Mario Greco is promoted with full marks by Piazza Affari, galvanized by the results of the first quarter of the Lion, well beyond expectations. Indeed, the consensus of analysts forecast a net profit for the quarter of 528 million, operating assets of 1,19 billion and a combined ratio of 94,6%. Instead, Generali closed the quarter with a net profit of 603 million euros (+6,3%) an operating result of 1,3 billion (+8%) driven by the non-life segment (+26,6% to 520 million ), favored by the combined ratio down by 1,8 points to 93,6%.
In summary, the company managed to limit the retreat of the life sector (-2,6% to 797 million). Shareholders' equity amounted to 18,8 billion (-1,2%), after the impact of 477 million for the purchase at the end of March of the first tranche of Ppf's stake in Gph. But, thanks to the triumphal march of sovereign debt securities, led by BTPs and the effects of the placement of 12% of Banca Generali, the Solvency index improved: from 138% at the end of the quarter to 145% at the end of April. Now the Lion can devote himself, without haste, to enhancing US reinsurance and to the sale of BSI, which is proving to be more complicated than expected. Of course, the figures requested by Greco.
But the figures explain only to a certain extent the benevolent attitude of investors towards the Greco management. What the market shows it appreciates is the "new look" in the management of non-strategic financial packages: both on RCS and on Telecom Italia, the "invisible hand" of Mediobanca which in the past influenced portfolio choices is not felt. The market appreciates the new approach endorsed by Piazzetta Cuccia. Even if this morning Greco limited himself to confirming a "wait and see" strategy. In other words, you can get out of both publishing and telecommunications, but when it's convenient for us, it's better if soon.
What will happen, in particular, to the stake in Rcs Media Group? "On RCS we will see, when we are in the meeting, what we deem useful and convenient for us" replied the group CEO regarding the voting intentions at the RCS meeting of 30 May on the capital increase. Generali has already indicated that they will not participate in the recapitalization because “the work we do is that of insurers. The media sector is totally different and we cannot remain in sectors so different from ours when we are trying to recover solidity". A different decision from that of Mediobanca (which together with Fiat will absorb the unopted share of the pact) "Our position is understood by everyone", Greco underlined.
And on Telecom? "We are obviously interested in following the decisions of the company and we are in favor of any project that enhances it" was Greco's solomonic response in the conference call regarding the Telco-Telecom dossier. But the CEO also underlined that "any corporate process of acquisition, sale and merger takes time, things are not done in a few days". 'In short, we are waiting to hear “proposals or discussions on possible proposals” without preclusions of any kind: “Telecom must go to the council, present a project, which will be examined and evaluated by the councillors. I don't have a position: I'm not aware of a project. This is not a question of talking, but of seeing a project made up of numbers, times and values and I have never seen this before. I think no one has seen it. So it's hard to say you're for or against something you don't know,” concluded Greco.
