TRIESTE (dpa-AFX) - Italian insurance group Assicurazioni Generali SpA (ARZGY.PK) reported Tuesday that its first-quarter net result surged to 802 million euros from last year's 113 million euros. Earnings per share were 0.51 euro.
The prior year's results were impacted by significant impairments on investments and the expense of the Extraordinary International Fund for Covid-19.
Last year's adjusted net result, net of Covid-19 Fund, was 188 million euros or 0.12 euro per share.
Operating result stood at 1.61 billion euros, up 11 percent from last year's 1.45 billion euros, driven by 10 percent rise in P&C, 46 percent jump in Asset Management and Holding and other businesses segments. The contribution from the Life segment was down 1.8 percent.
Gross written premiums reached 19.71 billion euros, up 4.2 percent from prior year's 19.16 billion euros, with growth in both the Life segment and the P&C segment.
Total Assets Under Management was 562 billion euros as of March 31, stable compared to December 31, 2020.
Looking ahead, the company confirmed the objective of a 2018-2021 compound annual growth in earnings per share between 6 percent and 8 percent. RoE for 2021 is expected to be greater than 11.5 percent.
Generali also confirmed the 2019-2021 cumulative dividend payment of 4.5 billion euros to 5 billion euros, subject to the regulatory context.
Copyright RTT News/dpa-AFX