Generali's nine-month profit up despite €1.5 billion disaster hit

Résumé détaillé

MILAN, Nov 13 (Reuters) - Italy's biggest insurer Generali reported higher nine-month profits on Friday despite a €1.5 billion ($1.7 billion) hit from natural disasters and said…

MILAN, Nov 13 (Reuters) - Italy's biggest insurer Generali reported higher nine-month profits on Friday despite a €1.5 billion ($1.7 billion) hit from natural disasters and said it was on track to exceed the targets in its three-year plan ending in 2027.

• Operating profit rose 8.5% to €6.45 billion, while adjusted net profit climbed 12% to €3.7 billion. Both figures were broadly in line with a company-provided analyst consensus

• More than €800 million of the natural disaster losses were related to the third quarter, finance chief Cristiano Borean told reporters

• The combined impact of natural disasters and €323 million in man-made losses was €1.1 billion higher than a year ago, Borean said

• "We expect very few additional impacts from natural disasters this quarter; any impact will be largely offset by the coverage we have in place," he added

• Natural catastrophes and man-made losses worsened the non-life business's undiscounted combined ratio, a measure of underwriting profitability, by 0.9 percentage points to 95.1%, versus a consensus forecast of 94.8%

• Generali is caught up in Italy's financial-sector takeover battle as Intesa Sanpaolo seeks to buy Monte dei Paschi (MPS), which owns a 13% stake in the insurer through Mediobanca

• Asked about Intesa's bid for MPS, Borean said: "We are focused on our strategy. We speak through our numbers and will continue to do so"

• Generali's solvency ratio was 211% at end-September, down from 219% at end-2025, reflecting increased market volatility and wider spreads on government bonds, Borean said

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