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Generali reports 1.9-bn-euro net profit in 2013

Results confirm insurance group is 'on track', says CEO

13 March, 11:42
Generali reports 1.9-bn-euro net profit in 2013 (ANSA) - Milan, March 13 - Insurance giant Generali closed the 2013 financial year with a net profit of 1.915 billion euros, the highest in the last six years, the Italian company said in a statement Thursday.

The group's operating result rose by 5.3% to over 4.2 billion euros thanks largely to a new focus on its core business, the statement added. The company also saw a strong improvement in cash generation with net free surplus up 38% to 2.1 billion euros. In light of the 2013 results the board of directors will propose a dividend per share of 0.45 euros to be paid in May. "2013 has been a fundamental year for the turnaround of Generali and the results confirm that we are on track, or ahead, of the targets in our strategic plan," Generali Group CEO Mario Greco said.

"In 2014 we estimate to improve the operating result and the net profit further," he added.