MILAN: Generali posted on Tuesday record-high profits for 2023 driven largely by its property and casualty division which saw double-digit growth in premiums and operating profit thanks to high interest rates.

Operating profit rose 7.9% to a record high 6.9 billion euros ($7.6 billion) in 2023, in line with a consensus estimate provided by the company, while adjusted net profit rose 14.1% to 3.6 billion euros, also a record high.

“The group is in the best shape it has ever been as a profitable, diversified insurance and asset management player,” CEO Philippe Donnet said.

During a post-earnings briefing, Donnet declined to comment on recent press reports about Generali’s interest in buying a European rival but said that the insurer will be focused on recent acquisitions this year.