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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Assicurazioni Generali S.p.A.    G   IT0000062072

ASSICURAZIONI GENERALI S.P.A.

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Zurich Insurance says on track to meet 2019 targets

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12/05/2018 | 01:46am EDT
Logo of Swiss Zurich insurance is seen at an office building in Zurich

ZURICH (Reuters) - Zurich Insurance is on track to achieve its financial targets for the 2017-2019 period, the Swiss insurer said in a statement on Wednesday ahead of its investor day.

"Zurich Insurance Group is fully delivering on its 2017-2019 financial targets, having restored management discipline and efficiency," the company said.

The insurer said it will achieve net savings of $1.1 billion (866 million pounds) by the end of 2018, in line with its end-2019 target of $1.5 billion.

"We are fully delivering on the financial targets that we set out back in 2016," said Group Chief Executive Officer Mario Greco. "Two years into our strategic cycle we are a very different company from the one we were in 2016."

Greco, brought in from Generali in 2016, has overseen an overhaul at Zurich, promising to make it more efficient and cutting costs.

Zurich's shares have gained 5.3 percent this year, outperforming the broader insurance sector, with the Stoxx 600 Insurance Euro Price Index losing 4.3 percent.

Insurers across the globe have been restructuring their businesses to cope with competitive and regulatory pressures, including pricing pressures, and last year's record losses from natural disasters.

Zurich is aiming for 12 percent between 2017 and 2019. For the first six months of 2018 it achieved a level of 12.3 percent, and had achieved cumulative expense savings of $900 million.

Last month, it reported a 2 percent rise in nine-month property and casualty premiums.

(Reporting by John Revill, edited by John Miller)

By John Revill

Stocks mentioned in the article
ChangeLast1st jan.
ASSICURAZIONI GENERALI S.P.A. -0.22% 17.845 End-of-day quote.22.50%
STOXX EUROPE 600 0.29% 392.95 Delayed Quote.16.04%
ZURICH INSURANCE GROUP -0.39% 379.9 Delayed Quote.30.13%
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Financials (EUR)
Sales 2019 68 354 M
EBIT 2019 5 031 M
Net income 2019 2 726 M
Debt 2019 1 241 M
Yield 2019 5,38%
P/E ratio 2019 10,2x
P/E ratio 2020 10,4x
EV / Sales2019 0,43x
EV / Sales2020 0,42x
Capitalization 28 007 M
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Technical analysis trends ASSICURAZIONI GENERALI S.P
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 17,42  €
Last Close Price 17,85  €
Spread / Highest target 9,25%
Spread / Average Target -2,40%
Spread / Lowest Target -15,9%
EPS Revisions
Managers
NameTitle
Philippe Donnet Group Chief Executive Officer, MD & Director
Gabriele Galateri di Genola e Suniglia Chairman
Jaime Anchustegui Melgarejo Group Chief Operations & Insurance Officer
Cristiano Borean Chief Financial Officer
Bruce M. Hodges Group Chief Information & Digital Officer
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