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By Ed Frankl

Assicurazioni Generali SpA said Thursday that its nine-month profit and revenue beat expectations, driven by a strong property-casualty segment and a strategy that is realigning its life business.

The Italian insurer said its net profit in the year to the end of September was 2.23 billion euros ($2.23 billion), down 0.8% from EUR2.25 billion in the same period last year.

Excluding the impacts of Russian investments, which came to EUR141 million in the year to September, net profit would have grown 5.5%, Generali said.

Gross written premiums rose 1.3% to EUR59.83 billion, on a 10% rise in premium growth in the property & casualty segment, driven by its non-motor line.

The figures beat expectations of net profit of EUR2.05 billion and gross written premiums of EUR59.30 billion, according to analysts' estimates provided by the company.

Its combined ratio, a measure of profitability, rose by 2 percentage points in the year, hit by high natural-catastrophe losses, including hailstorms in France and floods in Italy.

While premiums at Generali's life segment ticked down slightly, its operating result grew strongly by 24%, thanks to the more profitable business mix as it repositions itself toward more profitable lines, it said.

The company committed to its 2024 plans, including compound annual earnings per share growth between 6% and 8%.

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

(END) Dow Jones Newswires

November 10, 2022 02:19 ET (07:19 GMT)

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