Generali: shares up after 'strong' nine-month results
(CercleFinance.com) - Generali, Europe's number 3 insurer, posted a better-than-expected quarterly profit, mainly on improved performance at its asset management.
Italy's largest insurer said on Thursday nine-month net profit rose by 16.6% to 2,16 billion euros, in part reflecting the result of disposals.
Adjusted net profit increased by 6.2% at 1.87 billion euros.
"Generali has achieved strong results in the first nine months of the year," chief executive Cristiano Borean said in a statement.
"Technical excellence has been confirmed; in particular, in the property and casulaty segment," he added.
Generali reported an operating result up 9.1% to 3.9 billion euros. The operating result of the asset management segment grew by 16.8%, reflecting the consolidation of new boutiques.
The group's solvency ratio, which represents the regulatory view of the group's capital, stood at 204%, down from the 217% reported at the same period one year ago.
This latter figure was not weighing on the shares today as the stock rose by over 3% in Milan.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Italy's largest insurer said on Thursday nine-month net profit rose by 16.6% to 2,16 billion euros, in part reflecting the result of disposals.
Adjusted net profit increased by 6.2% at 1.87 billion euros.
"Generali has achieved strong results in the first nine months of the year," chief executive Cristiano Borean said in a statement.
"Technical excellence has been confirmed; in particular, in the property and casulaty segment," he added.
Generali reported an operating result up 9.1% to 3.9 billion euros. The operating result of the asset management segment grew by 16.8%, reflecting the consolidation of new boutiques.
The group's solvency ratio, which represents the regulatory view of the group's capital, stood at 204%, down from the 217% reported at the same period one year ago.
This latter figure was not weighing on the shares today as the stock rose by over 3% in Milan.
Copyright (c) 2019 CercleFinance.com. All rights reserved.