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By Pietro Lombardi
Assicurazioni Generali SpA (G.MI) said Thursday that its net profit for the first nine months of the year rose roughly 17%, boosted by the sale of some businesses and stronger operating results.
Net profit for the period was 2.16 billion euros ($2.39 billion), the Italian insurance giant said. This compares with a profit of EUR1.86 billion a year earlier.
Adjusted net profit, which excludes one-offs, rose 6.2%.
Gross written premiums increased 3.2% to EUR51.38 billion.
Operating results grew 9.1% to EUR3.93 billion, supported by improving performance at the company's main business lines. The property and casualty segment grew 3.1%, while the life division was up 5% and the asset-management business was up 17%.
The group solvency ratio fell to 204% from 217% in September last year, hit in part by low interest rates.
The company is in the first year of its new strategic plan, under which it wants to cut its debt and is targeting growth in earnings per share at an annual rate between 6% and 8% through 2021.
Write to Pietro Lombardi at firstname.lastname@example.org
(END) Dow Jones Newswires
November 07, 2019 01:54 ET (06:54 GMT)
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