Generali continues to evaluate Mediobanca’s offer on 51% of Banca Generali and reserves the right to continue evaluating it in the coming weeks together with the reflections of the industrial partnership with Mediobanca. This was specified by the Lion of Trieste, which today published solid half -yearly results and announced a buyback plan worth 500 million euros.
The Mediobanca question
Generali confirmed that he has sent the “response” to his letter to Mediobanca, containing additional information regarding the public exchange offer on the totality of Banca Generali actions and, in particular, on the proposal of a definition of a potential future industrial relationship between the Generali Group and the Mediobanca Group. Response that in fact unlocks the convocation of the Piazzetta Cuccia assembly of August 21 for the approval of the OPS.
Generali’s board of directors, meeting for the approval of the half -yearly results, “confirms the intention to continue the evaluation of the offer and the relative discussions”. “In this phase, before formulating a definitive position, – informs a note from the group – Generali reserves the right to continue to evaluate the offer and potential industrial partnership in the coming weeks in full compliance with the processes, procedures and timing of the group defined by its corporate bodies”.
At stake there is therefore not only the evaluation of the offer in itself, but also the partnership of Bancassurance and in the Asset Management between Generali, Mediobanca and Banca Generali. In the letter sent by Nagel to Trieste, in fact, this was asked: confirm the validity of the current partnership and extend it to the financial consultants of Mediobanca, extending the duration of five to ten years.
Semester with “excellent” results
The first semester closed with a normalized net profit in significant growth (+10.4%) to 2,237 million euros. The net result of the group grows at 2,152 million (+4.9%). The normalized EPS increases to 1.47 euros, with a growth of 12.5% compared to the first half of 2024. Results that the CEO Philippe Child defines as “excellent” and in line with the strategic plan “Lifetime Partner 27: Driving Excellence”.
Gross prizes reach 50.5 billion (+0.9%), mainly thanks to the growth of the damage segment (+7.6%). Net life collection is confirmed positive, over 6.3 billion euros, thanks to all business lines, in particular the pure risk and illness line, hybrid products and unit-coin. The operating result reaches a strong growth (+8.7%) to 4,049 million euros, thanks to the positive development of the damage, life and asset management segments, in line with the strategic priorities of the “Lifetime Partner 27: Driving Excellence” plan.
The group’s net assets stands at 29.7 billion (-2.2%), reflecting the net result of the period, the payment of dividend 2024 and the long-term incentive plan carried out in the first half of 2025.
The group confirms its solid patrimonial position, with a solvency ratio growing at 212% (210% in the first half of 2024), thanks to the solid normal generation of capital, which already includes the launch of the 500 million euro buyback.
Started a 500 million buyback plan
Finally, Generali has announced the start of a plan for the re -sections of its own shares (buybacks) of the total value of 500 million euros, to be carried out no later than 18 months from the assembly resolution.
The number of shares subject to this purchase will not be able to exceed 2% of the company’s share capital. The purchase of the proper actions is instrumental to the cancellation of the same. The regulating of the company’s shares will begin on August 7, 2025 and will end by December 2025. The minimum purchase price of ordinary shares cannot be less than the implicit nominal value of the title at the current time, while the maximum one will not be able to exceed 5% the reference price that the security will have recorded in the stock exchange session of the day before each individual purchase operation.
The repurchase program is in line with the capital management policy traced in the 2025-2027 strategic plan “Lifetime Partner 27: Driving Excellence” and the objective of providing shareholders with an additional remuneration with respect to the distribution of dividends with parts, using part of the available liquid resources of the company.
As of today, Generali and its subsidiaries hold 31,440,479 own shares, representing 2.03% of the share capital.
