Increase in profit to € 744 million (+28.1%) and growth in operating result to € 1.3 billion (+6.9%). Solid capital position

  • Group net profit at € 744 million, up 28.1% in part reflecting the result from disposals. Adjusted net profit increased to € 616 million (+6%) in line with the targets of the new strategic plan
  • Operating result growth of 6.9% to € 1.3 billion thanks to the contribution of all Group business segments
  • Technical profitability remained at excellent levels with the combined ratio at 91.5% (+0.1 pps) and the Life New Business Margin at 4.37% (-0.29 pps)
  • Excellent Life net inflows at more than € 4 billion (+61.9%). Life technical reserves increased to € 353 billion (+2.8%). Total gross written premiums at € 18.9 billion, an increase of 6.6% thanks to the development of both business segments. In particular, P&C (+3.1%) growing in all the main countries in which the Group operates
  • Solid Group capital position with a Preliminary Regulatory Solvency Ratio of 207%. The decrease from year-end 2018 was largely due to the expected implementation of regulatory changes

Generali Group CFO, Cristiano Borean, commented: “The first quarter results confirm excellent performance in terms of the Group’s profitability and its solid capital position. Volumes continue to grow, as shown by the increase in Life net inflows, Assets Under Management and total premiums. The focus on value generation is evidenced by continuing excellent levels of the combined ratio and New Business Margin. The net result, even without taking into account the positive contribution of disposals, demonstrates strong growth. These results show that the implementation of the Generali 2021 strategy, announced in November 2018, has gotten off to an excellent start.”  
 

Milan ...


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¹ Changes in premiums, Life net inflows and PVNBP (present value of new business premiums) were presented in equivalent terms (at constant exchange rates and consolidation scope). Changes in operating result, general investments and Life technical reserves excluded entities sold during the comparative period.

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