© Reuters. FILE PHOTO: The Generali logo is seen in Milan’s CityLife district, Italy November 5, 2018. REUTERS/Stefano Rellandini
MILAN (Reuters) -Italy’s top insurer Assicurazioni Generali (BIT:) said on Thursday its nine-month results beat estimates and confirmed its commitment to deliver on all targets of its business plan to 2024.
Net profit came in at 2.23 billion euros ($2.24 billion), down 0.8% from a year ago, due to impairments on Russian investments of 141 million euros. The profit was above an analyst consensus provided by the company at 2.05 billion euros.
Net operating profit, a figure most closely watched by the market, grew 7.8% from a year ago, as higher interest rates boosted life business.
Generali’s capital position proved resilient with a Solvency Ratio at 223%, down 4.5 percentage points from end-December due to the impact of some M&A deals, regulatory changes and a share buyback of 500 million euros.
($1 = 0.9971 euros)
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