Assicurazioni Generali SpA (G.MI) said Wednesday that first-quarter net profit fell from a year earlier, mainly because of the lower value of its equity investments, while premiums were steady despite the financial crisis.

The Trieste-based insurer said net profit in the quarter ended March 31 was EUR104 million, down from EUR910.3 million a year earlier. Gross equity impairments were EUR1.5 billion in the first quarter, the insurer said.

Generali said that it is difficult to provide a reliable guidance for the rest of the year, citing the ongoing economic crisis.

In the quarter, gross premiums were unchanged at EUR18.5 billion. Life premiums fell 1% to EUR11.9 billion and non-life rose 3.5% to EUR6.6 billion, the company said, confirming figures announced by the chairman at the company's annual general meeting in April.

Generali shares have underperformed the Italian S&P Mib index. Since the beginning of the year, Generali stock has lost about 14%. At 1200 GMT, the shares were down 1% at EUR16.75 in an overall negative market.

Generali, which ranks third among European insurers in market capitalization after Germany's Allianz SE (AZ) and France's Axa SA (AXA), has been expanding its operations abroad in past three years.

Generali is holding a conference call at 1330 GMT.

Company Web site: http://www.generali.com

-By Sabrina Cohen, Dow Jones Newswires, +39 02 5821 9906; sabrina.cohen@dowjones.com