Generali’s first-half operating profit up but natural disasters weigh

Italy’s top insurer Generali (GASI.MI), opens new tab said first-half operating profit was boosted by its life and wealth management businesses, while its non-life segment suffered from the impact of natural disasters.

First-half operating income, the profit measure most closely watched by the market, rose 1.6% year-on-year to 3.72 billion euros ($4.04 billion), broadly in line with a company-provided consensus.

However, the non-life segment’s operating profit fell 6.7% year-on-year. Jefferies analysts said that was “the most material component of the group’s miss”.