Consolidated results as of 31 March 2013
- Operating result in excess of € 1.3 billion (+8%) with strong growth in P&C (+26.6%)
- Increase in net profit to € 603 million (+6.3%)
Life: solid profitability with operating result at € 797 mln (-2.6%), despite a challenging economic and financial environment
- Life net inflows grows to € 2.9 bln (€ 760 mln 1Q12).
- Life gross premiums € 12.3 bln (-4.7%, € 12.8 bln 1Q12) and high new business margin at 20.9% (20.8% 1Q12).
P&C: excellent performance with operating result at € 520 mln (+26.6%), growth reported across all major markets
- Improvement in technical margins, with combined ratio at 93.6% (-1.8 p.p.).
- Increase in P&C gross premiums to € 6.9 billion (+1.5%) with contributions from both the Non-Motor (+1.8%) and Motor (+0.7%) businesses.
Shareholders' equity € 18.8 billion (-1.2%) with Solvency I ratio at 138% (145% at the beginning of 2013), even with the impact of the GPH transaction.
Solvency I at 145% as of April 30.
"In this quarter we have recorded our best operating result of the last four years, thanks to an excellent P&C performance and a solid Life business reflecting the focus on profitability of our premium income," said Generali Group CEO Mario Greco. "We are making good progress in implementing the planned measures to turn around our business. In recent months we have already taken important steps to achieve our strategic targets, such as the acquisition of the first tranche of GPH in Central-Eastern Europe, the placement of 12% of Banca Generali and the launch of the Corporate & Commercial business unit, which will enable us to grow in this segment. We are in the early stages of our journey and are on track to deliver our targets."
For more information, please visit the Generali Group website at www.generali.com.