Major Italian insurer Generali Group has released its financial information for the first three quarters of 2023, with highlights including continued growth in both operating and net results, as well as the firm's solid capital position.
The group’s gross written premiums increased by 4.7 per cent to $66 billion, while operating results grew 16.7 per cent on-year to over $5.5 billion, as benefits from the diversification of profit sources and contributions from new acquisitions provided a boost.
The property and casualty insurance segment showed a more than 50 per cent jump to $2.35 billion, while the combined ratio improved to over 94 per cent, benefitting from a lower loss ratio.
Life insurance brought in just over $3 billion, down slightly by around 1 per cent, but showed improvement in the third quarter compared to the first half of the year.
Asset and wealth management grew 3.8 per cent to almost $794 million, thanks to strong contributions from Banca Generali, which rose 40.6 per cent to over $370 million.
|Shareholders' equity grew 2.1 per cent to just under $30 billion compared to the previous fiscal year.
The adjusted net result increased substantially to $3.24 billion from $2.5 billion a year ago, mainly thanks to diversified profit sources.
Shareholders' equity grew 2.1 per cent compared to the previous fiscal year to just under $30 billion, while the group's total assets under management rose 1.6 per cent to around $682 billion.
The group also confirmed its solid capital position, with a solvency ratio of 224 per cent, an improvement on the 221 per cent seen in 2022.
Life insurance gross written premiums totalled $40.35 billion, up just under 1 per cent on-year.
Gross written premiums in property and casualty insurance surged 11.4 per cent to $25.55 billion, driven by the positive performance of both business lines.
Motor insurance rose by almost 13 per cent across all the main areas with particularly positive dynamics in Italy, France, Central and Eastern Europe, with motor insurance premiums increasing by a total of 5.1 per cent.
Generali Group CFO, Cristiano Borean, said, “We remain committed to technical excellence and will continue to build on the most profitable business lines. Thanks to our diversified business model and solid capital position, Generali remains fully on track to achieve our strategic objectives.”
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