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3/18/2016, 8:21 AM (Source: TeleTrader)
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Generali Group reports profits of €2 billion, dividends at €0.72

The Generali Group reported its full year results for 2015, including an operating profit of €4.78 billion, which represents a rise of 6.1%. The net profits were €2.03 billion, growing by a whopping 21.6%, when compared to €1.67 billion for the full year of 2014, according to the company's press release.

The group decided to propose dividend per share of €0.72, which is 20% more than a year ago. The operating return of equity reached 14%, above Generali's own estimate of 13%.

The Assicurazioni Generali insurance group (which is its original name), based in Trieste, Italy has reported economic solvency ratio of 202%, up 16 percentage points from 185% in 2014. The Solvency I ratio was at 164%, rising 8% from 2014.

Total premiums were at €74.16 billion, rising 4.6% from €70.43 billion in 2014. Its life insurance segment grew at the rate of 6.2%, bringing the premium income of €53.29 million, while the new production fell by 13% to €1.09 billion. The valuable P&C segment added just 0.8% for the year to €20.86 billion.

The insurer, with current market capitalisation of €26.61 billion and over 77 thousand employees, outlined its stronger capital position, with shareholders' equity growing 1.5% for the year to €23.6 billion.

Generali Group has significant operations in Europe and Asia, with Central European countries being its main market, but with presence in Israel, India, China, Japan, The United States and Latin American countries. Founded in 1831, it also has important subsidiaries, such as Banca Generali and Genertelife.

On Thursday, the group has named Philippe Donnet as the new chief executive, who joined the group in 2013 after a career in several companies, most notable being AXA from his native France. He will replace Mario Greco, who went to the same position at the Zurich Insurance Group AG.

Shares of Generali Group last closed up 0.22% at €13.88 at the Milan exchange. The stock has lost a quarter of its value in a year, but has recovered significantly in the last month.

Breaking the News / ZR