Italy's Generali beats first quarter forecasts, keeps 2027 growth goals unchanged
Generali's First Quarter 2024 Financial Performance
Overview of Quarterly Results
MILAN, May 21 (Reuters) - Italy's top insurer, Generali, posted on Thursday first-quarter results above expectations and confirmed its targets through 2027, including annual growth in earnings per share of between 8% and 10%.
Operating Result and Market Consensus
Operating result - the most closely watched by the market - grew 8.1% to 2.23 billion euros ($2.59 billion), helped by contributions from all business segments and above a company-provided consensus of 2.04 billion euros.
Net Profit and Contributing Factors
Generali said in a statement that its first-quarter net profit fell 2.2% to 1.17 billion euros, slightly above analysts' forecasts, hit by the impact of financial markets on investments held at fair value and a one-off tax component of 50 million euros in France.
Solvency Ratio and Financial Strength
Changes in Solvency Ratio
The company's solvency ratio, a measure of its financial strength, fell to 212% from 219% at the end of 2025, reflecting the effect of market variances, the insurer said. This was slightly below an analyst consensus of 214%.
Additional Financial Details
($1 = 0.8605 euros)
Reporting Credits
(Reporting by Gianluca Semeraro, editing by Giulia Segreti)
