UPDATE: Generali 1Q Premiums In Line With 08 Despite Crisis
April 24 2009 - 6:48AM
Dow Jones News
Assicurazioni Generali's (G.MI) first-quarter premiums are in
line with the same quarter of 2008, top executives of the insurer
said Friday at the annual general meeting of the Italian
insurer.
"Life premiums in the first quarter of the year are above
EUR11.5 billion, non-life are at EUR6 billion," Generali Chairman
Antoine Bernheim said.
Bernheim said that it is foreseeable that first quarter net
income will be affected by the ongoing financial and economic
crisis. Generali co-chief executive Giovanni Perissinotto said that
he can see "a positive net income in the quarter," despite more
impairments at its equity investment portfolio. Generali is
scheduled to report first-quarter results May 13.
Bernheim reiterated that the company, that ranks third in terms
of market capitalization after German Allianz SE (AZ) and French
AXA SA (AXA), is solid and won't need capital hikes.
Generali's chairman said that the company is not looking at buy
opportunities at the moment, reiterating that if an interesting
opportunity will arise in the future it will carefully look at
it.
Generali has been expanding its operations abroad in the last
three years. Co-chief executive Sergio Balbinot said that
operations in Central and Eastern Europe as well as China and India
are doing well.
This week Generali has announced it has obtained a licence to
sell life insurance in the United Arab Emirates. Shares of Generali
have lost around 20% in the last twelve months. At 1000 GMT +0.7%
at EUR15.22 in line with an overall positive market.
Bernheim also said he will not run for a new term as chairman at
Generali as his mandate expires in 2010.
Company Web site: http://www.generali.com
-By Sabrina Cohen, Dow Jones Newswires, +39 347 3563 463;
sabrina.cohen@dowjones.com