0750 GMT - Generali's asset-management joint venture with Groupe BPCE's Natixis reduces risks for the Italian insurer, Berenberg says in a research note. The deal gives it a distribution capacity with a ready-made platform with a reach across key markets that it would otherwise couldn't have achieved without investment, analyst Michael Huttner writes. The net cash cost of the tie-up is around 200 million euros, which impacts its solvency by only 2 percentage points, he adds. "Generali was planning to invest more in any case in illiquid assets to move up to the peer group asset allocation level and, instead...will have better control of the related asset risk" through the 50-50 joint venture, he says. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
January 22, 2025 02:50 ET (07:50 GMT)
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