Excellent profitability, with strong growth in premiums, operating and net results. Extremely solid capital position
- Strong increase in the operating result to € 4.4 billion (+10%), thanks to the positive performance of the Life, Asset Management and Holding and other businesses segments. Resilient contribution from the P&C segment, despite the higher impact of natural catastrophe claims
- Gross written premiums increased to € 54.9 billion (+6.4%), supported by both the Life segment (+6.5%) and the P&C segment (+6.2%). Life net inflows grew to € 9.5 billion (+3%), entirely focused on the unit-linked and protection lines. The Combined Ratio was 91.3% (+1.6 p.p.) and the New Business Margin was excellent at 4.76% (+0.66 p.p.)
- Net result rose by 74% to reach € 2,250 million (€ 1,297 million 9M2020)2
- Solvency Ratio was extremely solid at 233% (224% FY2020)
Generali Group CFO Cristiano Borean commented: “The results for the first nine months confirm the Group’s excellent performance, technical profitability and solid trends across all businesses with one of the highest Solvency Ratios in the sector. Life net inflows, entirely focused on the unit-linked and protection lines of business, continue to rise, while the P&C segment remains resilient, despite the higher impact of natural catastrophe claims. The results of the Asset Management segment continue to grow, also thanks to our multi-boutique strategy. These results, which are fully in line with the successful completion of the ‘Generali 2021’ strategic plan, represent a solid foundation for the new three-year plan we will present to the market on 15 December.”
1 Changes in premiums, Life net inflows and new business were presented in equivalent terms (at constant exchange rates and consolidation scope). Changes in the operating result, own investments and Life technical provisions excluded any assets under disposal or disposed of during the same period of comparison.
2 The adjusted net result – defined as the net result without the impact of gains and losses related to disposals -was equal to the net result of the period, since the latter was not impacted by gains and losses related to disposals The 9M2020 adjusted net result amounted to € 1,479 million, which neutralised € 183 million resulting from the settlement agreement for the BSI disposal. In addition, excluding the one-off expense amounting to € 100 million (€ 77 million, net of taxes) from the establishment of the Extraordinary International Fund for Covid-19 and the € 94 million (€ 73 million, net of taxes) expense arising from the liability management transaction, the 9M2020 adjusted net result amounted to € 1,629 million.