Economy Generali first quarter profit beats forecast, rule changes weigh on capital

Generali first quarter profit beats forecast, rule changes weigh on capital

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Generali first quarter profit beats forecast, rule changes weigh on capital

 Italy’s top insurer Assicurazioni Generali posted a larger-than-expected 28 percent rise in first-quarter net profit helped by sales of assets, though capital ratios fell due to regulatory changes.

The insurer said on Thursday net profit rose to 744 million euros (649 million pounds) in the three months through March, boosted by a capital gain of 128 million from the disposal of Belgian assets.

Analysts had looked on average for a net profit of 715 million euro in a consensus provided by the company.

The insurer’s solvency ratio, a key measure of financial strength, stood at 207% at the end of March, down from 217% at the end of last year, largely due to the scheduled adoption of regulatory changes, the company said in a statement.

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