Generali's First-Half Net Profit More than Halved
2020年7月30日 - 3:27PM
Dow Jones News
By Pietro Lombardi
Assicurazioni Generali SpA's first-half net profit more than
halved as coronavirus related impairments and expenses, as well as
costs to settle an arbitration hit the results.
Net profit for the period fell almost 57% to 774 million euros
($912.7 million ), the Italian insurance giant said Thursday.
Impairments of EUR226 million due to market disruptions caused
by the pandemic, the costs of the agreement to end the arbitration
for the sale of Swiss private bank BSI and an emergency fund it set
up for the pandemic weighed on the performance.
On adjusted basis, which excludes one-offs, profits fell
27%.
Operating profits declined 0.4% to EUR2.71 billion. Growth in
the asset-management business and property and casualty operations
was offset by a drop in operating results at the company's life
segment.
Gross written premiums grew 1.2%
The insurer vowed to cut costs to mitigate the impact of the
pandemic. It expects lower net and operating profits this year
compared with last year.
Generali said it remains focused on its strategy.
"We continued to execute our Generali 2021 strategy in a
disciplined and effective manner while also pursuing sustainable
growth," Chief Executive Philippe Donnet said.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com;
@pietrolombard10
(END) Dow Jones Newswires
July 30, 2020 02:12 ET (06:12 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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