Generali boosts capital position as Q3 net jumps

MILAN Thu Nov 7, 2013 1:54am EST

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MILAN Nov 7 (Reuters) - Italian insurer Generali reported on Thursday a significant improvement in its capital position thanks to a string of asset sales as the company continues to focus on its core insurance sector.

Generali said its Solvency I ratio, a measure of capital strength for insurers, had risen to 152 percent at the end of October from 139 percent at the end of June following sales including its life reinsurance assets in the United States and minority interests in Mexico.

The insurer, Italy's biggest by premiums, also reported a net profit of 510 million euros ($689.91 million), up 75 percent from a year earlier and above expectations of 450 million euros in a Reuters survey of seven analysts.

The company said it expected its full-year operating result to improve from last year. (Reporting By Lisa Jucca)

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