Il General group closed the first quarter with net profits down to 576 million euros, against the 616 million recorded in the same period last year (-7,9%). The figure is higher than analysts' estimates (511 million). Operating profit was stable at 1,2 billion, while the solvency ratio rose to 133% (it was 117% at the end of 2011). As for the overall prizes, as the managing director Giovanni Perissinotto had already anticipated at the budget meeting, they grew in the quarter by 6,1%, reaching 19,8 billion, of which 75,2% was made abroad. In the early afternoon, Generali's stock traded in the red by 1,8%.
“The results for the quarter show a marked recovery at the beginning of the year compared to the second part of 2011 – commented Perissinotto -, with an increase in profitability in all business lines and a significant strengthening of our capital solidity. This is the best start for a 2012 which will remain challenging but which will see us grow”.
In the coming months, “we will continue to focus on profitability and efficiency – added Perissinotto -, continuing development in high-potential markets and maximizing our profitability in core markets. All this allows us to confirm our operating result target of between 3,9 and 4,5 billion euros".
The company's shareholders' equity amounted to over 18 billion (+16,3%), while the Solvency I index rose to 133% from 117% at the end of 2011. For 2012 as a whole, Generali expects "an increase in of both the Life and Non-Life segments, as well as the Group's net result”.
In addition to the quarterly approval, they were nominated today two new members of the Board of Generali representing Mediobanca. It is Clemente Rebecchini and Claudio De Conto, which they take the place of the outgoing Alberto Nagel and Francesco Saverio Vinci, respectively managing director and general manager of Piazzetta Cuccia, forced to leave by the recent law on double duties.
However, the position of vice president of the Lion held by Nagel is not inherited by Rebecchini (head of investments at Mediobanca and president of Telco), who has been appointed a member of the executive committee and the nomination and corporate governance committee. De Conto (former manager of the Pirelli group and now on the Prysmian board of directors) instead joins the remuneration committee and the investment committee.
