの更新 • Feb 11G: Revised Discount Rate And Margin Assumptions Will Shape Measured Future UpsideAnalysts have raised their price target on Assicurazioni Generali by €1.00 to €38.50, citing updated assumptions on fair value, discount rate, profit margin and future P/E following recent Street research. Analyst Commentary Recent Street research around Assicurazioni Generali focuses on how updated assumptions around fair value, discount rate, profit margin and future P/E feed into the raised €38.50 price target.
ナラティブの更新 • Jan 27G: Margin Resilience And P/E Assumptions Will Guide Measured Future UpsideAnalysts have lifted their fair value estimate for Assicurazioni Generali to about €35.80 from roughly €35.31, in line with a recent Street price target increase to €38.50. They cited updated assumptions on growth, discount rate and future P/E multiples.
お知らせ • Jan 16Generali Appoints Giulio Terzariol As Group Deputy CEOGenerali announced a new appointment. Giulio Terzariol has been appointed as Direttore Generale - group deputy CEO, effective immediately. The board of directors had approved a new organisational structure for the firm on November 12, 2025. Terzariol will lead the insurance business and oversee Banca Generali. The CEO - insurance role, which he occupied until now, will no longer exist.
ナラティブの更新 • Jan 12G: Margin Resilience And Discount Rate Assumptions Will Shape Measured Future UpsideAnalysts have nudged their fair value estimate for Assicurazioni Generali slightly higher to €35.31 from €35.10, supported by a recent Street price target increase to €38.50 from €37.50, which reflects updated views on margins, discount rates and future P/E assumptions. Analyst Commentary Recent research updates point to a slightly more constructive stance on Assicurazioni Generali, with the latest fair value tweak to €35.31 sitting below a Street price target of €38.50.
お知らせ • Jan 05Assicurazioni Generali S.p.A. to Report Fiscal Year 2025 Final Results on Apr 23, 2026Assicurazioni Generali S.p.A. announced that they will report fiscal year 2025 final results at 9:05 AM, Central European Standard Time on Apr 23, 2026
ナラティブの更新 • Dec 17G: Potential RedClick Sale And Reporting Visibility Will Shape Measured Future UpsideAnalysts have modestly raised their price target on Assicurazioni Generali to €35.10 from €34.11, reflecting slightly stronger expected profit margins and a higher justified future P/E multiple. What's in the News Reports indicate Generali is weighing a potential sale of its Irish unit RedClick, less than two years after acquiring it from Liberty Mutual, as part of a broader strategic review of options for the business (Bloomberg).
ナラティブの更新 • Dec 03G: Solvency Review Will Shape Capital Optionality And Measured Upside OutlookAnalysts have nudged their fair value estimate for Assicurazioni Generali higher from EUR 33.50 to about EUR 34.11, citing the stock's strong optionality and potential upside from the upcoming solvency review as key supports for the higher price target. Analyst Commentary Recent research updates frame Assicurazioni Generali as a high-conviction name within the European insurance sector, with the latest price targets indicating meaningful upside from current trading levels.
ナラティブの更新 • Nov 19G: Upcoming Solvency Review May Shape Earnings and Optionality OutlookNarrative Update: Assicurazioni Generali Price Target Raised Analysts have revised their fair value estimate for Assicurazioni Generali upward to €33.50 from €33.16. This adjustment reflects enhanced earnings potential and anticipated benefits from regulatory changes that support a higher price target.
お知らせ • Nov 13Generali Appoints Giulio Terzariol as Deputy CEOGenerali has announced the appointment of a deputy CEO. The firm has appointed Giulio Terzariol to the position. In the position, Terzariol will oversee Banca Generali, the company's private bank.
お知らせ • Oct 16+ 3 more updatesAssicurazioni Generali S.p.A. to Report Q4, 2025 Results on Mar 11, 2026Assicurazioni Generali S.p.A. announced that they will report Q4, 2025 results on Mar 11, 2026
お知らせ • Sep 20Generali Reportedly Weighs A Potential Sale of Its Irish Unit, RedClickGenerali (Assicurazioni Generali S.p.A. (BIT:G)) is weighing a potential sale of its Irish unit, RedClick, according to reports, less than two years after it acquired the business from US peer Liberty Mutual as part of a wider deal. If a disposal were to result from a strategic review Generali is undertaking, according to a Bloomberg story, it would mark a second change of ownership within 15 years. Generali has hired Bank of America to review options for the Irish unit, which was rebranded as RedClick a little over a year ago, the report said. A disposal of RedClick is one of several options that are said to be under review. Representatives for Generali and Bank of America declined to comment, it said.
ナラティブの更新 • Sep 19Digitalization And Global Expansion Will Secure Enduring ValueAnalysts have raised their price target for Assicurazioni Generali to €33.16, citing enhanced capital flexibility, expected regulatory benefits, and improved margin outlook, reflecting increased confidence in the company's ability to outperform. Analyst Commentary Bullish analysts highlight Generali's significant optionality within its peer group, raising expectations for capital deployment flexibility and strategic initiatives.
ナラティブの更新 • Sep 04Digitalization And Global Expansion Will Secure Enduring ValueDespite strong earnings momentum, margin tailwinds, positive solvency review catalysts, and reinforced Overweight ratings, the consensus analyst price target for Assicurazioni Generali remained unchanged at €32.67. Analyst Commentary Bullish analysts highlight Generali's strong earnings momentum, expecting the company to beat 2025 and 2026 estimates driven by margin tailwinds.
分析記事 • Sep 02Investors Don't See Light At End Of Assicurazioni Generali S.p.A.'s (BIT:G) TunnelAssicurazioni Generali S.p.A.'s ( BIT:G ) price-to-earnings (or "P/E") ratio of 13.2x might make it look like a buy...
New Risk • Aug 07New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 93% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company.
Reported Earnings • Aug 06First half 2025 earnings releasedFirst half 2025 results: Revenue: €31.5b (up 5.0% from 1H 2024). Net income: €2.15b (up 4.9% from 1H 2024). Profit margin: 6.8% (in line with 1H 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Insurance industry in Europe.
お知らせ • Jul 14Bidders Reportedly Circle NIB's Travel UnitNIB's travel insurance (nib Travel Pty Ltd.) sale is understood to have attracted up to seven prospective buyers, including high-profile names such as Hollard (The Hollard Insurance Company Pty Ltd), Allianz (Allianz Australia Limited) and Zurich (Zurich Financial Services Australia Limited). Other possible parties that may be interested are Generali Group (Assicurazioni Generali S.p.A. (BIT:G)) or Japanese travel insurance group Sompo (Sompo Japan Insurance Inc.). Working on the sale process is Jarden, which was announced in May as the adviser carrying out a strategic review of the unit. First-round bids are likely due within the next four to six weeks. Zurich, which owns Cover-More, appeared to be the most obvious buyer, but it may face competition issues.
お知らせ • Jun 11Iris®? Powered by Generali Launches Senior Identity Protection & Beneficiary Assistance PackageIris®? Powered by Generali announced the launch of its Senior Identity Protection & Beneficiary Assistance package to combat the growing risks seniors face in today's digital world. This new solution is designed to be offered by organizations that serve older populations, such as retirement communities, financial service providers, insurers, and Medicare plan administrators. With scams targeting seniors on the rise and more than $5 billion in reported losses in 2025 according to the FBI's Internet Crime Report, this bundle delivers timely, relevant, and compassionate protection that empowers businesses to better serve and safeguard their older clientele. According to data from Iris' inaugural Identity and Cybersecurity Concerns Survey, 85% of adults aged 61 to 79 are extremely concerned about being the victim of identity theft - far greater than any other age group polled. Seniors are also the least likely to employ newer protection methods like VPNs or other scam prevention offerings, according to the survey. Compared with younger Gen Z respondents, seniors were over 10% less likely to have third-party protections for their online accounts. The package includes around-the-clock protection features that help prevent scams, monitor identity theft, and provide essential aid to beneficiaries navigating post-loss logistics. Key features include: Dedicated 24/7/365 multilingual fraud resolution experts; Continuous monitoring of identity and credit activity; Alerts for high-risk transactions and spoofed phone calls; Oversight of social media accounts and dark web exposure; ScamAssist®? for suspicious communication review; Beneficiary Companion®? services for posthumous fraud prevention and paperwork support; Real-time home title monitoring and alerts; Up to $2 million in identity theft-related expense reimbursement.
お知らせ • May 29Impact Partners, Inveready Asset Management, S.G.E.I.C., S.A., Assicurazioni Generali S.p.A. and Enric Del Pozo acquired Tekman Education Sl from Miura Partners SGEIC, S.A. and others.Impact Partners, Inveready Asset Management, S.G.E.I.C., S.A., Assicurazioni Generali S.p.A. and Enric Del Pozo acquired Tekman Education Sl from Miura Partners SGEIC, S.A. and others on May 28, 2025. A cash consideration will be paid by Impact Partners, Inveready Asset Management, S.G.E.I.C., S.A., Assicurazioni Generali S.p.A. and the management. As part of consideration, an undisclosed value is paid towards common equity of Tekman Education Sl. The founders, for their part, have reinvested their stake significantly to continue driving the project forward in this new phase. The founding team, led by Enric Del Pozo, continues to lead Tekman with the same commitment and vision for the future, along with the rest of the management team. For the period ending December 31, 2024, Tekman Education Sl reported total revenue of €22 million. Gómez-Acebo & Pombo Abogados, S.L.P. acted as legal advisor for Tekman Education Sl. Baker & McKenzie Madrid S.L. acted as legal advisor for Miura Partners SGEIC, S.A.EY and Deloitte acted as financial advisors for due diligence. Impact Partners, Inveready Asset Management, S.G.E.I.C., S.A., Assicurazioni Generali S.p.A. and Enric Del Pozo completed the acquisition of Tekman Education Sl from Miura Partners SGEIC, S.A. and others on May 28, 2025.
お知らせ • May 23The Insular Life Assurance Company, Ltd. completed the acquisition of Generali Life Assurance Philippines, Inc. from Assicurazioni Generali S.p.A. (BIT:G).The Insular Life Assurance Company, Ltd. agreed to acquire Generali Life Assurance Philippines, Inc. from Assicurazioni Generali S.p.A. (BIT:G) on December 4, 2024. The transaction is subject to obtaining the necessary authorizations from the competent authorities. The transaction is expected to complete by first half of 2025. PwC acted as sole financial advisor and also provided vendor assistance services to The Insular Life Assurance Company, Ltd. and Puyat Jacinto & Santos acted as legal advisor for Generali Life Assurance Philippines, Inc. Ernst & Young Global, Phillipines acted as Due Diligence Provider to The Insular Life Assurance Company, Ltd. The Insular Life Assurance Company, Ltd. completed the acquisition of Generali Life Assurance Philippines, Inc. from Assicurazioni Generali S.p.A. (BIT:G) on May 23, 2025.
Upcoming Dividend • May 12Upcoming dividend of €1.43 per shareEligible shareholders must have bought the stock before 19 May 2025. Payment date: 21 May 2025. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of Italian dividend payers (5.4%). In line with average of industry peers (4.2%).
お知らせ • May 07Zurich in Frame If NIB Travel Insurance Arm Sold OffThe Swiss insurance giant Zurich Insurance Group AG (SWX:ZURN) that owns travel insurance firm Cover-More is being tipped as the most likely buyer of NIB's travel insurance unit nib Travel Pty Ltd. that is potentially being placed up for sale. At the Macquarie Australia Conference in Sydney on May 6, 2025, NIB chief executive Ed Close told investors it had appointed Jarden to weigh strategic options for NIB Travel following an internal review. It comes as the chief executive of the unit, Rob Hennin, who is also head of NIB NZ, steps down. Sources suggest that Zurich, which owns Cover-More, would be the most logical acquirer, while another could be a strategic player such as Assicurazioni Generali S.p.A. (BIT:G) (Generali Group).
Reported Earnings • Mar 27Full year 2024 earnings: EPS misses analyst expectationsFull year 2024 results: EPS: €2.44 (up from €2.38 in FY 2023). Revenue: €62.8b (up 9.6% from FY 2023). Net income: €3.76b (up 2.5% from FY 2023). Profit margin: 6.0% (down from 6.4% in FY 2023). The decrease in margin was driven by higher expenses. Combined ratio: 94.0% (no change from 94.0% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Insurance industry in Italy. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 16% per year.
お知らせ • Mar 25Assicurazioni Generali S.p.A. (BIT:G) completed the acquisition of 51% stake in Generali China Insurance Company Ltd. from CNPC Capital Company Limited (SZSE:000617).Assicurazioni Generali S.p.A. (BIT:G) signed an agreement to acquire 51% stake in Generali China Insurance Company Ltd. from CNPC Capital Company Limited (SZSE:000617) for approximately CNY 770 million on January 10, 2024. Prior to the transaction, Assicurazioni Generali S.p.A. (BIT:G) held 49%. Upon completion, Generali will become the 100% shareholder of GCI and the first foreign player to acquire a controling stake of a P&C insurance company from a single state owned entity in Chinapurely via mandatory public auction process. The completion of the transaction is subject to regulatory approvals. UBS (Italy) S.p.A acted as financial advisor and Fangda Partners acted as legal advisor to Assicurazioni Generali. The expected completion of the transaction is by the end of the year. Assicurazioni Generali S.p.A. (BIT:G) completed the acquisition of 51% stake in Generali China Insurance Company Ltd. from CNPC Capital Company Limited (SZSE:000617) on March 25, 2025. Having received all regulatory approvals, Generali now has full ownership of its Property and Casualty (P&C) insurance business in China. On completion, Generali China Insurance Company Ltd will now operate under the Generali brand in China, fully in line with Generali’s strategy and allowing the local business to capitalize on the fast-growing market in China.
Declared Dividend • Mar 17Dividend increased to €1.43Dividend of €1.43 is 12% higher than last year. Ex-date: 19th May 2025 Payment date: 21st May 2025 Dividend yield will be 4.5%, which is lower than the industry average of 5.7%. Sustainability & Growth Dividend is covered by both earnings (59% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 9.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 26% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
お知らせ • Mar 15Assicurazioni Generali S.p.A. announces Annual dividend, payable on May 21, 2025Assicurazioni Generali S.p.A. announced Annual dividend of EUR 1.4300 per share payable on May 21, 2025, ex-date on May 19, 2025 and record date on May 20, 2025.
New Risk • Mar 14New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 86% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company.
お知らせ • Dec 06The Insular Life Assurance Company, Ltd. agreed to acquire Generali Life Assurance Philippines, Inc. from Assicurazioni Generali S.p.A. (BIT:G).The Insular Life Assurance Company, Ltd. agreed to acquire Generali Life Assurance Philippines, Inc. from Assicurazioni Generali S.p.A. (BIT:G) on December 4, 2024. The transaction is subject to obtaining the necessary authorizations from the competent authorities. The transaction is expected to complete by first half of 2025. PwC acted as sole financial advisor and also provided vendor assistance services to The Insular Life Assurance Company, Ltd. and Puyat Jacinto & Santos acted as legal advisor for Generali Life Assurance Philippines, Inc.
新しいナラティブ • Nov 24Generali’s Tactical Moves In Life And P&C Fueling Growth Amidst Challenges Strong growth in Life insurance and technical excellence in P&C segments drive high-margin revenue and underwriting profitability.
お知らせ • Nov 07Assicurazioni Generali Reportedly Plans to Takeover MGG Investment GroupAssicurazioni Generali S.p.A. (BIT:G) is planning a takeover. The firm, considered to be Italy's largest insurance company, is to take over American credit investment company, MGG Investment Group (MGG Investment Group LP). The acquisition is expected to increase the Italian insurer's private asset businesses, while offering an opportunity for the firm's diversification. Generali has held preliminary talks with MGG Investment and expects to reach an agreement by January 30, 2025.
お知らせ • Oct 19+ 3 more updatesAssicurazioni Generali S.p.A. to Report Q3, 2025 Results on Nov 13, 2025Assicurazioni Generali S.p.A. announced that they will report Q3, 2025 results on Nov 13, 2025
お知らせ • Sep 18Kiler Holding Anonim Sirketi (IBSE:KLRHO), Ekol Girisim Sermayesi Yatirim Ortakligi A.S., Arex Yatirim Holding A.S. and Arex Sigorta A.S. reached an agreement to acquire 99.99% stake in Generali Sigorta A.S from Assicurazioni Generali S.p.A. (BIT:G).Kiler Holding Anonim Sirketi (IBSE:KLRHO), Ekol Girisim Sermayesi Yatirim Ortakligi A.S., Arex Yatirim Holding A.S. and Arex Sigorta A.S. reached an agreement to acquire 99.99% stake in Generali Sigorta A.S from Assicurazioni Generali S.p.A. (BIT:G) on September 17, 2024. Assicurazioni Generali would sell a 42% stake to Kiler Holding AS; 9% stake would go to Ekol Girisim Sermayesi Yatirim Ortakligi AS, 48% stake would go to Arex Yatirim Holding A.S. and 1% stake would go to Arex Sigorta A.S. The transaction is fully in line with Generali’s “Lifetime Partner 24: Driving Growth” strategic plan to drive sustainable growth and enhance the Group’s earnings profile, focusing on the insurance markets in which Generali has a leading presence. The contribution of the Turkish business to the Group’s operating result was negligible and the transaction will generate an immaterial impact on Generali’s Solvency II position. The transaction is expected to be completed by the first half of 2025, subject to obtaining the necessary authorization from the competent authorities. PricewaterhouseCoopers, Turkey acted as sole M&A advisor to Assicurazioni Generali S.p.A. and also provided vendor due diligence services to the Group. Esin Attorney Partnership acted as legal advisor to Assicurazioni Generali S.p.A.
New Risk • Aug 25New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 89% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company.
Reported Earnings • Aug 11First half 2024 earnings released: EPS: €1.33 (vs €1.44 in 1H 2023)First half 2024 results: EPS: €1.33 (down from €1.44 in 1H 2023). Revenue: €26.6b (down 1.1% from 1H 2023). Net income: €2.05b (down 7.3% from 1H 2023). Profit margin: 7.7% (down from 8.2% in 1H 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth.
お知らせ • Jun 19Generali Appoints Cecile Paillard as Chief Transformation OfficerGenerali announced that it has appointed a chief transformation officer. Cecile Paillard has been appointed as chief transformation officer at the firm. The official would also be joining the Group Management Committee (GMC). Paillard would be responsible for accelerating the company's transformation.
お知らせ • May 25Assicurazioni Generali S.p.A. to Report Q2, 2024 Results on Aug 09, 2024Assicurazioni Generali S.p.A. announced that they will report Q2, 2024 results on Aug 09, 2024
Upcoming Dividend • May 13Upcoming dividend of €1.28 per shareEligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. Payout ratio is a comfortable 54% but the company is paying out more than the cash it is generating. Trailing yield: 5.2%. Lower than top quartile of Italian dividend payers (5.4%). In line with average of industry peers (4.9%).
New Risk • Apr 19New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (128% cash payout ratio). Shareholders have been diluted in the past year (2.9% increase in shares outstanding).
Declared Dividend • Mar 15Dividend increased to €1.28Dividend of €1.28 is 10% higher than last year. Ex-date: 20th May 2024 Payment date: 22nd May 2024 Dividend yield will be 5.6%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (43% earnings payout ratio) but not covered by cash flows (118% cash payout ratio). The dividend has increased by an average of 9.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 5.1% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
Reported Earnings • Mar 13Full year 2023 earnings: Revenues exceed analyst expectationsFull year 2023 results: Revenue: €57.3b (down 25% from FY 2022). Net income: €3.66b (up 26% from FY 2022). Profit margin: 6.4% (up from 3.8% in FY 2022). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.4%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Insurance industry in Italy.
お知らせ • Feb 02Assicurazioni Generali S.p.A. (BIT:G) completed the acquisition of Liberty Seguros, Compania de Seguros y Reaseguros, S.A. from Liberty Mutual Insurance Europe Societas Europaea.Assicurazioni Generali S.p.A. (BIT:G) signed a definitive agreement to acquire Liberty Seguros, Compania de Seguros y Reaseguros, S.A. from Liberty Mutual Insurance Europe Societas Europaea for €2.3 billion on June 15, 2023. The transaction includes Liberty Seguros operations in Ireland, Northern Ireland, Portugal and Spain. Liberty Mutual's other European operations (Liberty Specialty Markets, Liberty Mutual Reinsurance, Liberty Mutual Surety, Liberty IT and Hughes Insurance) are not included in this transaction and will continue to operate in their respective markets. As of January 18, 2024, The European Commission has approved the transaction. BofA Securities acted as financial advisor to Liberty Mutual. Todd E. Freed, Jisun Choi, Elena M. Coyle, A. Caroline M. Frizzo, Alex Jupp, Robin F. Marchant, Young M. Park, Jamie S. Talbot, and Christopher J. Ulery of Skadden, Arps, Slate, Meagher & Flom LLP provided legal advice to Liberty Mutual in the transaction. Citigroup Capital Markets Inc. and Credit Suisse Group AG acted as financial advisor to Assicurazioni Generali S.p.A. Ashley Prebble, Andre Duminy, Nicola Hemsley of Clifford Chance and at Generali, the in-house team includes Andrea Fassina, Valentina Sarrocco and Stefano Crisostomo of Clifford Chance S.L.P. acted as legal advisor to Assicurazioni Generali S.p.A. (BIT:G).Assicurazioni Generali S.p.A. (BIT:G) completed the acquisition of Liberty Seguros, Compania de Seguros y Reaseguros, S.A. from Liberty Mutual Insurance Europe Societas Europaea on January 31, 2024. After completion of transaction, the new board of directors of Liberty Seguros has appointed Carlos Escudero as the new Chief Executive Officer and Pedro Carvalho as Branch Manager of Liberty Seguros' branch in Portugal. Matheson Ormsby Prentice and Gráinne Callanan of Morais Leitão, Galvão Teles, Soares da Silva & Associados acted legal advisor to Assicurazioni Generali S.p.A. (BIT:G).
お知らせ • Jan 11Assicurazioni Generali S.p.A. (BIT:G) signed an agreement to acquire 51% stake in Generali China Insurance Company Ltd. from CNPC Capital Company Limited (SZSE:000617) for approximately CNY 770 million.Assicurazioni Generali S.p.A. (BIT:G) signed an agreement to acquire 51% stake in Generali China Insurance Company Ltd. from CNPC Capital Company Limited (SZSE:000617) for approximately CNY 770 million on January 10, 2024. Prior to the transaction, Assicurazioni Generali S.p.A. (BIT:G) held 49%. The completion of the transaction is subject to regulatory approvals. UBS (Italy) S.p.A acted as financial advisor and Fangda Partners acted as legal advisor to Assicurazioni Generali.
お知らせ • Jan 01Assicurazioni Generali S.p.A. to Report Fiscal Year 2023 Results on Apr 24, 2024Assicurazioni Generali S.p.A. announced that they will report fiscal year 2023 results on Apr 24, 2024
Buying Opportunity • Nov 20Now 20% undervaluedOver the last 90 days, the stock is up 5.2%. The fair value is estimated to be €24.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.9% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings is also forecast to grow by 0.8% per annum over the same time period.
お知らせ • Oct 21+ 3 more updatesAssicurazioni Generali S.p.A. to Report Q1, 2024 Results on May 21, 2024Assicurazioni Generali S.p.A. announced that they will report Q1, 2024 results on May 21, 2024
お知らせ • Oct 14Allianz S.p.A. agreed to acquire TUA Assicurazioni S.p.A. from Assicurazioni Generali S.p.A. (BIT:G) for €280 million.Allianz S.p.A. agreed to acquire TUA Assicurazioni S.p.A. from Assicurazioni Generali S.p.A. (BIT:G) for €280 million on October 12, 2023. The transaction is subject to regulatory approvals, expected at the beginning of 2024. Mediobanca – Banca di Credito Finanziario S.p.A and Rothschild & Co acted as financial advisors and law firm Gianni & Origoni acted as legal advisor for the transaction.
Buying Opportunity • Sep 27Now 21% undervaluedOver the last 90 days, the stock is up 4.3%. The fair value is estimated to be €24.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.1% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings is also forecast to grow by 0.3% per annum over the same time period.
Buying Opportunity • Aug 18Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 3.2%. The fair value is estimated to be €23.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.1% over the last 3 years. Earnings per share has grown by 22%. Revenue is forecast to grow by 9.2% in 2 years. Earnings is forecast to decline by 11% in the next 2 years.
New Risk • Aug 14New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 0.7% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (0.7% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows.
Reported Earnings • Aug 13First half 2023 earnings released: EPS: €1.44 (vs €0.61 in 1H 2022)First half 2023 results: EPS: €1.44 (up from €0.61 in 1H 2022). Revenue: €25.2b (up 18% from 1H 2022). Net income: €2.21b (up 130% from 1H 2022). Profit margin: 8.8% (up from 4.5% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Insurance industry in Italy. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth.
お知らせ • Jun 28Generali $22 Billion Portfolio Sale to Private Equity Reportedly Complicated by Rate SurgeAssicurazioni Generali S.p.A. (BIT:G) plans to shed up to EUR 20 billion ($21.87 billion) of insurance liabilities are being hampered as a surge in interest rates has complicated talks with buyers, three people familiar with the matter said. The Italian insurer embarked on a process late last year to sell a large batch of domestic life insurance contracts to free up capital. It has been working with Goldman Sachs (GS.N) to sound out buyers for the portfolio, including Portugal-based GamaLife - Companhia de Seguros de Vida, S.A. (GamaLife), backed by Apax Partners, and Bermuda-based Athora Holding Ltd., backed by Apollo Global Management (APO.N), said the people, who spoke on condition of anonymity. Spain-based Mediterraneo Vida, S.A. de Seguros y Reaseguros (MedVida), owned by U.S. billionaire Paul Singer's hedge fund Elliott Management, has also shown interest in the portfolio, which is made up of different clusters of policies, one of the people said. But interest rate rises have added to the deal's complexity, raising questions over the value of the portfolio and the regulatory appetite to authorise such a large transfer of risk to buyout groups. Generali may seek to revive discussions after agreeing to acquire Liberty Mutual's European operations earlier this month for EUR 2.3 billion, which had taken much of the group's attention, one person said. However, the insurer is open to alternative structures for outsourcing the risk, for example, through a reinsurance arrangement, another one added. Generali, Goldman Sachs, Apax Partners, Athora and Elliott declined to comment. Spokespeople for Apollo, GamaLife and MedVida did not respond to a request for comment. Back, closed or run-off insurance books consist of policies that are no longer sold to new customers but remain in force, requiring insurers to hold capital against future obligations.
お知らせ • Jun 17Assicurazioni Generali S.p.A. (BIT:G) signed a definitive agreement to acquire Liberty Seguros, Compania de Seguros y Reaseguros, S.A. from Liberty Mutual Insurance Europe Societas Europaea for €2.3 billion.Assicurazioni Generali S.p.A. (BIT:G) signed a definitive agreement to acquire Liberty Seguros, Compania de Seguros y Reaseguros, S.A. from Liberty Mutual Insurance Europe Societas Europaea for €2.3 billion on June 15, 2023. The transaction includes Liberty Seguros operations in Ireland, Northern Ireland, Portugal and Spain. Liberty Mutual's other European operations (Liberty Specialty Markets, Liberty Mutual Reinsurance, Liberty Mutual Surety, Liberty IT and Hughes Insurance) are not included in this transaction and will continue to operate in their respective markets. BofA Securities acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP provided legal advice to Liberty Mutual in the transaction. Citigroup Capital Markets Inc. and Credit Suisse Group AG acted as financial advisor to Assicurazioni Generali S.p.A.
お知らせ • Jun 16Assicurazioni Generali S.p.A. (BIT:G) signed an agreement to acquire Liberty Seguros from Liberty International.Assicurazioni Generali S.p.A. (BIT:G) signed an agreement to acquire Liberty Seguros from Liberty International on June 15, 2023.
Buying Opportunity • May 22Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 1.6%. The fair value is estimated to be €22.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 15%. For the next 3 years, revenue is forecast to grow by 5.4% per annum. Earnings is also forecast to grow by 6.6% per annum over the same time period.
Upcoming Dividend • May 15Upcoming dividend of €1.16 per share at 6.2% yieldEligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 6.2%. Within top quartile of Italian dividend payers (5.3%). In line with average of industry peers (6.2%).
Reported Earnings • Mar 17Full year 2022 earnings: EPS and revenues exceed analyst expectationsFull year 2022 results: EPS: €1.85 (up from €1.81 in FY 2021). Revenue: €81.1b (down 16% from FY 2021). Net income: €2.91b (up 2.3% from FY 2021). Profit margin: 3.6% (up from 3.0% in FY 2021). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 2.9%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Insurance industry in Italy. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 16% per year.
Buying Opportunity • Mar 01Now 21% undervaluedOver the last 90 days, the stock is up 8.2%. The fair value is estimated to be €23.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.2% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 4.3% per annum. Earnings is also forecast to grow by 7.5% per annum over the same time period.
お知らせ • Oct 22+ 2 more updatesAssicurazioni Generali S.p.A. to Report Nine Months, 2023 Results on Nov 17, 2023Assicurazioni Generali S.p.A. announced that they will report nine months, 2023 results on Nov 17, 2023
Reported Earnings • Aug 05First half 2022 earnings releasedFirst half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €1.54b from profit in 1H 2021). Profit margin: (down from 3.2% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to stay flat compared to a 24% decline forecast for the industry in Italy. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.
Upcoming Dividend • May 16Upcoming dividend of €1.07 per shareEligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 6.0%. Within top quartile of Italian dividend payers (4.7%). In line with average of industry peers (6.1%).
Reported Earnings • Mar 15Full year 2021 earnings: EPS in line with analyst expectations despite revenue beatFull year 2021 results: EPS: €1.81 (up from €1.23 in FY 2020). Revenue: €98.8b (up 22% from FY 2020). Net income: €2.85b (up 48% from FY 2020). Profit margin: 2.9% (up from 2.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is expected to shrink by 21% compared to a 27% decline forecast for the insurance industry in Italy. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 3% per year.
Recent Insider Transactions • Dec 25Deputy Vice-Chairman recently bought €22m worth of stockOn the 20th of December, Francesco Caltagirone bought around 1m shares on-market at roughly €18.47 per share. In the last 3 months, they made an even bigger purchase worth €49m. Francesco has been a buyer over the last 12 months, purchasing a net total of €235m worth in shares.
