Operating result rose to more than €4.2 billion (+5.3%)
Net result €1.915 billion (€94 million FY12), the highest of the last 6 years
Dividend per share €0.45, more than doubled (€0.20 FY12)
Strong improvement in cash generation. Net Free Surplus up to €2.1 billion (+38%), already above the 2015 target
Significant progress made towards 2015 targets:
- Operating RoE increased by 80 bps to 12.1% (2015 target: >13%)
- Solvency I ratio approximately 150% as of end of February, on track with the >160% 2015 target (141% FY13)
- Debt reduced by €500 million with an 80 bp improvement of the debt leverage ratio to 39.6% (2015 target: <35%)
Improved operating results in Life (+4.3%) and P&C (+3.5%). Stable premium income at €66 billion
The Generali Group CEO, Mario Greco, said: “2013 has been a fundamental year for the turnaround of Generali and the results confirm that we are on track, or ahead, of the targets in our strategic plan. For the first time, after many years, our net result derives entirely from our business operations rather than being impacted by one-off items."
"During the year we have made deep changes to the Group. In particular, we have disposed of €2.4 billion of non-core assets and acquired minorities in strategic areas for €1.5 billion. We have strengthened the management structure and simplified the Group’s governance, which is now in line with international best practice. Over 2013, we generated a total shareholder return of 26%. These results and the more than doubling of our dividend confirm we are on the right track. We are aware that a lot still needs to be done to reach the targets we set ourselves. In 2014 the debt will be reduced further and significant cost savings will be achieved. We estimate to improve the operating result and the net profit further, in line with the plan that aims to gradually increase the profitability for our shareholders.”
For more details on the Generali Group's consolidated results, please refer to the press release on the Generali website.