olivLaw · European equity research
Assicurazioni Generali S.p.A. G.MI
Italy · Euronext Milan · ISIN IT0000062072 · Vertical: Listed companies from Italy
Generali is one of the largest global players in insurance and asset management, with a leading position in Europe and a growing presence in Asia and the Americas. In 2025 the group reported a solid solvency position and higher operating profit in asset management, in a context where the 2025-2027 plan focuses on private credit and real estate. For investors and the public, the relevance lies in how the company balances international expansion with market and regulatory pressures.
At the close of 05 Nov 2026, Assicurazioni Generali S.p.A. (G.MI) stock was 44.56 EUR (+1.23% on the day), with dividend yield 4,874,326,750.45%, beta 0.65, 52-week range 32.77–46.19 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 63.7
- strong (55–70)
- Bollinger (20, 2)
- 41.30 – 43.97
- above the upper band · %B 1.22 · band width 6.3%
- SMA 50 / 200
- 43.41 / 39.97
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.15 / -0.11
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.6% | −0.6% | +6.2 pp | — |
| 3 months | −0.6% | −4.2% | +3.6 pp | — |
| 6 months | +14.3% | +4.3% | +9.9 pp | — |
| Year to date | +24.6% | +7.5% | +17.1 pp | — |
| 1 year | +34.2% | +9.9% | +24.3 pp | −5.5% |
| 3 years | +135.9% | +49.8% | +86.0 pp | +8.9% |
| 5 years | +133.2% | +42.8% | +90.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 3.7 bn | 3.7 bn | 4.2 bn |
| Net income YoY | unavailable | −0.6% | +12.0% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 7.3 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 34.8 bn EUR
- Total assets
- 558.5 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 12.3%
- ROA
- 0.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 7.1 bn | 8.3 bn | 7.3 bn | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 3.7 bn | 3.7 bn | — | esef· 15 Apr 2025verified |
| Goodwill | 7.8 bn | 9.1 bn | 9.3 bn | esef· 07 Apr 2026verified |
| Total assets | 508.6 bn | 538.6 bn | 558.5 bn | esef· 07 Apr 2026verified |
| Equity | 31.3 bn | 33.1 bn | 34.8 bn | esef· 07 Apr 2026verified |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 0 of at least 6
- score weight coverage: 0.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
0% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 29,539,200,000.00 – 40,280,727,272.73 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)29,539,200,000.00 – 40,280,727,272.73 (Mid 34,083,692,307.69)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ASSICURAZIONI GENERALI SOCIETA' PER AZIONI (G.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 13.4%.
The estimated value range is 29,539,200,000.00–40,280,727,272.73 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 34,083,692,307.69 EUR, the price of 44.56 EUR leaves a potential of 76,489,435,060.9% (value / price − 1) and a margin of safety of 100.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Italy · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| ELN.MIEl.en. - S.p.a. | 1.3 bn | 30.3 | 10.9% | 7.3% | +4.2% | +26% / +73% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
1- and 3-year price returns: for G.MI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Generali is one of the largest global players in insurance and asset management, with a leading position in Europe and a growing presence in Asia and the Americas. In 2025 the group reported a solid solvency position and higher operating profit in asset management, in a context where the 2025-2027 plan focuses on private credit and real estate. For investors and the public, the relevance lies in how the company balances international expansion with market and regulatory pressures.
SWOT
Strengths
- The group holds a leading position in Europe, a multichannel distribution network and a solid solvency position, which support its capacity to invest and absorb shocks.
- Diversification across Life, Non-Life and Asset Management, together with international presence, reduces dependence on a single market or product line.
- Recent acquisitions in private credit and healthcare extend the group's service ecosystem and offer new revenue sources.
Weaknesses
- Activity in some Latin American markets produced significant losses in the past, and the recovery remains sensitive to local conditions.
- The size of the group and the complexity of international operations may slow the integration of acquisitions and process adaptation.
- Reliance on third-party data for some sustainability metrics introduces uncertainty in reporting indirect emissions.
Opportunities
- Demand for pension, protection and health solutions could grow with demographic change and an ageing population.
- Private credit and real estate offer room for expansion, particularly if the MGG integration and distribution develop as planned.
- Parametric insurance and climate risk solutions could become a growth segment as clients seek rapid protection.
Threats
- Geopolitical tensions and the wars in Ukraine and the Middle East could affect financial markets and the group's risk profile.
- Competitive pressure and falling rates in corporate insurance could reduce margins if volume does not compensate.
- Cyber and artificial intelligence risks could raise compliance costs and affect reputation.
Risks
- Geopolitical and financial market riskhigh
Geopolitical instability and trade tensions could affect the value of investments and the stability of results, with impact on solvency.
- Climate and catastrophe riskhigh
A rise in the frequency of extreme climate events could generate unexpected losses and require revising risk models.
- Regulatory riskmedium
Changes to Solvency II, consumer protection rules and new AML rules could impose additional costs and product changes.
- Operational and cyber riskmedium
Dependence on digital systems and data increases exposure to attacks and operational errors, with consequences for clients and reputation.
- Acquisition integration risklow
Integrating large acquisitions such as MGG and Euroclinic may encounter difficulties and reduce the expected benefits.
Investment thesis
What would need to be true (bull case)
- If expansion in private credit and healthcare proceeds as planned, the group could diversify its revenue sources and strengthen results in asset management.
- The solid solvency position and multichannel network provide a stable base to finance growth and sustain shareholder distributions.
- The return to profitability in Brazil and fast growth in Greece show that the restructuring strategy can deliver in difficult markets.
What would break the thesis
- If geopolitical tensions and market volatility intensify, investment results could be hit, with impact on solvency.
- Falling rates in corporate insurance and intense competition could compress margins in the commercial segment.
- Integration costs for acquisitions and compliance with new regulation could reduce the returns of the new operations.
What to watch
- Evolution of Asset Management operating profit and the MGG integration2026
- Solvency level of the group relative to the operating target rangeQ1 2027
- Premium dynamics in GC&C and Greece after the Euroclinic integration2027
- Implementation of new Solvency II, AML and DORA rulesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group runs a diversified business model built on three segments: Life, Non-Life and Asset & Wealth Management, supported by the group holding. Products range from savings and protection policies to motor, home, health and complex covers for commercial and industrial risks, distributed through a multichannel network of agents, financial advisers, brokers, bancassurance and direct channels 1. The company has more than 88 thousand employees 1 and reported a solvency ratio of 219% at year-end 2025 1.
The Lifetime Partner 27 strategy places people, artificial intelligence and data, and sustainability on the same level of importance, aiming to improve excellence in client relationships and the operating model 1. Sustainability is treated as a driver of profitable growth, and the material topics identified are climate change, demographic change and workforce transformation 1.
Generali Investments completed in October 2025 the acquisition of a majority stake in MGG Investment Group, a US company focused on private credit for the middle market, extending the group's global capabilities in this area 1. Operating profit of the Asset Management segment rose 7.5% in 2025, supported also by Conning Holding and its subsidiaries 1.
Segments
Asset Management
The Asset Management segment, run through Generali Investments, reported operating profit of 662 million EUR in 2025, up 7.5% 1. The 2025-2027 plan rests on expanding private credit and real estate, on distribution, operating efficiency and talent development 1.
Global Corporate & Commercial
Generali Global Corporate & Commercial offers insurance solutions to mid-sized and large companies in more than 180 countries, including multinational programmes and parametric solutions 1. In 2025 it collected premiums of 3.1 billion EUR, in a context of falling rates in almost all business lines 1.
Market context
The markets in which the group operates were marked in 2025 by trade tensions, geopolitical uncertainty and high volatility in financial markets, while medium and long-term interest rates rose in the main economies 1. Over the longer term, geoeconomic fragmentation and tariffs could amplify inflationary pressures and volatility 1.
In Argentina, where Generali is the third operator by premiums, historically high inflation and high volatility make conditions difficult, while in Brazil the company returned to profitability and profits kept growing in 2025 1. Greece grew faster than the market, and the integration of Euroclinic extends the group's activity in healthcare 1.
Trends
- Consolidation in private credittailwind
The acquisition of MGG Investment Group could support growth in private credit, an expanding area, if integration and distribution proceed as planned 1.
- Falling rates in commercial insuranceheadwind
Lower rates in almost all business lines could compress margins in the commercial segment, although premium volume grew in 2025 1.
- Climate and catastrophe risksmixed
More frequent extreme weather pushes the group to refine risk models and strengthen adaptation, which may bring costs but also opportunities in parametric insurance 1.
- Digital and conduct regulationmixed
DORA, the AI legislation, the amended Solvency II and AML rules bring compliance costs but also clearer standards for large operators 1.
Competitive position
Generali competes with other large European and global insurers and asset managers, and competition is intense in corporate lines and in private credit, with rates falling 1. The supplied sources do not name specific competitors, so detailed comparisons would need other documents.
The competitive position rests on the multichannel network, high solvency and global presence, including leading positions in Argentina for awareness and service 1. Expansion in healthcare through Euroclinic and in private credit through MGG are ways of differentiation 1.
- Other large European insurers
The sources do not name specific competitors, so this entry is general and carries no verified identification.
- Global asset managers and private credit firms
Competition in private credit and asset management is mentioned in context, without competitor names in the source.
- Local pension and savings providers
Local competitors exist in Chile and other markets, but the source does not name them.
- Multinational employee benefit providers
The Employee Benefits segment operates in a competitive market, without the sources listing competing companies.
News & filings
In the press
- Assicurazioni Generali Underweight ( Barclays Capital ) 23 . 10 . 2026 | AnalyseSurge — GDELT DOC · 23 Oct 2026 · RO
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Assicurazioni Generali S.p.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.