Generali P&C operating result up 3.8% in H1
The Generali Group has improved the property/casualty (P&C) operating performance in the first half of 2018, driven by a better technical result.
The operating result in P&C increased to €1.11 billion in the first six months of 2018 from €1.07 billion in the first half of 2017. The development of the technical result reflected the improvement in the combined operating ratio, despite the fact that the half-year was affected by higher catastrophic claims, according to the company.
The combined ratio improved 0.8 basis points year on year to 92 percent in the first half of 2018. Catastrophic events caused losses of €139 million in the first six months of 2018, driven mainly by Germany and France, as well as holding reinsurance business, with an impact of 1.4 percentage points on the combined operating ratio compared to 0.9 percentage points in the first half of 2017.
Overall, P&C premiums increased by 2.1 percent year on year to € 11.00 billion in the first half of 2018, driven by both motor and non-motor.
The group’s net profit increased 8.8 percent year on year to €1.33 billion in the first half of 2018, helped by positive non-operating performance and gains from disposals closed during the period.
“The results for the first half of the year demonstrate Generali's capital resilience and the excellent technical and industrial performance within a context of global volatility,” said Generali CEO Philippe Donnet. “I would also like to highlight the disposals and geographical optimisation plan, with the target significantly exceeded at an early stage, and the recent sale of Generali Leben in Germany, an innovative transaction that will allow us to accelerate the achievement of our strategic objectives in the Life segment. The operating performance of P&C and Life business was also excellent, as were the activities of investments, asset & wealth management, results that confirm our ability to execute the strategic plan with discipline and determination. We have consequently achieved one of the highest half-year net profits ever," Donnet added.
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