Generali Confirms Targets After 1Q Earnings Rise

   By Cecilia Butini 
 

Assicurazioni Generali on Thursday posted rising earnings for the first quarter and backed its strategic plan view for the period 2021-24.

The Italian insurer posted gross written premiums of 22.17 billion euros ($23.84 billion) in the quarter, up from EUR21.53 billion the year prior, and a consolidated operating result of EUR1.82 billion, from EUR1.49 billion the year prior.

Profit was substantially higher in the quarter, with the adjusted net result totaling EUR1.23 billion, from EUR821 million the year prior, and net profit rising to EUR1.20 billion from EUR481 million in the previous year, the company said.

The improvement in operating result--which in turn affected the adjusted net result--was due to a diversification in profit sources, a non-recurring capital gain from the disposal of a London real-estate development, and reflects the impact of a EUR96 million Russia impairment taken in the first quarter of 2022, the company said.

Generali's solvency ratio stood at 227% in the quarter, the insurer said.

Looking ahead, Generali confirmed the targets of its strategic plan, saying that it expects compound annual growth rate in EPS of between 6% and 8% in 2021-24, and to distribute cumulative dividends between EUR5.2 billion and EUR5.6 billion in the 2022-2024 period.

Write to Cecilia Butini at [e-mail]

(END) Dow Jones Newswires

May 25, 2023 01:59 ET (05:59 GMT)

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