May 16, 2019 / 5:44 AM / 2 months ago

Generali Q1 profit beats forecast, rule changes weigh on capital

MILAN, May 16 (Reuters) - Italy’s top insurer Assicurazioni Generali posted a larger-than-expected 28 percent rise in first-quarter net profit helped by sales of assets, though capital ratios fell due to regulatory changes.

The insurer said on Thursday net profit rose to 744 million euros ($834 million) in the three months through March, boosted by a capital gain of 128 million from the disposal of Belgian assets.

Analysts had looked on average for a net profit of 715 million euro in a consensus provided by the company.

The insurer’s solvency ratio, a key measure of financial strength, stood at 207% at the end of March, down from 217% at the end of last year, largely due to the scheduled adoption of regulatory changes, the company said in a statement. ($1 = 0.8921 euros) (Reporting by Gianluca Semeraro; editing by Valentina Za)

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