(Adds analyst comment, earnings details.)

 
    By Pietro Lombardi

Assicurazioni Generali SpA (G.MI) said Friday that its first-quarter net profit increased, supported by an improvement in operating results as well as non-operating investment result.

The Italian insurer said net profit for the period was 581 million euros ($696.1 million) compared with the EUR535 million it reported a year earlier, representing an 8.6% rise.

Gross written premiums were EUR18.60 billion, compared with EUR18.37 billion a year earlier.

The company said its operating result increased 4.9% to EUR1.25 billion, boosted by its property and casualty business, whose operating result grew 14% to EUR528 million. The life segment's operating result was roughly flat at EUR760 million, compared with EUR764 million a year earlier.

"Generali has reported a strong Q1 operating profit, driven by the non-life underwriting result and this looks to be high quality and comes from all regions," Kepler Cheuvreux said, noting also the good performance of the asset management division.

"The results of the first quarter allow us to look at the rest of the year with optimism as we successfully complete our strategic plan," Chief Financial Officer Luigi Lubelli said.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

May 04, 2018 05:34 ET (09:34 GMT)

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