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Generali confirms all targets after first-half results

Generali confirms all targets after first-half results
FILE PHOTO: The Generali logo is seen on the company's Tower, designed by Iraqi-British architect Zaha Hadidat, at the Milan's CityLife district, Italy November 5, 2018. REUTERS/Stefano Rellandini/File Photo -
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Stefano Rellandini(Reuters)
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MILAN (Reuters) – Italy’s top insurer, Generali <GASI.MI>, reported first-half operating profit above market estimates on Thursday and confirmed all of its three-year targets announced in November.

Net profit rose 34.6% to 1.8 billion euros (£1.64 billion), including capital gains from disposals for 480 million euros. Without those gains, net profit grew 6.4% to 1.31 billion, the company said in a statement.

Its solvency ratio at end-June, a measure of financial strength, fell to 209% from 217% at end-December, mainly due to the impact of regulatory changes in the first quarter. Excluding the impact of regulatory changes, the ratio remained stable.

(Reporting by Gianluca Semeraro; editing by Mark Bendeich)

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