TRIESTE (dpa-AFX) - Italian insurance group Assicurazioni Generali SpA (ARZGY.PK) reported Tuesday that its first-half net result declined 1.40 billion euros from last year's 1.54 billion euros.
Earnings per share dropped to 0.88 euro from 0.96 euro a year ago.
The results were impacted by impairments on Russian investments totalling 138 million euros.
Excluding this impact, the net result would have been stable at 1.54 billion euros.
Operating result was at 3.1 billion euros, up 4.8 percent, thanks to the positive performance of the Life, P&C and Holding and other businesses segments.
Gross written premiums increased 2.4 percent to 41.9 billion euros, driven by strong growth in P&C, led by the non-motor line.
Net earned premiums grew to 38.10 billion euros from prior year's 34.76 billion euros.
Further, the company confirmed its commitment to achieve a compound annual growth rate in earnings per share between 6 percent and 8 percent in the period 2021-2024, and to distribute a cumulative dividend to shareholders for an amount between 5.2 billion euros and 5.6 billion euros in the period 2022-2024.
Separately, Generali said it will start a share buyback for a total disbursement of up to 500 million euros.
The company will buy back a maximum number of shares representing 3 percent of the Company's share capital, until October 29, 2023.
The buyback programme is part of the Lifetime Partner 24: Driving Growth strategic plan.
Generali has signed a buyback agreement with UBS Europe SE.
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