TRIESTE (dpa-AFX) - Italian insurance group Assicurazioni Generali SpA (ARZGY.PK) reported Thursday that its first-quarter net result surged to 1.20 billion euros from last year's 481 million euros.
Adjusted net result was 1.23 billion euros, compared to 821 million euros a year ago, reflecting the benefit of diversified profit sources. Adjusted earnings per share were 0.80 euro, compared to 0.52 euro last year.
Consolidated operating result rose 22.1 percent to 1.82 billion euros from 1.49 billion euros a year ago, mainly thanks to the strong contribution from the P&C segment.
The operating result of the P&C segment increased 74.6 percent, and Life operating result grew 1 percent, while Asset & Wealth Management segment was down 10 percent.
Gross written premiums increased 1.3 percent to 22.16 billion euros from 21.53 billion euros last year, diven by 10.1 percent growth in P&C segment.
The total value of the Assets Under Management was 506 billion euros, up 0.3 percent from last year. Third-party Assets Under Management managed by the Asset Management companies grew 1.9 percent.
Looking ahead, Generali Group CFO Cristiano Borean, said, 'The strong profitable growth delivered in the first quarter confirms that we remain fully on-track to meet the targets of our 'Lifetime Partner 24: Driving Growth' strategy.'
The Group intends to pursue sustainable growth, enhance its earnings profile and lead innovation to achieve a compound annual growth rate for earnings per share between 6 percent and 8 percent in the period 2021- 2024.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Copyright(c) 2023 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2023 AFX News
