Buy Or Sell Opportunity • May 12
Now 20% undervalued Over 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 11
Upcoming dividend of €1.64 per share Eligible 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%). Buy Or Sell Opportunity • Apr 15
Now 20% undervalued Over 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. Declared Dividend • Mar 20
Dividend increased to €1.64 Dividend 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. Announcement • Mar 19
Assicurazioni Generali S.p.A. announces Annual dividend, payable on May 20, 2026 Assicurazioni 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 16
Full year 2025 earnings: EPS misses analyst expectations Full 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. Announcement • Jan 16
Generali Appoints Giulio Terzariol As Group Deputy CEO Generali 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. Announcement • Jan 05
Assicurazioni Generali S.p.A. to Report Fiscal Year 2025 Final Results on Apr 23, 2026 Assicurazioni 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 Announcement • Nov 13
Generali Appoints Giulio Terzariol as Deputy CEO Generali 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. Announcement • Sep 20
Generali Reportedly Weighs A Potential Sale of Its Irish Unit, RedClick Generali (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. New Risk • Aug 07
New minor risk - Financial position The 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 06
First half 2025 earnings released First 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. Announcement • Jul 14
Bidders Reportedly Circle NIB's Travel Unit NIB'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. Announcement • Jun 11
Iris®? Powered by Generali Launches Senior Identity Protection & Beneficiary Assistance Package Iris®? 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. Announcement • May 29
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. 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. Announcement • May 23
The 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 12
Upcoming dividend of €1.43 per share Eligible 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%). Announcement • May 07
Zurich in Frame If NIB Travel Insurance Arm Sold Off The 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 27
Full year 2024 earnings: EPS misses analyst expectations Full 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. Announcement • Mar 25
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). 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 17
Dividend increased to €1.43 Dividend 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. Announcement • Mar 15
Assicurazioni Generali S.p.A. announces Annual dividend, payable on May 21, 2025 Assicurazioni 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 14
New minor risk - Financial position The 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. Announcement • Dec 06
The 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. Announcement • Nov 07
Assicurazioni Generali Reportedly Plans to Takeover MGG Investment Group Assicurazioni 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. Announcement • Sep 18
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). 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 25
New minor risk - Financial position The 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 11
First 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. Announcement • Jun 19
Generali Appoints Cecile Paillard as Chief Transformation Officer Generali 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. Announcement • May 25
Assicurazioni Generali S.p.A. to Report Q2, 2024 Results on Aug 09, 2024 Assicurazioni Generali S.p.A. announced that they will report Q2, 2024 results on Aug 09, 2024 Upcoming Dividend • May 13
Upcoming dividend of €1.28 per share Eligible 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 19
New minor risk - Shareholder dilution The 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 15
Dividend increased to €1.28 Dividend 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 13
Full year 2023 earnings: Revenues exceed analyst expectations Full 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. Announcement • Feb 02
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. 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). Announcement • Jan 11
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. 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. Announcement • Jan 01
Assicurazioni Generali S.p.A. to Report Fiscal Year 2023 Results on Apr 24, 2024 Assicurazioni Generali S.p.A. announced that they will report fiscal year 2023 results on Apr 24, 2024 Buying Opportunity • Nov 20
Now 20% undervalued Over 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. Announcement • Oct 14
Allianz 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 27
Now 21% undervalued Over 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 18
Now 20% undervalued after recent price drop Over 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 14
New major risk - Financial position The 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 13
First 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. Announcement • Jun 28
Generali $22 Billion Portfolio Sale to Private Equity Reportedly Complicated by Rate Surge Assicurazioni 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. Announcement • Jun 17
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. 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. Announcement • Jun 16
Assicurazioni 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 22
Now 20% undervalued after recent price drop Over 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 15
Upcoming dividend of €1.16 per share at 6.2% yield Eligible 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 17
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full 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 01
Now 21% undervalued Over 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. Reported Earnings • Aug 05
First half 2022 earnings released First 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 16
Upcoming dividend of €1.07 per share Eligible 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 15
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full 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 25
Deputy Vice-Chairman recently bought €22m worth of stock On 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. Recent Insider Transactions • Dec 22
Deputy Vice-Chairman recently bought €15m worth of stock On the 14th of December, Francesco Caltagirone bought around 800k shares on-market at roughly €18.51 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 €213m worth in shares. Recent Insider Transactions • Dec 15
Deputy Vice-Chairman recently bought €44m worth of stock On the 7th of December, Francesco Caltagirone bought around 2m shares on-market at roughly €18.71 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 €198m worth in shares. Recent Insider Transactions • Dec 08
Deputy Vice-Chairman recently bought €18m worth of stock On the 1st of December, Francesco Caltagirone bought around 1m shares on-market at roughly €18.11 per share. In the last 3 months, they made an even bigger purchase worth €26m. Francesco has been a buyer over the last 12 months, purchasing a net total of €74m worth in shares. Recent Insider Transactions • Dec 03
Deputy Vice-Chairman recently bought €6.2m worth of stock On the 26th of November, Francesco Caltagirone bought around 350k shares on-market at roughly €17.79 per share. In the last 3 months, they made an even bigger purchase worth €26m. Francesco has been a buyer over the last 12 months, purchasing a net total of €56m worth in shares. 
