(Reuters) -Italy’s Banca Generali on Thursday reported a 23% rise in its third-quarter net profit, above market expectations, mainly driven by increased demand for managed solutions.
The private bank controlled by Italy’s top insurer Generali said its net profit rose to 99.1 million euros ($106.7 million) in the quarter, beating a company-provided consensus of 95.5 million euros.
Total assets managed and administered by it reached an all-time high of 101 billion euros at the end of September.
October net inflows from assets under investment soared 221% year-on-year to 431 million euros, signalling also a recovery in traditional life insurance policies amid easing interest rates, Banca Generali said.
The bank said it would present its 2025-2027 business plan in the second quarter of next year, after concluding the 98 million euro buyout bid for Italian brokerage Intermonte launched in September.
($1 = 0.9287 euros)
(Reporting by Philippe Leroy Beaulieu in Gdansk; editing by Milla Nissi)
