November 9, 2012 / 6:41 AM / in 5 years

Generali says on course to hit 2012 operating profit target

2 Min Read

MILAN, Nov 9 (Reuters) - Generali's third-quarter operating results rose by 43 percent in the third quarter boosted by growth in the life segment, putting Italy's biggest insurer on course to hit its target for this year.

Operating profit for the quarter ending September came in at 948.5 million euros, above expectations for 922 million euros according to the median forecast of a Thomson Reuters poll.

Net profit in the quarter was 291 million euros, rebounding from a mere 19.5 million euros a year ago when the company was hit by the euro zone sovereign debt crisis. Analysts polled by Thomson Reuters had expected the insurer to post net profit of 323 million euros in the quarter.

"We are confident of achieving a 2012 operating result in excess of 4 billion euros, in line with our previously announced target," newly-appointed Chief Executive Mario Greco said in a statement.

Generali previously announced a target for 2012 operating result of 3.9-4.5 billion euros. (Reporting By Lisa Jucca; Editing by Stephen Jewkes)

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