Generali posts smaller-than-expected net profit drop after Russia impairments

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Net profit came in at 727 million euros, down 9.3% year-on-year, above an analyst consensus provided by the insurer of 651 million euros.

The impairments include 96 million euros related to Russian directly held fixed-income instruments and 40 million euros for a stake in Russian insurer Ingosstrakh, the insurer said, adding exposure to Russian and Ukrainian indirect and unit-linked instruments was “negligible”, for a total of 77 million euros.

Generali said its operating profit, closely watched by the market, grew 1.1% to 1.63 billion euros, topping an average analyst consensus of 1.55 billion euros.

($1 = 0.9527 euros)