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