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Generali H1 2013 net profit rises by 28.4% to EUR1.08bn

Italian insurer The Generali Group has posted net profit of €1.08bn for the first half of 2013, an increase of 28.4% compared to €842m for the same period prior year.

Earnings after taxes were €1.16bn in the first half of 2013, compared to €985m for the same period last year. The group’s debt reduced by €500m to €12.7bn in the first half of 2013.

During the period, net earned premiums decreased to €31.16bn from €31.65bn last year, while total income also declined to €42.46bn from €43.81bn a year ago. The Solvency I ratio was 139% as of June 30, 2013.

Generali Group CEO Mario Greco said the process of restructuring and simplifying the company’s businesses in Central-Eastern Europe, Italy and Germany is progressing well.

"We have taken significant strides in strengthening our capital position and improving our operational and financial performance," Greco added.