Generali secures "excellent" financial results

Italian insurance giant Generali has concluded its strategic plan for 2021 with the release of record financial results for the year.

The global insurer, whose board will propose a dividend of €1.07 per share at the next Generali shareholders’ meeting, reported the following figures for the 12 months ended December 31, 2021:

The consolidated operating result, which grew more than 12%, is said to be Generali’s “best ever” for the third consecutive year. The group’s net result, meanwhile, represents an increase of over 63% from the corresponding sum in 2020.

“The excellent results we present today mark the successful conclusion of the ‘Generali 2021’ strategic plan, demonstrating once again that we deliver on our promises,” declared chief executive Philippe Donnet on Tuesday. “Over the past two strategic cycles, we have reinforced our leadership in Europe and have become the lifetime partner to 67 million customers worldwide, thanks to the talent and skills of our employees and agents.

“Generali is now best-in-class in terms of its capital position, profitability, and growth; it has strengthened its presence in high-potential markets and grown its asset management business. We are now effectively implementing our new strategy ‘Lifetime Partner 24: Driving Growth,’ focussed on sustainable growth, an enhanced earnings profile, and the creation of value for all stakeholders.”

Donnet added: “A rigorous and disciplined capital deployment approach, sustainability fully embedded into the business, and increased investment in technology and digital transformation will be key drivers of our new plan’s success.”

Generali, whose solvency ratio for the period stood at 227%, saw its gross written premium rise 6.4% to €75.8 billion in 2021. The company’s life and P&C segments both contributed positively.      

Commenting on the numbers, BofA Securities said the insurance group had “extended its track record of strong, stable, impressive delivery in 2021,” while Morgan Stanley pointed to Generali’s “overall strong set of results” for the year.

Meanwhile the insurer’s boss also stated: “It is impossible not to mention the crisis in Ukraine. As with the COVID-19 pandemic, Generali and its employees have taken immediate action to help refugees. Our group has historic ties with Central and Eastern Europe and will continue to support the communities impacted by the war.”