Generali boosts financial strength as new CEO appointed

Italian insurer Generali posted a 22 percent increase in its full-year net profit and boosted its financial strength, it said on Friday as new Chief Executive Philippe Donnet took over.

The profit of 2 billon euros was below a Thomson Reuters consensus forecast of 2.2 billion euros, although the group said it was its best in 8 years, as was the dividend, which was raised to 0.72 euros from 0.60 euros in the previous year.

The economic solvency ratio, a closely watched measure of financial strength calculated using internal models based on Solvency II principles, rose to 202 percent at the end of 2015 from 196 percent at the end of the third quarter.

Pier Marco Tacca | Getty Images

Generali said the results showed the quality of the turnaround plan launched by Mario Greco, who left the company this year to join rivalZurich Insurance. The group confirmed the appointment of Donnet, previously the insurer's Italy country head, as its new CEO on Thursday.

Chief Financial Officer Alberto Minali was appointed managing director.

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