Operating result and net profit improve. Life net cash inflows rebound. Capital position remains solid even with highly volatile markets.1

  • Operating result increased to € 3.6 billion, up 3.9% as a result of improvements in all business segments
  • Combined ratio confirmed at excellent levels (92.8%), even considering the significant impact of natural catastrophes and man-made claims. Life new business margin continued to grow reaching 4.48%
  • Premiums increased by 6.1% to nearly € 50 billion thanks to the growth in both business segments, with an acceleration in Property & Casualty (+2.7%). Life net cash inflows rebounded to € 8.6 billion (+3.3%)
  • Average operating RoE for the period 2015-9M2018 at 13.4% in line with the strategic target (>13%); annualised operating RoE2 at 12.7%
  • Net profit increased to € 1,855 million (+26.8%), also thanks to the positive non-operating performance and the result from disposals. Result before discontinued operations up 4.8%
  • Solid capital position, with Regulatory Solvency Ratio at 200% and Economic Solvency Ratio at 221%, even with volatility in financial markets

Generali Group CFO Cristiano Borean stated: “The improvement posted in the first half of the year continued, with strong results in terms of the technical performance both in Property & Casualty - confirmed by the excellent combined ratio - and in Life with net cash inflows rebounding and new business margin improving compared to the first 9 months of last year. Investments, Asset & Wealth Management activities grew, also thanks to the multi-boutique strategy that we are implementing with discipline, in line with our pre-announced targets. The capital position remained solid, a significant achievement even the volatility in the financial markets during the year; this is proof of our ability to effectively manage uncertainty. With these strong results, we are ready to present the new three-year strategic plan, focused on continued growth, transformation, and the creation of sustainable value for all of our stakeholders.”

Munich, ...


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1 Changes in premiums, net cash inflows and PVNBP (present value of new business premiums) are presented in equivalent terms (at constant exchange rates and scope of consolidation). Changes in operating results and own investments exclude entities sold from the comparative period.
2 It was calculated on a rolling basis, as the sum of the last four quarter operating RoE ratios.


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