Generali Group touts best-ever operating results in 2022

The information comes from Generali Vietnam’s latest release issued March 16, citing that at a meeting chaired by president Andrea Sironi, the Assicurazioni Generali Board of Directors approved the consolidated financial statements and the parent company’s draft financial statements for the year 2022.

Along with this, the group’s gross written premiums rose by 1.5 per cent to $86.7 billion, thanks to the positive performance of the Property and Casualty (P&C) segment, led by the non-motor line.

Generali Vietnam has contributed to the group’s performance with strong growth after 12 years of operation

The operating result climbed by 11.2 per cent to reach $6.89 billion, thanks to positive growth in the Life, P&C, and Holdings and other businesses segments.

The Life segment grew strongly by 25.1 per cent to reach $3.73 billion, reflecting excellent technical profitability, which was also confirmed by the new business margin at 5.35 per cent – up 0.86 percentage points.

The group also eyed the surging operating result of the P&C segment, up 1.7 per cent to reach around $2.9 billion.

The operating results of the Holdings and other businesses segment increased to reach $214 million compared to $166 million in FY2021, supported by the contribution of the real estate business.

The net result gained 2.3 per cent to reach $3.1 billion. Excluding the impact of the Russian conflict, this would have been $3.3 billion – up 7.7 per cent.

Generali has quickly developed a strong network, a pre-eminent product suite, and excellent customer service in the Vietnamese market

Notably, the group confirmed an extremely solid capital position, with its solvency ratio at 221 per cent compared to 227 per cent in FY2021.

During the year, the solvency ratio has been supported by normalised capital generation and positive economic variances, which have only partially offset the impacts of regulatory changes, mergers and acquisitions, and capital movements (including the completed buyback and foreseeable dividend).

The dividend per share that will be proposed at the next annual general sharehoders' meeting is set at $1.23, payable from May 24. Shareholders entitled to receive the dividend on May 23.

The new business margin on the present value of net new business further increased, reaching 5.35 per cent (up 0.86 percentage points), thanks to the significant increase in interest rates, the rebalancing of the production mix towards the more profitable unit-linked and protection lines, and the continued rollout of new products with improved protection features.

The gross written premiums in the P&C segment picked up 9.8 per cent to reach $30 billion, thanks to the performance of both business lines.

Going forward, the net inflows from third-party customers grew by $4.77 billion, despite the difficult market context.

The release shows that in early 2023, some economic indicators – including European labour market data – seem to suggest mitigating signs against the possible slowdown of the global economy. At the same time, it is important to assess the impact of the fragility of some US banks that was seen at the beginning of March.

In this context, Generali Group continues its strategy to rebalance the Life portfolio to further increase profitability and allocate capital more efficiently.

It also maintains its focus on product simplification and innovation, with the introduction of a range of modular product solutions designed to meet the specific requirements of today’s customer that are marketed through the most suitable and efficient distribution channels.

Generali Group CEO Philippe Donnet said, “Generali’s results confirm the success of our transformation journey, which continues through the disciplined and effective implementation of the Lifetime Partner 24: Driving Growth strategy.”

"Generali also continues to lead the way in terms of sustainability, which is now fully integrated within all the group’s business activities in line with our commitment to act as a responsible insurer, investor, employer, and corporate citizen. We have achieved all of this thanks to the passion of our people and our unique agent network," concluded Donnet.

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