Generali hit by €1.7bn writedown

New Generali chief Mario Greco took decisive action yesterday to clean up the Italian insurer’s balance sheet by taking €1.7bn (£1.47bn) of writedowns on its assets, part of a turnaround plan to boost the group’s profitability. The clean-up hit Generali’s 2012 net profit which fell to €90m from €856m a year earlier but the Trieste-based insurer’s operating profit still managed to beat targets and its capital strength improved.