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Generali profits defy sluggish economy

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Generali profits defy sluggish economy
Generali's operating profit rose to €1.25 billion, while analysts had tabled on a profit of €1.17 billion. Profits image: Shutterstock
12:14 CEST+02:00
Insurance giant Generali posted a 20.4-percent increase in operating profit in the second quarter on Thursday, defying a sluggish economy in crisis-hit Italy and beating analysts' expectations.

Operating profit rose to €1.25 billion, while analysts had tabled on a profit of €1.17 billion.

But net profit in the quarter fell by 12.9 percent to €416 million due to "one-off effects from discontinued operations," the company said.

Chief Executive Officer Mario Greco, who took over at the helm in 2012, said the results showed that the company, Europe's third-biggest insurer by market capitalization, was "in sight of completing an extremely challenging and complex turnaround."

"We are now entering a new phase: for the very first time after many years, Generali is growing its market share, delivering growth in profits and providing good returns for shareholders," he said.

SEE ALSO: Business news from Italy

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