July 30, 2020 / 6:52 AM / in 13 days

Italy's Generali sees 2020 net profit lower than 2019

FILE PHOTO: An Assicurazioni Generali SpA's logo is seen on a building of their offices in Saint-Denis, near Paris, France, February 27, 2018. REUTERS/Benoit Tessier/File Photo

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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below