Italy’s Generali posts 4.5% H1 profits

Italy’s insurer Generali reported today a 4.5% increase in its first-half profits, with premiums offseting claims from quakes in Northern Italy.

Generali’s posted a net profit of €842m at the end of June, up from €806m in 2011.

Net profit for the quarter increased by 44% to €274m compared to €190m in the second quarter of last year.

During a conference call with analysts, Mario Greco (pictured), newly appointed chief executive at the company, said his aims will be to bring the Italian insurer to the European stage.

“The opportunity to lead Generali to a position of leadership among European insurers, reestablish strong business profits and achieve a solid capital position is irresistible,” Greco said.

Greco was appointed chief executive to replace Giovanni Perissinotto, who was ousted by the Board following criticism about the company’s performance.  

Greco, previusly top executive at Zurich Insurance Group, took the post on August 1.

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