Generali posts 9-month profit above estimates despite natural disasters hit

Reuters

Nov 15, 2024

UPDATE 1-Generali posts 9-month profit above estimates despite natural disasters hit

Adds details in paragraph 3

MILAN, Nov 15 (Reuters) - Generali GASI.MI beat estimates with nine-month profits, despite a 930 million euro hit from natural disasters, Italy's top insurer said on Friday.

Nine-month operating profit - the most closely watched by the market - rose 7.9% to 5.4 billion euros ($5.69 billion), above an analyst consensus provided by the insurer of 5.15 billion euros.

The operating profit of Generali's non-life segment, which in previous quarters was dragged down by the impact of natural catastrophes, rose 2.5% to 2.21 billion euros. This was above a consensus of 2.1 billion euros, also reflecting a positive contribution from the consolidation of U.S. insurer Liberty Seguros bought in January.

Solvency Ratio, a measure of the company's financial strength, fell to 209%, from 220% a year ago, because of the acquisition of Liberty Seguros, regulatory changes, market and non-economic variances, the company said in a statement.

($1 = 0.9488 euros)

($1 = 0.9492 euros)

(Reporting by Gianluca Semeraro; editing by Giulia Segreti)

((gianluca.semeraro@tr.com; +39 06 80 307 741;))

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