Generali posts increased profits and solid growth in first nine months
Profits at Italian insurer Generali soared in the first nine months of 2018 boosted by a number of factors including disposals; it also enjoyed strong growth in both its property/casualty and life units.
Its profits increased to €1.85 billion, a 26.8 percent increase on the year before. Its combined ratio in its P/C business was 92.8 percent in the period.
The company’s gross written premiums increased by 6.1 percent to €49.7 billion in the period; its P/C business increased by 2.7 percent to reach €15.4 billion and its life business by 7.8 percent to reach €34.3 billion.
Generali Group CFO Cristiano Borean stated: “The improvement posted in the first half of the year continued, with strong results in terms of the technical performance both in Property & Casualty - confirmed by the excellent combined ratio - and in Life with net cash inflows rebounding and new business margin improving compared to the first 9 months of last year. Investments, Asset & Wealth Management activities grew, also thanks to the multi-boutique strategy that we are implementing with discipline, in line with our pre-announced targets.
“The capital position remained solid, a significant achievement even the volatility in the financial markets during the year; this is proof of our ability to effectively manage uncertainty. With these strong results, we are ready to present the new three-year strategic plan, focused on continued growth, transformation, and the creation of sustainable value for all of our stakeholders.”
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