Generali: stock down after Q1 results

(CercleFinance.com) - The Generali share is down about 2% in Milan on Thursday, after the insurance company published net income that is down at 113 million euros for the first three months of 2020, just 15% of the 744 million euros reported for Q1 2019.


The company says that it appropriated 655 million euros in net impairments on costs related to the impact of Covid-19 on the financial markets, and its 100 million euro contribution to the International Extraordinary Pandemic Emergency Fund.

However, operating profit increased by 7.6% to nearly 1.45 billion euros, thanks to the contribution from its property-casualty insurance and asset management activities, for stable gross written premiums (+0.3%) at 19.2 billion euros.


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