G Generali Ass

   By Ed Frankl 
 

Assicurazioni Generali SpA said Tuesday that its 2021 profit and premiums topped expectations on positive growth across all its business segments, though the Ukraine conflict had resulted in extra uncertainty over its outlook.

Italy's largest insurer said net profit came to 2.85 billion euros ($3.12 billion) compared with EUR1.74 billion the year earlier, on gross written premiums that rose 6.4% to EUR75.83 billion.

Premiums rose by 6.0% in its life business and 7.0% in its property & casualty segment, Generali said.

Analysts had forecast net profit of EUR2.82 billion and gross written premiums at EUR73.62 billion, according to consensus expectations provided by the company.

Return on equity, a key measure of profitability was 12.1%, up from 7.7% last year, and its Solvency II ratio climbed 3 percentage points to 227% on strong capital generation of EUR3.8 billion.

However, the crisis in Ukraine has resulted in greater uncertainty and volatility and a risk of downward revision of growth estimates, the Trieste-based company said.

It said it was not possible to make a reasonable estimate of the effect of the crisis on the markets and on the insurance business.

The company proposed a dividend of EUR1.07 a share.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

March 15, 2022 03:26 ET (07:26 GMT)

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