Generali: net profit falls on impairments
(CercleFinance.com) - Italy's Generali said on Thursday that its nine-month net profit fell, having been hit by impairments on financial assets resulting from falls in the capital markets.
Generali said net profit fell to 1.3 billion euros, little over half the 2.2 billion euros reported a year ago as it booked total impairments of 310 million euros, with 183 million euros attributed to the arbitration settlement on the BSI disposal.
The insurer's gross written premiums amounted to nearly 52 billion euros, edging up 0.3% from last year, thanks to the positive contribution from its life segment.
Citing the "heavy" macroeconomic and financial impact of the pandemic, Generali said it still expected its operating result to be "resilient" this year, although probably lower than in 2019.
The company also confirmed its dividend plans for 2019-2021, but the announcement failed to prevent its shares from falling about 1.5% on the Milan Stock Exchange on Thursday morning.
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Generali said net profit fell to 1.3 billion euros, little over half the 2.2 billion euros reported a year ago as it booked total impairments of 310 million euros, with 183 million euros attributed to the arbitration settlement on the BSI disposal.
The insurer's gross written premiums amounted to nearly 52 billion euros, edging up 0.3% from last year, thanks to the positive contribution from its life segment.
Citing the "heavy" macroeconomic and financial impact of the pandemic, Generali said it still expected its operating result to be "resilient" this year, although probably lower than in 2019.
The company also confirmed its dividend plans for 2019-2021, but the announcement failed to prevent its shares from falling about 1.5% on the Milan Stock Exchange on Thursday morning.
Copyright (c) 2020 CercleFinance.com. All rights reserved.