Generali P&C profits up 14% in Q1
Italian insurance group Generali has increased operating results in its property/casualty (P&C) segment by 14.1 percent year on year to €528 million in the first quarter of 2018 due to improvements in the non-catastrophe loss ratio.
The combined ratio in P&C improved 1.6 percentage points (pps) to 91.4 percent over the period, despite the impact of € 76 million of catastrophe claims for 1.5 pps (1.1 pps in 1Q17) related to storms that mainly affected Germany and France in January.
The current year non-catastrophe loss ratio showed “considerable improvement” across all of the main countries where the group operates while the contribution from prior years was stable, according to a company statement.
At the same time, gross written premiums in P&C grew 1.4 percent year on year to €6,22 billion.
Overall, the group’s operating result grew 4.9 percent year on year to €1.25 billion in the first quarter of 2018.
Operating results improved thanks to “excellent performance from the property & casualty segment, despite higher natural catastrophe claims, as well as from the investments, asset & wealth management unit,” according to the company.
The group’s net profit grew 8.6 percent year on year to €581 million in the first quarter.
"The results that we present today highlight the on-going positive trend in the group's economic and financial performance, as well as the effective execution of the strategic plan that is being implemented with discipline and determination,” said chief financial officer Luigi Lubelli.
“We continue to develop the business and create value as evidenced on one hand, by the growth in premium income, robust life net cash inflows, and increasing assets under management and on the other, by further improvement in the combined ratio and the life new business margin. The results of the first quarter allow us to look at the rest of the year with optimism as we successfully complete our strategic plan," Lubelli added.
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