By Gianluca Semeraro
MILAN (Reuters) – Italy’s Assicurazioni Generali surprised investors on Tuesday by hiking the dividend payout on its 2022 results after posting its best operating profit ever.
Finance chief Cristiano Borean also told reporters the leading Italian insurer had no exposure to collapsed U.S. lender Silicon Valley Bank (SVB) and just “a marginal” position in its third-party risk portfolio.
Startup-focused SVB last week became the largest bank to fail since the 2008 financial crisis, sending shockwaves through the global financial system and prompting regulators to step in to contain the fallout.
“There is a crisis every year. Our excellent solvency, which results from a very diversified business model, has enabled us to overcome all the crises of the last seven years,” Generali Chief Executive Philippe Donnet said.
With its net profit up 2.3% to 2.91 billion euros ($3.11 billion)…
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