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Generali Group operating results up 5.3%

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Staff writer ▼ | March 14, 2014
Generali Group closed the year with an operating result of €4,207 million (+5.3%; €3,994 million FY12) reflecting growth in all the lines of business.
Generali Group
Generali GroupGenerali Group closed the year with an operating result of €4,207 million (+5.3%; €3,994 million FY12) reflecting growth in all the lines of business.


These results helped Generali reach a net result of €1,915 million (€94 million FY12), derived entirely from operating performance, the highest of the last 6 years. Taking into account the proceeds of disposals and the gain on the Group's stake in the Bank of Italy which have been offset by extraordinary negative impacts on Telco (-€189 million), BSI (-€217 million) and other items, the overall impact of these one-offs is broadly neutral.

A dividend per share of €0.45, more than doubled relative to last year (€0.20 FY12), will be proposed to shareholders at the AGM by the Board of Directors. The total dividend on outstanding shares will amount to €700,592,977.35. The dividend will be paid on May 22, 2014 and the record date will be May 21, 2014. Shares will trade ex-dividend as from May 19, 2014.

In the Life business, premium income was stable at €45,115 million (+0.2%) with an improved business mix oriented towards products with higher margin. The new business contribution showed improved profitability with a New Business Margin at 21% (19.2% FY12), driving the significant rise in the operating result to €2,645 million (+4.3%).

In the P&C business, premiums were broadly stable (€20,940 million; -0.6%) despite the challenging economic environment in some of the Group's core markets. The Combined Ratio improved further to 95.6% (-0.2 p.p.) despite natural catastrophes accounting for 2.3 percentage points (1.5 p.p. in 2012), leading to a growth of the operating result of 3.5% to €1,616 million.

In the financial segment, third-party assets expanded by +3.8% to €104,346 million supporting the 5.4% increase of the Group's total Assets Under Management to €508 billion. The operating result was up by 18.4% to €483 million.

These results were supported by a solid capital position with a 4% increase in Generali's shareholders' equity to €19,778 million over the year.


 

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