Generali has delivered strong profit growth in the first quarter of 2023 and confirmed its extremely solid capital position.
In the first quarter, Generali’s gross written premiums increased to $23.76 billion – up 1.3 per cent – driven by robust growth in the property and casualty (P&C) segment – up 10.1 per cent. Life net inflows were entirely focused on unit-linking and protection, consistent with the group’s strategy.
Meanwhile, its operating result rose to $1.9 billion, a rise of 22.1 per cent, mainly thanks to the strong contribution from the P&C segment, while the Life segment was resilient. The combined ratio improved to 90.7 per cent, down 5.6 per cent on-year. The excellent new business margin stood at 5.72 per cent, up 0.32 per cent against Q1 last year.
Generali's adjusted net result grew substantially to $1.27 million, an increase of 49.7 per cent, reflecting the benefit of diversified profit sources. The extremely solid solvency ratio stood at 227 per cent, compared with 221 per cent in the financial year 2022.
Generali Group CFO Cristiano Borean said, “The strong profit growth delivered in the first quarter confirms that we remain fully on-track to meet the targets of our Lifetime Partner 24: Driving Growth strategy. The performance of the P&C segment reflects our focus on technical excellence, while in the Life segment we continue to rebalance our business mix towards our more profitable lines, even amidst the challenging environment. The group also confirms its extremely solid solvency position, driven by strong organic capital generation."
"This quarter is also the first time that we are reporting under the new accounting standards. This allows us to significantly improve the visibility and predictability of profit sources and provides a more accurate representation of the value embedded in our Life business. I would like to thank all my colleagues in the group that have contributed to the International Financial Reporting Standards 17 and 9 project,” he added.
Generali Vietnam has contributed to the group’s performance with strong growth after 12 years of operation and outstanding achievements in products and services, digital transformation, customer experience, people strategy, and community support.
The company has quickly developed a strong network, a preeminent product suite, and excellent customer service with a leading relational net promoter score in the Vietnamese market over the past 11 consecutive quarters since 2020.
Generali is one of the largest global insurance and asset management providers. Established in 1831, it is present in 50 countries around the world, with a total premium income of $87.2 billion in 2022.
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