The third largest insurance company in the world suffered a 5.6% drop in its nine-month operating profit though it displayed strong performance in the third quarter of 2016.
Italian insurance giant Generali announced on Thursday that its earnings before interest and tax from January to September fell to €3.6 billion.
The insurer said its operating profit was sustained by continued improvement of the life and property and casualty insurance businesses.
“The results presented today confirm the strength of Generali’s business model,” said Alberto Minali, general manager and group CFO of Generali.
“In property and casualty, premiums increased, which allows us to make progress in a segment with excellent profitability levels,” he added.
Net profit during the first nine months of the year was €1.6 billion, down by 5.9% from the same period last year. Gross written premiums slipped by 2.8% to €52.1 billion
Minali expressed confidence that Generali will be able to meet its 2016 year-end targets.
“The solidity of these results is further confirmed by the capital position of the group, which remains at very good levels despite the challenging economic environment,” he said.
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