G Generali Ass

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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