Italian insurer Assicurazioni Generali SpA posted its largest rise in more than two years on the back of a jump in profits and an increase in its assets under management.
Nine-month net income spiked 17% year over year, and assets under management rose 30%, excluding businesses for sale or that have been sold, according to a Bloomberg report. The company’s stock rose as much as 4.1% in Milan trading, hitting its highest level since January of 2009.
Generali CEO Philippe Donnet is currently attempting to expand the company in growth markets. He said that Generali may invest at least 3 billion euros (US$3.3 billion) for mid-size acquisition and asset management, Bloomberg reported. The company’s strategic plan, released last year, projects annual earnings per share to grow by 6% to 8% through improvements in profitability in insurance and money management, as well as by cutting debt.