Generali 2012 net shrinks after 1.7 bln euro writedowns

MILAN, March 14 Thu Mar 14, 2013 2:41am EDT

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MILAN, March 14 (Reuters) - Generali posted on Thursday full-year net profit of 90 million euros after net impairments worth 1.7 billion euros, a result of CEO Mario Greco's thorough clean-up of the Italian insurer's balance sheet.

Full-year operating profit came in at 4.2 billion euros and the company proposed to pay a dividend of 0.2 euros per share, unchanged from 2011.

Generali's solvency ratio, a measure of capital strength, rose to 150 percent. The company said it expected operating profit to continue to grow in 2013. (Reporting by Lisa Jucca, editing by Jennifer Clark)