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1. Company Snapshot

1.a. Company Description

Assicurazioni Generali S.p.A. provides various insurance solutions.The company operates through four segments: Non-Life; Life; Asset Management; and Holding and Other Business.It offers saving and protection insurance products for individuals and family; unit linked products with investment purposes; and motor, motor third-party liability, casualty, accident, health, and commercial and industrial risks insurance products.


The company also provides equity and fixed-income funds, and alternative products; and investment advisory, asset management, and financial planning services.It operates in Italy, France, Germany, Austria, Czech Republic, Poland, Hungary, Slovakia, Serbia, Montenegro, Romania, Slovenia, Bulgaria, Croatia, Russia, Spain, Switzerland, the Americas, Southern Europe, and Asia.The company was formerly known as Assicurazioni Generali Austro-Italiche and changed its name to Assicurazioni Generali S.p.A. in 1848.


Assicurazioni Generali S.p.A. was founded in 1831 and is headquartered in Trieste, Italy.

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1.b. Last Insights on G

Generali's recent performance was driven by record-high profits, strategic growth initiatives, and increased investor returns. The company's Q4 2024 earnings show a 49.3% increase in adjusted net result to $4.9 billion, with all business units performing well. Additionally, Generali's operating profit rose due to higher premiums. The company also stepped up investor returns by promising over $8.9 billion in dividends and share buybacks through 2027. Furthermore, Generali's recent acquisition of a majority stake in MGG Investment Group for $320 million expands its investment capabilities. These positive drivers position Generali for continued growth and stability.

1.c. Company Highlights

2. Generali's 9M 2025 Results: A Strong Start to Lifetime Partner 27

Generali Group's 9-month 2025 results showcase a robust financial performance, with revenues growing in line with the company's Lifetime Partner 27 plan. The actual EPS came out at '1.48', beating estimates at '1.46'. The P&C business demonstrated excellent performance, with a top-line growth of over 7% and a combined ratio improvement of over 2 percentage points. The average earned premium increased, while the risk premium rose only 1%, thanks to decreasing claims frequency and well-contained claims inflation.

Publication Date: Nov -14

📋 Highlights
  • P&C Growth & Efficiency:: Top line up over 7%, combined ratio improved by >2 ppt, driven by 1% risk premium growth vs. lower claims frequency.
  • Life Business Momentum:: EUR 10B net inflows in 9M 2025, new business margin at 5.74%, with Protection & Health and hybrid/unit-linked products leading.
  • Solvency Strength:: Group solvency ratio at 214% (projected 210% by Nov), with normalized capital generation and low debt supporting resilience.
  • Expense Management:: Admin expense ratio down 50 bps via efficiency, while overall expense ratio flat (up 50 bps including Liberty acquisition).
  • Strategic Execution:: P&C on track to exceed Lifetime Partner 27 targets, with EUR 3.6B full-year operating result expected and MGG acquisition (-2 ppt solvency impact) integrated.

Property & Casualty Performance

The P&C business is on track to exceed its Lifetime Partner 27 targets, driven by sophisticated Nat Cat modeling, claims automation, and a group Geospatial platform. Cristiano Borean noted that the company is exercising prudence on reserving, with a lower prior year development and more prudent initial loss peaks, increasing confidence in exceeding key financial targets. The full-year 2025 P&C operating results are expected to be around EUR 3.6 billion.

Life Business Growth

In Life, the company exceeded EUR 10 billion in cumulative net inflows, with a strong result for Protection & Health and hybrid and unit-linked products. The new business margin was 5.74%, demonstrating good volume and margin growth. The operating result grew 1.8 percentage points, with strong new business volumes and positive economic variances.

Valuation and Outlook

With a Price-to-Book Ratio (P/B) of 1.74 and a Dividend Yield of 4.19%, Generali's valuation appears reasonable. Analysts estimate next year's revenue growth at 4.3%. The company's strong balance sheet and low debt position it for sustainable value creation, with an EPS growing 16% year-on-year. The solvency ratio remains solid at 214%, with a healthy normalized capital generation.

Future Prospects

Generali expects to continue its positive momentum, driven by its strategic initiatives and a strong footprint in various markets. The company is open to exploring bancassurance opportunities in Italy and may use excess cash from improving P&C trajectory for bolt-on acquisitions to strengthen its presence in certain markets.

3. NewsRoom

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Generali, BFF Bank and BPCE advance in GamaLife acquisition bidding process

Nov -21

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Assicurazioni Generali (BIT:G): Is the Insurer Fairly Valued After Its Recent Share Price Dip?

Nov -17

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Generali (ARZGF) Q3 2025 Earnings Call Highlights: Strong P&C Growth and Solid Solvency ...

Nov -13

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Italian Insurer Generali Benefited From Fewer Natural Catastrophe Claims

Nov -13

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Generali names Giulio Terzariol as group deputy CEO

Nov -13

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Holiday Fraud & Scams Threatens More Than Wallets: New Iris Data Reveals Emotional Toll on Victims

Nov -12

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A Closer Look at Generali (BIT:G) Valuation Following Recent Share Price Momentum

Nov -03

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Financial Services Roundup: Market Talk

Oct -31

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.90%)

6. Segments

Property & Casualty

Expected Growth: 5.2%

The Property & Casualty segment is likely to grow faster than the global average due to rising global risks, regulatory requirements, and the increasing awareness of insurance products among individuals and businesses, driving demand for insurance coverage.

Life

Expected Growth: 5.0%

The Life segment is expected to grow steadily, driven by the increasing awareness of the importance of life insurance, retirement planning, and the need for financial protection, particularly in emerging markets where insurance penetration is relatively low.

Asset & Wealth Management

Expected Growth: 4.5%

The Asset & Wealth Management segment is expected to grow, albeit at a slightly lower rate, due to market volatility, regulatory changes, and intense competition, which may impact fee income and profitability, despite the increasing demand for asset management services.

Holding and Other

Expected Growth: 4.9%

The Holding and Other segment is expected to grow in line with the global average, as it is influenced by various factors, including the performance of the holding company, other non-core activities, and consolidation adjustments, which may not be directly related to the core insurance business.

Consolidation Adjustments

Expected Growth: None%

None

7. Detailed Products

Life Insurance

Provides financial protection to the policyholder's family in the event of death or terminal illness.

Non-Life Insurance

Covers damages or losses to properties, vehicles, and other assets.

Health Insurance

Provides coverage for medical expenses, hospitalization, and other healthcare-related costs.

Pensions and Savings

Offers investment and savings products to help individuals plan for their retirement and long-term financial goals.

Asset Management

Provides investment management services to institutional clients, such as pension funds and insurance companies.

Reinsurance

Offers risk management solutions to other insurance companies, helping them manage their risk exposure.

8. Assicurazioni Generali S.p.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Assicurazioni Generali S.p.A. is medium due to the presence of alternative insurance providers and financial institutions that offer similar products and services.

Bargaining Power Of Customers

The bargaining power of customers for Assicurazioni Generali S.p.A. is low due to the company's strong brand reputation and diversified product offerings, making it difficult for customers to negotiate prices.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Assicurazioni Generali S.p.A. is medium due to the company's dependence on a few large reinsurers and the presence of alternative suppliers.

Threat Of New Entrants

The threat of new entrants for Assicurazioni Generali S.p.A. is low due to the high barriers to entry in the insurance industry, including regulatory requirements and capital requirements.

Intensity Of Rivalry

The intensity of rivalry for Assicurazioni Generali S.p.A. is high due to the presence of many established players in the insurance industry, leading to intense competition for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 55.41%
Debt Cost 3.95%
Equity Weight 44.59%
Equity Cost 8.94%
WACC 6.17%
Leverage 124.25%

11. Quality Control: Assicurazioni Generali S.p.A. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Value: 7.0

Growth: 4.9

Quality: 7.5

Yield: 8.1

Momentum: 7.5

Volatility: 9.3

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Generali

A-Score: 7.1/10

Value: 7.7

Growth: 2.8

Quality: 6.1

Yield: 8.8

Momentum: 8.0

Volatility: 9.3

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Value: 3.4

Growth: 4.6

Quality: 7.6

Yield: 8.1

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A-Score: 6.7/10

Value: 7.3

Growth: 3.4

Quality: 7.0

Yield: 5.6

Momentum: 9.0

Volatility: 7.7

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AXA

A-Score: 6.6/10

Value: 5.9

Growth: 3.9

Quality: 5.5

Yield: 9.4

Momentum: 6.5

Volatility: 8.7

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A-Score: 5.8/10

Value: 2.2

Growth: 2.2

Quality: 5.9

Yield: 7.5

Momentum: 7.0

Volatility: 10.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

33.75$

Current Price

33.75$

Potential

-0.00%

Expected Cash-Flows