Italian insurer Generali has reported gross written premiums (GWP) of €60.5 billion for the first nine months of 2023, as its combined ratio strengthened by 3.1 percentage points to 94.3%.
Generali attributes the growth in GWP to strong growth in its P&C business, which saw premiums expand 11.4% year-on-year to €23.4 billion, driven by a positive performance in both business lines.
The P&C combined ratio improved on the back of a lower loss ratio of 64.9%, partially offset by a slightly higher expense ratio at 29.4%.
Natural catastrophes impacted the reported combined ratio by 3.7 percentage points, compared to 2.7% in 9M 2022, mainly driven by the impact from floods and hailstorms in Italy, CEE and Greece during the third quarter.
The undiscounted losses from natural catastrophes, net of reinsurance, were €875 million at 9M 2023, or €837 million on a discounted basis, reports the firm.
The P&C operating result grew by more than 50% year-on-year to €2.2 billion, as the operating insurance service result reached €1.3 billion (€533 million 9M 2022) benefitting from €816 million of discounting effect compared to €400 million at 9M 2022.
Within its life segment, GWP grew almost 1% to €37 billion, with a strong improvement in the savings lines with positive trends in Asia, Italy, and France.
However, life net flows were -€1.2 billion. The protection and unit-linked lines recorded positive net inflows, with protection net inflows reaching €3.6 billion, led by France and Italy, while net inflows in the unit-linked line stood at €3.9 billion, demonstrating the resilience of both lines.
All in all, Generali has reported a 9M 2023 net result of €2.8 billion, up 94% from the €1.5 billion seen in 9M 2022.
Cristiano Borean, Generali Group’s Chief Financial Officer, commented on the results, “The Group has continued to grow profitably in the first nine months thanks to the strong increase in both operating and net results, despite the higher impact from the weather events, confirming its resilience in a challenging macroeconomic and geopolitical context.
“In line with our strategy, we maintain our commitment to technical excellence in the P&C segment, while in Life we will continue to build on the most profitable business lines. Thanks to its diversified business model and solid capital position, Generali remains fully on track to successfully achieve all the targets of our ‘Lifetime Partner 24: Driving Growth’ strategy.”