This results season has seen a happy Generali.
Announcing its interim results this morning, Europe’s third largest insurer reported an 8.8% increase in net profit, “thanks to the positive non-operating performance and the gains from disposals closed during the period.” For the six months ended June 30, Generali posted a net profit of €1.3 billion.
Meanwhile improvements in all business segments in the first half of 2018 gave way to a 2.7% rise, to €2.5 billion, in operating result. In addition, the period’s combined ratio of 92% was described as “at excellent levels,” given the significant impact of natural catastrophes.
In terms of premiums, which climbed to €35.1 billion, both life and property & casualty contributed. Life premiums at the Italian insurance giant registered 8.6% growth to €24.1 billion; P&C, 2.1% to €11 billion.
“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,” commented group chief executive Philippe Donnet. “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 half-year net profits ever.”
Generali’s regulatory solvency ratio is at 201%.
