UPDATE 1-Generali profits rise, capital reserves hit by low interest rates in Q3 [Reuters (UK)]
ASSICURAZIONI GENERLI ADR (ARZGY)
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Source: Reuters
UPDATE 1-Generali profits rise, capital reserves hit by low interest rates in Q3 - Reuters 2 Min Read (Adds details from statement, context) MILAN, Nov 7 (Reuters) - Italy’s biggest insurer Assicurazioni Generali reported a rise in nine-months profit on Thursday that was broadly in line with market estimates, though capital ratios fell due to regulatory changes and low interest rates. Generali’s solvency ratio, a key measure of financial strength, stood at 204%, down from 217% at the end of 2018, due to expected regulatory changes and lower interest rates in the third quarter, the company said. The fall in interest rates was not fully compensated by a narrowing of government bond spreads, the company said in a statement. “Within the context of persistent low interest rates, the Group’s capital position remains solid,” Chief Financial Officer Cristiano Borean said in the statement. The solvency ratio rose to 209% as of Oct. 25 and could be higher today thanks to the recovery of stocks
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