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Generali announces Q1 profit of €113m; takes €655m investment hit

Written by Adam Cadle
21/05/2020

Italian insurance company Generali has today announced a first quarter net profit of €113m despite taking a €655m investment hit caused by the COVID-19 pandemic.

Profit recorded in Q1 2019 however was € 744m

Total gross written premiums in Q1 2020 stood at €19.2bn, with a positive 4% development from the P&C segment.

In the life segment, net inflows fell 25% to €3.1bn and technical provisions stood at €363.4bn, due to the current financial markets performance.

Generali’s solvency ratio fell to almost 190% from 196% at the end of March and 224% at the end of 2019, mainly due to falling Italian government bond prices, Generali finance chief Cristiano Borean said.

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