Italian insurer Generali has posted a net result of €2.25 billion for the first nine months of 2021, up 73.6% from the €1.30 billion that it reported for the same period last year.
The result increased thanks to a corresponding improvement in the group’s operating result, which grew by 10% over the same period to €4.43 billion.
As such, Generali has confirmed that it is “fully on track” to complete its 2021 strategic plan.
The operating result benefited from a positive performance within Life, Asset Management and the Holding and other businesses segments, with a new business margin of 4.76% reported for Life.
And despite the higher impact of natural catastrophe claims, the P&C segment only suffered a 2.4% downturn in its operating result, which stood at €1.79 billion for the 9M period.
Generali’s P&C combined ratio worsened slightly to 91.3%, mainly due to the rise in the natural catastrophe loss ratio.
Natural catastrophe claims totalled €486 million in 9M 2021, versus €213 million last year, including claims for storms that hit Spain in January and continental Europe in the summer, as well as floods that mainly affected Germany in July.
Generali’s overall gross written premiums amounted to € 54.90 billion for the nine-month period, increasing by 6.4%, thanks to the growth in both the Life and P&C segments.
Total assets under management similarly rose to € 682.1 billion, up 4.2% compared to year-end 2020.
“The results for the first nine months confirm the Group’s excellent performance, technical profitability and solid trends across all businesses with one of the highest Solvency Ratios in the sector,” said Generali Group CFO Cristiano Borean.
“Life net inflows, entirely focused on the unit-linked and protection lines of business, continue to rise, while the P&C segment remains resilient, despite the higher impact of natural catastrophe claims. The results of the Asset Management segment continue to grow, also thanks to our multi-boutique strategy,” he continued.
“These results, which are fully in line with the successful completion of the ‘Generali 2021’ strategic plan, represent a solid foundation for the new three-year plan we will present to the market on 15 December.”