Generali

Generali saw a 12% rise in consolidated pre-tax profits to €1.8bn (US$1.6bn) last year as increased investment and life insurance earnings offset a deterioration in the profitability of its nonlife operations. Net profit grew from €819mn in 1999 to €1.4bn in 2000, boosted by an extraordinary gain of €273mn relating to the sale of the company’s holding in Banco Santander Central Hispano (BSCH). Generali sold its shareholding in BSCH to partially finance an increase in its stake in Germany’s Commerzbank group from 5% to nearly 10%.