Generali Net Profit Jumps, Boosted by Property and Casualty Business Growth
August 09 2023 - 7:37AM
Dow Jones News
By Pierre Bertrand
Assicurazioni Generali reported an increase in profit in the
first six months of the year after significant property and
casualty growth.
The Italian insurer said on Wednesday that it made 2.24 billion
euros ($2.45 billion) in net profit for the reporting period
compared with EUR864 million a year prior.
Gross written premiums rose 3.6% on year to EUR42.24 billion in
the half year ended in June, while its consolidated operating
result increased 28% to EUR3.72 billion. The result compares with
analysts' expectations of EUR42.17 billion in gross written
premiums and EUR3.46 billion in group operating result.
Generali's operating result was supported by its property and
casualty segment, which grew 86% in the period, driven by
double-digit growth in premiums at both its non-motor and motor
business lines, it said.
Meanwhile, the insurer's life segment operating result
contracted 3.5% to EUR1.81 billion, with net life segment outflows
of EUR877 million in the period, it said.
Generali's solvency ratio, a measure of capital strength, stood
at 228% at the end of the period.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
August 09, 2023 07:22 ET (11:22 GMT)
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