March 12, 2015 / 6:37 AM / 3 years ago

Generali hikes dividend as 2014 net falls on one-offs

MILAN, March 12 (Reuters) - Italy’s biggest insurer Generali said on Thursday it would pay a higher dividend on 2014 results compared to the previous year even as it reported a 12.5 percent fall in net profit after booking one-off charges.

Generali said in a statement its 2014 net profit fell to 1.67 billion euros, below a Thomson Reuters SmartEstimate of 1.98 billion euros.

The insurer booked one-off charges to the tune of around 400 million euros linked to the sale of Swiss private banking unit BSI and an impairment on its stake in Russian insurer Ingosstrakh.

It said it would propose a dividend of 0.6 euros per share, up from 0.45 euros a share the previous year.

The company, Europe’s third-largest insurer by market capitalisation, said its closely-watched Solvency I ratio stood at 164 percent at the end of December, above its 2015 target of 160 percent. (Reporting by Stephen Jewkes, editing by Silvia Aloisi)

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