The international insurance giant Generali has today announced its 9M 2022 results, spotlighting its continued growth momentum and very solid capital position.

In the period ended September 30, 2022, the insurer saw its gross written premiums increase 1.3% to €59.8 billion (approx. CA$80.94 billion) – driven by growth in P&C (up 10.3% year-on-year), led by the non-motor line. Meanwhile, Life premiums contracted 2.9% with Life net inflows standing at €7.7 billion – driven by the unit-linked and protection lines, consistent with the strategy to reposition the Life business portfolio

Generali revealed that its operating result continued to rise, increasing 7.8% to €4.8 billion in 9M 2022, which was accredited to the positive performance of the Life and P&C segments. Meanwhile, its combined ratio increased 2 p.p. to 93.3% while its new business margin remained strong, increasing 0.68 p.p. to reach 5.42%.

The insurer’s net result was largely stable, dipping 0.8% to €2,233 million. Generali noted that excluding impacts from Russian investments, the net result would have grown 5.5% to €2,374 million. The group maintains a solid capital position with a solvency ratio of 223% (227% FY 2021).

Commenting on the results seen by the business, Generali Group CFO, Cristiano Borean said that the nine-month period reflects the solidity of the group, as grounded by its strategy of focusing on the most profitable business lines and its diversified sources of earnings.

“This allows us to continue to generate value despite the macroeconomic environment,” he said.  “Generali is successfully achieving sustainable growth and continuously increasing its operating result, reflecting the effective implementation of our 'Lifetime Partner24: Driving Growth' strategic plan.”