Generali Confirms Targets After 1Q Earnings Rise
25 Mai 2023 - 8:14AM
Dow Jones News
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 cecilia.butini@wsj.com
(END) Dow Jones Newswires
May 25, 2023 01:59 ET (05:59 GMT)
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