Generali Results Beat Expectations; Raises Dividend

By Helena Smolak

Assicurazioni Generali raised its dividend after 2023 results beat expectations on continuous earnings growth, but a weaker property&casualty segment dragged its fourth-quarter profit.

The Italian insurer said Tuesday that its full-year adjusted net profit stood at 3.58 billion euros ($3.92 billion), up from EUR3.13 billion in 2022, slightly beating consensus expectations that had it at EUR3.57 billion. Operating result was EUR6.88 billion for the year, up from EUR6.37 billion the year prior, also beating analysts' expectations of EUR6.83 billion.

Gross written premiums came to EUR82.47 billion, up from EUR79.02 billion the year prior, and against consensus expectations that had them at EUR81.98 billion.

The insurer posted an adjusted net profit of EUR595 million for the fourth quarter, compared with EUR834 million the same period last year. Operating result stood at EUR1.78 billion, compared with EUR2.00 billion the same period last year.

Its fourth-quarter P&C operating result fell 30% to EUR748 million.

Generali increased its dividend by 10.3% to EUR1.28 and said it is on track to meet its targets by the end of 2024.

Write to Helena Smolak at helena.smolak@wsj.com

(END) Dow Jones Newswires

March 12, 2024 02:42 ET (06:42 GMT)

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