Generali grows P&C by 9.8%, but suffers uptick in claims

Italian insurance group  Generali increased gross written premiums in its P&C segment by a heady 9.8% in 2022, including an 11.4% gain in its growth-focus of non-motor lines, then suffered an uptick in loss ratios to hold operating profit growth to a mere 1.7%.

Premium gains in non-motor lines outpaced the 6.5% gain in motor and included low double-digit gains in the ACEE region, 9.1% in France, 7.8% in the home market of Italy and 4.2% in Germany.

Attritional losses rose, with motor lines taking chief blame. The combined ratio ended up by 2.4 percentage points (pps) to 93.2%, including 2.0 pps increase on current year losses and a fractional rise in nat cat impact.

The increase in the combined ratio also included a 0.4 pps rise in the expense ratio, partially due to the acquisition of Cattolica.

The P&C segment's operating result grew 1.7% to €2.7 billion with the weakened underwriting result compensated by investment earnings.

For the larger Generali group, gross written premium of €81.5 billion was up 1.5% after a decline for the life segment where net inflows of €8.7 billion focused purely on unit-linked and protection, in line with the updated strategy.

By the bottom line, €2.9 billion in consolidated net profits weas up 2.3% from the prior year take.

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