Generali’s operating results rise
Global insurer Generali’s operating result grew to €3.9 billion (+9.1 percent) and net profit increased to €2.2 billion (+16.6 percent) for Q3 2019.
The company said its strong operating result was due to improvements in all business segments. P&C technical profitability remained high with a combined ratio of 92.5 percent (-0.3 pps). The life new business margin (NBM) was 4.28 percent (-0.25 pps).
Group net profit rose to € 2,163 million (+16.6 percent), in part reflecting the result of disposals. Adjusted net profit was € 1,872 million (+6.2 percent), excluding the one-off expense of €188 million associated with the liability management transaction.
P&C premiums were up 4.3 percent thanks to the development in the group’s main markets. In life, net inflows were over €10 billion (+24.5 percent) and technical provisions rose to €363.3 billion (+5.8 percent). Total gross written premiums stood at €51.4 billion, an increase of 3.2 percent thanks to the development of both business segments.
The company reported a solid group capital position with a preliminary regulatory solvency Ratio of 204 percent.
Generali Group CFO, Cristiano Borean, said: “Generali has achieved strong results in the first nine months of the year thanks to the growth in all business lines. Technical excellence has been confirmed; in particular, in the P&C segment with an outstanding combined ratio and further premium growth as well as in the life segment, thanks to a solid new business margin and growing net inflows. Within the context of persistent low interest rates, the Group’s capital position remains solid.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
Property-casualty premiums rise sharply at Munich Re
Zurich’s top line for the nine months shows good growth
Reshuffle at Lockton as new CEO named
AXA XL suffers high charges in reinsurance
Lancashire Insurance appoints new CEO
Swiss Re confirms mulling investment in China Pacific Insurance
SCOR Global Life launches wellness wearables underwriting solution
Sirius Group combined ratio rises to 123% on cat losses
ProAssurance sees growth in Q3 but combined ratio rises
ProSight reports strong Q3 growth
James River reports Q3 loss
Atlanta Group licenses Willis Towers Watson’s Radar Live
Feature: 10 ways insurers are using insurtech to drive new business
