By Adria Calatayud

Assicurazioni Generali said the insurance industry might be affected by weaker demand amid signs of a global economic slowdown and reported a lower net profit for the third quarter.

The Italian insurer said Friday that net profit for the third quarter fell to 579 million euros ($628.4 million) from EUR591 million in the same period last year. Quarterly operating profit dropped 5.8% to EUR1.38 billion.

The insurer's property-and-casualty segment was hit by natural-catastrophe claims due to floods and hailstorms in some European countries in the third quarter, while its life segment improved compared with previous quarters, it said.

For the January-September period, Generali reported a net profit of EUR2.82 billion, up from EUR1.46 billion a year before.

Gross written premiums for the period were up 4.7% at EUR60.46 billion, while operating profit jumped 17% to EUR5.10 billion, the insurer said. Property-and-casualty insurance drove growth in both gross written premiums and operating profit, with a lower loss ratio offsetting the impact from natural catastrophes in the third quarter, it said.

Analysts expected Generali to report gross written premiums of EUR60.21 billion and an operating profit of EUR5.04 billion for the first nine months, according to consensus estimates provided by the company.

The company said it plans to rebalance its life-insurance portfolio to boost profitability and confirmed its mid-term targets until 2024.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

November 17, 2023 02:05 ET (07:05 GMT)

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