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Generali says Q1 net profit at 660 mln euros, up 9.4 pct
May 15, 2014 / 5:41 AM / in 4 years

Generali says Q1 net profit at 660 mln euros, up 9.4 pct

MILAN, May 15 (Reuters) - Generali said on Thursday net profit rose 9.4 percent to 660 million euros ($905 million) in the first quarter, helped by a rebound in the life segment in Italy, a strong performance in the non-life business and improved financial markets.

The company, Europe’s third-largest insurer by market value, said its closely-watched Solvency I ratio stood at approximately 160 percent at the end of April, close to the level Generali has set as a target in its three-year business plan unveiled last year.

Chief Financial Officer Alberto Minali said the group, which announced late on Wednesday it is in exclusive talks with Brazil’s BTG Pactual for the sale of Swiss unit BSI, would meet its disposal and Solvency targets ahead of time. ($1 = 0.7294 Euros) (Reporting by Lisa Jucca; editing by Agnieszka Flak)

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