By Pietro Lombardi

Assicurazioni Generali SpA said Thursday that its net profit for the first nine months of the year fell sharply and that it will resume dividends as soon as regulators give the green light.

The Italian insurance giant's net profit for the period fell 40% to 1.30 billion euros ($1.53 billion), with one-offs including coronavirus related impairments and expenses, as well as costs to settle an arbitration weighing on the results.

Operating profits rose 2.3%, as a strong performance in its asset-management business and property and casualty operations offset a decline in the life segment.

The company confirmed its dividend plan through 2021, and next year plans to ask shareholders to approve the payment of the second part of the 2019 dividend.

General confirmed its outlook for this year, expecting lower net and operating profits compared with last year.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com; @pietrolombard10

(END) Dow Jones Newswires

November 12, 2020 02:04 ET (07:04 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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