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PRESS RELEASE - Generali. This is an abridged version of the release. Read the full release.
Stable operating result at € 3.6 bln confirming Operating RoE in line with target. Strong capital position. Profit before result of discontinued operations increases by 7.2%
Operating result stable at € 3.6 bln. Performance remains solid in Life and P&C businesses, despite the increase of € 70 mln in natural catastrophe claims. Improved performance in Holding and other businesses
Excellent Combined Ratio at 93% (+0.7 p.p.). Strong profitability in Life new production with New Business Margin up significantly to 4.2% (+1.6 p.p.)
Annualised Operating RoE at 13.2% (-0.4 p.p.) in line with the target (>13%)
Premiums stable at over € 51.6 bln, improving in P&C business (+1.4%). Life net cash inflows of more than € 8.2 bln remain at best-in-class levels
Profit before Dutch business disposal grows to € 1.9 bln (+7.2%).
Group net profit, including € -253 mln from the disposal of Dutch assets, stands at € 1.5 bln
Capital position further improved with Regulatory Solvency Ratio at 195% and Economic Solvency Ratio at 215%
Generali Group CFO, Luigi Lubelli, commented: "The nine-month results confirm our strong performance. Our business continues to grow thanks to the consistent execution of our strategy which has resulted in the increase in P&C premiums, especially in the Motor sector; strong Life net cash inflows exceeding € 8.2 billion, among the best of European peers, driven by Unit-linked and Protection products; as well as a significant increase of more than 13% in third-party assets under management. Continued focus on technical excellence is shown by the outstanding combined ratio, despite the increase in natural catastrophe claims, and by the notable growth of the Life new business margin. Cost reduction, lower impairments and the decrease in the cost of our financial debt further contributed to our performance in the period. Net profit before discontinued operations grew by 7.2% and underlines the solid level of our current underlying profitability."