MILAN (Reuters) – Generali on Thursday posted a record profit for 2024, in line with expectations, as Chief Executive Philippe Donnet prepares to face a key shareholder vote next month over his reappointment.
Italy’s top insurer, historically a bulwark of the country’s financial system, is once again turning into battleground, with its leading shareholders set to face off at the annual general meeting on April 24.
The contest to pick Generali’s new board of directors is being closely monitored by Italy’s government because the insurer is a large holder of sovereign debt.
Generali said its adjusted net profit rose 5.4% to 3.77 billion euros ($4.10 billion) last year, while operating profit, a key figure for analysts, grew 8.2% to 7.3 billion euros.
Both figures set new records for the insurer and were in line with the company-provided consensus.
Generali’s Solvency ratio, a measure of financial strength, fell to 210% last year from 220% in 2023, reflecting the impact of an acquisition and of a share buyback programme, it said in a statement.
The insurer’s board proposed a dividend of 1.43 euros per share, an 11.7% increase compared to the previous year, for a total payout of 2.2 billion euros. ($1 = 0.9191 euros)
(Reporting by Gianluca Semeraro; editing by Valentina Za)
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