Generali: 1.4 billion in net profit, weighs Russia

Generali closes the first half with a net profit down to 1,402 million due to write-downs in Russia without which the result would have been practically unchanged compared to 1,540 million in the same period last year.

The result is in any case above analysts' expectations as well as the operating profit which continues to grow and reaches 3.1 billion (+ 4.8%), thanks to the positive development of the Life, Non-Life and Holding segments and other activities.

From the pages of the financial report it also emerges that Caltagirone, through VM 2006, is continuing in its battle and on 25 July it challenged the resolution of the Generali assembly on the appointment of the board of directors before the Court of Trieste.

Leo replies below that "the company confirms the full legitimacy of the appointment"

Returning to the accounts, gross premiums rose to 41.9 billion (+ 2.4%), thanks to Non-Life (+ 8.5%), particularly in the non-motor segment, while they remained almost stable in Life (-0.5% ).

In both segments, the operating profit improved with the technical profitability of the Non-Life business, the Combined Ratio, to 92.5% (+2.8 percentage points) due to the higher loss ratio and the effect of hyperinflation in Argentina, and that of Life, the New Business Margin, at 5.23% (+0.59 percentage points).

"We have been able to achieve these results in a context of growing geopolitical and macroeconomic uncertainty" noted the CEO of Generali Philippe Donnet, who confirmed the plan's objectives to 2024.

During the presentation of the accounts, the manager preferred not to comment on the work of the board, which returned to meet in the afternoon and managed to complete the internal committees where the minority directors entered.

These are Marina Brogi, Flavio Cattaneo, who assumes the presidency of a 'sensitive' committee such as the one on Related Party Transactions, and Stefano Marsaglia whose appointment 15 days ago as director in place of Francesco Gaetano Caltagirone contributed to unblocking the impasse.

According to Donnet, the tensions of the last few months in the Leo shareholding have had no effect on the management of the group.

"The discussions among the shareholders have not made us change our mind on the validity of our plan. And I confirm that we are fully committed to implementing it", assured the CEO, while admitting that the macroeconomic and international context has become even more challenging.

And there is not only the stake in the Russian Ingosstrakh, which was devalued by 70%.

On the Italian risk, for a group that has 52.8 billion in government bonds in its portfolio, even though it has fallen compared to the 63 billion at the end of 2021, the French manager said he was attentive but not worried about the current uncertainty that the market does not like , convinced that it will be resolved with the next political elections: "