Generali: first-half profit up, on life and asset management

(CercleFinance.com) - Generali, Europe's third biggest insurer, reported a 7.
6% rise in first-half operating profit, which reached 2.7 billion euros, largely helped by its life and asset management businesses.

Net profit amounted to 1.8 billion euros (+34.6%), while total gross premiums written rose by 1.8% to 35.7 billion euros, Generali said in a statement on Thursday.

The operating result of its life segment rose by % to 1.6 billion euros, and the asset management unit saw its operating result increase 17% to 186 million euros, the Italian insurance group added.

These results confirm "the effective and disciplined implementation of the three-year strategic plan "Generali 2021" in all business segments," CEO Philippe Donnet said.

Defining itself as an "increasingly global insurance and asset management group," Generali confirmed its targets for the next three years, forecasting EPS growh of between 6% and 8%.

The stock was flat at 16.8 euros, slightly underperforming peers in the STOXX Europe 600 Insurance index, which is up 0.2%.

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