Consolidated results as of 30 June 20131
Net profit exceeds € 1 bln (+28.4%), best half-year result in 5 years
Operating result at € 2.4 bln (+5.3%), driven by P&C growth. Solid Life result despite difficult financial context.
Total premiums at € 34.8 bln (+1.7%) with positive trend in both segments, strong contribution of innovative products.
Life: Net inflows at € 4.9 bln (€ -378 mln 1H12) due to product and distribution quality
- Premiums up to € 23.1 bln (+2.2%). High New Business Margin at 20.6% (19.2% FY12).
- Solid operating result at € 1.5 bln (-7%) in a low reinvestment rate environment.
P&C: Operating result € 909 mln (+24.8%) supported by excellent technical profitability
- Strong improvement in Combined Ratio to 94.7% (97.1% 1H12) due to prudent underwriting policy and more efficient claims management.
- Positive premium trend (+0.8%) following healthy performance in Motor.
Financial segment: Operating result at € 272 mln (+28.6%) with positive contribution from Banca Generali and Bsi
- Third-party AUM has increased to € 98.5 bln (+2.2%).
Solvency I at 139% (130% 1H12). As of mid-July, Solvency I at 142% excluding the 5 p.p. contribution from sale of Mexican minorities and US assets.
Group’s debt reduced by € 500 mln over the first semester to € 12.7 bln.
The Generali Group CEO, Mario Greco, said: “We have made a strong start to 2013, recording our best half year performance for 5 years. We have taken significant strides in strengthening our capital position and improving our operational and financial performance. The process of restructuring and simplifying our businesses in Central-Eastern Europe, Italy and Germany is progressing well. Generali is more focused and profitable than it was a year ago and we are well on track to achieve the targets we have set ourselves. The Group expects to report a higher full year operating result compared to 2012”.
For more information, please visit the Generali Group website at www.generali.com