MILAN (AP) — Italian insurer Assicurazioni Generali on Thursday reported a 4.5 percent increase in first-half profits as growth in premiums offset higher claims from a pair of quakes in northern Italy and recessionary economic conditions in large parts of Europe.

The newly appointed CEO, Mario Greco, told analysts he aims to make Italy’s largest insurer a European leader, improve earnings and shareholder returns. Toward that end, he pledged a review of the group’s strategy, portfolio and organizational structure. The review could lead to sales of assets.