Italy-headquartered insurer Generali has reported Gross Written Premiums rose to €59.8bn in the third quarter of 2022, citing continued growth in the P&C segment.
The net result for the quarter stood at €2,233 million, compared to €2,250 million in the same quarter last year. This was affected by the impacts of Russian investments amounting to € 141 million for the first nine months of 2022, the firm says.
The impairment on the stake in Ingosstrakh was € 48 million, while € 93 million was due to fixed income securities held directly by the Group. Generali states that excluding this impact, the net result would have grown to € 2,374 million, (+5.5%).
Meanwhile, the operating result continued to rise in Q3 to € 4.8 billion (+7.8%), which Generali attributes to the positive performance of the Life and P&C segments.
The Combined Ratio was 93.3% up 2 points from the prior year same period, with the firm observing that New Business Margin was excellent, reaching 5.42%.
Generali reported life net inflows were € 7.7 billion (-25.3%), stating that the drop was mainly attributed to the savings line, consistent with the Group’s strategy to reposition its Life business portfolio as well as specific in-force management actions.
The Group maintained solid capital position, with the Solvency Ratio at 223%, compared to 227% for FY2021.
The contraction of 4.5 points was mainly driven by the impacts stemming from M&A transactions, the regulatory changes in the first quarter as well as the dividend provision for the period and the share buyback programme, it suggests. The firm adds that these impacts were only partly offset by the solid contribution from normalised capital generation and by the positive market variances.
The Group’s shareholders’ equity stood at € 16,578 million, -43.4% compared to FY2021. The change was mainly due to the € -14,063 million decrease in the available for sale reserves, says the firm, mostly deriving from the rise in interest rates and corporate spreads.
Generali Group CFO, Cristiano Borean, commented, “The results of the first nine months reflect the solidity of our Group built on the foundations of our strategy to focus on the most profitable business lines and our diversified sources of earnings.
“This allows us to continue to generate value despite the macroeconomic environment. Generali is successfully achieving sustainable growth and continuously increasing its operating result, reflecting the effective implementation of our ‘Lifetime Partner24: Driving Growth’ strategic plan.”
