Generali Group has posted an operating result of €4.4 billion (around SG$6.819 billion) in the nine months to September 30, 2021 - a 10% increase from the same period in 2020.
The firm credits the “strong increase” in the operating result to the performance of its life, asset management and holding, and other businesses, as well as the “resilient contribution” of its property and casualty (P&C) segment, despite the higher impact of natural catastrophe claims.
The increase also contributed to a nine-month net result of €2,250 million, a 74% increase from the €1,297 million in the first nine-months of 2020.
Additionally, the insurer saw gross written premiums increase by 6.4% to €54.9 billion, supported by both the life segment (6.5%) and the P&C segment (6.2%).
“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 Cristiano Borean, chief financial officer of Generali Group. “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. 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 December 15.”