73% increase in net income in the first half of Generali
August 5, 2010 – 10:05 amAssicurazioni Generali announced a 73% increase in net profit in the first half, boosted by life insurance, and he anticipates growth in its annual results.
The Third European insurer, leader in Italy, has reported a net profit of 873 million euros, compared to a consensus given 869 million.
"Growth in operating margins and net income, compared to 2009, is planned," he says in a statement.
Generali is one of many European insurers to take advantage of growth in sales of life insurance policies, which is a great counterpoint to a sharp rise in claims.
Premiums rose 9.1% to 38 billion euros. Those life insurance rose 13.3% to 26.4 billion euros.A survey of seven analysts gave a consensus of 37.1 billion euros.
In property and casualty combined ratio, or the compensation and expenses as a percentage of premiums, decreased 0.9 points to 98.8% (consensus: 98.6%).
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