MILAN (Reuters) – Italy’s top insurer Generali on Wednesday posted a 28% rise in first-half operating profit thanks to the strong contribution of its non-life businesses, which reflected the group’s ongoing portfolio rebalancing strategy.
In the January-to-June period, adjusted net result grew 60.9% to 2.33 billion euros ($2.56 billion), while operating result, most closely watched by the market, came in at 3.72 billion euros, beating a company-provided consensus of 3.46 billion euros.
For the first time the property and casualty (P&C) operating result was higher than the life business, growing around 86% from a year earlier to reach 1.85 billion euros. The life business contributed for 1.81 billion euros in the same period.
($1 = 0.9108 euros)
(Reporting by Federica Urso, editing by Federico Maccioni)