Generali Drops for Third Day, Cut to Neutral at MainFirst

Generali shrs fall 1.5% as of 11:57am, worst performer on FTSE MIB; SXIP down 1%.

  • Cut to neutral vs outperform at MainFirst
    • MainFirst says issue of life profitability “barely touched upon in co.’s business plan presentation,” causing “disappointment to us given collapsing profitability of traditional life insurance in current context of low interest rates”
    • Also says Solvency under new model “fragile”
    • PT cut to EU18 vs EU20

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