Growing profit and strengthened capital ratios for Generali in the first quarter of the year. Il Leone this morning released the accounts for the first quarter with profits of 660 million euros, up by 9,4% and above the expectations of analysts, still at 610 million. The Solvency 1 solvency ratio stood at 152% at the end of March and 160% at the end of April. These are, the note on the accounts underlines, the highest levels achieved by the group. Consolidated operating income returned to per-crisis levels at 1,3 billion (+0,5%), driven above all by the Non-Life segment (+3,7% to 516 million). Conversely, Life business recorded a decrease of 0,2% to 779 million euro. The operating profit of the financial sector grew by 21% to 144 million. Shareholders' equity rose to 21,7 billion (+9,9%).
In the note on the accounts, the financial director Alberto Minali noted that the company is convinced that it can reach the divestment and solvency targets in advance. “The results of this first quarter – he explained – confirm the progress we are making in terms of business profitability, operating performance and capital strengthening. We continue to be focused on executing our strategy and are convinced that we will be able to achieve our disposal and solvency targets ahead of time”. Yesterday evening a note communicated the start of exclusive negotiations with the Brazilian financial group Btg Pactual, listed in San Paolo, to sell the subsidiary Bsi.
In the meantime, Paolo Scaroni, former CEO of Enel, suspended himself from the Generali board of directors, until a next meeting that the board will convene on the issue. Scaroni, Generali explains, "announced that it had deemed it appropriate to proceed in this direction in the light of a prudential interpretation" of the rules and "as a result of the first instance sentence issued by the Court of Rovigo for environmental violations at the Porto Tolle plant of the 'Is in the".
At the opening of the session in Piazza Affari, the Generali stock immediately recorded an increase of 1,5% a 16,78 euro.
