Generali reports Rise in Net Profits with 2009 Results

Posted on Mar 19, 2010 by Sergio Ulloa (G+)  | Tags: 2009 Results, Europe, Generali

Citing a strong recovery in investment performance along with growth in its life insurance segment, the Italian Generali Group reported a 52.1% rise in 2009 net profit, which amounted to EUR 1.31 billion (US$1.783 billion) compared to EUR 861 million (US$1.172 billion) in 2008. Compared with the results for 2008, Generali attributed the boost in net profit to its profitable underwriting and premium growth, plus a EUR 1.8 billion (US$2.45 billion) contribution attributed to the recovery in financial markets. Additionally, EUR 2.5 billion (US$3.4 billion) were gained through its merger with Alleanza Toro. Alleanza Toro is a new company wholly controlled by Generali created through a merger by incorporation of Alleanza Assicurazioni and Toro Assicurazioni, approved by shareholders last year in July. This new company combines the experience in the property/casualty market of Alleanza with the knowledge of the life insurance market in Italy of Toro. Despite these positive net profit results, stock analysts gave a mixed review leaning towards dissatisfaction, explaining that stronger results were expected at the level of group operating profits. Company mentioned: Generali The Generali Group is one of the most significant participants in the global insurance and financial products market. The Group is leader in Italy and Assicurazioni Generali, founded in 1831 in Trieste, is the Group's Parent and principal operating Company. Characterised from the outset by a strong international outlook and now present in 65 Countries, Assicurazioni Generali has consolidated its position among the world's leading insurance operators. It has in fact a strong position in western Europe, its main area of activity, with significant market shares in Germany, France, Austria, Spain, and Switzerland as well as Israel.