Generali Group: Interim Management Report at 30 June 2018
Successful execution of the strategic plan continues: increasing profit, over-achievement of the disposals target, strong capital Position
- Operating result increased to € 2.5 billion, up 2.7% thanks to improvements in all business segments
- Combined ratio at excellent levels (92%), despite the significant impact of natural catastrophes. Life new business profit margins increased to 4.5%
- Annualised operating RoE at 12.5%; the average figure for the period 2015-1H 2018, 13.4%, was in line with the strategic target (>13%)
- Net profit increased to € 1,329 million (+8.8%), also thanks to the positive nonoperating performance and the gains from disposals closed during the period
- Premiums increased to € 35.1 billion (+6.5%) thanks to growth in both business segments. Net cash inflows stable at € 5.7 billion. Life technical reserves increased by 1.8% in the first six months
- Solid and resilient capital position, with the Regulatory Solvency Ratio at 201% and the Economic Solvency Ratio at 221%, despite the market volatility in the second quarter of the year
- Expected proceeds from agreed disposals carried out to optimise geographical presence exceeded € 1.5 billion (€ 1 billion target)
- Sale of the Life portfolio of Generali Leben, an innovative operation in line with the Group's strategic objective of rebalancing the portfolio, with a significant reduction in interest rate risk
Generali Group CEO, Philippe Donnet, declared: “The results for the first half of the year demonstrate
Generali's capital resilience and the excellent technical and industrial performance within a context of
global volatility. I would also like to highlight the disposals and geographical optimisation plan, with the target significantly exceeded at an early stage, and the recent sale of Generali Leben in Germany, an innovative transaction that will allow us to accelerate the achievement of our strategic objectives in the Life segment. The operating performance of P&C and Life business was also excellent, as were the activities of Investments, Asset & Wealth Management, results that confirm our ability to execute the strategic plan with discipline and determination. We have consequently achieved one of the highest halfyear net profits ever."
Milan - ...
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