MILAN, May 21 (Reuters) - Italy’s biggest insurer Assicurazioni Generali said on Thursday first quarter net profit fell 85% with respect to a year earlier after 655 million euros of impairments due to the impact of Covid-19 on financial markets.
Net profit was down to 113 million euros ($124 million), below a 379 million euro analyst consensus provided by the company.
Operating profit, the number most closely watched by the market, rose by 7.6% to 1.45 billion euros, pushed up by the property & casualty and asset management businesses, the company said in a statement.
Analysts forecast an operating profit of 1.3 billion.
Generali said it saw a “resilient” 2020 operating profit, though likely lower than in 2019, and a negative impact of the COVID-19 crisis on its full-year net profit.
$1 = 0.9126 euros Reporting by Gianluca Semeraro, editing by Giulia Segreti