Generali Group: Positive first half performance: improved net profit and operating result. Operating return on equity again above target
- Net profit increased to € 1,221 mln (+3.7%), thanks to the positive performance in all areas of operation
- Operating RoE stood at 13.6% (target >13%)
- Operating result up to € 2.6 bln (+4.1%), despite the current low interest rate environment, reflecting the improved profitability in the Financial and Property&Casualty segments
- Technical performance confirmed at excellent levels with CoR at 92.9% and Life New Business Value at € 942 mln rising by 52%, with a margin of 4.11%
- Premiums solid at € 36.6 bln (-0.8%1). Growth recorded in P&C business (+1.5%); in Life, net inflows stood at best in class levels exceeding € 5.7 bln
- Improved capital position with Regulatory Solvency Ratio2 at 188% and Economic Solvency Ratio at 207%
Milan - Generali Group CEO, Philippe Donnet, declared: “Generali’s first-half results confirm the solidity of our business and the efficient execution of our industrial transformation. The Combined Ratio at 92.9% and the New Business Value, which registered a strong increase of 52% with a margin of 4.11%, continue to remain at excellent levels. The rise in P&C premiums together with the solid and continued high-quality Life net inflows, are a result of our focused and disciplined approach to growth. The successful execution of our strategic plan led to today’s positive results with a 3.7% rise in net profit, operating RoE remaining above our target and an overall increase in capital-light products. We are achieving our financial goals thanks to the determination, the focus and the commitment with which we are implementing our strategy to make Generali ‘simpler & smarter’.”
1 Changes in premiums, net cash inflows and Annual Premium Equivalent (APE) and the present value of new business premiums (PVNBP) are presented in equivalent terms (at constant exchange rates and scope of consolidation)
2 Preliminary Regulatory Solvency Ratio net of the accrued dividend. Please for definition see Glossary at page 134 of Consolidated Financial half-yearly Report 2017.
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