Assicurazioni Generali 1st Half Net Profit Rose on Improved Operating Results, Business Sales
August 01 2019 - 2:13AM
Dow Jones News
By Pietro Lombardi
Assicurazioni Generali SpA's (G.MI) net profit for the first six
months of the year rose roughly 35%, buoyed by improved operating
results and gains on the sales of some businesses.
The positive results cap the first six months of the Italian
insurer's new strategic plan, under which it wants to cut its debt
and is targeting growth in earnings per share at an annual rate
between 6% and 8% through 2021.
Net profit for the period rose to 1.79 billion euros ($1.99
billion) from EUR1.33 billion a year earlier, it said Thursday.
Gross written premiums edged up 1.8% to EUR35.73 billion.
The insurer posted a capital gain of EUR352 million on the
disposal of Generali Leben, while the sale of its Belgian business
led to a gain of EUR128 million.
Stripping out the effects of disposals, profit increased
6.4%.
Operating results were boosted by the performance of its three
main business segments and improved 7.6% to EUR2.72 billion. The
asset-management business posted a roughly 17% increase in
operating result, while the property and casualty business grew
1.4% and the life segment 4%.
The group solvency ratio declined to 209% from 217% at the end
of last year. This is mostly due to the impact of regulatory
changes, the company explained.
"The first half of the year confirms the effective and
disciplined implementation of the three-year strategic plan
'Generali 2021' in all business segments," Chief Executive Philippe
Donnet said.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
August 01, 2019 01:58 ET (05:58 GMT)
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