Net result of the first 9 months to € 1.7 billion (+8.7%) above full year 2014 result
- Interim management statement as of 30 September 2015 - Press Release*
- Gross written premiums over € 54 bln (+5.1%), thanks to the excellent Life performance (+7%) and progress in P&C (+0.8%)
- Operating result over € 3.8 bn (+4.7%) thanks to the strong development of the profitability in P&C (+4.8%) and the good performance in Life (+3.9%)
- Annualised operating RoE at 13.9% progressing strongly
- Combined ratio further improved to 92.7% (-0.8 p.p.), despite the higher impact of natural catastrophe claims
- Stable capital position: pro-forma internal model Economic Solvency ratio at 196% (+10 p.p.), and Solvency I ratio achieved 166%
The Generali Group CFO, Alberto Minali, commented: “In the first nine months of 2015 Generali has continued to improve technical performance. There has been significant growth in terms of premium income and profitability both in Life and, in particular, in P&C, reaching a net profit of € 1.7 billion, already surpassing 2014 full year result. In Life the strong development of linked and protection products progressed, with net inflows over € 11 billion, resulting in very positive expected impact on the profitability of the next years. In P&C segment, the combined ratio in the first nine months is further improved, despite heavier losses from natural catastrophes and continued highly competitive markets. The P&C premium income is increasing, driven in particular by the CEE countries and non-motor. These results, as well as our stable and strong capital position, have led to an operating RoE at 13.9% on an annual basis, well above the 13% target level. Furthermore, the cash generation, which is one of our main strategic targets for the coming years, is progressing in line with our plans. We are confident that we will close 2015 with a net profit significantly higher than 2014, also thanks to the good contribution that we expect in the last quarter of the year.”
* Changes in premiums, net inflows and Annual Premium Equivalent (APE) are presented in equivalent terms (at constant exchange rates and scope of consolidation). Changes in operating results, own investments and third-party assets under management are presented excluding the BSI Group and the sold Argentinian companies. The comparative financial data and results of operations have been redetermined on a consistent basis.
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