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Assicurazioni Generali S.p.A. (ARZGY) Q2 2026 Earnings Call Transcript

Italy's top insurer Generali beat estimates with ​its first-half results on Thursday thanks to ‌the contribution of all of its businesses and said it would start a new €500-million tranche of its ​share buyback programme next week.

At quarter-end our portfolio had more than 106% upside to our estimated NAV and was trading at a weighted average P/E of 6.6x (net of cash), FCF/EV yield of 17% and a return on tangible capital of 29%. The top contributor during the quarter was Watches of Switzerland (+59.2% +113 bps), the British dealer of luxury watches and Rolex's most important authorized dealer. The top detractor was Vår Energi (VNRNF) (-18%, -57 bps), the Norwegian oil and gas operator.