Generali posts solid growth and profits in Q1 results

Italian insurer enjoyed a big increase in its profit in the first quarter of 2019, though this was partly driven by disposals. Its GWP also show solid gains in all parts of the business.

The insurer’s profits increased by 28.1 percent to reach €744 million; its operating result increase by 6.9 percent to reach €1.3 billion.

Its gross written premiums reached €18.9 billion in the quarter, an increase of 6.6 percent. Within this, its property/casualty unit saw growth of 3.1 percent. There was also a 2.7 percent increase in the motor line, mainly due to growth in Austria, CEE and Russia (ACEER), as well as in Argentina following inflation driven rate adjustments.

Generali Group CFO, Cristiano Borean, said: “The first quarter results confirm excellent performance in terms of the Group’s profitability and its solid capital position. Volumes continue to grow, as shown by the increase in Life net inflows, Assets Under Management and total premiums.

“The focus on value generation is evidenced by continuing excellent levels of the combined ratio and New Business Margin. The net result, even without taking into account the positive contribution of disposals, demonstrates strong growth. These results show that the implementation of the Generali 2021 strategy, announced in November 2018, has gotten off to an excellent start.”

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