Generali Profit, Premiums Rose Ahead of Views Despite High Catastrophe Claims
11 November 2021 - 8:29AM
Dow Jones News
By Ed Frankl
Assicurazioni Generali SpA said Thursday that net profit and
premiums written topped expectations in the first nine months of
the year, despite high natural-catastrophe claims.
Italy's largest insurer said January-September net profit was
2.25 billion euros ($2.58 billion), up from EUR1.30 billion in the
same period last year.
Gross written premiums rose 6.4% to EUR54.9 billion, with
Generali's Life and Property & Casualty segments increasing
6.5% and 6.2% respectively.
The figures topped expectations of net profit at EUR2.13 billion
and premiums written at EUR53.98 billion.
Its operating result was EUR4.43 billion, with Life and Asset
Management performing strongly, and P&C making a positive
contribution despite high natural-catastrophe claims, Generali
said. Analysts had predicted an operating result of EUR4.24
billion.
Natural-catastrophe claims totalled EUR486 million in the
period, well above EUR213 million in the first nine months of 2020,
and included storms in Spain in January and devastating floods in
central Europe in July.
The company's solvency ratio--a measure of capital strength--was
233% in the period, compared with 224% last year.
Generali confirmed its target of annual compound growth in
2018-2021 of earnings per share of between 6% and 8%. It also said
the cumulative dividend target for 2019-21 of between EUR4.5
billion and EUR5 billion has been achieved.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
November 11, 2021 02:14 ET (07:14 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Generali (BIT:G)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Generali (BIT:G)
Historical Stock Chart
Von Apr 2023 bis Apr 2024