# Generali (G.MI)

Canonical: https://gigainvestors.com/s/G.MI

Analysis as of: 2026-10-16T07:33:46.831Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 42.20 per share; close as of 2026-10-14.

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.30×

Chart: Net income; fiscal year observations.

- FY2016: EUR 2.1B

- FY2017: EUR 2.1B

- FY2018: EUR 2.3B

- FY2019: EUR 2.7B

- FY2020: EUR 1.7B

- FY2021: EUR 2.8B

- FY2022: EUR 2.9B

- FY2023: EUR 3.7B

- FY2024: EUR 3.7B

- FY2025: EUR 4.2B

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 9.7%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 8.4%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 8.5%

- FY2017: 8.4%

- FY2018: 9.8%

- FY2019: 9.4%

- FY2020: 5.8%

- FY2021: 9.7%

- FY2022: 18.0%

- FY2023: 12.9%

- FY2024: 12.3%

- FY2025: 13.0%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 9.7%

- Book return interval: 10 years

- Starting book value per share: EUR 15.14

- Ending book value per share: EUR 21.33

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 21.9%

- FY2017: -6.5%

- FY2018: -0.4%

- FY2019: 25.8%

- FY2020: 8.8%

- FY2021: 5.0%

- FY2022: -38.7%

- FY2023: 95.3%

- FY2024: 13.3%

- FY2025: 14.0%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -0.3%

- Diluted shares, 5-year annual growth: -1.1%

- Share growth excluding flagged crisis recapitalisations: -0.3%

- Five-year share growth excluding flagged crisis recapitalisations: -1.1%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.94×

- Book value created per share: EUR 6.19

- Earnings retained per share after dividends and buybacks: EUR 6.60

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 89

- FY2017: 103

- FY2018: 102

- FY2019: 102

- FY2020: 102

- FY2021: 102

- FY2022: 102

- FY2023: 99

- FY2024: 98

- FY2025: 97

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Up 125% since Oct 2023 · net income +12%

Story as of 2026-10-16T09:59:57.716Z; price observation 2026-10-14.

### Net income · FY2025

net income +12%; source https://filings.xbrl.org/549300X5UKJVE386ZB61/2025-12-31/ESEF/IT/0/549300X5UKJVE386ZB61-2025-12-31-1-it/reports/549300X5UKJVE386ZB61-2025-12-31-1-it.html; observed 2026-04-07.

- FY2016: EUR 2.1B 

- FY2017: EUR 2.1B 

- FY2018: EUR 2.3B 

- FY2019: EUR 2.7B 

- FY2020: EUR 1.7B 

- FY2021: EUR 2.8B 

- FY2022: EUR 2.9B 

- FY2023: EUR 3.7B 

- FY2024: EUR 3.7B 

- FY2025: EUR 4.2B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance diversified; annual sales are EUR 74.1 billion.

- Source: https://eodhd.com/api/fundamentals/ASG.XETRA.json#2025-12-31 (filed 2026-04-07); FY2025: revenue 74133000000.

### Why customers stay

It earns 9.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on tangible equity observations [[2016,0.08478305153799144],[2017,0.08413413612982974],[2018,0.0978348375068853],[2019,0.09414668547249648],[2020,0.058077192047687236],[2021,0.09714071243346527],[2022,0.17974199123510895],[2023,0.12934962717481358],[2024,0.12254434170258975],[2025,0.13011477045908185]]; median 0.09748777497017529. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 833 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,1123000000],[2017,1249000000],[2018,1249000000],[2019,1413000000],[2020,783000000],[2021,2310000000],[2022,1690000000],[2023,1793000000],[2024,1986000000],[2025,2171000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/549300X5UKJVE386ZB61/2025-12-31/ESEF/IT/0/549300X5UKJVE386ZB61-2025-12-31-1-it.json (filed 2026-04-07); FY2025: cash repurchases 833000000 EUR.

### What the price says

The price is 0.9 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Closing price 42.20000076293945 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 49.3175126299081; price multiple 0.855679828778463. FY2025 cash earnings/share 12.791565603009092. Closing-price date 2026-10-14.

## Monthly share-price history (EUR per share)

- 2016-11: EUR 11.92 per share

- 2016-12: EUR 14.12 per share

- 2017-01: EUR 14.74 per share

- 2017-02: EUR 13.52 per share

- 2017-03: EUR 14.90 per share

- 2017-04: EUR 14.53 per share

- 2017-05: EUR 14.05 per share

- 2017-06: EUR 14.41 per share

- 2017-07: EUR 15.33 per share

- 2017-08: EUR 15.04 per share

- 2017-09: EUR 15.76 per share

- 2017-10: EUR 15.64 per share

- 2017-11: EUR 15.38 per share

- 2017-12: EUR 15.20 per share

- 2018-01: EUR 15.97 per share

- 2018-02: EUR 15.44 per share

- 2018-03: EUR 15.63 per share

- 2018-04: EUR 16.74 per share

- 2018-05: EUR 14.55 per share

- 2018-06: EUR 14.37 per share

- 2018-07: EUR 15.20 per share

- 2018-08: EUR 14.35 per share

- 2018-09: EUR 14.88 per share

- 2018-10: EUR 14.28 per share

- 2018-11: EUR 14.89 per share

- 2018-12: EUR 14.60 per share

- 2019-01: EUR 15.30 per share

- 2019-02: EUR 15.69 per share

- 2019-03: EUR 16.50 per share

- 2019-04: EUR 17.30 per share

- 2019-05: EUR 15.72 per share

- 2019-06: EUR 16.56 per share

- 2019-07: EUR 16.84 per share

- 2019-08: EUR 16.47 per share

- 2019-09: EUR 17.78 per share

- 2019-10: EUR 18.17 per share

- 2019-11: EUR 18.53 per share

- 2019-12: EUR 18.40 per share

- 2020-01: EUR 17.59 per share

- 2020-02: EUR 16.26 per share

- 2020-03: EUR 12.41 per share

- 2020-04: EUR 13.02 per share

- 2020-05: EUR 12.48 per share

- 2020-06: EUR 13.47 per share

- 2020-07: EUR 12.66 per share

- 2020-08: EUR 13.01 per share

- 2020-09: EUR 12.02 per share

- 2020-10: EUR 11.51 per share

- 2020-11: EUR 14.32 per share

- 2020-12: EUR 14.26 per share

- 2021-01: EUR 14.09 per share

- 2021-02: EUR 15.55 per share

- 2021-03: EUR 17.06 per share

- 2021-04: EUR 16.68 per share

- 2021-05: EUR 16.82 per share

- 2021-06: EUR 16.91 per share

- 2021-07: EUR 16.85 per share

- 2021-08: EUR 17.27 per share

- 2021-09: EUR 18.39 per share

- 2021-10: EUR 18.85 per share

- 2021-11: EUR 17.73 per share

- 2021-12: EUR 18.63 per share

- 2022-01: EUR 18.58 per share

- 2022-02: EUR 17.73 per share

- 2022-03: EUR 20.77 per share

- 2022-04: EUR 18.10 per share

- 2022-05: EUR 16.95 per share

- 2022-06: EUR 15.23 per share

- 2022-07: EUR 14.59 per share

- 2022-08: EUR 14.64 per share

- 2022-09: EUR 14.02 per share

- 2022-10: EUR 15.19 per share

- 2022-11: EUR 16.94 per share

- 2022-12: EUR 16.61 per share

- 2023-01: EUR 17.90 per share

- 2023-02: EUR 18.71 per share

- 2023-03: EUR 18.38 per share

- 2023-04: EUR 18.88 per share

- 2023-05: EUR 17.72 per share

- 2023-06: EUR 18.62 per share

- 2023-07: EUR 19.38 per share

- 2023-08: EUR 19.13 per share

- 2023-09: EUR 19.36 per share

- 2023-10: EUR 18.75 per share

- 2023-11: EUR 19.00 per share

- 2023-12: EUR 19.10 per share

- 2024-01: EUR 20.69 per share

- 2024-02: EUR 21.92 per share

- 2024-03: EUR 23.46 per share

- 2024-04: EUR 22.90 per share

- 2024-05: EUR 23.60 per share

- 2024-06: EUR 23.29 per share

- 2024-07: EUR 23.93 per share

- 2024-08: EUR 24.88 per share

- 2024-09: EUR 25.95 per share

- 2024-10: EUR 25.55 per share

- 2024-11: EUR 27.08 per share

- 2024-12: EUR 27.27 per share

- 2025-01: EUR 30.63 per share

- 2025-02: EUR 31.74 per share

- 2025-03: EUR 32.38 per share

- 2025-04: EUR 32.14 per share

- 2025-05: EUR 32.05 per share

- 2025-06: EUR 30.21 per share

- 2025-07: EUR 32.72 per share

- 2025-08: EUR 33.36 per share

- 2025-09: EUR 33.41 per share

- 2025-10: EUR 33.35 per share

- 2025-11: EUR 34.18 per share

- 2025-12: EUR 35.75 per share

- 2026-01: EUR 34.39 per share

- 2026-02: EUR 36.16 per share

- 2026-03: EUR 34.51 per share

- 2026-04: EUR 38.10 per share

- 2026-05: EUR 38.71 per share

- 2026-06: EUR 42.61 per share

- 2026-07: EUR 43.99 per share

- 2026-08: EUR 44.57 per share

- 2026-09: EUR 42.75 per share

- 2026-10: EUR 42.44 per share

## Annual estimated value (EUR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300X5UKJVE386ZB61/2025-12-31/ESEF/IT/0/549300X5UKJVE386ZB61-2025-12-31-1-it/reports/549300X5UKJVE386ZB61-2025-12-31-1-it.html); period 2025-12-31, filed 2026-04-07.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations