By Pietro Lombardi 
 

Assicurazioni Generali SpA's (G.MI) net profit for the first six months of the year rose roughly 35%, buoyed by improved operating results and gains on the sales of some businesses.

The positive results cap the first six months of the Italian insurer's new strategic plan, under which it wants to cut its debt and is targeting growth in earnings per share at an annual rate between 6% and 8% through 2021.

Net profit for the period rose to 1.79 billion euros ($1.99 billion) from EUR1.33 billion a year earlier, it said Thursday.

Gross written premiums edged up 1.8% to EUR35.73 billion.

The insurer posted a capital gain of EUR352 million on the disposal of Generali Leben, while the sale of its Belgian business led to a gain of EUR128 million.

Stripping out the effects of disposals, profit increased 6.4%.

Operating results were boosted by the performance of its three main business segments and improved 7.6% to EUR2.72 billion. The asset-management business posted a roughly 17% increase in operating result, while the property and casualty business grew 1.4% and the life segment 4%.

The group solvency ratio declined to 209% from 217% at the end of last year. This is mostly due to the impact of regulatory changes, the company explained.

"The first half of the year confirms the effective and disciplined implementation of the three-year strategic plan 'Generali 2021' in all business segments," Chief Executive Philippe Donnet said.

 

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

 

(END) Dow Jones Newswires

August 01, 2019 01:58 ET (05:58 GMT)

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