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Generali Group net profit grew by more than 21%

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Staff writer ▼ | July 31, 2015
Generali Group reported that its operating result at € 2,779 million (+11.3%; € 2,498 million 1H14) achieved its best performance in the last eight years.
Generali Group
Generali Group   The net profit grew to 1,307 million euros
The net profit grew by more than 21% to € 1,307 million (€ 1,075 million 1H14) thanks to the positive operating and non-operating performance, while gross written premiums increased by 7.3% to € 38.2 billion (€ 35.3 bln 1H14) showing an upward trend in both segments.

In the Life segment the operating result rose to € 1,713 million (+13.2%; € 1,514 million 1H14) thanks to the strong technical profitability and successful investment management policy. The premium income increased significantly by 10.6% to € 26,906 million (€ 24,119 million 1H14), with a strong development in all main markets thanks to the excellent performance of the unit linked policies (+25.7%).

New business in terms of APE grew to € 2,707 million (+5.4%; € 2,520 million 1H14), driven by the excellent performance of unit linked (+35.1%) and protection policies (+20.8%)

Furthermore single premiums experienced a significant growth (+19.7%), in particular in Italy, France and Germany. The new business value (NBV) is at € 474 million (€ 651 million 1H14), with new business margins (NBM) at 17.5% (25.8% 1H14) witnessing a good level despite the decline in interest rates and strongly increased market volatility in the second quarter of 2015.

The P&C segment trend was also positive, with an increase of the operating result to € 1,103 million (+2.3%; € 1,079 million 1H14), thanks to the solid technical margin and the improved investment result.

Total premiums amounts to € 11,266 million (+0.1%; € 11,169 million 1H14), with a positive performance of the non-motor segment (+0.9%). The technical profitability improved as shown by the combined ratio at 92.6% (-0.2 p.p.).

Particularly notable the improvement in France with a CoR at 99.2% (-5.9 p.p) and CEE countries confirmed as the best Group’s region in terms of technical profitability (85.4%). A solid Group shareholders’ equity is confirmed at € 23.3 billion (+0.3%; € 23.2 bln FY14).

The proforma internal model Economic Solvency ratio stands at 200%, with an increase of 14 p.p. as against 31.12.2014. The increase is driven both by the contribution of the normalized operating return and by the positive effect on available capital and on risk capital of the financial environment at 30 June 2015, influenced by rising interest rates and the favorable trend of the equity market.

The Group Solvency I stands at 164% on a pro-forma basis, including the impact of the BSI disposal (unchanged as against FY14).


 

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