June 23, 2021

Generali Q1 beats expectations on strong non-life business, asset management

First-quarter profits at Italy’s top insurer Generali (GASI.MI) beat analysts’ expectations due to the positive contribution from the non-life and asset management businesses and as the life segment proved resilient despite low interest rates.

Operating profit, the figure most closely watched by the market, stood at 1.6 billion euros ($1.95 billion) in the quarter, up 11% compared with the same period last year and above a company-provided analyst consensus of 1.48 billion euros.

“The rebalancing of the life business mix continues, allowing us to maintain excellent profitability in the current low interest rate environment,” Finance Chief Cristiano Borean said in a statement.

Generali’s solvency ratio, which measures capital strength under European Union risk-measurement rules, stood at 234%, up from 224% at end of December, due to “excellent capital generation and positive market…

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