Assicurazioni Generali 1Q Net Profit EUR588 Million

By Giovanni Legorano

MILAN--Assicurazioni Generali SpA (G.MI) said Thursday its first-quarter net profit declined by 14%, mainly hit by lower operating income in its life insurance business and volatile equity markets.

The insurer said its net profit for the quarter stood at EUR588 million ($671.6 million), compared with EUR682 million for the same period a year earlier. Its consolidated operating result dropped by 12% to EUR1.16 billion for the quarter.

Generali said the decline in operating result was due to lower interest rates and to a planned lower realization of financial gains on its securities portfolio, which had been particularly favorable in the first quarter of 2015, particularly in equity markets.

Write to Giovanni Legorano at giovanni.legorano@wsj.com

(END) Dow Jones Newswires

May 12, 2016 02:01 ET (06:01 GMT)

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