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Generali posts smaller-than-expected net profit drop after Russia impairments
2022.05.19 08:45
FILE PHOTO: The emblem of Italy’s insurer Assicurazioni Generali is pictured in Rome, May 13, 2013. REUTERS/Stefano Rellandini
MILAN (Reuters) – Italy’s top insurer Assicurazioni Generali (BIT:GASI) said on Thursday it posted a smaller-than-expected drop in Q1 net profit after impairments on its Russian investments for 136 million euros ($142.75 million).
Net profit came in at 727 million euros, down 9.3% year-on-year, above an analyst consensus provided by the insurer of 651 million euros.
Generali said its operating profit, closely watched by the market, grew 1.1% to 1.63 billion euros, topping an average analyst consensus of 1.55 billion euros.
($1 = 0.9527 euros)
