Financial and sustainability performance

The following charts present and describe the main financial benchmarks for the results obtained by the Group, compared with the performance of the financial markets. Information is also provided concerning Assicurazioni Generali's inclusion in leading ethical indices, and the rating obtained from several SRI (Socially Responsible Investment) rating agencies specialising in the analysis of environmental, social and governance (ESG) performance of companies in order to assess whether the share meets social responsibility requirements.

FINANCIAL PERFORMANCE
 2009201020112012Change
2012/2011
Average change
2012/2009
Shareholders' equity (*)
(in million Euros)
16,652 17,490 15,486 19,828 28.0% 6.0%
Stock market capitalization
(in million Euros)
29,300 22,123 18,106 21,391 18.1% -10.0%
Price of Generali shares (Euro) (**)  18.82 14.21 11.63
13.74 18.1% -10.0%
Dividend yield 1.9% 3.2% 1.7% 1.5%    

(*) Shareholders' equity attributable to the Group, including the related result of the period.

(**) Adjusted to account for the free increases of capital.

  • Market capitalisation as at 31 December 2012 was 21,391 million euros, confirming Assicurazioni Generali S.p.A. as one of the major European insurers by market capitalisation. The market capitalisation, which is the market value of a listed company, is calculated by multiplying the number of shares by their market price.
  • The dividend yield, i.e. the ratio of final unit cash dividend to final share price, decreased in 2012 (1.5%), due to the increase in the value of the share on which it is calculated during the year. This is a return indicator that allows the dividend to be compared with that of other stocks.

 

Performance of Generali share compared with the main stock exchange indices in 2012

  • In 2012, Generali's share price fluctuated between a low of 8.22 euros (on 31 May 2012) and a high of 13.82 euros (on 21 December 2012), amounting to 13.74 euros at year-end, appreciating by 18.1% on the end of 2011.
  • The performance of the Generali share at the end of 2012 (+18.1%), mainly the result of a significant recovery in the second half of the year, outperformed the Borsa Italiana FTSE MIB index (+7.8%) and the Eurozone blue-chip index Dj Eurostoxx 50 (+13.8%) while it underperformed the Eurozone insurance index Dj Eurostoxx Insurance (+32.9%).
  • The Generali share is listed on 61 stock market indices, including the most important: Euro Stoxx 50, Stoxx Europe 600, FTSE MIB, Euro Stoxx, MCSI Euro and Euro Stoxx Insurance.

Furthermore, the Generali Group is also listed on numerous ethical indices, i.e. stock market indices composed of baskets of companies with the best environmental, social and corporate governance (ESG) characteristics.
These indices are used as criteria to assess the performance of a specific "ethical" investment in relation to what may be considered the average market performance as a benchmark for investors and fund managers intending to select shares of companies considered socially responsible. As demonstrated in the literature on the issue, in the medium/ long-term, these indices achieve, on average, performance that is no lower than the performance of traditional indices.

The main results of the Generali Group in 2012 are shown below:

indice FTSE4GoodAssicurazioni Generali's position on the FTSE4Good index was reconfirmed, with a rating of 97/100, placing it in 5th place globally in the ranking of the best companies in the insurance industry (Supersector Leaders).

 

 

Indice ESIAssicurazioni Generali was included in the ESI (Ethibel Sustainability Index) Excellence Global, following its inclusion in the ESI Excellence Europe and ESI Excellence Euro indices, which were confirmed.

 

 

 

indici ESG LeadersAssicurazioni Generali was included in the ESG Leaders indices of STOXX Ltd., which selects the companies included in STOXX Global 1800 through ESG "best in class" criteria.

 

 

indice Vigeo Europe 120 Assicurazioni Generali has been included in the Vigeo Europe 120 index, in a new series of indices created by the social and environmental rating agency Vigeo, in partnership with NYSE Euronext. These indices include companies on the Stoxx 1800 index which achieve the best performance in the analysis of 330 indicators, organised into 38 sustainability drivers.

Furthermore, Assicurazioni Generali's position in indices it was previously ranked in was reconfirmed. These include: FTSE ECPI Italia SRI, ASPI (Advanced Sustainable Performance Indices) Eurozone, MSCI ESG Indices, STOXX Europe Sustainability, ECPI Global Ethical Equity and Axia Global Sustainability Index.

RATING
Rating agencyRating (***)
A.M.BestA
Standard & Poor'sA
FitchA-
Moody'sBaa1

(***) Updated as of january 2013

 

As the result of maintaining a strong competitive position, the sound operating results and the management's commitment to strengthening the capital position, Generali confirmed its financial soundness even in a phase where several rating agencies had put it under surveillance due to the ongoing restructuring.

Moody's downgraded Generali's rating from A1 to Baa1, following the downgrade of the rating of Italy's sovereign debt. The outlook (negative) was also affected by the outlook for Italy.

As regards the SRI (Socially Responsible Investment) rating:

Forum ETHIBELrating B

With the assignment of a B rating by the Forum ETHIBEL, Generali has joined the Ethibel PIONEER register, which provides access to top-level SRI investment funds.

Oekom Research AGrating from C to C+

The German rating agency Oekom Research AG also upgraded Generali's rating, from a C to a C+ and maintaining its "PRIME" classification, which designates bonds and shares issued by Generali as responsible investments.