First-quarter earnings at Italy’s high insurer Generali (GASI.MI) beat analysts’ expectations because of the optimistic contribution from the non-life and asset administration companies and because the life phase proved resilient regardless of low rates of interest.
Working revenue, the determine most carefully watched by the market, stood at 1.6 billion euros ($1.95 billion) within the quarter, up 11% in contrast with the identical interval final yr and above a company-provided analyst consensus of 1.48 billion euros.
“The rebalancing of the life enterprise combine continues, permitting us to take care of wonderful profitability within the present low rate of interest setting,” Finance Chief Cristiano Borean stated in a press release.
Generali’s solvency ratio, which measures capital energy below European Union risk-measurement guidelines, stood at 234%, up from 224% at finish of December, resulting from “wonderful capital technology and optimistic market efficiency”, the corporate stated.
The insurer confirmed the targets of its marketing strategy to 2021, together with a projected common annual development in earnings per share of between 6% and eight%, it stated in a press release on Tuesday.
($1 = 0.8221 euros)
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