2014 results mark early conclusion of Generali turnaround. All targets have been delivered one year in advance.
Generali Group closed the financial year with strong growth, completing its three-year 2015 turnaround plan one year ahead of schedule. These strategic initiatives have enabled Generali to improve its profitability and rebuilt its capital strength.
Despite the challenging macroeconomic scenario and low interest rates, the Group profoundly transformed its financial and business profile in just two years. The implementation of the strategic plan also allowed the company to exceed its 2015 main profitability target one year ahead of schedule: operating RoE reached 13.2% at the end of the year (vs 13% 2015 target; 11.7% FY13).
The Generali Group CEO, Mario Greco, said: “The transformation of Generali has been achieved, and on behalf of all our employees, I am proud to confirm that the targets set out in January 2013 have been met one year in advance. With this turnaround we have been able to generate €18 billion for our shareholders and are confident that we will deliver further value in the future. Today, Generali is focused on its core insurance business, more disciplined in the management of its balance sheet and capital, and more simple and transparent in its geographic presence and governance. The financial performance of our business over the past year, despite an unprecedented challenging market environment, reflects the commitment of our people around the world to keep our promise to customers and all of our stakeholders. Generali has never been on a more solid footing and ready to compete and win in today’s highly competitive markets. We are now preparing to begin a new chapter in our history and we look forward to presenting the next phase of our strategy in May”.
2014 Consolidated results in a snapshot:
- Overall operating result rose to more than €4.5 bln (+10.8%), with excellent performances in both business segments
- Operating RoE increased to 13.2% (vs 2015 target 13%)
- Net result €1.7 bln (€1.9 bln FY13), which includes €0.4 bln of extraordinary one-offs (BSI sale and Ingosstrakh impairment); adjusted net result €2.1 bln
- Proposed dividend per share of €0.60 (+33%; €0.45 FY13).
- Gross written premiums exceeding €70 bln (+7.7%) thanks to growth of unit linked products in the Life segment
- Continued focus on the Group’s solidity; Solvency I at 164% (vs 2015 target 160%)
For more information, please consult the Press release