CFO highlights ‘strong earnings growth’
Written by Mia Wallace
International insurance giant Generali today announced its trading results for the first quarter of 2023, revealing a 1.3% rise in gross written premiums (GWP) to €22.2 billion (around £19.28 billion). In its results release, Generali attributed the increase to strong growth in its P&C segment (up 10.1%).
Among other key figures released by the insurer, it was revealed that its operating result rose 22.1% to €1,820m, largely due to strong contribution from its Protection and Purchase segment, while its Life segment was resilient. Generali’s combined ratio improved to 90.7% (-5.6 pp) with its new business margin remaining at 5.72% (up 0.32 percentage point).
Meanwhile, Generali’s adjusted net result experienced significant growth, increasing by 49.7% to €1,229 million, reflecting the advantage of diversified profit sources. The insurance company’s solvency ratio is 227%, compared to 221% for fiscal year 2022.
Commenting on the results, Generali Group Chief Financial Officer, Cristiano Burian, said: “The strong profitable growth achieved in the first quarter confirms that we remain on track to achieve the strategic goals of ’24 Lifetime Partner: Driving Growth’.
He pointed out that the performance of the P&C segment reflects its focus on technical excellence, and that in its life segment, the group continues to rebalance its business mix towards its more profitable lines, despite the challenging environment.
“The group also affirms its strong solvency position, driven by strong organic capital generation,” he said. This quarter is also the first time we have reported under the new accounting standards. This allows us to significantly improve visibility and forecasting of sources of profit and provides a more accurate representation of the value embedded in our life’s business. I would like to thank all colleagues in the group who contributed to draft IFRS 17 and 9.”
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