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

ASSICURAZIONI GENERALI S.P.A.

(G)
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Delayed Quote. Delayed Italian Stock Exchange - 11/27 11:37:40 am
14.47 EUR   --.--%
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Assicurazioni Generali S p A : Italy tax police raid Generali, state railway offices in insurance probe

10/23/2020 | 01:24pm EST

MILAN, Oct 23 (Reuters) - Italy's tax police raided the offices of state railway Ferrovie dello Stato (FS) and Generali to gather documents in a probe related to the awarding of contracts to the Italian insurer, a document seen by Reuters on Friday showed.

A source close to the probe said Wednesday's raid was part of an investigation Rome prosecutors are carrying out into whether Generali was awarded contracts in return for generous insurance policies granted to a series of top FS managers.

The document was a request by the prosecutors to hand over information related to their investigation.

A spokesman for Generali confirmed Italian tax police asked the insurer's Italian unit to provide documents related to FS and said the company had cooperated fully.

He said Generali was awarded the insurance contracts through a European public tender under current regulations and in line with market practice.

The company would defend itself "against any untrue reconstructions that are detrimental to its reputation and honorability," he said.

FS had no immediate comment.

Among the documents seized was an audit by PwC, seen in part by Reuters, showing that of the more than 550 million euros ($652 million) in insurance premiums paid by FS in the period 2011-2019 Generali won more than 89%.

The audit also showed that from a sample of around 600 injury insurance claims with Generali in the period 1998-2017 by FS managers, 66 files were missing.

PwC declined to comment.

The source said there were people under investigation but declined to say how many or what the accusations against them were.

($1 = 0.8439 euros) (Reporting by Domenico Lusi, additional reporting by Stefano Bernabei and Gianluca Semeraro; writing by Stephen Jewkes; editing by Giselda Vagnoni, Mark Potter and David Evans)


© Reuters 2020
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Financials
Sales 2020 69 839 M 83 548 M 83 548 M
Net income 2020 1 821 M 2 178 M 2 178 M
Net Debt 2020 2 859 M 3 420 M 3 420 M
P/E ratio 2020 12,4x
Yield 2020 7,32%
Capitalization 22 714 M 27 157 M 27 173 M
EV / Sales 2020 0,37x
EV / Sales 2021 0,37x
Nbr of Employees 72 621
Free-Float 85,9%
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Technical analysis trends ASSICURAZIONI GENERALI S.P.A.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 15,34 €
Last Close Price 14,47 €
Spread / Highest target 26,5%
Spread / Average Target 5,98%
Spread / Lowest Target -32,3%
EPS Revisions
Managers
NameTitle
Philippe Donnet Chief Executive Officer, MD & Executive Director
Gabriele Galateri di Genola Chairman
Jaime Anchústegui Melgarejo Group Chief Operations & Insurance Officer
Cristiano Borean Chief Financial Officer
Francesco Gaetano Caltagirone Deputy Vice Chairman
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