Generali First-Half Profit Doubles - Update
03 August 2021 - 11:06AM
Dow Jones News
Adds date for new plan, earnings details, analyst's comment
By Pietro Lombardi
Assicurazioni Generali SpA posted a strong increase in net
profit for the first half of the year, with Italy's largest insurer
on track to hit the targets laid out in its strategic plan.
Net profit rose 99% to 1.54 billion euros ($1.83 billion) in the
first half, Generali said Tuesday. In the same period last year,
results were hit by coronavirus-related impairments and expenses,
as well as costs to settle an arbitration.
"Today's excellent results confirm that we are fully on track to
successfully deliver the ambitious targets of the current 'Generali
2021' plan, even in this very challenging environment," Chief
Executive Philippe Donnet said.
The CEO said that the new plan will be presented on December
15.
Operating profit increased 10% to roughly EUR3 billion,
supported by growing results in its life segment and
asset-management operations. Operating profit fell 3.6% in the
property and casualty division, which was hit by significant
natural-catastrophe claims in continental Europe.
"Overall, [there are] mixed 2Q results relative to consensus,"
UBS analysts said. "But Generali results show it is well on track
versus 2021 targets and evidencing significant financial
flexibility heading into the CMD" on Dec. 15.
Write to Pietro Lombardi at pietro.lombardi@wsj.com;
@pietrolombard10
(END) Dow Jones Newswires
August 03, 2021 04:57 ET (08:57 GMT)
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