Cyberattacks against accounting software firm Wolters Kluwer and the City of Baltimore in May showed how the newest wave of malicious hacking can have significant, often...Technologyread more
The European parliamentary election is the second largest democratic exercise in the world.Europe Newsread more
Biden had criticized Kim Jong Un as a "dictator" and a "tyrant" at a recent rally in Philadelphia. North Korean state media responded by calling Biden a "fool of low IQ" among...Politicsread more
Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
When commercial real estate investor Manny Khoshbin spent $2.2 million on the fastest production car in the world, he had no idea it would very quickly also become the...Autosread more
(Add comments from press briefing)
MILAN, May 16 (Reuters) - Generali, Italy's biggest insurer, reported a larger-than-expected 28 percent rise in first-quarter net profit helped by asset sales, though capital ratios fell due to regulatory changes.
Generali's solvency ratio, a key measure of financial strength, stood at 207% at the end of March, down from 217% three months earlier, largely due to expected regulatory changes, the company said.
Analysts had looked on average for a solvency ratio of 213% in the first quarter in a consensus provided by the company.
"The capital position is solid and allows us to face market volatility," Chief Financial Officer Cristiano Borean told a news briefing,
Generali holds 59.5 billion euros in Italian government bonds and is exposed, like other insurers in the country, to fluctuations in Italian bond prices which are sensitive to potential political instability and fragile public finances.
Borean said the first-quarter regulatory hit on the solvency ratio would be a one-off for the year. He said the next adoption of regulatory changes was scheduled for the first quarter of 2020 with an estimated impact on the solvency ratio of less than 2 percentage points.
The insurer said on Thursday net profit rose to 744 million euros ($834 million) in the three months to the end of March, boosted by a capital gain of 128 million from the sale of Belgian assets.
Analysts were looking on average for a net profit of 715 million euros.
In the past three years, Generali has raised 1.5 billion euros from disposals, exiting a dozen non-strategic countries. It has also raised 1.9 billion euros from the sale of its German life insurance business Generali Leben.
Operating profit rose came in at 1.35 billion euros, up 7 percent year-on-year- and above an average analyst forecast of 1.28 billion euros.
The combined ratio, a measure of profitability and financial health of an insurance company, stood at 91.5%.($1 = 0.8921 euros) (Reporting by Gianluca Semeraro; editing by Valentina Za and Jane Merriman)