(CercleFinance.com) – Generali confirmed the objectives of its 2021-2024 strategic plan on Wednesday after publishing half-year earnings above expectations, driven by its property and casualty insurance activities.
The third European insurer announced an operating profit up 28% to 3.7 billion euros over the first six months of the year, a result higher than the consensus provided by the Italian group (3.5 billion) .
Its net profit in the first half almost tripled to exceed 2.2 billion euros, while financial analysts anticipated 1.5 billion according to the consensus provided by the group itself.
Gross written premiums increased by 3.6% to 42.2 billion euros, driven by significant growth in P&C activities (+10.6%), a performance that again exceeded expectations.
The solvency ratio, a key measure of the financial strength of insurers, improved to 228%, against 221% in 2022, for a combined ratio also improving by 5.4 points to 91.6%.
Generali took the opportunity to confirm the objectives established under its ‘Lifetime Partner 24: Driving Growth’ plan, continuing to target an average annual growth of 6% to 8% of its earnings per share.
On the Milan Stock Exchange, Generali shares took nearly 3% on Wednesday after the publication of these figures.
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