Advertisement

Generali profits defy sluggish economy

AFP
AFP - [email protected]
Generali profits defy sluggish economy
Generali's operating profit rose to €1.25 billion, while analysts had tabled on a profit of €1.17 billion. Profits image: Shutterstock"

Insurance giant Generali posted a 20.4-percent increase in operating profit in the second quarter on Thursday, defying a sluggish economy in crisis-hit Italy and beating analysts' expectations.

Advertisement

Operating profit rose to €1.25 billion, while analysts had tabled on a profit of €1.17 billion.

But net profit in the quarter fell by 12.9 percent to €416 million due to "one-off effects from discontinued operations," the company said.

Chief Executive Officer Mario Greco, who took over at the helm in 2012, said the results showed that the company, Europe's third-biggest insurer by market capitalization, was "in sight of completing an extremely challenging and complex turnaround."

"We are now entering a new phase: for the very first time after many years, Generali is growing its market share, delivering growth in profits and providing good returns for shareholders," he said.

SEE ALSO: Business news from Italy

More

Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.

Please log in to leave a comment.

See Also