Assicurazioni Generali (ARZGY)
OTHER OTC:ARZGY
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Assicurazioni Generali
(OTC:ARZGY)
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Rating:75Outperform
Price Target:
$25.00
▲(23.40% Upside)
Action:Reiterated
Date:05/22/26
Overall score is driven by attractive valuation (low P/E and strong dividend) and a constructive earnings call highlighting improving underwriting/life trends and solid capital/cash. This is tempered by balance-sheet risk from the sharp 2025 leverage increase and only moderate technical momentum with near-term consolidation signals.
Positive Factors
Diversified insurance + asset management model
Generali’s mix of life, P&C and asset management creates durable revenue diversification and fee income that smooths underwriting cyclicality. Multiple distribution channels (agents, brokers, bancassurance, digital) support persistent new business access and reduce reliance on any single market or product line.
Negative Factors
Material increase in leverage
A sharp rise in leverage reduces balance‑sheet flexibility and raises funding and solvency risk if adverse market or underwriting events recur. Higher indebtedness can constrain capital management choices, increase interest exposure and limit the company’s ability to absorb large catastrophe or market shocks over the medium term.
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Positive Factors
Negative Factors
Diversified insurance + asset management model
Generali’s mix of life, P&C and asset management creates durable revenue diversification and fee income that smooths underwriting cyclicality. Multiple distribution channels (agents, brokers, bancassurance, digital) support persistent new business access and reduce reliance on any single market or product line.
Read all positive factors
Assicurazioni Generali (ARZGY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$69.27B
Dividend Yield3.82%
Average Volume (3M)3.44K
Price to Earnings (P/E)13.5
Beta (1Y)0.44
Revenue Growth-9.63%
EPS Growth19.62%
CountryUS
Employees86,851
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)1.36
Shares Outstanding3,069,237,000
10 Day Avg. Volume0
30 Day Avg. Volume3,443
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 Cap1.31
Enterprise Value/Revenue1.45
Enterprise Value/Gross Profit1.45
Enterprise Value/Ebitda12.25
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.82
Revenue Forecast (FY)$120.81B
Assicurazioni Generali Business Overview & Revenue Model
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 an...
How the Company Makes Money
Generali makes money mainly by underwriting insurance risk and by earning fees from managing assets. (1) Insurance underwriting income: In non-life insurance, it collects premiums for policies such as motor, property, liability, and health; it the...
Assicurazioni Generali Earnings Call Summary
Earnings Call Date:May 21, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call presents a largely positive operational and financial picture: strong top-line growth in P&C, robust Life inflows and higher-quality new business, improved underlying loss ratios and efficiency gains, solid cash generation and a resilient solvency profile after market moves. Material near-term headwinds include significant Nat Cat events (notably Portugal), market‑driven CSM and solvency variances, a one‑off French tax charge, and somewhat higher reported expense metrics driven by business mix. Management emphasized disciplined cycle management, reserving prudence, strengthened reinsurance, and active digital/AI deployment to sustain profitability and productivity.Positive Updates
P&C Top-Line Growth
Gross insurance revenue in P&C grew by EUR 575 million, almost +7% year-on-year, driven primarily by price effects with increasing contribution from volumes (motor volumes +1.8% YoY).
Negative Updates
Significant Nat Cat Impact (Portugal & Storm Kristin)
Heavy storms in the Iberian Peninsula, particularly Portugal, drove the quarter's Nat Cat load (Portugal ~70% of gross Nat Cat losses). Industry insured losses for Portugal cited ~EUR 1.3 billion; Storm Kristin exceeded the group's preventive protection (~EUR 300 million) and will require a Q2 reinstatement premium of ~EUR 19 million.
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Q1-2026 Updates
Positive
Negative
P&C Top-Line Growth
Gross insurance revenue in P&C grew by EUR 575 million, almost +7% year-on-year, driven primarily by price effects with increasing contribution from volumes (motor volumes +1.8% YoY).
Read all positive updates
Company Guidance
The group reiterated concrete near‑term guidance and drivers: Life new business margin guidance is 5.5% (management expects to meet or modestly exceed it) with Q1 net inflows EUR 4.3bn, new business value +19% and NBM benefits from higher rates (Q1 benefitted ~26bp, with a further ~15bp if using end‑March levels); Life CSM showed 1.4% normalized growth (CSM reported EUR 33.2bn, with ~EUR 900m economic variance: ~EUR400m from spread widening, ~EUR200m from rates, ~EUR200m from equity falls and ~EUR100m from volatility). On P&C the top‑line grew EUR 575m (~+7% YoY), motor volumes +1.8% and Accident/Health/Disability volumes +3.4%, underlying attritional current year loss ratio improved ~150bp excl. man‑made losses, reported expense ratio was 29.3% (+40bp; 28.7% excl. Europ Assistance) while the P&C efficiency/GEX metric improved 60bp to 13.7%; management says the undiscounted combined‑ratio target of 94.5% is already bettered (they are below 94%). Capital and cash guidance: remittances of ~EUR4.5bn received YTD, holding cash >EUR5bn post EUR2.5bn dividend (>EUR3bn available), normalized capital generation ~+4pp to Solvency II (Solvency II ratio up ~2pp as of May 15 vs Mar 31), but Q2 will factor in a EUR500m buyback (~‑2pp), ~+2pp full‑year SCR impact from SAA optimization and a ~‑0.5pp hit from the Belgium downgrade; market variances and end‑grandfathering (‑EUR1bn own funds) were also called out, and one‑offs to note include a ~EUR50m French surtax charge (residual <EUR10m/qtr) and a ~EUR19m reinstatement premium related to Storm Kristin.Assicurazioni Generali Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
66
Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 66.36B | 55.30B | 53.73B | 50.48B | 95.67B |
| Gross Profit | 66.36B | 55.30B | 48.48B | 0.00 | 95.67B |
| EBITDA | 6.90B | 7.19B | 112.82B | 4.58B | 6.09B |
| Net Income | 4.01B | 3.72B | 3.75B | 2.35B | 2.85B |
Balance Sheet | |||||
| Total Assets | 558.29B | 538.65B | 508.61B | 519.05B | 586.23B |
| Cash, Cash Equivalents and Short-Term Investments | 7.30B | 246.29B | 230.43B | 287.67B | 357.05B |
| Total Debt | 39.55B | 17.58B | 33.17B | 16.48B | 16.57B |
| Total Liabilities | 523.52B | 505.55B | 477.33B | 500.91B | 554.35B |
| Stockholders Equity | 32.05B | 30.39B | 28.97B | 26.65B | 29.31B |
Cash Flow | |||||
| Free Cash Flow | 18.69B | 16.41B | 1.55B | 9.90B | 29.39B |
| Operating Cash Flow | 19.12B | 16.82B | 1.73B | 10.54B | 17.48B |
| Investing Cash Flow | -18.25B | -15.12B | 2.28B | -9.02B | -16.30B |
| Financing Cash Flow | -1.76B | -369.94M | -3.80B | -2.42B | -677.00M |
Assicurazioni Generali Technical Analysis
Positive
20.26
Price Trends
21.36
Positive
20.90
Positive
20.24
Positive
Market Momentum
0.19
Positive
56.27
Neutral
43.07
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 20.26 is below the 20-day moving average (MA) of 22.47, below the 50-day MA of 21.36, and above the 200-day MA of 20.24, indicating a bullish trend. The MACD of 0.19 indicates Positive momentum. The RSI at 56.27 is Neutral, neither overbought nor oversold. The STOCH value of 43.07 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $33.65B | 8.24 | 20.48% | ― | 8.66% | 32.96% | |
77 Outperform | $37.29B | 10.99 | 22.01% | 1.55% | 6.90% | 41.67% | |
75 Outperform | $69.27B | 13.46 | 10.02% | 3.82% | -9.63% | 19.62% | |
72 Outperform | $22.43B | 12.02 | 13.25% | 3.44% | -1.98% | 48.93% | |
70 Outperform | $40.85B | 13.27 | 7.70% | 2.02% | -2.31% | 26.43% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $12.99B | 6.38 | 11.63% | 5.77% | 33.06% | 50.47% |
* Financial Sector Average
ARZGY
Assicurazioni Generali
22.58
3.84
20.52%
AEG
Aegon
8.61
2.01
30.43%
AIG
American International Group
77.05
-2.78
-3.48%
ACGL
Arch Capital Group
96.30
4.23
4.59%
HIG
Hartford Insurance
136.02
9.22
7.27%
PFG
Principal Financial
103.85
29.71
40.07%
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.