Generali has registered a decrease in net income of 37,1% to 825 million euros compared to the same period last year. To weigh on the accounts of the insurance company writedowns on Greek sovereign bonds, for 329 million (more than double the 140 million at the end of June) and on securities maturing after 2020. The total amount of these operations cost Leone 824 million euros (of which 143 are attributable to the write-down of Telco).
It remains stable operating result at 3,1 billion. "Despite the very difficult economic and financial situation, the Group continues to show good progress in industrial management and in particular in the non-life segment", declared the managing director Giovanni Perissinotto. In fact, the "non-life" sector is the one that has recorded the greatest growth, increasing by 36,4%, compared to 2010, to 1,2 billion. The "life" segment, on the other hand, fell to 1,98 billion (-14,1%).
The gross value of awards distributed amounted to 51,3 billion. On the balance sheet front, shareholders' equity decreased by 9,4% compared to the end of 2010 to 15,8 billion.
A Business Square the Generali share, which had opened in the red, grew by 1,32%.
