(Bloomberg) -- Assicurazioni Generali SpA’s fourth-quarter profit rose less than some analysts expected on a writedown of its stake in BTG Pactual Group and lower income at its life business. The shares had their biggest decline in more than a month.
The insurer, which appointed Philippe Donnet as its chief executive officer on Thursday, said net income rose to 304 million euros ($344 million) from 81 million euros a year earlier. That missed the 476 million-euro average estimate of four analysts in a Bloomberg survey. Italy’s largest insurer increased its dividend to 72 cents a share from 60 cents the previous year.
“Generali’s results were worse than expected,” Farooq Hanif and Darshan Mistry, two analysts at Citigroup Inc., said in note on Friday. They attributed this to higher life-insurance expenses and non-operating items.
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