Generali maintains growth momentum with solid capital position

The group’s gross written premiums rose by 1.3 per cent to $62 billion thanks to continued growth in the P&C segment. The life net inflows saw a 25.3 per cent drop, falling to $7.94 billion, which is mainly attributed to the savings line – consistent with the group's strategy to reposition its Life business portfolio – as well as specific in-force management actions.

The unit-linked line also decreased, reflecting increased macroeconomic uncertainty, while the protection line achieved robust growth. Life technical provisions shed 1.4 per cent – to $433.8 billion – compared to FY2021, reflecting the performance of the financial markets.

Generali Group is present in 50 countries around the world, with a total premium income of $78.5 billion in 2021

Generali's operating results surged by 7.8 per cent to reach $4.94 billion thanks to the positive development of the Life and P&C segments. The operating results of the Life segment and the New Business Margin grew by 23.9 per cent and 0.68 per cent, respectively, benefitting from rising interest rates.

The P&C segment inched up by 2.9 per cent while the Combined Ratio stood at 93.3 per cent – up 2 per cent due to a higher loss ratio due to the acceleration of hyperinflation in Argentina.

The operating results of the Asset and Wealth Management segment shed 7.5 per cent, falling to $740 million, entirely due to lower performance fees at Banca Generali linked to the movement of the financial markets.

Asset Management achieved an operating result of $475 million, up 1.7 per cent, while that of the Holding and Other Businesses segment grew by 9.9 per cent, benefitting mainly from the performance of real estate.

The group's Total Assets under Management were down 12.4 per cent compared to 2021, falling to $644.5 billion, mostly reflecting the rise in interest rates on fixed-income securities.

The group’s shareholder equity stood at $17.18 billion, down 43.4 per cent compared to 2021, mainly due to a $14.57 billion decrease in the funds available for sale reserves – mostly deriving from the rise in interest rates and corporate spreads.

Generali Group maintained an extremely solid capital position, with a Solvency Ratio of 223 per cent compared to 227 per cent in 2021. The slight contraction was mainly driven by the impacts of M&A transactions, regulatory changes in the first quarter, the dividend provision for the period, and the share buyback programme.

“The results of the first nine months reflect the solidity of our group built on the foundations of our strategy to focus on the most profitable business lines and our diversified sources of earnings,” said Generali Group CFO Cristiano Borean. “This allows us to continue to generate value despite the macroeconomic environment. Generali is successfully achieving sustainable growth and continuously increasing its operating results, reflecting the effective implementation of our Lifetime Partner24: Driving Growth strategic plan.”

Generali has quickly developed a strong network, a preeminent product suite, and excellent customer service with a leading RNPS score in Vietnam since 2020

Thanks to the group’s strategy of rebalancing its business mix towards the most profitable lines of business and to the significant increase in interest rates, the New Business Margin on the present value of new business premiums rose to 5.42 per cent, up 0.68 per cent and showing an improvement across all lines.

Excluding the effects of performance fees and the provision of $82.9 million during the first six months of 2021 to protect customers, the operating results of the Banca Generali group would have significantly increased.

Total net inflows at Banca Generali in the first nine months of 2022 exceeded $4.15 billion, confirming strong volume development amid a complex market environment.

Generali is one of the largest global insurance and asset management providers. Established in 1831, it is present in 50 countries worldwide, with a total premium income of $78.5 billion in 2021.

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