Assicurazioni Generali announced that earnings and insurance premiums in 2021 exceeded estimates thanks to positive growth in all business sectors, although the conflict in Ukraine resulted in additional uncertainty about its prospects.
Italy’s largest insurer said net profit for the year stood at 2.85 billion euros, up from 1.74 billion euros a year ago, while gross margin increased 6.4% to 75. 83 billion Euros.
Premiums increased by 6% in life insurance activities and 7% in real estate and accidents.
Analysts had forecast net profits of 2.82 billion euros and gross written premiums of 73.62 billion euros.
Generali announced a record operating result for the third consecutive year, at 5.85 billion Euros, higher than the 5.21 billion Euros in the previous year.
Return on equity rose 12.1%, up from 7.7% a year earlier, and Solvency II rose 3% to 227%, due to strong capital creation of € 3.8 billion.
Generali offered a dividend of 1.07 euros per share compared to 1.01 euros in the previous year.
However, the crisis in Ukraine has led to greater uncertainty and instability and the risk of a downward revision of growth estimates.
The company kept its financial targets for 2024 unchanged, including higher dividends and an annual increase in profitability of 6% -8%.
Source: Capital
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