By Helena Smolak


Assicurazioni Generali raised its dividend after profit and gross written premiums jumped last year, driven by strong growth at its property and casualty insurance business.

The Italian insurer said Tuesday that its net profit climbed 68% to EUR3.75 billion ($4.10 billion), boosted by a EUR255 million capital gain from the disposal of Generali Deutschland Pensionskasse.

Adjusted net profit increased 14% to EUR3.58 billion, while operating profit--a metric closely watched by analysts and investors--increased 7.9% to EUR6.88 billion last year, thanks to growth across all lines of business.

Generali plans to pay a dividend of EUR1.28 a share, up 10% from the previous year and representing a payout of EUR1.99 billion.

"Thanks to our strong cash and capital position, we are accelerating the growth of dividends for our shareholders," said Chief Executive Philippe Donnet. "The group is in the best shape it has ever been as a profitable, diversified insurance and asset management player."

Gross written premiums grew 5.6% to EUR82.47 billion, thanks to what the company called significant growth at its property and casualty insurance business.

Generali was expected to post an adjusted net profit of EUR3.57 billion, operating profit of EUR6.83 billion, gross written premiums of EUR81.98 billion and pay a dividend of EUR1.25 a share, according to a market consensus provided by the company.

In the fourth quarter, Generali's net profit rose 19% to EUR925 million. However, adjusted net profit fell 29% to EUR595 million, while operating profit decreased 11% to EUR1.78 billion. The impact from natural catastrophes in the quarter increased 2 percentage points to 3.4%.

Generali said it is on track to meet its targets by the end of 2024. Similarly to its peers, Generali focuses on an increased capital return to shareholders, aiming to reach its dividend payout target of between EUR5.2 billion and EUR5.6 billion by May.


Write to Helena Smolak at helena.smolak@wsj.com


(END) Dow Jones Newswires

03-12-24 0642ET