March 14, 2013 / 8:01 AM / 5 years ago

Generali expects solvency ratio to be at 140 pct end-March

MILAN, March 14 (Reuters) - Italian insurer Generali Chief Executive Mario Greco said on Thursday he expects the insurer’s solvency ratio to be at 140 pct by the end of March after the buyout of 49 percent of a joint venture with Czech insurer PPF is completed.

Generali said in January it had agreed to pay 2.5 billion euros ($3.3 billion) to buy PPF’s 49 percent of the joint venture.

Speaking on a conference call after announcing a 1.7 billion euro writedown, Greco said the insurer would continue with its planned asset sales as part of his promised “revolution” to make Generali more profitable. (Reporting by Lisa Jucca; Editing by Jennifer Clark and Mark Potter)

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