Generali Group Consolidated Results as at 31 December 2018¹
ALL 2015-2018 PLAN TARGETS EXCEEDED
- Cumulative Net Operating Cash at €8 billion (target > €7 billion)
- Cumulative Dividends at €5.1 billion 2 (target > €5 billion)
- Average 2015 - 2018 Operating RoE at 13.4% (target >13%)
2018 ANNUAL RESULTS
STRONG NET PROFIT AT €2.3 BILLION (+9.4%), OPERATING RESULT AT €4.9 BILLION (+3%), PROPOSED DIVIDEND INCREASE BY 5.9% TO €0.90 PER SHARE
- Operating result increased thanks to improvements in all Group business segments
- Life New Business Margin increase continues at 4.35%. Combined Ratio at 93% (+0.1 p.p.), the best among its peers even considering the impact of natural catastrophes and man-made claims
- Excellent Life net inflows of €11.4 billion (+5.2%). Life technical reserves up to €343 billion (+2.2%). Total gross premiums of €66.7 billion, up by 4.9% thanks to improvements in both Life and Property & Casualty segments
- Net result in Asset Management increased by 24% to €235 million
- Capital position enhanced with a Regulatory Solvency Ratio of 216% (207% at FY2017; +9 p.p.)
- Proposed dividend per share of €0.90, up by 5.9% (€0.85 in FY2017)
Generali Group CEO, Philippe Donnet, declared: "With the results presented today, Assicurazioni Generali has completed the 2015-18 strategic plan exceeding all the targets and successfully concluding its industrial turnaround. This was accomplished even considering the difficult macro scenario, confirming our ability to execute and create sustainable value for all stakeholders. For this achievement, the merit goes to the dedication of everyone who works for Generali in 50 countries all over the world as well as to our distribution network and to all of the Group’s partners. Further, in 2018 -- when we posted strong growth in net profit -- Generali confirmed its position as the leader in technical performance with the best New Business Margin and Combined Ratio compared to its direct peers. As of January 1, the whole Group is committed to implementing the new plan ‘Generali 2021’ whose objective is to generate increasing value for our shareholders through investing in profitable growth, innovation and digital transformation of our business. Our ambition is to be life-time partners for our customers.”
Milan – ...
¹ The changes in Life net inflows and premiums are compared on the same basis; that is, considering the same exchange rates and scope of consolidation consistent with IFRS 5. The changes in Operating Result, Investments/Assets Under Management and Operating RoE are calculated by re-determining, in application of IFRS 5, the comparative data for 2017 following the disposals that are closed or disposals pending closure. The 2017 data relating to new business are at a historic perimeter ratio; that is, they do not exclude companies being divested.
² Also inclusive of the dividend proposed for 2018, submitted for approval to the Shareholders' Meeting to be held on 7 May 2019.
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