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Assicurazioni Generali
(OTC:ARZGY)
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Rating:73Outperform
Price Target:
$29.00
▲(12.97% Upside)
Action:Reiterated
Date:08/07/26
The score is driven primarily by solid financial performance with strong recent cash generation, and a notably positive earnings call featuring reiterated guidance and strong H1 growth alongside a robust Solvency II capital position. Valuation is supportive with a reasonable P/E and attractive dividend yield. Technicals are positive but tempered by overbought readings (RSI/Stoch), and financial risk is constrained by the sharp 2025 leverage increase and profitability/cash-flow variability.
Positive Factors
Strong Solvency / Capital Buffer
A 216% Solvency II ratio provides durable regulatory capital headroom, supports underwriting capacity, and enables voluntary capital returns and strategic investment even after buybacks. This buffer reduces forced asset sales in stress and underpins long-term confidence in capital deployment.
Negative Factors
Higher Leverage / Debt Increase
A sharp rise in debt-to-equity reduces financial flexibility and raises refinancing and interest-rate exposure. Elevated leverage can constrain capacity for opportunistic M&A or buybacks and makes the balance sheet more sensitive to market or underwriting shocks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Solvency / Capital Buffer
A 216% Solvency II ratio provides durable regulatory capital headroom, supports underwriting capacity, and enables voluntary capital returns and strategic investment even after buybacks. This buffer reduces forced asset sales in stress and underpins long-term confidence in capital deployment.
Read all positive factors
Assicurazioni Generali (ARZGY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$79.31B
Dividend Yield3.65%
Average Volume (3M)10.62K
Price to Earnings (P/E)15.1
Beta (1Y)0.42
Revenue Growth-1.34%
EPS Growth30.09%
CountryUS
Employees88,249
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)1.51
Shares Outstanding3,069,237,000
10 Day Avg. Volume7,272
30 Day Avg. Volume10,621
Financial Highlights & Ratios
PEG Ratio1.49
Price to Book (P/B)1.68
Price to Sales (P/S)0.81
P/FCF Ratio2.88
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.84
Revenue Forecast (FY)$119.62B
Assicurazioni Generali Business Overview & Revenue Model
Company Description
Assicurazioni Generali S.p.A. is a prominent financial services group that delivers a comprehensive array of insurance and investment solutions. The company's operations are distinctly categorized into four primary divisions: Non-Life, Life, Asset...
How the Company Makes Money
Generali makes money mainly through (1) insurance operations and (2) asset and wealth management activities.
1) Insurance underwriting and related income
- Premiums: The core source of revenue is insurance premiums paid by customers for life, hea...
Assicurazioni Generali Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call presents strong financial and operational performance across key metrics (revenue, operating result, adjusted net result, Life inflows and VNB), a very solid capital position (Solvency II 216%), high investment reinvestment yields and clear strategic growth initiatives (Redion, embedded insurance). Notable headwinds include elevated natural catastrophe and man‑made losses, modest combined‑ratio pressure, inflationary trends (especially in Germany non‑motor), some capital/SCR effects from growth and one‑off/seasonal volatility in China VNB. Management reiterated guidance, signalled confidence in overachieving EPS targets, and outlined disciplined capital deployment. Overall, positive results and strong strategic positioning outweigh the near‑term operational and market challenges.Positive Updates
Strong Top-Line and Profit Growth
Gross written premium of EUR 53.4bn, up 5.8% year‑on‑year; operating result EUR 4.5bn, up 11.2% YOY; adjusted net result EUR 2.5bn, up 13.7% YOY; adjusted earnings per share growth ~14.3% in H1 2026.
Negative Updates
Elevated Natural Catastrophe and Man‑Made Losses
Incremental NAT CAT and man‑made losses of EUR 425m vs H1 2025; combined ratio impacted (management cites a 3.6 percentage point NAT CAT effect). Preliminary July NAT CAT ~EUR 300m plus ~EUR 60m man‑made; continued volatility and risk from extreme weather events.
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Q2-2026 Updates
Positive
Negative
Strong Top-Line and Profit Growth
Gross written premium of EUR 53.4bn, up 5.8% year‑on‑year; operating result EUR 4.5bn, up 11.2% YOY; adjusted net result EUR 2.5bn, up 13.7% YOY; adjusted earnings per share growth ~14.3% in H1 2026.
Read all positive updates
Company Guidance
Generali reiterated confident guidance built on strong H1 metrics: gross written premiums EUR 53.4bn (+5.8% y/y), operating result EUR 4.5bn (+11.2%), adjusted net result EUR 2.5bn (+13.7%) and adjusted EPS up ~14.3%, with a Solvency II ratio of 216% at Q2 despite a EUR 500m buyback and the end of subordinated-bond grandfathering. By business: Life operating result was EUR 2.2bn (+8.8%) with record net inflows >EUR 8.3bn, VNB EUR 1.89bn (+21.1%) and a new business margin of 5.86%; P&C operating result was >EUR 2.1bn (+4.7%) with a combined ratio of 91.5% (vs 91.0) and a 3.6pp Nat Cat impact (additional ~EUR 425m of Nat Cat/man‑made claims y/y; July prelim. Nat Cat ~EUR 300m and ~EUR 60m man‑made); Asset & Wealth Management operating result grew 31.3% and contributed ~16% of group operating result. Management kept investment-result guidance (P&C EUR 1.1bn, Life EUR 900m), noted reinvestment yields of ~4.24% (core Life) and ~4.01% (core P&C) versus maturing 2.37% (delta ~1.64%), said SAA optimization uses ~2pp of solvency per quarter, expects a +15pp Solvency II uplift from Jan 2027, sees RoRC accretion of ~+1.5pp, and reconfirmed targets while flagging net other non‑operating expenses EUR 200–300m (restructuring EUR 100–150m), nearly EUR 4.6bn cash remitted (~95% collected) and plans to reassess capital deployment at year‑end.Assicurazioni Generali Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
66
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 70.54B | 66.36B | 55.30B | 53.73B | 50.48B | 95.67B |
| Gross Profit | 45.29B | 66.36B | 55.30B | 48.48B | 16.42B | 95.67B |
| EBITDA | 7.81B | 6.90B | 7.19B | 112.82B | 5.65B | 6.09B |
| Net Income | 4.59B | 4.01B | 3.72B | 3.75B | 2.35B | 2.85B |
Balance Sheet | ||||||
| Total Assets | 580.95B | 558.29B | 538.65B | 508.61B | 519.05B | 586.23B |
| Cash, Cash Equivalents and Short-Term Investments | 7.04B | 7.30B | 246.29B | 230.43B | 287.67B | 357.05B |
| Total Debt | 41.47B | 39.55B | 17.58B | 33.17B | 16.48B | 16.57B |
| Total Liabilities | 546.08B | 523.52B | 505.55B | 477.33B | 500.91B | 554.35B |
| Stockholders Equity | 32.09B | 32.05B | 30.39B | 28.97B | 26.65B | 29.31B |
Cash Flow | ||||||
| Free Cash Flow | 22.80B | 18.69B | 16.41B | 1.55B | 9.90B | 29.39B |
| Operating Cash Flow | 23.16B | 19.12B | 16.82B | 1.73B | 10.54B | 17.48B |
| Investing Cash Flow | -21.63B | -18.25B | -15.12B | 2.28B | -9.02B | -16.30B |
| Financing Cash Flow | -2.45B | -1.76B | -369.94M | -3.80B | -2.42B | -677.00M |
Assicurazioni Generali Technical Analysis
Positive
25.67
Price Trends
25.04
Positive
24.00
Positive
22.17
Positive
Market Momentum
0.25
Negative
61.87
Neutral
72.69
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ARZGY, the sentiment is Positive. The current price of 25.67 is above the 20-day moving average (MA) of 25.55, above the 50-day MA of 25.04, and above the 200-day MA of 22.17, indicating a bullish trend. The MACD of 0.25 indicates Negative momentum. The RSI at 61.87 is Neutral, neither overbought nor oversold. The STOCH value of 72.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ARZGY.
Assicurazioni Generali Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $32.83B | 7.41 | 19.52% | 5.16% | -0.21% | 31.57% | |
79 Outperform | $37.06B | 8.74 | 22.99% | 1.76% | 5.95% | 39.99% | |
77 Outperform | $976.33B | 12.84 | 11.86% | ― | 3.93% | 36.30% | |
74 Outperform | $13.55B | 12.15 | 12.23% | 5.38% | 24.97% | ― | |
73 Outperform | $79.31B | 15.08 | 14.20% | 3.65% | -1.34% | 30.09% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $39.23B | 13.67 | 7.27% | 2.46% | -4.19% | 1.09% |
* Financial Sector Average
ARZGY
Assicurazioni Generali
26.18
6.81
35.17%
AEG
Aegon
9.06
1.67
22.52%
AIG
American International Group
75.33
-1.76
-2.28%
ACGL
Arch Capital Group
96.09
3.83
4.15%
HIG
Hartford Insurance
136.36
6.17
4.74%
BRK.B
Berkshire Hathaway B
510.37
16.63
3.37%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.