natural disasters cost 875 million – WWN
Generali made almost three billion in profits between January and September, increasing profits by 30% despite natural catastrophes costing the insurance company 875 million euros.
The accounts of the nine months
In the nine months Assicurazioni Generali 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%). The capital position remains solid with the solvency ratio at 224% (it was 221% in the whole of 2022). The group’s savings under management exceeded the threshold of 625 billion (+1.6% compared to the whole of 2022). The Life operating result stood at 2.8 billion (-1.1%, while that of the Asset & Wealth Management segment grew to 728 million (+3.8%), thanks to the strong contribution of Banca Generali, explains a note.
The words of CFO Borean
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 and geopolitical point of view, underlined the financial director of Generali, Cristiano Borean. 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, he concluded. Thanks to the diversified business model and solid capital position, Generali is fully on track to successfully achieve all the objectives of the 2024 strategy.
Losses from natural disasters up 56%
Natural disasters caused Generali losses of 875 million in the nine months, up 56% compared to 560 million in 2022. The growth was mainly due to the floods and hailstorms that occurred in Italy, central and eastern Europe and Greece in third quarter, explains the group. In insurance balance sheets we can thus read a reflection of the damage caused by climate catastrophes. For UnipolSai, for example, the impact of natural disasters was 450 million between January and September, while for Allianz the bill even rose to 1.5 billion.
