MILAN – General in the first nine months of 2023 it recorded gross premiums increasing to 60.5 billion (+4.7%), thanks to the strong development of the non-life business (+11.4%), and an operating profit that rose to 5.1 billion (+16.7%) due to the contribution of the non-life segment, despite the greater impact from natural disasters. Normalized net profit increased further to 2,979 million (+29.6%). The capital position remains solid with the solvency ratio at 224% (it was 221% in the whole of 2022). This can be read in the note released the day after the board of directors approved the results.
Generali’s Life net inflows suffer and in the nine months stood at -1,194 million, however showing an improvement in the third quarter trend compared to the previous quarters of the year and confirming resilient net flows in the unit-linked and pure risk and health lines: this aspect, according to what is stated in the note on the results, is consistent with the group’s strategy of repositioning the Life portfolio and reflects the dynamics observed, in particular in the banking channel, in Italy and France. The pure risk and health line grew to 3,552 million, led by France and Italy, and the unit linked line stood at 3,963 million. The net outflows in the savings line instead amount to -8,709 million. The life operating result remains unchanged at 2,786 million (-1.1%). The group’s operating result is also increasing thanks to the diversification of profit sources, which includes the contribution of acquisitions. In particular, the operating result of the Non-Life segment is growing strongly to 2,155 million (+50.3%).
The Combined Ratio improved to 94.3% (-3.1 percentage points), thanks to the benefit of a lower loss ratio, mainly due to a greater effect of discounting, despite the significant impact of natural disasters. For Generali, the losses from this chapter alone amount to 875 million in the nine months and are equal to 837 million taking discounting into account.
“In the nine months, the Group continued to grow profitably, thanks to the strong increase in operating profit and net profit, despite the greater impact of natural disasters, confirming its resilience in a context that remains complex from a macroeconomic point of view and geopolitical”, commented Generali’s CFO, Christian Borean, to the accounts. “In line with our strategy, we continue our commitment to technical excellence in the Non-Life segment, while in the Life segment we will continue to develop the most profitable business lines. Thanks to the diversified business model and the solid capital position, Generali is fully in line to successfully achieve all the objectives of the ‘Lifetime Partner 24: Driving Growth’ strategy.”