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GENERALI GROUP FINANCIAL INFORMATION AS OF 30 JUNE 2020
STRONG PROFITABILITY OF THE BUSINESS IN A CHALLENGING ENVIRONMENT WITH A STABLE FIRST-HALF OPERATING RESULT OF € 2.7 BILLION. NET RESULT AFFECTED BY IMPAIRMENTS, THE BSI SETTLEMENT AND THE IMPACT OF THE COVID-19 EMERGENCY FUND. SOLID CAPITAL POSITION CONFIRMED.
- Operating result of € 2.7 billion, with an increase in the P&C and Asset Management businesses, supported also by recent acquisitions, and in the Holding and other businesses, which offset a decrease in the Life segment. Technical excellence was confirmed, with a Combined Ratio of 89.5% (91.8% 1H19) and a strong New Business Margin at 3.94% (4.40% 1H19)
- Total gross written premiums reached € 36.5 billion (+1.2%) thanks to the positive performance of the Life (+1.3%) and P&C (+0.9%) businesses. Life net inflows, focused on unit-linked and protection lines, amounted to € 7 billion (-4.9%) and life technical provisions rose to € 372 billion (+0.7%)
- The Asset Management segment profit stood at € 164 million (+23%)
Generali Group CEO Philippe Donnet commented: “The performance in the first half of the year confirms the validity of the Group’s strategy, the solidity of its business model and Generali’s technical excellence which enabled us to face these unprecedented circumstances. One of the Group’s key priorities was to support the communities impacted by Covid-19 through the Extraordinary International Fund and other initiatives. We also responded to this challenging moment by accelerating our innovation and digital transformation of the business and operating structure. Further, we continued to execute our Generali 2021 strategy in a disciplined and effective manner while also pursuing sustainable growth.
I would like to give special recognition to our people - employees, agents and partners - who guaranteed business continuity during these difficult times and who have demonstrated their commitment to being Lifetime Partner for our customers, a commitment highlighted in Generali’s first-ever global advertising campaign launched in July.”