Italy's Azimut strikes double digit growth in Q1 net profit, beating estimates
May 9 (Reuters) -Italian asset manager Azimut Holding AZMT.MI said on Thursday it had reported a double digit percentage growth in net profit in the first quarter, topping analysts' forecasts on the back of higher recurring fees and insurance revenue.
The group's first-quarter net profit increased 15.4% year-on-year to 116.2 million euros ($124.72 million), beating forecast of up to 110 million euros, driven by recurring fees, which are the main source of revenue, accounting for around 82% of the total 351 million euros.
Insurance revenue, the second most important revenue segment, was up 84% over the same period, totalling 50.5 million euros as it benefited mainly from performance fees, the company said.
($1 = 0.9317 euros)
Reporting by Alberto Chiumento
Editing by Tomasz Janowski
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