(Reuters) – Generali fell on the Milan Stock Exchange on Tuesday, the weakness of the property and casualty business of the Italian insurer taking precedence over better than expected net profit in the first quarter, according to some analysts.
Around 09:00 GMT, Generali lost 3.36% to 23.04 euros compared to a decline of 0.91% for the FTSE MIB index and a drop of 0.38% for the pan-European Stoxx 600 index. insurance sector drops 0.61%.
“Profitability in the P&C business was slightly weaker, with the discounted combined ratio in line with our expectations overall,” write JP Morgan analysts.
Generali’s operating profit, the indicator most watched by the market, increased by 5.5%, to 1.89 billion euros. JP Morgan notes, however, that it is 1% lower than its estimates.
As for the net result, the leading Italian insurer announced that it had generated 1.12 billion euros over the first three months of the year compared to a consensus of 979 million euros provided by the company itself.
This result is, however, down 9% compared to that of the same period last year which had benefited from an exceptional capital gain linked to the sale of a real estate program, Generali said.
(Written by Enrico Sciacovelli; Claude Chendjou, edited by Kate Entringer)
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