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Generali profits rise, capital reserves hit low interest rates in third quarter

Generali profits rise, capital reserves hit low interest rates in third quarter
Assicurazioni Generali logo is seen in Florence, Italy March 1, 2016. REUTERS/Tony Gentile/File Photo   -   Copyright  Tony Gentile(Reuters)
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MILAN (Reuters) – Italy’s biggest insurer Assicurazioni Generali <GASI.MI> reported a rise in 9-months profit on Thursday that was broadly in line with market estimates, though capital ratios fell due to regulatory changes and low interest rates.

Generali’s solvency ratio, a key measure of financial strength, stood at 204%, down from 217% at the end of 2018, due to expected regulatory changes and lower interest rates in the third quarter, the company said.

The fall in interest rates was not fully compensated by a narrowing of government bond spreads, the company said in a statement.

Operating profit grew 9.1% to 3.9 billion euros, in line with market consensus provided by the company at 3.88 billion euros.

(Reporting by Gianluca Semeraro; editing by James Mackenzie)

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