The Italian insurer Assicurazioni GENERALI reported a 10.5% drop in first-half operating result (to EUR 2.5 billion), and a 9.9% decrease in H1 2016 net profit (to EUR 1.2 billion) due to lower interest rates and unfavourable financial market conditions.

"The technical performance of our business in the first six months is solid and encouraging, despite the extremely negative market conditions. Our deep technical expertise and management skills allow us to deal effectively with a period characterised by significant markets volatility, low interest rates and the persistence of catastrophic events", commented Philippe DONNET, GENERALI Group CEO.

Premiums in the period totalled EUR 37 billion, falling 2.1% due to the decrease reported in the life segment (-3.5%), while in P&C business, the insurer reported a 1.3% growth rate.

"P&C premium income recovered thanks to the trend in the Motor sector; life business declined, impacted by the current financial markets condition and in comparison to a particularly favourable first half of 2015", as the Italian insurer pointed out in a press release

Read the press release here.