The Italian insurer Assicurazioni Generali has reported better than expected results for the first quarter and reaffirmed its annual targets. The company benefited from growth in all business sectors.

On Tuesday, Generali announced that the net profit for the three months up to the end of March increased to 1.26 billion euros ($1.37 billion), compared with 1.20 billion euros the previous year.

The adjusted net profit fell by 9% to 1.12 billion euros, which the company attributed to a one-time capital gain from the sale of a property development in London last year. Operating profit, a metric closely monitored by analysts and investors, increased by 5.5% to 1.90 billion euros.

The Booked Gross Premiums Jumped by 21% to 26.39 Billion Euros, Driven by the Strong Performance of the Property and Life Insurance Segments. The Net Cash Inflows in the Life Insurance Business Returned to Positive Territory Thanks to Protection and Fund-Linked Products, Generali Announced.

Generali was forecast to have an adjusted net profit of 979 million euros, an operating profit of 1.87 billion euros, and gross written premiums of 20.02 billion euros, according to an analyst consensus provided by the company.

"Thanks to our diversified insurance and asset management model and our solid capital position, which is supported by strong normalized capital generation, we are fully on track to meet all the goals of our 'Lifetime Partner 24: Driving Growth' strategy," said Chief Financial Officer Cristiano Borean.