Generali profits defy sluggish economy
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.
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.
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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.
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