TRIESTE (dpa-AFX) - Assicurazioni Generali SPA or Generali Group (ARZGY.PK), an Italian insurance provider, reported that its net result for the first nine-month of 2024 rose to 2.962 billion euros from 2.822 billion euros in the same period last year. The latest period results included a 58 million euros net capital gain from the disposal of TUA Assicurazioni recorded in the first-quarter of 2024.
But adjusted net result for the period declined 3.3% to 2.880 billion euros from the prior year's 2.979 billion euros, reflecting 193 million euros net capital gain on a London real estate disposal recorded in the first-quarter of 2023. Excluding the effect, the adjusted net result would have grown by 3.4%. Adjusted earnings per share was 1.87 euros compared to 1.93 euros in the previous year.
Operating result rose 7.9% to 5.398 billion euros, with a positive contribution from Life, P&C and Asset & Wealth Management segments.
The Group's gross written premiums increased by 18.1% to 70.7 billion euros, reflecting the strong performance of both Life and P&C segments.
Looking ahead, the company said it is fully on track to successfully complete the 'Lifetime Partner 24: Driving Growth' plan and it is working on its new strategy that will be presented on 30 January 2025.
The Group confirmed its commitment to pursue sustainable growth, enhance its earnings profile and lead innovation. This is in order to achieve a compound annual growth rate in earnings per share between 6% and 8% in the period 2021-2024, generate Net Holding Cash Flow exceeding 8.5 billion euros in the period 2022-2024 and distribute cumulative dividends to shareholders for an amount between 5.2 billion euros and 5.6 billion euros in the period 2022-2024, with a ratchet policy on the dividend per share.
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