The number one insurance company in Italy, Generali, published adjusted net profit (excluding exceptional items) down 3.3% to 2.9 billion euros (2.7 billion francs) over the first nine months. of the year and confirmed the objectives of its strategic plan.
This result is higher than analysts’ forecasts, according to the consensus compiled by Generali which expected an average of 2.75 billion euros.
The decline in adjusted net profit is notably due to capital gains recorded during the same period of 2023, including one of 193 million due to the sale of a real estate complex in London.
In the third quarter, however, adjusted net profit jumped 31.7% to 855 million euros.
“The profitability of property insurance continued to increase despite the significant impact of natural disasters,” commented financial director Cristiano Borean on Friday.
Generali confirmed the objectives of its strategic plan, including an increase in earnings per share of 6 to 8% per year and a cash flow of more than 8.5 billion euros.
Operating profit increased by 7.9% to 5.4 billion euros over nine months. It is also higher than the expectations of analysts who had expected 5.15 billion.
Operating profit was driven by life insurance (+8.9%) and asset management (+20.1%).
Despite the growing impact of natural disasters, the property and casualty segment also saw its operating profit increase, by 2.5%.
The entry of gross premiums, the equivalent of turnover, climbed 18.1% to 70.7 billion euros.
The insurer’s economic solvency ratio fell to 209% at the end of September, compared to 220% a year earlier. This rate is lower than the expectations of analysts who had expected 210.
This article was automatically published. Sources: ats / awp / afp
