By Ed Frankl

Assicurazioni Generali SpA said Tuesday that its 2021 profit and premiums topped expectations on positive growth across all its business segments, though the Ukraine conflict had resulted in extra uncertainty over its outlook.

Italy's largest insurer said full-year net profit came to 2.85 billion euros ($3.12 billion) compared with EUR1.74 billion the prior year, on gross written premiums that rose 6.4% to EUR75.83 billion.

Premiums increased by 6.0% in its life business and 7.0% in its property & casualty segment, Generali said.

Analysts had forecast net profit of EUR2.82 billion and gross written premiums at EUR73.62 billion, according to consensus expectations provided by the company.

Generali posted a record operating result for the third straight year, at EUR5.85 billion, up from EUR5.21 billion last year, the company said.

Return on equity, a key measure of profitability was 12.1%, up from 7.7% last year, and its Solvency II ratio, a measure of an insurer's financial strength, climbed 3 percentage points to 227% on strong capital generation of EUR3.8 billion.

Generali proposed a dividend of EUR1.07 a share compared with EUR1.01 the prior year.

However, the crisis in Ukraine has resulted in greater uncertainty and volatility and a risk of downward revision of growth estimates, the Trieste-based company said.

It said it was not possible to make a reasonable estimate of the effect of the crisis on the markets and on the insurance business.

The company kept its financial targets to 2024 unchanged, including higher dividends and annual earnings growth of 6% to 8%.

In addition, Generali directors approved a new board list late Monday, including already-announced Andrea Sironi as chairman, as it heads off a challenge to the leadership of Chief Executive Philippe Donnet from second-largest shareholder Francesco Gaetano Caltagirone.

Mr. Caltagirone said last week he plans to propose his own candidate as CEO.


Write to Ed Frankl at edward.frankl@dowjones.com


(END) Dow Jones Newswires

03-15-22 0355ET