REFILE-UPDATE 2- Generali closer to targets with prospective BSI sale

jueves 15 de mayo de 2014 06:04 GYT
 

(Fixes typographical error in paragraph 6)

* Q1 net profit 660 mln euros, up 9.4 pct

* Solvency 1 ratio at around 160 pct in April

* Says to meet capital, asset sales target ahead of time

* Prospective BSI sale to offset planned east Europe buy

By Lisa Jucca

MILAN, May 15 (Reuters) - Italian insurer Generali expects to meet key capital and asset sales targets ahead of time after kicking off talks with Brazil's BTG Pactual for a possible sale of Swiss unit BSI, a central plank of its 4-billion-euro disposal strategy.

Europe's No.3 insurer by market value followed up on the announcement of exclusive sales talks late on Wednesday by posting a 9.4 percent rise in first-quarter net profit on Thursday, a further sign that CEO Mario Greco's drive to exit non-core businesses and focus on insurance is working.

Generali said net profit had risen to 660 million euros ($905 million), helped by a rebound in life insurance in Italy, a 3.7 percent increase in the non-life segment and improved financial markets.   Continuación...