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19 May 2022Insurance

Generali ups Q1 P&C gross premium 6.4% as non-motor races

Generali increased gross written premiums across its P&C businesses by 6.4% in the first quarter and eked a 1.2% increase in operating profits despite a rise in claims partially driven by heavier nat cat.

Premium growth went to the priority non-motor lines, where GWP was up 8.2% on the prior year period on "widespread growth in almost all of the Group's main areas of operation." management said.

The more profit-pinched motor lines took slower 2.5% annual growth in GWP thanks to gains in France, ACEE and Argentina, including on an inflation adjustment, more than offsetting weakness in Italy and Germany.

The group’s P&C combined ratio rose 2.4 percentage points (pps) to 90.4% as a rise in nat cat impact compounded with reduced prior period releases.

Natural catastrophes, chiefly storms across Europe, rendered €87 million in claims for a 1.7% nat cat loss ratio, up 0.6 pps from Q1 2021.

Accident trends in motor, chiefly the reduced frequency benefit vis-a-vis prior year period pandemic lockdowns, added 0.6 pps to the non-cat loss ratio.

For the larger group as a whole, including life and asset management, net profits of €727 million were down 9.3% from the prior year period.

Impairments on Russian assets of €96 million, including both Russian fixed-income instruments and the group’s stake in Russian insurer Ingosstrakh, tipped the scales after what had been a fractional EBIT gain.

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