Generali Q1 net profit rises to 603 mln euros

MILAN Fri May 10, 2013 1:36am EDT

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MILAN May 10 (Reuters) - Insurer Generali rebounded from a quarterly loss at end-2012 to deliver a better than expected net profit in the first three months of the year, a sign the restructuring pushed through by Chief Executive Mario Greco is delivering its first results.

Europe's biggest life insurer by premiums said on Friday its net profit had risen 6.3 percent to 603 million euros ($789.63 million), above the 528 million euros in an analyst consensus compiled by the company.

The group continued to strengthen its capital position and its Solvency I ratio stood at 145 percent at the end of April, benefitting from better market conditions and the market placement of 12 percent of unit Banca Generali.

Greco said in a statement the group was on track to meet its promised targets. The company said it saw higher operating profit in 2013 from a year ago and an increase in non-life results, but said life premiums would be lower than last year.

($1 = 0.7637 euros) (Reporting By Lisa Jucca, editing by Stephen Jewkes)

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