Generali Net Profit Jumps, Boosted by Property and Casualty Business Growth

By Pierre Bertrand

Assicurazioni Generali reported an increase in profit in the first six months of the year after significant property and casualty growth.

The Italian insurer said on Wednesday that it made 2.24 billion euros ($2.45 billion) in net profit for the reporting period compared with EUR864 million a year prior.

Gross written premiums rose 3.6% on year to EUR42.24 billion in the half year ended in June, while its consolidated operating result increased 28% to EUR3.72 billion. The result compares with analysts' expectations of EUR42.17 billion in gross written premiums and EUR3.46 billion in group operating result.

Generali's operating result was supported by its property and casualty segment, which grew 86% in the period, driven by double-digit growth in premiums at both its non-motor and motor business lines, it said.

Meanwhile, the insurer's life segment operating result contracted 3.5% to EUR1.81 billion, with net life segment outflows of EUR877 million in the period, it said.

Generali's solvency ratio, a measure of capital strength, stood at 228% at the end of the period.

Write to Pierre Bertrand at [e-mail]

(END) Dow Jones Newswires

August 09, 2023 07:22 ET (11:22 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.