Generali’s operating results rise

Global insurer Generali’s operating result grew to €3.9 billion (+9.1 percent) and net profit increased to €2.2 billion (+16.6 percent) for Q3 2019.

The company said its strong operating result was due to improvements in all business segments. P&C technical profitability remained high with a combined ratio of 92.5 percent (-0.3 pps). The life new business margin (NBM) was 4.28 percent (-0.25 pps).

Group net profit rose to € 2,163 million (+16.6 percent), in part reflecting the result of disposals. Adjusted net profit was € 1,872 million (+6.2 percent), excluding the one-off expense of €188 million associated with the liability management transaction.

P&C premiums were up 4.3 percent thanks to the development in the group’s main markets. In life, net inflows were over €10 billion (+24.5 percent) and technical provisions rose to €363.3 billion (+5.8 percent). Total gross written premiums stood at €51.4 billion, an increase of 3.2 percent thanks to the development of both business segments.

The company reported a solid group capital position with a preliminary regulatory solvency Ratio of 204 percent.

Generali Group CFO, Cristiano Borean, said: “Generali has achieved strong results in the first nine months of the year thanks to the growth in all business lines. Technical excellence has been confirmed; in particular, in the P&C segment with an outstanding combined ratio and further premium growth as well as in the life segment, thanks to a solid new business margin and growing net inflows. Within the context of persistent low interest rates, the Group’s capital position remains solid.”

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