Generali on Track to Meet Targets After Quarterly Beat
By Elena Vardon
Assicurazioni Generali backed its targets as it reported better-than-expected results for the first quarter, driven by growth across all of its segments.
The Italian insurer said Tuesday that its net profit for the three months ended March rose to 1.26 billion euros ($1.37 billion) from EUR1.20 billion a year earlier.
Adjusted net profit was EUR1.12 billion, down 9% given the one-off capital gain from a London real-estate development disposal it booked last year, it said. Operating profit--a metric closely watched by analysts and investors--increased 5.5% to EUR1.90 billion, it said.
Gross written premiums jumped 21% to EUR26.39 billion on the performance of its property-and-casualty and life divisions. Its life net inflows returned to positive levels, driven by protection and unit-linked, it said.
Generali was expected to post an adjusted net profit of EUR979 million, operating profit of EUR1.87 billion and gross written premiums of EUR20.02 billion, according to an analysts' consensus provided by the company.
"Thanks to our diversified insurance and asset management model and solid capital position, driven by strong normalized capital generation, we remain fully on-track to meet all the targets of our 'Lifetime Partner 24: Driving Growth' strategy," Finance Chief Cristiano Borean said.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
May 21, 2024 01:40 ET (05:40 GMT)
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