Generali 9-Month Profits Hit by One-Offs, Operating Profit Edged Up
November 12 2020 - 2:19AM
Dow Jones News
By Pietro Lombardi
Assicurazioni Generali SpA said Thursday that its net profit for
the first nine months of the year fell sharply and that it will
resume dividends as soon as regulators give the green light.
The Italian insurance giant's net profit for the period fell 40%
to 1.30 billion euros ($1.53 billion), with one-offs including
coronavirus related impairments and expenses, as well as costs to
settle an arbitration weighing on the results.
Operating profits rose 2.3%, as a strong performance in its
asset-management business and property and casualty operations
offset a decline in the life segment.
The company confirmed its dividend plan through 2021, and next
year plans to ask shareholders to approve the payment of the second
part of the 2019 dividend.
General confirmed its outlook for this year, expecting lower net
and operating profits compared with last year.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com;
@pietrolombard10
(END) Dow Jones Newswires
November 12, 2020 02:04 ET (07:04 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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