Generali profits stable in Q3
Italy’s biggest insurer, Generali, enjoyed a solid quarter as its profits remained mostly unchanged despite a tough market.
Its profits rose to €513 million in the first nine months of 2014, compared with €510 million in the first nine months of 2013. The result was affected by some one-off effects of the first half of the year, especially the disposal of BSI, which generated a negative effect of €113 million, compared to gains on disposals in the prior year.
The insurer’s operating result grew to €3.7 billion as at September 30, 2014, a 12.8 percent increase from €3.3 billion in the first nine months of 2013, with a strong upturn in the third quarter of 20.8 percent, if compared to the same period of 2013.
In Generali’s property and casualty segment combined ratio improved to 93.6 percent for the nine months, compared with 95 percent for the same period of the prior year.
Alberto Minali, the group chief financial officer of Generali, said: “The solid 9-month results show that the group’s operating performance and capital position are continuing to develop despite an adverse market scenario.
“These figures reflect the strategies we put in place to steer our offering towards higher-value products as well as our renewed focus on customers. As the group works hard to fulfil the strategic plan, we expect the operating result at year-end to improve with respect to the previous year.”
A statement from the insurer added: “In light of the actions taken, despite the presence of a still uncertain macro-economic scenario and in line with its strategic objectives, the group foresees an improvement in the overall operating result in 2014 and will strenuously work to complete the outstanding targets in its turnaround plan.”
