15 May 2014 Insurance

Generali grows in Q1; posts robust profits

Italian insurer Generali posted improved profits and some growth in its results for the first quarter of 2014 as it said it expects to meet its solvency targets ahead of schedule.

The company made a net profit of €660 million in the quarter, a 9.4 percent increase on the €603 million it made a year earlier. Its gross written premiums for the period were €18.4 billion, a 1.5 percent increase on the first quarter of 2013 while its operating result was €1.2 billion, a small increase on the same period the year before. Premiums in its property/casualty business were stable at €6.4 billion while the combined ratio for this segment was 92.7 percent, an improvement of 0.8 percentage points.

Within this unit, it said it enjoyed growth in Germany and Latin America while its businesses in Italy and France shrank slightly due to negative trends in the market.

Alberto Minali, the chief financial officer of the Generali Group, said: “The first quarter results confirm the progress we are making in terms of business profitability, operating performance and capital strengthening. We continue to be focused on executing our strategy and we believe we will be able to meet our disposal and solvency targets ahead of schedule.”

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