Generali Beat Expectations in 1Q
By Pietro Lombardi
Assicurazioni Generali SpA's first-quarter results beat
expectations, boosted by strong results in its asset-management and
The Italian insurer said Tuesday that quarterly net profit was
802 million euros ($974.6 million), compared with a EUR113 million
profit a year earlier, when impairments and costs related to the
pandemic hit its results.
Operating profit rose 11% to EUR1.61 billion, with the
asset-management division posting a 46% increase in operating
profit and the property-and-casualty operations achieving 10%
growth. Results fell 1.8% in the life segment.
Analysts had forecast quarterly profit of EUR705 million,
according to a consensus forecast provided by the company.
Gross written premiums rose 4.2% to EUR19.71 billion.
The solvency II ratio, a key measure of financial strength for
insurance companies, was 234% in March.
The insurance giant confirmed its targets for earnings growth,
dividends and profitability.
Write to Pietro Lombardi at email@example.com;
(END) Dow Jones Newswires
May 18, 2021 01:59 ET (05:59 GMT)
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