Generali 2025年第一季度业绩报告：强劲开局，传统储蓄业务正向净流入

Restricted - External Philippe Picagne+44 (0) 20 7773 1525philippe.picagne@barclays.comBarclays, UK negative foreign exchange translations. Generali reported a Solvency II ratio of 210% in Q1 25,identical to its level at year-end 2024.Reiterate Market Weight.We are Market Weight on Generali given its strong underwritingprofitability, adequate capital structure and relatively well diversified risk profile althoughskewed towards Europe. Generali's exposure to European sovereigns could potentially becomea concern in the upcoming years if some European sovereign ratings were to be downgraded.Relative value:we think that Generali's subordinated bonds are fairly priced relative to peers.FIGURE 1. Generali's subordinated bonds look fairly pricedSource: Bloomberg, Barclays Research 2 Analyst(s) Certification(s):I, Philippe Picagne, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of thesubject securities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to thespecific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays").All authors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflectsthe local time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:For current important disclosures regarding any issuers which are the subject of this research report please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companies covered in its research reports. As a result, investorsshould be aware that Barclays may have a conflict of interest that couldaffectthe objectivity of this report. Barclays Capital Inc. and/or one of itsaffiliatesregularly trades, generally deals as principal and generally provides liquidity (as market maker or otherwise) in the debt securities that are thesubject of this research report (and related derivatives thereof). Barclays trading desks may have either a long and / or short position in such securities,other financial instruments and / or derivatives, which may pose a conflict with the interests of investing customers. Where permitted and subject toappropriate information barrier restrictions, Barclays fixed income research analysts regularly interact with its trading desk personnel regardingcurrent market conditions and prices. Barclays fixed income research analysts receive compensation based on various factors including, but notlimited to, the quality of their work, the overall performance of the firm (including the profitability of the Investment Banking Department), theprofitability and revenues of the Markets business and the potential interest of the firm's investing clients in research with respect to the asset classcovered by the analyst. To the extent that any historical pricing information was obtained from Barclays trading desks, the firm makes norepresentation that it is accurate or complete. All levels, prices and spreads are historical and do not necessarily represent current market levels, pricesor spreads, some or all of which may have changed since the publication of this document. Barclays Research Department produces various types ofresearch including, but not limited to, fundamental analysis, equity-linked analysis, quantitative analysis, and trade ideas. Recommendations andtrade ideas contained in one type of Barclays Research maydifferfrom those contained in other types of Barclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Disclosure(s) regarding Information SourcesBloomberg® is a trademark and service mark of Bloomberg Finance L.P. and itsaffiliates(collectively “Bloomberg”) and the Bloomberg Indices aretrademarks of Bloomberg. Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve orendorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the resultsto be obtained therefrom and, to the maximum extent allowed by law, Bloomberg shall have no liability or responsibility for injury or damages arisingin connection therew