Generali Reports Half-Year Numbers Slightly Below Our Full-Year Expectations

Generali has reported net income of EUR 1,402 million for first-half 2022. This places the business a little behind our full-year estimate. The property and casualty segment reported an 8.5% rise in written gross premiums. This growth has mainly been driven by the nonmotor line as the motor line only reported mid-single-digit growth. Generali’s combined ratio for nonlife was typically strong, in the low 90s. In the life division written gross premiums contracted. The business unit continues to focus on unit-linked and protection. Life net flows were also down by high single digits. Asset management remains strong with a mid-single-digit rise in profits from operations. We maintain our EUR 20 per-share fair value estimate and no moat rating.