Results: the Generali group continues to grow in 2022

The Generali group’s 2022 operating results show good growth. The net result is stable, if we exclude the impairments on the Russian assets. Financial strength remains extremely strong.

In this context, gross written premiums reached 41.9 billion euros (+2.4%), due to strong growth in Non-Life business, driven by the non-auto segment. Life premiums are stable (-0.5%). Net Life inflows resisted at 6.2 billion euros, supported by growth in Personal Protection and Unit-Linked, offsetting a reduction in savings, in line with the repositioning of the Life portfolio.

Operating income continued to grow to reach 3.1 billion euros (+4.8%) thanks to the positive development of Life and Non-Life activities and of the Holding and other activities segment. The combined ratio reached 92.5% (+2.8pp). The margin on New Business is excellent at 5.23% (+0.59 pp).

Net income reached 1,402 million euros (1,540 million euros at the end of June 2021). If we exclude the impairments on the Russian assets, the net result would have been 1,541 million euros.

The financial solidity is extremely robust with a Group solvency ratio at 233% (227% at the end of 2021) after taking into account the buyback of shares for 500 million euros.

Commenting on these results, Philippe Donnet, CEO of the Generali Group, said: “ Generali’s solid performance demonstrates that the implementation of our strategic plan ‘Lifetime Partner 24: Driving Growth’ is the right way to generate sustainable growth and increase operational profitability. We were able to achieve these results despite an increasingly uncertain geopolitical and macroeconomic environment, while maintaining our customers and their needs as our top priority. In the months ahead, we will continue to be fully committed to executing our three-year plan to strengthen our group’s leadership as a global insurer and asset manager. »

Nota Bene : the variations in premiums, Life and New Business net inflows are at equivalent methods (at constant exchange rates and scope of consolidation) and therefore, the contribution of the Cattolica Group is neutralized in the calculation of variations at equivalent methods. Changes in operating profit, investments in the general fund and Life technical provisions exclude any assets being sold or sold during the comparison period, and therefore include the contribution of the Cattolica Group in the percentage changes.

The amounts have been rounded to the first decimal place and the sum of the amounts may not correspond to the rounded total. The percentage shown may be affected by rounding.

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