November 9, 2017 / 6:45 AM / a month ago

Generali 9-mth profits fall 9.9 pct on Dutch sale loss

MILAN, Nov 9 (Reuters) - Italy’s biggest insurer, Assicurazioni Generali, reported on Thursday a 9.9 percent drop in nine-month net profits due to a loss on the sale of its Dutch business.

The company said its profits in the period came in at 1.463 billion euros ($1.7 billion), including a net loss of 253 million euros on the sale of its Dutch operations this year.

Generali, which has more than 500 billion euros in invested assets, is looking to shrink by selling businesses in 13 countries in an effort to raise 1 billion euros.

Operating profits in the nine months were flat at 3.6 billion euros, after a 70 million euros rise in natural catastrophe claims, the insurer said.

$1 = 0.8618 euros Reporting by Stephen Jewkes; Editing by Mark Bendeich

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