The Italian insurer Generali announced on Friday that it increased its net profit in the third quarter to 291 million euros, after recording only 19.5 million euros in net profit in the same period last year due to significant write-offs at that time.
Operating profit rose by 43 percent to 948.5 million euros. The life insurance segment is largely responsible for such results, according to the statement from the Italian insurer.
In the first nine months, net profit reached 1.1 billion euros, which is 37.3 percent higher compared to the same period last year. Operating profit increased by 9.4 percent to 3.29 billion euros, reported the largest Italian insurer.
“We believe that operating profit in 2012 will exceed the level of four billion euros, in line with the previously announced target range of 3.9 to 4.5 billion euros,” said the new CEO Mario Greco in the statement.
The Italian insurer reiterated that it expects premium growth in the non-life insurance segment in 2012, while premiums in the life insurance segment should remain at 2011 levels.
Shareholders relieved long-time Generali leader Giovanni Perissinotto of his duties and hired Greco this summer with a mandate to improve profitability and strengthen the capital position of the Italian insurance giant.
Greco announced on Friday that he will present details of the new strategic plan in London on January 14.
