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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 takes on European rivals with new 2022 targets

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11/14/2019 | 06:28am EDT
Logo of Swiss Zurich insurance is seen at an office building in Zurich

Zurich Insurance on Thursday raised its earnings targets for the next three years as Europe's fifth-biggest insurer takes aim at rivals such as Allianz and Generali.

Zurich's three-year plan is "remarkably similar" to Allianz's plan released in Nov 2018, Jefferies analysts said, pointing to Allianz's strong performance since then and reiterating their "buy" rating on Zurich stock.

Zurich raised its target for business operating profit after tax return on equity (BOPAT ROE) to more than 14% from more than 12%.

BOPAT ROE stood at 15% in the first half of the year.

It also aims to achieve organic earnings per share growth of at least 5% annually, it said in a statement ahead of its investor day in London.

"We are on a journey for making the company stronger, better," Chief Executive Mario Greco told a media call.

Zurich has not factored acquisitions or share buybacks into its plan, Greco said though he added the insurer could be "tactical and opportunistic" regarding merger opportunities.

The group said it was set to deliver continued high levels of cash remittances, which are expected to be in excess of $11.5 billion over the three years.

It will keep targeting a pay-out ratio of around 75% of net income attributable to shareholders, in line with its current dividend policy.

Greco said the insurer was not setting new public cost-cutting targets, but cost savings would be embedded in its financial targets.

"Our experience is that announcing cost cuts is not exactly boosting morale," he said.

Last week, Zurich Insurance said property and casualty gross written premiums rose 2% in the first nine months of the year.

Zurich's shares were down 0.13% at 385.8 Swiss francs at 0957 GMT.

By Silke Koltrowitz and Carolyn Cohn


Stocks mentioned in the article
ChangeLast1st jan.
ALLIANZ SE -0.95% 150.46 Delayed Quote.-31.11%
ASSICURAZIONI GENERALI S.P.A. 0.31% 11.395 Delayed Quote.-38.05%
AT HOME GROUP INC. -22.33% 16.56 Delayed Quote.201.09%
AXA -0.90% 13.648 Real-time Quote.-45.65%
JUST GROUP PLC -1.84% 41.68 Delayed Quote.-47.24%
SWISS RE LTD 0.67% 63.5 Delayed Quote.-41.58%
WILL GROUP, INC. -0.12% 808 End-of-day quote.-35.46%
ZURICH INSURANCE GROUP LTD -0.33% 301 Delayed Quote.-24.20%
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Financials
Sales 2020 69 195 M 80 785 M 80 785 M
Net income 2020 1 760 M 2 055 M 2 055 M
Net Debt 2020 2 859 M 3 337 M 3 337 M
P/E ratio 2020 10,1x
Yield 2020 8,34%
Capitalization 17 887 M 20 857 M 20 883 M
EV / Sales 2020 0,30x
EV / Sales 2021 0,29x
Nbr of Employees 72 621
Free-Float 85,9%
Chart ASSICURAZIONI GENERALI S.P.A.
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Technical analysis trends ASSICURAZIONI GENERALI S.P.A.
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 14,94 €
Last Close Price 11,40 €
Spread / Highest target 60,6%
Spread / Average Target 31,1%
Spread / Lowest Target -14,1%
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
Sector and Competitors
1st jan.Capitalization (M$)
ASSICURAZIONI GENERALI S.P.A.-38.05%20 857
AXA-45.65%37 932
METLIFE, INC.-26.80%33 865
PRUDENTIAL PLC-35.51%31 335
MANULIFE FINANCIAL CORPORATION-32.55%26 380
NEW CHINA LIFE INSURANCE COMPANY LTD.40.59%25 744