Generali Profit Falls as Europe Flooding Hurts Non-Life Income.

Assicurazioni Generali SpA, an insurance company based in Trieste, Italy, reported a 24% decrease in second-quarter profit compared to the previous year. This decline was attributed to claims resulting from storms and flooding in Europe. The company's non-life operating income also decreased, offsetting higher operating profit in the life insurance and asset and wealth management segments. CEO Philippe Donnet is focusing on high-margin insurance segments and plans to announce a new strategy in January 2025. The company's non-life operating income was negatively impacted by natural catastrophes and a lower benefit from discounting. However, the life insurance and asset and wealth management segments saw an increase in operating income. [Extracted from the article]