The Group’s strategic actions enabled Generali to improve its performance in all segments in the first nine months of the year.
The interim report shows that - even in a still uncertain macro-economic environment characterised by persistently low interest rates - the Group reached an increased operating result of € 3.7 billion as at September 30, 2014 (+12.8%; € 3.3 bln 9M13), with a strong upturn in the third quarter (+20.8%) if compared to the same period of 2013.
Key findings further include:
- Business mix and new products drove total premiums to € 51.3 bln (+6.4%);
- Life segment (+9.6%) saw a significant growth of linked products (+39%) and excellent performances in Italy, in the EMEA area and in France, showing a premium upturn thanks to the actions undertaken this year on the portfolio;
- In the P&C segment the operating result rose to € 1.5 billion (+11.8%), led by an excellent technical profitability;
- The strengthening of capital position resulted in a Solvency I ratio of 160% (+19 pps since the end of 2013), including the effects of the forthcoming acquisition of the remaining 24% of Generali PPF Holding, which reduced the ratio by 7 percentage points. The surplus is worth € 11 billion;
- Shareholders’ equity strengthened to € 22.5 bln (+14%) compared to € 19.8 billion at December 31, 2013.
The Group CFO of Generali, Alberto Minali, commented: “The solid 9-month results show that the Group’s operating performance and capital position are continuing to develop despite an adverse market scenario. These figures reflect the strategies we put in place to steer our offering towards higher-value products as well as our renewed focus on customers. As the Group works hard to fulfil the strategic plan, we expect the operating result at year-end to improve with respect to the previous year”.
For more details, please consult the Generali Group Press release