MILAN, Aug 2 Reuters Italy39;s top insurer Assicurazioni Generali said on Tuesday it would increase prices to keep up with rising costs, and maintained its financial targets after a strong life business helped it beat firsthalf earnings expectations.

Generali, which on Wednesday will kick off its first share buyback in 15 years, reported a first half net profit of 1.4 billion euros 1.4 billion, above a companygathered analyst consensus of 1.33 billion euros.

Net profit fell 9 yearonyear after a 138millioneuro impairment on the company39;s exposure to Russia.

Generali39;s life business is the standout performer yeartodate … driving a material beat to earnings expectations, Jefferies analysts said.

Generali confirmed all targets under its 20222024 strategic plan, including an average compound earnings per share growth of 68.

The insurer has been buffeted over the past year by a boardroom battle that saw two of its top three investors challenge the reappointment of CEO Philippe Donnet.

Results showed that implementing our strategic plan is the right way to achieve sustainable growth and to increase our operating profitability despite growing macroeconomic and geopolitical uncertainties, Donnet told a press briefing.

Closely watched net operating profit rose 4.8 from a year earlier to 3.14 billion euros, above a 2.96 billion euro consensus forecast.

Shares in the insurer fell 1.4 by 0745 GMT slightly underperforming a negative European insurance sector, with…