OPERATING RESULT GREW TO € 1.3 BILLION (+4.9%), NET PROFIT AT € 581 MILLION (+8.6%). STRONG CAPITAL POSITION
- Operating result improved thanks to excellent performance from the Property & Casualty segment, despite higher natural catastrophe claims, as well as from the Investments, Asset & Wealth Management unit. Life segment result remained solid
- Combined Ratio at outstanding levels (91.4%, -1.6 pps). Excellent profitability in Life new business; NBM increased to 4.55% (+0.7 pps). Life technical reserves at € 385 bln, up 0.3%
- Annualised operating RoE at 13.2%, in line with the target (>13%)
- Premiums increased to € 18.6 bln (+2.5%) thanks to growth in both business segments. Life net cash inflows at € 2.4 bln
- Capital position further strengthened, with Regulatory Solvency Ratio at 211% and Economic Solvency Ratio at 233%
Generali Group CFO, Luigi Lubelli, commented: “The results that we present today highlight the on-going positive trend in the Group’s economic and financial performance, as well as the effective execution of the strategic plan that is being implemented with discipline and determination. We continue to develop the business and create value as evidenced on one hand, by the growth in premium income, robust Life net cash inflows, and increasing Assets Under Management and on the other, by further improvement in the Combined Ratio and the Life new business margin. The results of the first quarter allow us to look at the rest of the year with optimism as we successfully complete our strategic plan.”
The full press release is available here
Generali Group 1H results will be available from August 1st at this link
