Generali tops forecasts with H1 earnings starts share buyback

Generali tops forecasts with H1 earnings starts share buyback

Summary : MILAN, Aug 2 (Reuters) – Italy’s top insurer Assicurazioni Generali (GASI.MI) on Tuesday beat estimates with its first-half earnings despite a challenging macroeconomic scenario, and said it would kick off this week its first share buyback in 15 years.

Net profit came in at 1.4 billion euros ($1.4 billion) in the first half, down 9% year-on-year, after a 138-million-euro impairment on Russia’s exposure.

As set out in its 2022-24 strategic plan, Generali will spend 500 million euros to repurchase up to 3% of its share capital by the end of December.

“We have been able to achieve these results in an increasingly uncertain geopolitical and macroeconomic context,” Chief Executive Philippe Donnet said in a statement.

The Generali logo is seen in Milan’s CityLife district, Italy November 5, 2018. REUTERS/Stefano Rellandini/File Photo

MILAN, Aug 2 (Reuters) – Italy’s top insurer Assicurazioni Generali (GASI.MI) on Tuesday beat estimates with its first-half earnings despite a challenging macroeconomic scenario, and said it would kick off this week its first share buyback in 15 years.Net profit came in at 1.4 billion euros ($1.4 billion) in the first half, down 9% year-on-year, after a 138-million-euro impairment on Russia’s exposure. The figure was above an analyst consensus gathered by the insurer of 1.33 billion euros.

Net operating profit, closely watched by the market, rose 4.8% yearly to 3.14 billion euros, above an analyst consensus of 2.96 billion euros.

As set out in its 2022-24 strategic plan, Generali will spend 500 million euros to repurchase up to 3% of its share capital by the end of December. The buyback starts on Wednesday.”We have been able to achieve these results in an increasingly uncertain geopolitical and macroeconomic context,” Chief Executive Philippe Donnet said in a statement.”In the months to come, we will continue to be fully committed to the execution of our three-year plan,” he added.