Jefferies cuts Generali to Hold and raises target for Assicurazioni Generali stock

Published on 10/07/2026 at 10:26 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Adjusted net income rose 13.70 percent to EUR 2.5 billion in first-half 2026. Assicurazioni Generali stock has a EUR 50.95 consensus target.

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Assicurazioni Generali (IT0000062072) faces a more measured analyst stance after Jefferies cut its rating to Hold and raised its price target from EUR 28.50 to EUR 38.00. The change was dated September 29, 2026, and was reported by Investing.com.

Jefferies raises target but cuts rating

Jefferies increased its valuation target after rolling its analysis forward to 2027 normalized earnings, but said the new EUR 38.00 target offered limited room after the recent share-price rally. The report also raised its 2026 earnings-per-share estimate by 7.00 percent to EUR 3.30, with the forecast 2.00 percent above consensus, according to Investing.com.

The tension is clear: the target rose by EUR 9.50, a 33.33 percent increase from EUR 28.50, while the rating moved from Buy to Hold. Jefferies cited potential pressure from weaker retail pricing in non-life insurance and lapse-rate concerns in the existing life-insurance book.

First-half figures support the case

Generali's first-half 2026 gross written premiums reached EUR 53.4 billion, up 5.80 percent from the first half of 2025. The operating result rose 11.20 percent to EUR 4.5 billion, while adjusted net income increased 13.70 percent to EUR 2.5 billion, according to the company's second-quarter earnings call transcript published by Yahoo Finance.

Operating momentum was broad. Life operating profit rose 8.80 percent to EUR 2.2 billion, net inflows exceeded EUR 8.3 billion, and the property and casualty combined ratio stood at 91.50 percent versus 91.00 percent in the first half of 2025, according to Yahoo Finance.

Valuation now sets the debate

Generali also reported a Solvency II ratio of 216.00 percent after the first half of 2026, a capital figure that supports shareholder distributions while leaving valuation as the central issue for analysts. The company completed a EUR 500 million buyback during the period, according to Yahoo Finance.

A separate analyst overview placed the average target at EUR 50.95 and described the consensus as Moderate Buy on October 5, 2026, according to Business Insider. The gap between that average and Jefferies' EUR 38.00 target shows how sharply valuation assumptions differ across the analyst community.

Capital strength meets valuation pressure

Assicurazioni Generali is listed on Xetra under ticker ASG, while its first-half operating result and adjusted net income provide the latest quantified view of the group. The next valuation debate will depend on whether premium growth and capital generation can offset the pricing and lapse-rate risks identified by Jefferies.