Generali profit surges 99% in first half 2021 despite dip in P&C results
Profit surged 99 percent at Italian insurer Generali in the first half of 2021, despite seeing a decline in its property/casualty (P&C) operating performance, primarily due to the contraction of its investment result and higher natural catastrophe claims. Its chief executive Philippe Donnet (pictured) highlighted that the company is "fully on track" to achieve all its targets for the year.
Generali's net result surged 99 percent to €1.54 billion from last year's €774 million. However, its P&C operating result declined by 3.6 percent to €1.25 billion on €1.3 billion reported in the prior year period.
Gross written premiums increased to €38 billion in H1 2021, up 5.5 percent from €36.4 billion reported in the same period of last year. Its group combined ratio remained relatively unchanged year-on-year at 89.7 percent in H1 2021, compared with 89.5 percent in H1 2020.
Donnet said: “Today’s excellent results confirm that we are fully on track to successfully deliver the ambitious targets of the current ‘ Generali 2021’ plan, even in this very challenging environment. The significant growth achieved in the first six months of the year strengthens Generali's position as the European leader, thanks to our operational excellence, the acceleration of our digital innovation and the quality of our distribution network."
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