Assicurazioni Generali (ARZGY) AI Stock Analysis

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.