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AMB Generali reports drop in Q1 profit

AMB Generali Group has reported a net profit of E65 million for the first quarter 2008, a decrease of E37 million compared to the same quarter of 2007.

According to the group, the fall in the net profit was primarily attributable to the turmoil of the capital-market crisis. As a result of the stock-market crisis, the group made write-downs on equities that led to a decrease of the net investment income to E531 million.

In insurance business, the total premiums of direct business grew from E3.89 billion in the first quarter of 2007 to E4 billion for the corresponding quarter of 2008.

Dietmar Meister, CEO of AMB Generali, said: We are confident that in the future we will continue to benefit from the initiated measures to improve our competitiveness and from our distribution strength.