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Banca Generali posts 44% rise in H1 profit, exceeds some 3-yr targets - Metro US

Banca Generali posts 44% rise in H1 profit, exceeds some 3-yr targets

FILE PHOTO: The Generali logo is seen on the company's Tower, designed by Iraqi-British architect Zaha Hadidat, at the Milan's CityLife district

(Reuters) – Italian asset manager Banca Generali on Tuesday posted a 44% rise in first-half net profits, citing higher demand for financial advisory services and successful commercial policies it had implemented.

The wealth management arm of Italy’s top insurer Generali said net profit came in at 190.1 million euros ($224.11 million) in January-June period.

The company, which mainly offers personal finance services, added it had already exceeded the targets for net inflows and total assets of its three-year business plan to 2021.

It also raised it full-year guidance for net inflows to between 5.5-6 billion euros. Net inflows amounted to 3.8 billion euros in the first six months.

($1 = 0.8478 euros)

(Reporting by Rita Plantera, editing by Agnieszka Flak)

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