Italy's Generali posts increased profits, solid 2018 results beat targets

Profits at Italian insurer Generali soared in 2018 as the company exceeded all its targets for the past three years, attributed to improvements in all group business segments including life, property/casualty and asset management.

Net profits rose 9.4 percent to €2.31 billion in 2018, reflecting improvement in the operating result as well as the contribution from discontinued operations or disposals.

The company posted an operating result of €4.86 billion, an increase of 3 percent.

Overall, its combined ratio for the full-year was 93 percent, which Generali said is "the best among peers" in the market.

Chief executive Philippe Donnet said: "In 2018, when we posted strong growth in net profit, Generali confirmed its position as the leader in technical performance with the best new business margin and combined ratio compared to its direct peers."

"With the results presented today, Assicurazioni Generali has completed the 2015-18 strategic plan exceeding all the targets and successfully concluding its industrial turnaround.

"This was accomplished even considering the difficult macro scenario, confirming our ability to execute and create sustainable value for all stakeholders."

Commenting on the company's growth strategy for 2019, Donnet said: As of January 1, the whole group is committed to implementing the new plan ‘Generali 2021’ whose objective is to generate increasing value for our shareholders through investing in profitable growth, innovation and digital transformation of our business. Our ambition is to be life-time partners for our customers.”

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