By Giovanni Legorano
MILAN--Assicurazioni Generali SpA (G.MI) said Thursday its
first-quarter net profit rose 9.4% from a year earlier to 660
million euros ($905 million), aided by increases in gross written
premiums and higher profitability at its financial and non-life
segments.
Gross written premiums rose 1.5% from a year earlier to EUR18.48
billion.
The company's overall operating profit rose to EUR1.296 billion
from EUR1.29 billion a year earlier.
The financial segment's operating profit rose 21% to EUR144
million, due to the positive performance of Banca Generali, the
company said.
Operating profit in the life sector was stable at EUR779 million
in the first quarter, while operating profit at the non-life
segment rose 3.7% to EUR516 million, despite the floods and storms
in Italy and France during January and February that cost the
company EUR30.4 million.
Generali said its Solvency I ratio rose to 160% at the end of
April from 141% at the end of the year. The insurer said the
improvement was mainly due to an increase in shareholders' equity,
which rose 10% to EUR21.74 billion over the first quarter.
Late Wednesday, the company said it entered into exclusive talks
to sell its Swiss private bank, BSI, to Banco BTG Pactual S.A.
(BBTG11.BR).
Write to Giovanni Legorano at giovanni.legorano@wsj.com
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