INTERIM REPORT AS AT JUNE 30, 2014 - PRESS RELEASE
With respect to the program regarding the implementation of the international principles of Integrated reporting launched by Generali Group, as of this half-yearly report, Generali Group has provided streamlined information to the market, focusing only on material information through the combination in a single document of a press release and the interim management report. Whilst maintaining the same quantitative information and in accordance with the law and regulatory requirements Generali Group has provided an innovative approach in corporate reporting, with the objective of improving the usability of public information.1
- Strong growth in the first half operating result, 2015 plan nearly complete
- Operating result in excess of € 2.5 bln (+9.5%); continued strong growth in P&C (+14.8%)
- Net income stable at over € 1 bln. +12.5% excluding the effects of discontinued operations 2
- The 2015 Solvency I target has been exceeded, reaching 162% (+21 pps from 2013 year-end); 164% on a pro forma basis after BSI sale and GPH acquisition. Shareholders equity strengthened to € 22.1 bln (+11.9%)
- New products and business mix drove gross written premiums to € 35.4 bln (+3.4%), with a significant growth in life (+5.4%). New life business (APE) over € 2.5 bln (+8.6%)
The Generali Group CEO, Mario Greco, commented: “These results show that we are quickly moving towards achieving our targets ahead of plan. We have reached our Solvency I and net free surplus targets, and our operating RoE is within sight. Moreover, we have concluded our non-core asset disposal process and rebuilt our capital position to a level that allows us to reactivate the growth of the Group. The numbers we report today are the direct result of the initiatives we have launched in the past twelve months to develop innovative products to attract new customers and grow our presence in new markets. I would like to thank all colleagues for their hard work in making these results possible. It is thanks to them we are in sight of completing an extremely challenging and complex turnaround. We are now entering a new phase for our Group: for the very first time after many years, Generali is growing its market share, delivering growth in profits and providing good returns for shareholders”.
1 The changes in premiums, life net inflows and APE are on equivalent terms (at constant exchange rates and scope of consolidation). The changes in operating results, general account investments and assets under management on behalf of third parties exclude the BSI Group and Fata Danni from the comparative period due to the fact that they were classified as discontinued operations. The balance sheet and profit and loss comparative figures have been restated accordingly; for more information see Annex 6) Changes in the presentation of the performance indicators of the Group.
2 Net income after tax excluding the one-off effect of discontinued operations
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