Generali: Resilient Operating Performance Doesn't Change Investment Case

  • Generali delivered record 2024 operating results, driven by growth in all segments and successful business diversification, especially in asset management. The dividend yield is attractive at 4.8%, with a goal to grow dividends by 10%+ annually, but income appeal is limited by annual payouts. Valuation remains slightly above historical averages and in line with peers, offering little upside despite strong fundamentals and capital strength.