Italy's Banca Generali posts 23% jump in Q3 profit, above expectations (updated)
07/11/2024 12:56
(Adds October net inflows, timing of 2025-2027 business plan
presentation)
Nov 7 (Reuters) - Italy's Banca Generali BGN.MI on
Thursday reported a 23% rise in its third-quarter net profit,
above market expectations, mainly driven by increased demand for
managed solutions.
The private bank controlled by Italy's top insurer Generali
GASI.MI said its net profit rose to 99.1 million euros ($106.7
million) in the quarter, beating a company-provided consensus of
95.5 million euros.
Total assets managed and administered by it reached an
all-time high of 101 billion euros at the end of September.
October net inflows from assets under investment soared 221%
year-on-year to 431 million euros, signalling also a recovery in
traditional life insurance policies amid easing interest rates,
Banca Generali said.
The bank said it would present its 2025-2027 business plan
in the second quarter of next year, after concluding the 98
million euro buyout bid for Italian brokerage Intermonte
INTM.MI launched in September.
($1 = 0.9287 euros)
(Reporting by Philippe Leroy Beaulieu in Gdansk; editing by
Milla Nissi)
((Philippe.LeroyBeaulieu@thomsonreuters.com;))