G Generali Ass

   By Pietro Lombardi 
 

Assicurazioni Generali SpA (G.MI) said Wednesday that its net profit for the first six months of the year rose, supported by improving performances across its business segments and gains from disposals.

The results come a day after the Italian insurer announced that Chief Financial Officer Luigi Lubelli will leave the company, and it also unveiled a new organizational structure.

Net profit for the period rose 8.8% on year to 1.33 billion euros ($1.56 billion). This is "one of the highest half-year net profits ever," Chief Executive Philippe Donnet said.

The results show "encouraging" underlying trends, according to analysts at Jefferies.

Operating income rose to EUR2.53 billion from EUR2.47 billion a year earlier, with its property and casualty, and life segments reporting growing operating results.

The company has been reworking its geographical presence by leaving less-profitable markets to focus on core ones. It said it expects to raise more than EUR1.5 billion from disposals, compared with an initial target of EUR1.0 billion.

"The Group will continue to rebalance the portfolio in the Life segment with the goal of optimizing its profitability and allowing capital to be allocated more efficiently," Generali said.

Late Tuesday, the insurer said Chief Financial Officer Luigi Lubelli will leave the company and will be replaced by Cristiano Borean as of September 1. Mr. Borean, currently CFO of Generali France, will also join the Group Management Committee.

The insurer also announced some changes to its organization structure that will take effect in September. Among them, the creation of the new position of general manager, which will be assigned to Frederic de Courtois, currently CEO of the company's global business lines and international.

Reporting directly to the CEO, the general manager will be in charge of mergers and acquisitions, strategy, operations and insurance, among other areas.

"The new organizational structure will increase the Group's ability to meet the important challenges of the Strategic Plan 2019-2021," the company said Tuesday.

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

(END) Dow Jones Newswires

August 01, 2018 05:54 ET (09:54 GMT)

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