Ella
qui e ora ...
Davvero geniali !!!
Leonardo, dopo aver ascoltato in religioso silenzio
è uscito con " ma questi ( L. e C. ) sono su un altro livello " 
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2 (19 lettori)
- Creatore Discussione caligola2005
- Data di Inizio
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Leonardo, dopo aver ascoltato in religioso silenzio
è uscito con " ma questi ( L. e C. ) sono su un altro livello " 
Zorba
Bos 4 Mod
Cat XL
Shizuka Minamoto
Francamente io guarderei al Solvency II piuttosto che al Solovency I.
I vari rating dipendono anche (non solo) dalla capitalizzazione. Infatti quella di Generali non e' tra le piu' elevate. Allego PR di S&P di Giugno 2011.
The ratings on Italy-based Assicurazioni Generali SpA, the parent of the European insurance group Generali, and on the group's core insurance operating companies, reflect the group's very strong competitive position and operating performance
as well as its strong enterprise risk management (ERM). We continue to view the group's capitalization as a relative credit weakness.
as well as its strong enterprise risk management (ERM). We continue to view the group's capitalization as a relative credit weakness.
Generali benefits from a very strong competitive position as one of the leading franchises in major European life and property/casualty (P/C) markets, including Italy, Germany, and France, complemented by a strong position in Central and Eastern Europe (CEE). Its position as market leader in Italy, a very profitable market, underpins the overall very strong competitive position of the group. The validity of its business model has been confirmed, in Standard & Poor's Ratings Services' view, by resilient and healthy levels of growth. We expect revenue growth and growth in life to remain in the lowsingle-
digit range. P/C growth should resume in light of the rate increases and the slowly improving economic activity, potentially reaching the mid-single-digit range.
digit range. P/C growth should resume in light of the rate increases and the slowly improving economic activity, potentially reaching the mid-single-digit range.
Solid business fundamentals continue to underpin Generali's very strong operating performance. As we expected, the group's earnings in 2010 improved significantly, although a dampened operating and financial environment continues to
slow further improvements in its operating performance, as it has for peers. 2010 operating profit increased 11.7% to €4,077 billion. We expect operating return to increase in 2011, potentially reaching €4.5 billion. After the sharp increase
over the past two years, we expect life operating earnings to remain stable at around €3 billion, and the P/C segment to contribute about €1.5 to operating profit. We expect operating return on embedded value (ROEV) to recover, exceeding 11%, and new business margin on present value of future profits to remain above 2.2%, sustained by stable volumes of profitable traditional business in Italy, more profitable business mix in France, and a resilient contribution from traditional business in CEE and the rest of the world. In P/C, we expect the net combined ratio to further improve, reaching 98% in 2011, thanks to strict underwriting discipline and risk-adjusted pricing.
slow further improvements in its operating performance, as it has for peers. 2010 operating profit increased 11.7% to €4,077 billion. We expect operating return to increase in 2011, potentially reaching €4.5 billion. After the sharp increase
over the past two years, we expect life operating earnings to remain stable at around €3 billion, and the P/C segment to contribute about €1.5 to operating profit. We expect operating return on embedded value (ROEV) to recover, exceeding 11%, and new business margin on present value of future profits to remain above 2.2%, sustained by stable volumes of profitable traditional business in Italy, more profitable business mix in France, and a resilient contribution from traditional business in CEE and the rest of the world. In P/C, we expect the net combined ratio to further improve, reaching 98% in 2011, thanks to strict underwriting discipline and risk-adjusted pricing.
We view Generali's ERM as strong, reflecting the progress it has made in embedding its risk management framework. Generali's ERM assessment also reflects our view of its strong risk management culture, strong strategic risk management, and strong risk controls for its main risks.
We view Generali's capitalization as only strong, which continues to represent a relative weakness for the current ratings. In addition, capital adequacy fell to only a good level at year-end 2010, according to our risk-adjusted capital model. Quality of
capital has also weakened over recent years because of the expanded use of hybrid debt and an increasing contribution of soft forms of capital.
capital has also weakened over recent years because of the expanded use of hybrid debt and an increasing contribution of soft forms of capital.
The ratings on Generali exceed those on the sovereign (Italy (Republic of); A+/Negative/A-1+). According to our criteria, we assess Generali's exposure to Italian country risk as moderate (see
"Nonsovereign Ratings That Exceed EMU
Sovereign Ratings: Methodology and Assumptions,"
published April 8, 2011). Despite the insurance sector's sensitivity to country risk, we view Generali as a well-diversified global player; Italian government bonds make up only 37.5% of the total government bond portfolio and policyholder liabilities in Italy make up only 27.7% of the total at year-end 2010. We therefore believe that an Italian sovereign default would be mitigated by its diversified country risk exposure.
Outlook
The stable outlook incorporates our expectation that Generali will maintain its very strong competitive position and continue to improve its profitability. In turn these will help the group to improve its capital adequacy. Capitalization remains the key
sensitivity for the rating. We could lower the ratings if Generali's capital adequacy is not trending toward a 'AA' range benchmark under our capital model. Against the backdrop of a continuously difficult capital market and operating environment we believe upward rating potential is remote at this stage.
sensitivity for the rating. We could lower the ratings if Generali's capital adequacy is not trending toward a 'AA' range benchmark under our capital model. Against the backdrop of a continuously difficult capital market and operating environment we believe upward rating potential is remote at this stage.
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Cat XL
Shizuka Minamoto
Grazie Bos. Sarebbe interessante approfondire.
Nel weekend vi posso dilettare un po di piu'. Purtroppo devo far finta di lavorare anche se e' venerdi pomeriggio...
Zorba
Bos 4 Mod
bosmeld
Forumer storico
[Reuters] Generali, oggi Solvency I al 115% - manager
[GASI.MI] MILANO, 11 novembre (Reuters) - Generali ha oggi un Solvency I al 115% senza però conteggiare l'utile dell'ultimo mese e gli effetti dell'eventuale applicazione del decreto anti-crisi. Lo hanno detto i Ceo Giovanni Perissinotto e Sergio Balbinot e il Cfo Raffaele Agrusti nella conference call sulla trimestrale.
[GASI.MI] MILANO, 11 novembre (Reuters) - Generali ha oggi un Solvency I al 115% senza però conteggiare l'utile dell'ultimo mese e gli effetti dell'eventuale applicazione del decreto anti-crisi. Lo hanno detto i Ceo Giovanni Perissinotto e Sergio Balbinot e il Cfo Raffaele Agrusti nella conference call sulla trimestrale.
giapo27
Forumer attivo
Da urlo
Colgo il post per unirmi a ringraziamenti per "OPERAZIONE BA-CA"
(RIPROPONGO LA MIA IDEA DI CANDIDARLI ALLE PROX ELEZIONI QUEI DUE)
L'attenzione che volevo proporre è sulla MPS XS0121342827
...Mi è stata offerta a 59
...non me la sono sentita di prenderne neanche ...un CIP!!
Se qualcuno (escluso l'ignobile) se la sente di darmi conferto e coraggio gliene sono grato
Colgo il post per unirmi a ringraziamenti per "OPERAZIONE BA-CA"
(RIPROPONGO LA MIA IDEA DI CANDIDARLI ALLE PROX ELEZIONI QUEI DUE)
L'attenzione che volevo proporre è sulla MPS XS0121342827
...Mi è stata offerta a 59
...non me la sono sentita di prenderne neanche ...un CIP!!
Se qualcuno (escluso l'ignobile) se la sente di darmi conferto e coraggio gliene sono grato
bosmeld
Forumer storico
Colgo il post per unirmi a ringraziamenti per "OPERAZIONE BA-CA"
(RIPROPONGO LA MIA IDEA DI CANDIDARLI ALLE PROX ELEZIONI QUEI DUE)
L'attenzione che volevo proporre è sulla MPS XS0121342827
...Mi è stata offerta a 59
...non me la sono sentita di prenderne neanche ...un CIP!!
Se qualcuno (escluso l'ignobile) se la sente di darmi conferto e coraggio gliene sono grato
comprato adesso Mps XS0121342827 pagata 58.5 giusto un cip
volevo prendere la uni 238 ma é salita molto. ieri era 45
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