Italian insurer Generali posts record operating profit despite COVID

Italy’s biggest insurer Generali is confident it can achieve targets set for this year after posting a record operating profit for 2020 despite the impact of the COVID emergency, the company said on Thursday.

Operating profit, the figure most closely monitored by the market, stood at 5.21 billion euros ($6.21 billion) last year, up 0.3% on the previous year, after a negative impact of COVID emergency of 123 million euros.

The figure was slightly above a company-provided consensus of 5.148 billion.

Net income for 2020 fell 34.7% to 1.744 billion euros after net impairments of 287 million euros due to COVID-inspired market volatility. The figure was in line with the analyst consensus.

Generali will pay a dividend of 1.47 euros per share split into two tranches. The first tranche of 1.01 euros will be paid in May. The second tranche of 0.47 euros will be paid in October in the absence of adverse recommendations from regulators.

Main Photo: EPA-EFE/MAURITZ ANTIN