Assicurazioni Generali reported results that exceeded estimates in the first quarter despite impairments in Russia driving net profits lower.
The figures are good news for CEO Philippe Donnet, who last month won a battle with shareholders and will retain his position for another three years.
Italy’s largest insurance company reported a 9.3% drop in net profit compared to the previous year to 727 million euros, much higher than the estimates for 651 million euros.
“With revenue, margins and profits all higher than expected, along with the restatement of targets, Generali is performing well and seems unaffected by disagreements at the board level,” Jefferies said.
Generali assumed forecasts of 136 million Euros in the quarter, an amount which includes a blow of 96 million Euros from the activities in Russia and 40 million Euros from the participation in the Russian insurance Ingosstrakh.
She announced that her exposure to Russia and Ukraine, indirectly and immediately, was “negligible”, amounting to 77 million euros.
Source: Capital
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