generali_istock_baloncici-1
iStock/ Baloncici
8 November 2018Insurance

Generali posts increased profits and solid growth in first nine months

Profits at Italian insurer Generali soared in the first nine months of 2018 boosted by a number of factors including disposals; it also enjoyed strong growth in both its property/casualty and life units.

Its profits increased to €1.85 billion, a 26.8 percent increase on the year before. Its combined ratio in its P/C business was 92.8 percent in the period.

The company’s gross written premiums increased by 6.1 percent to €49.7 billion in the period; its P/C business increased by 2.7 percent to reach €15.4 billion and its life business by 7.8 percent to reach €34.3 billion.

Generali Group CFO Cristiano Borean stated: “The improvement posted in the first half of the year continued, with strong results in terms of the technical performance both in Property & Casualty - confirmed by the excellent combined ratio - and in Life with net cash inflows rebounding and new business margin improving compared to the first 9 months of last year. Investments, Asset & Wealth Management activities grew, also thanks to the multi-boutique strategy that we are implementing with discipline, in line with our pre-announced targets.

“The capital position remained solid, a significant achievement even the volatility in the financial markets during the year; this is proof of our ability to effectively manage uncertainty. With these strong results, we are ready to present the new three-year strategic plan, focused on continued growth, transformation, and the creation of sustainable value for all of our stakeholders.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

Structured deals drive growth at Hannover Re despite ‘intense competition’

Reinsurance unit boosts growth at Navigators ahead of Hartford takeover

Barbican syndicate 1955 exits property, marine cargo/hull, PI insurance

Property boosts growth at Beazley but it quits construction and engineering

Zurich posts solid results but warns on challenges in P/C business

Brit Global Specialty taps cyber, technology leader from Beazley

Currency depreciation hits growth at Mapfre but profits up

BMS swoops for Gallagher execs in Australia

r10 Consulting partners with Northern Ireland insurtech

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
2 January 2019   Generali Group has completed its plan to increase its stakes in Future Generali insurance joint ventures in India to 49 percent from 25.5 percent.
Insurance
5 December 2018   Italian insurer Generali is accelerating its asset management strategy by acquiring 100 percent of CM Investment Solutions (CMISL) from Bank of America Merrill Lynch.
Insurance
21 November 2018   Italian insurer Generali wants to invest around €1 billion in internal strategic initiatives for innovation and digital transformation as part of its 2021 three-year strategic plan.