G Generali Ass

   By Pietro Lombardi 
 

Assicurazioni Generali SpA raised its dividend and backed its targets, despite uncertainty related to the coronavirus epidemic, after improving performances across the company's business segments supported growing net profit last year.

Net profit for the year rose almost 16% to 2.67 billion euros ($3.00 billion), the Italian insurer said Friday.

Excluding some one-offs, adjusted net profit rose 6.6%.

Gross premiums written increased 4.3% to EUR69.79 billion.

Generali's property and casualty operations, as well as its life segments, posted growing operating profit.

The asset-management operations achieved a 27% growth in operating profit.

These results led to a record operating profit of EUR5.19 billion, a 6.9% growth from the previous year.

The insurance giant said that at the moment it can't estimate the coronavirus pandemic consequences in the medium term. However, despite the volatility and uncertainty related to the virus, it confirmed the targets of its 2021 strategic plan.

The company raised its dividend by 6.7% to EUR0.96 a share.

"Generali closed 2019 with the best operating result in its history and with an excellent capital position," Chief Executive Philippe Donnet said.

"This set of results confirms that we are fully on track to meet all the targets of the 'Generali 2021' strategic plan."

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

(END) Dow Jones Newswires

March 13, 2020 02:55 ET (06:55 GMT)

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