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          Generali 9M22 and FY22-24 consensus

          Last update: 27 October 2022

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          Generali 9M22 and FY22-24 consensus 141 kb  

          9M 2022E FY 2022E FY 2023E FY 2024E
          Euro m Min Avg Max Min Avg Max Min Avg Max Min Avg Max
          Summary operating income statement
          Gross written premiums

          56,182

          59,302 61,719 77,396 80,935 84,081 78,816 83,594 87,780 80,266 86,155 92,498
          Life written premiums 35,400 38,817 40,818 51,338 53,703 56,073 52,413 55,165 58,342 53,276 56,748 61,842
          P&C written premiums 17,242 20,501 21,040 24,474 27,391 29,153 25,545 28,514 30,025 26,591 29,512 31,226
          Group operating result 4,353 4,523 4,672 5,767 6,003 6,193 5,914 6,299 6,531 6,318 6,671 7,174
          Life operating result 2,343 2,456 2,529 3,045 3,200 3,352 2,922 3,285 3,612 3,145 3,438 3,855
          P&C operating result 1,773 1,859 1,910 2,363 2,576 2,768 2,556 2,757 3,054 2,562 2,910 3,142
          AWM operating result 625 699 741 711 930 1,045 777 980 1,063 828 1,045 1,130
          H&O operating result 91 161 253 -30 159 300 47 146 255 28 160 284
          Consolidation adjustment -778 -656 -600 -1,033 -864 -625 -1,027 -871 -765 -1,052 -892 -787
          Net result 1,867 2,049 2,231 2,416 2,753 3,000 2,689 3,080 3,447 2,942 3,302 3,679
          Combined ratio (%) 92.7 93.0 93.7 91.4 92.6 93.6 91.5 92.3 93.5 91.4 92.2 93.3
          Per share data
          Dividend per share (€)       1.10 1.12 1.15 1.15 1.19 1.23 1.20 1.25 1.31
          Balance sheet & Solvency ratio
          Shareholders' equity 13,385 16,086 18,887 13,933 18,602 25,157 14,763 20,142 29,949 16,399 21,674 31,389
          Regulatory Solvency ratio (%) 220 224 228 222 228 238 227 236 249 231 242 260
          Summary Life insurance performance
          Life New Business Value 1,526 1,771 2,056 2,101 2,484 2,748 1,876 2,549 3,163 1,970 2,640 3,415
          Life PVNBP 31,573 33,635 36,480 43,573 49,995 55,274 45,752 52,219 59,681 47,098 54,174 64,439

          Note: the average number of shares outstanding during 3Q has been 1,576,859,597