Equity exposure: market value and book value
(€bn, June 16)

Assicurazioni Generali (13.0% )

  • Profitable investment (RoBV: 8-10%, ROAC: 18%)
  • Revenues/EPS stabilizer for MB Group
  • K-accretive (€255m revenues in FY16)
  • Source of capital (disposal of 3pp scheduled)
  • Disposals since FY13 totalling €1.5bn with €0.5bn cap gains 
  • Commitment to sell further AFS stakes and 3 pp of AG stak, flexibility on timing