(Alliance News) - Assicurazioni Generali Spa reported Tuesday that it closed the first quarter with a net profit of EUR1.26 billion, up from EUR1.20 billion as of March 31, 2023.

Group gross premiums rose 21 percent to EUR26.4 billion from EUR22.16 billion, thanks to strong performance in both life and non-life segments.

Life net inflows, again positive, stand at EUR2.3 billion driven entirely by pure risk and health and unit-linked lines, consistent with Group strategy and reflecting the success of commercial initiatives implemented since 2023.

Operating income grows to EUR1.90 billion, up 5.5 percent from EUR1.80 billion with positive contribution from all business segments.

Equity attributable to the group rises to EUR30.1 billion from EUR29.0 billion in full-year 2023.

The group's total Assets Under Management as of March 31 increase to EUR670.3 billion from EUR655.8 billion in 2023.

The group confirms its strong capital position, with a Solvency Ratio of 215 percent from 220 percent in 2023.

"The decline reflects in particular the acquisition of Liberty Seguros," the company specified in a note. "This effect, together with the impact of negative regulatory exchange rates and the provision of the dividend for the period, was only partially offset by solid normalized capital generation and positive market variances.

As for the rest of the year, "the group confirms its commitment to pursue sustainable growth, improve the earnings profile, and drive innovation so as to achieve a compound annual growth rate of 6 percent to 8 percent in earnings per share over the period 2021-2024, generate net available cash flows at the parent company level in excess of EUR8.5 billion over the period 2022-2024, and distribute cumulative dividends to shareholders over the period 2022-2024 in the range of EUR5.2 billion to EUR5.6 billion, with ratchet policy on dividend per share. With the payment of the 2023 dividend on May 22, the group achieves the latter target with cumulative dividends of EUR5.5 billion over the period 2022-2024."

Assicurazioni Generali shares closed Monday in the green by 1.0 percent at EUR23.84 per share.

By Chiara Bruschi, Alliance News reporter

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