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Generali: Q1 better than expected

( - On Thursday Generali posted better-than-expected Q1 profit, in particular thanks to lower-than-expected write-downs on its investments in Russia.

This morning the leading Italian insurer reported net profit of 722 million euros for Q1, compared with 802 million euros a year ago, above the consensus of 650 million euros.

The Milan-based group said its results had been penalised by impairments of 136 million euros on its Russian assets, a figure lower than the 188 million euros of provisions initially mentioned.

Excluding the impact of the Russian case, net profit would have been 863 million euros.

In other good news, the solvency ratio, a closely watched measure of the insurer's financial strength, stood at 237% at the end of March, compared to 227% last year, again exceeding the consensus of 233%.

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