MILANO (Reuters) - Italy’s top insurer Assicurazioni Generali expects a 2020 net profit lower than 2019 due to the new coronavirus negative impact on the financial markets and some non-recurring items which negatively impacted on its first-half results, it said on Thursday.
First-half net profit fell by 56.7% to 774 million euros ($910.69 million) with respect to a year earlier after 509 million euros in extraordinary negative items, broadly related to Covid-19 emergency.
Analysts predicted a first-half net profit of 824 million euros, according to a consensus provided by the company.
Net operating result, a figure most closely watched by the market, stood at 2.71 billion euros, slighty above the analysts’s consensus of 2.69 billion euros.
Generali’s Solvency ratio, a key measure of its financial strength, fell to 194% at end of June from 196% at the end of March.
Analyst forecast a Solvency ratio of 197% at end of June.
($1 = 0.8499 euros)
Reporting by Gianluca Semeraro; editing by Giselda Vagnoni