Italy-headquartered insurer Generali has reported that gross written premiums (GWP) increased to €42.2 billion (+3.6%), in the first half of 2023, with the insurer noting that this was driven by significant P&C growth (+10.6%).
Generali’s operating result grew by 28% to reach €3,721 million, which was heavily contributed by the diversification of profit sources, which included the contribution from prior acquisitions.
In addition, the operating result of the P&C segment increased to €1,853 million, increasing by a massive 85.7%.
Generali’s combined ratio also had a solid performance in H123 as it improved to 91.6% (-5.4 p.p.) compared to 97% from last year.
Generali noted that natural catastrophes impacted their combined ratio by 1.2 p.p., compared to 1.9 p.p. in H122. The impact from natural catastrophes was benign in the first quarter, while mainly driven by floods in Italy in the second quarter of 2023.
Meanwhile, the Life operating result was €1,813 million (-3.5%), while the New Business Margin increased to 5.81% (+0.31 p.p.).
GWP in the Life Segment came in at €25,888 million. The protection line confirmed its healthy growth trajectory (+5.3%), which was heavily driven in particular by France, Italy and CEE. The savings line also improved as it increased by 6.3%, mainly driven by Asia and France. However, the unit-linked line was down (-14.9%), driven by Italy and France.
Going back to P&C, GWP increased by 10.6% to €16,349 million. Generali also noted that non-motor improved strongly by 10.7%, achieving widespread growth across all main areas in which the Group operates.
Generali Group CEO, Philippe Donnet, commented on the results: “The excellent first half of 2023 results continue to prove the effectiveness of our ‘Lifetime Partner 24: Driving Growth’ strategy and demonstrate that Generali is increasingly profitable, diversified and resilient, with a strong financial position. At the halfway point of the plan, we are fully on track to meet our ambitious targets, confirming that the Group has the right set-up to navigate the continually evolving macroeconomic and geopolitical scenario.
“In addition, the recent acquisitions of Liberty Seguros and Conning, which will reinforce our insurance leadership in Europe and enhance our global asset management platform, will further strengthen our Group. This set of results has been achieved thanks to the efforts of all of our colleagues and agents. They represent the solid foundation to continue achieving sustainable growth, creating value for all of our stakeholders.”
