Generali

G: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€36.45	Vndnr	Vvplxssb

Generali Reports Good Results

Henry Heathfield

Mar 14, 2023

Generali has reported what we believe to be a good set of results. For full-year 2022 the company delivered EUR 2,906 million in net income and that is ahead of the EUR 2,822 million that we forecast. The company has also announced a EUR 1.16 per-share dividend that is slightly ahead of what we predicted. Against the backdrop of 2022, we find these results to be resilient. Further, the business continues to work on operational improvements, trying to generate unique assets and continue its improvement plan. We raise our fair value estimate marginally to EUR 21.0 per share and maintain our no moat rating.

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