“The group closed the first quarter of 2021 with a great performance in line with its targets, confirming the effectiveness of the ‘Generali 2021’ strategy.”
That was group chief financial officer Cristiano Borean’s pronouncement when international insurance group Generali published its financial information for the quarter ended March 31.
From the €113 million net profit posted in the same quarter last year, Generali leaped to a higher net result worth €802 million (around £691 million) this time around.
Gross written premium in the period grew 4.2% to €19.7 billion. The Italian insurer’s Q1 operating result, meanwhile, stood at €1.6 billion – an 11% improvement from the previous year.
Broken down per segment, here’s how Generali fared in the first quarter in terms of operating results:
|
Unit |
Operating result |
|
Life |
€785 million |
|
Property and casualty (P&C) |
€690 million |
|
Asset management |
€136 million |
|
Holding and other businesses |
€63 million |
Of all the divisions, only life saw a decline, at 1.8%. Operating results from P&C and asset management rose 10% and 46%, respectively. Additionally, Generali’s capital position was described as “extremely solid,” with solvency ratio at 234%.
“The rebalancing of the life business mix is well underway and has enabled us to maintain excellent profitability in the current low interest rate environment,” noted Borean.
“Generali continues to post the best, least volatile combined ratio among its peers and has achieved impressive results in asset management and other segments.”
He highlighted: “The strong growth in operating result and net profit demonstrate that the group continues to operate effectively in a macroeconomic context that is still facing uncertainty due to the pandemic.”
