By Ed Frankl

 

Assicurazioni Generali SpA said Thursday that net profit and premiums written topped expectations in the first nine months of the year, despite high natural-catastrophe claims.

Italy's largest insurer said January-September net profit was 2.25 billion euros ($2.58 billion), up from EUR1.30 billion in the same period last year.

Gross written premiums rose 6.4% to EUR54.9 billion, with Generali's Life and Property & Casualty segments increasing 6.5% and 6.2% respectively.

The figures topped expectations of net profit at EUR2.13 billion and premiums written at EUR53.98 billion.

Its operating result was EUR4.43 billion, with Life and Asset Management performing strongly, and P&C making a positive contribution despite high natural-catastrophe claims, Generali said. Analysts had predicted an operating result of EUR4.24 billion.

Natural-catastrophe claims totalled EUR486 million in the period, well above EUR213 million in the first nine months of 2020, and included storms in Spain in January and devastating floods in central Europe in July.

The company's solvency ratio--a measure of capital strength--was 233% in the period, compared with 224% last year.

Generali confirmed its target of annual compound growth in 2018-2021 of earnings per share of between 6% and 8%. It also said the cumulative dividend target for 2019-21 of between EUR4.5 billion and EUR5 billion has been achieved.

 

Write to Ed Frankl at edward.frankl@dowjones.com

 

(END) Dow Jones Newswires

November 11, 2021 02:14 ET (07:14 GMT)

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