Generali Group: Financial Information at 30 September 2019¹
Operating result grew to € 3.9 billion (+9.1%) and net profit increased to € 2.2 billion (+16.6%). Solid capital position
- Strong operating result at € 3.9 billion (+9.1%) thanks to the improvements in all business segments. P&C technical profitability remained at an excellent level with a combined ratio of 92.5% (-0.3 pps). Life New Business Margin (NBM) at 4.28% (-0.25 pps);
- Group net profit up to € 2,163 million (+16.6%), in part reflecting the result of disposals. Adjusted net profit² was € 1,872 million (+6.2%), excluding the one-off expense of € 188 million associated with the liability management transaction;
- P&C premiums up 4.3% thanks to the development in the Group’s main markets. In Life, net inflows at over € 10 billion (+24.5%) and technical provisions up to € 363.3 billion (+5.8%). Total gross written premiums stood at € 51.4 billion, an increase of 3.2% thanks to the development of both business segments;
- Solid Group capital position with a Preliminary Regulatory Solvency Ratio of 204%.
Generali Group CFO, Cristiano Borean, stated: “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.”
Mogliano Veneto – ...
¹ Changes in premiums, Life net inflows and PVNBP (present value of new business premiums) are presented in equivalent terms (at constant exchange rates and scope of consolidation). Changes in the operating result, own investments and Life technical provisions exclude assets disposed of during the comparison period.
² Adjusted for the impact of gains and losses from disposals.
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