忠利集团：初步观点：盈利增长符合目标

May 22, 2025March 13, 2025March 13, 2025 Philip Kett * | Equity Analyst44 (0) 20 7548 4126 | pkett@jefferies.com Company DescriptionGeneraliGenerali is a composite insurer, offering a wide range of life, health and non-life insurance products, alongside savings and asset management,all through market leading positions in Italy, France, Germany and the Central & Eastern European region.Company Valuation/RisksGeneraliWe value Generali with a multi-stage, sum of the parts model. Risks include an underwriting downturn in the European non-life business unit,life margin compression from falling asset yields, and wider competitive pressures in the pricing of unit-linked and asset management products.Falling equity markets and declining interest rates could reduce Solvency II capital and thereby valuation.Analyst Certification:I, Philip Kett, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.Registration of non-US analysts:Philip Kett is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresJefferies Financial Group Inc., its affiliates or subsidiaries beneficially owned 1% or more of the common equity of Generali as of last month's end (or theprior month’s end if this report is dated later than 10 days after the most recent month end).Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or morewithin a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average securityprice consistently below $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperformrated securities with an average security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less withina 12-month period.NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/orJefferies policies.CS - Coverage Suspended. Jefferies has suspended coverage of this company.NC - Not covered. Jefferies does not cover this company.Restricted - Describes issuers where, in conjunction with Jefferies engagement in certain transactions, company policy or applicable securities regulationsprohibit certain types of communications, including investment recommendations.Monitor - Describes securities whose company fundamentals and financials are being monitored, and for which no financial projections or opinions onthe investment merits of the company are provided.Valuation MethodologyJefferies' methodology for assigning ratings may include the following: market capitalization, maturity, growth/value, volatility and expected total returnover the next 12 months. The price targets are based on several methodologies, which may include, but are not restricted to, analyses of market risk,growth rate, revenue stream, discounted cash flow (DCF), EBITDA, EPS, cash flow (CF), free cash flow (FCF), EV/EBITDA, P/E, PE/growth, P/CF, P/FCF,Please see important disclosure information on pages 2 - 7 of this report.This report is intended for Jefferies clients only