Generali beats 2018 targets despite ‘challenging’ Italian market, raises dividend

KEY POINTS

  • Generali’s net-profit last year rose 9.4 percent to 2.31 billion euros ($2.61 billion), broadly in line with analysts’ forecasts. Operating profit stood at 4.86 billion, slightly above expectations.
  • Europe’s third-largest insurer said it would pay a dividend of 0.90 euros per share, up from the previous year’s 0.85 euros.

Italy’s top insurer Generali raised its dividend for 2018 after beating its business plan targets and posting growth in net and operating profits.

As it published its full-year earnings Thursday, Generali said it was also well positioned to achieve the targets in its 2021 business plan.

Speaking to CNBC’s Julianna Tatelbaum on Thursday, CEO Philippe Donnet said the firm had been working “with great discipline” over the past three years on implementing its strategy.

“Our plan has been working, so we’ve been able to reach technical excellence, a very good combined ratio — despite many losses — and we were also able to continue the shift towards capital light product,” he said. “So, at the end we are able to close this plan in very good conditions.”

Generali’s net-profit last year rose 9.4 percent to 2.31 billion euros ($2.61 billion), broadly in line with analysts’ forecasts. Operating profit stood at 4.86 billion, slightly above expectations…

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