Generali Expects Stronger Year After One-Offs Hit 2020 Results
By Pietro Lombardi
Assicurazioni Generali SpA expects a rebound in profitability
this year after one-offs in part related to the coronavirus
pandemic hit a stable operating performance last year, and said it
is on track to meet its strategic targets.
The Italian insurer said Thursday that it expects a return on
equity, a key measure of profitability, of more than 11.5% this
year, up from the 7.7% it reported for 2020. In 2019, it was
Generali confirmed 2021 targets for earnings growth and
Net profit for 2020 fell almost 35% to 1.74 billion euros ($2.08
billion), dragged by one-offs including coronavirus-related
impairments and expenses, as well as costs to settle an
Operating profit rose 0.3% to EUR5.21 billion, as growing
results in property and casualty and asset management offset a
decline in the life segment.
"For the second consecutive year, we have achieved the group's
best ever operating result," Chief Executive Philippe Donnet
"We have entered the final year of our strategic plan and are
well positioned to achieve all of the objectives of 'Generali
2021,'" he said.
Generali will propose a dividend of EUR1.47 a share, which
includes the 2020 payout and the second part of the 2019
The insurer said it will keep seeking investment opportunities
in asset management.
Write to Pietro Lombardi at email@example.com;
(END) Dow Jones Newswires
March 11, 2021 01:58 ET (06:58 GMT)
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