Assicurazioni Generali

JPMorgan raised its price target for Assicurazioni Generali from €44 to €46 but cut its recommendation from "Overweight" to "Neutral" following the strong share price increase. Analyst Farooq Hanif said the downgrade reflects that management’s positive work is now largely priced in and that opportunities and risks now appear balanced. » More on finanzen.net

Generali increased operating profit in the second quarter by almost 15% to €2.3 billion, beating analysts' expectations. Group CEO Philippe Donnet said the company is on track to meet its medium-term targets and announced a share buyback of up to €500 million. Premium income rose 6% in the half-year to €53.4 billion, the operating result grew 11%, and net profit climbed 18% to €2.5 billion. Group CFO Cristiano Borean put the damage from recent wildfires in July at around €300 million in total, of which less than €100 million affected Generali. » More on finanzen.net

Generali reported a net profit of €913m in the first half, up 46.8% year on year. Direct insurance revenues rose 3.9% to €9bn, the combined ratio improved to 91.8% and the solvency ratio stood at 259%. Growth was driven mainly by motor and bancassurance distribution in property/casualty insurance and by agency distribution in life insurance; asset management also contributed to the pre-tax result. No outlook was provided for the coming quarters or the full year. » More on de.investing.com