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Generali Group Q1 Net Result Down, Gross Written Premiums Rise

Italian insurance group Assicurazioni Generali SpA (ARZGY.PK) reported Thursday that its first-quarter net result reached 727 million euros, down 9.3 percent from last year's 802 million euros.

The results were affected by impairments on Russian investments amounting to 136 million euros. Excluding this impact, the net result would have been 863 million euros.

Adjusted earnings per share were 0.46 euro, compared to 0.51 euro a year ago.

Consolidated operating result, however, edged up 1.1 percent to 1.63 billion euros from prior year's 1.61 billion euros, thanks to growth in the Life, P&C and Holding and other businesses segments. Asset & Wealth Management operating result fell 14.5 percent.

Gross written premiums increased 6.1 percent to 22.32 billion euros from prior year's 19.71 billion euros, driven by growth in both the Life and P&C segments.

The total Assets Under Management amounted to 680.5 billion euros, down 4.1 percent from 709.62 billion euros a year ago.

Looking ahead, the company confirmed its commitment to pursue sustainable growth, enhance its earnings profile and lead innovation in order to achieve a compound annual growth rate in earnings per share8 between 6 percent and 8 percent in the period 2021-2024.

The company plans to distribute a cumulative dividend to shareholders for an amount between 5.2 billion euros and 5.6 billion euros in the period 2022-2024, with a ratchet policy on dividend per share.

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