Generali Net Profit Falls Despite Surge in Gross Written Premiums

By Elena Vardon

Assicurazioni Generali posted a jump in gross written premiums for the first half of 2024 that topped hopes while its net profit slipped by slightly more than expected.

The Italian insurer said Friday that net profit for the six months ended June 30 fell to 2.05 billion euros ($2.24 billion) from EUR2.24 billion a year earlier.

Operating profit--a metric closely watched by analysts and investors--edged up 1.6% to EUR3.72 billion. Growth in its life segment--which posted EUR5.1 billion in net inflows from protection and unit-linked policies--as well as in asset and wealth management, more-than offset a decline in property and casualty from a higher impact of natural catastrophes and a lower benefit from discounting, it said.

Gross written premiums rose 20% on-year to EUR50.14 billion, it said. The group's assets under management stood at EUR820.79 billion at the end of the period, 25% ahead of a year prior on the consolidation of its acquisition of U.S. firm Conning.

Generali was expected to report a net profit of EUR2.09 billion, operating profit of EUR3.74 billion and gross written premiums of EUR48.21 billion, according to estimates taken from a company-compiled consensus.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

August 09, 2024 01:59 ET (05:59 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.