By Ed Frankl

Assicurazioni Generali SpA said Thursday that first-quarter net profit fell on Russia impairments but otherwise beat expectations as premiums rose at both its main insurance segments.

Italy's largest insurer reported net profit of 727 million euros ($760.8 million), down from EUR802 million in the same period of last year.

Generali said it was affected by impairments on Russian investments of EUR136 million and excluding that impact, the net profit would have risen to EUR863 million.

Gross written premiums rose 6% to EUR22.32 billion, up 6.4% in the company's property & casualty segment, and 6.0% in its life business, Generali said.

The results beat expectations of EUR651 million for net profit and EUR20.86 billion for premiums, according to analysts' consensus issued by the company.

However, Generali's operating result at its asset-management business fell 14.5% to EUR260 million due to the reduction in performance fees at Banca Generali compared with a strong first quarter in 2021.

The Trieste-based company said its solvency ratio rose 10 percentage points from the end of 2021 to 237%, as interest rates rose and spreads on government bonds narrowed.

Generali confirmed its full-year guidance.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

May 19, 2022 01:48 ET (05:48 GMT)

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