Thanks to good work with life insurances and funds, operating profit after the first nine months of 4.4 billion euros was 10 percent higher than a year earlier, German rival Allianz Group (Allianz) announced Thursday in Trieste. Thus, the increase in the third quarter was as high as it was in the first half of the year.
While Generali increased its premium income in the first nine months by six per cent to €54.9 billion, things turned out differently in individual sectors. Operating result in life insurance rose by seven percent, and in asset management by nearly a third. On the other hand, Generali had to accept a decline of more than 2% in property and casualty insurance. The reason is the great damage caused by natural disasters, including the devastating floods in Europe, which last July caused billions in damage, especially in Germany. Without an increase in investment income, the operating profit of the segment could have fallen further.
The bottom line is that Generali earned €2.25 billion in the first nine months, nearly three-quarters more than the previous year. The devaluation of investments and the exorbitant settlement of the dispute over the sale of Swiss bank BSI lowered the outcome.
Shares of Generali in Milan temporarily rose 0.42 percent to 19.10 euros.
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