Generali: record-breaking half-year closed with excellent results. Strong growth in total premiums
- Interim management report as of 30 june 2015 – Press Release*
- Operating result up 11.3% to € 2.8 bln, best result in the last 8 years
- Net profit grew significantly to € 1.3 billion (+21.6%)
- Gross written premiums over € 38 bln (+7.3%) thanks to the strong growth of Life premiums (+10.6%), improving in all main markets. P&C segment also positive
- New business APE to € 2.7 billion (+5.4%), driven by unit linked (+35.1%) and protection (+20.8%)
- Combined ratio improving to 92.6% (-0.2 p.p.)
- Pro-forma internal model Economic Solvency ratio to 200% (+14 p.p.)
The Generali Group CEO, Mario Greco, commented: “In just three years we have accomplished one of the most complex turnaround programs that has ever been pursued in the insurance industry. The excellent half-year results demonstrate how Generali has transformed – in spite of an extremely challenging environment – into a global Group that is very profitable and solid from a capital perspective, with a renewed and innovative product offering allowing us to maintain attractive rates of revenue growth in most of the markets where we operate. These results constitute the best starting point for the execution of the new 2015-2018 strategic plan we presented in May, based on a 50% growth of the annual average cash generation, the distribution of more than €5 billion of dividends in the next 4 years and a further cost reduction of €500 million from 2016 to 2018, maintaining an operating return on equity above 13%. We expect to improve significantly the net result at year-end compared with 2014, preserving the high profitability growth achieved in the first half of this year.”
* Changes in premiums, net premium income and Annual Premium Equivalent (APE) are presented in equivalent terms (at constant exchange rates and scope of consolidation). Changes in operating results, own investments and third-party assets under management are presented excluding from the comparative period the BSI Group, classified as a discontinued operation, and the sold Argentinian companies. The comparative financial data and results of operations have been re-determined on a consistent basis. For further information please see Annex 6) Changes in the presentation of the performance indicators of the Group.
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