GENERALI GROUP CONSOLIDATED RESULTS AT 31 DECEMBER 20191
Record FY2019 operating result of € 5.2 billion (+6.9%) with profit up at € 2.7 billion (+15.7%). Excellent capital position with solvency ratio at 224%, dividend increasing by 6.7% to € 0.96 per share
- Operating result at € 5.2 billion (+6.9%), thanks to contributions of all business segments
- Strong profit growth to € 2.7 billion (+15.7%). Adjusted net profit2 stood at € 2.2 billion. Excluding the one-off expense of € 188 million for the liability management transaction related to the buyback of subordinated notes, the adjusted net profit was € 2.4 billion (+6.6%)
- Best Life net inflows among peers at € 13.6 billion (+19.6%). Life technical reserves grew to € 369.4 billion (+7.6%). New Business Margin confirmed at excellent levels 3.89% (-0.49 p.p.)
- In P&C, gross premiums grew to € 21.5 billion (+3.9%). Combined Ratio at 92.6% (-0.4 p.p.), the best among peers
- Thanks to the positive trends in the Life and P&C segments, gross written premiums came to € 69.8 billion (+4.3%), of which € 15.2 billion from social and environmental products
- Asset Management profit rose to € 280 million (+19%)
- Excellent capital position with Regulatory Solvency Ratio at 224% (217% FY2018, +8 p.p.)
- Proposed dividend per share of € 0.96 up by 6.7% (€ 0.90 FY2018)
Generali Group CEO Philippe Donnet commented: “Generali closed 2019 with the best operating result in its history and with an excellent capital position, consolidating its role as a global leader in the industry. This set of results confirms that we are fully on track to meet all the targets of the ‘Generali 2021’ strategic plan. The disciplined implementation of the strategy is driving profitable growth across all business lines and has made it possible to enhance the diversification of the sources of profit, with Life net inflows at excellent levels and the best Combined Ratio among peers. These results, obtained despite the macroeconomic context, were achieved thanks to the contribution from all of Generali’s people – employees, agents and partners – who work to help us achieve our ambition of being a Life-time Partner to our customers. Our priority is to foster the Group’s growth that incorporates our long-term commitment to Sustainability. We have set clear and measurable objectives focusing on the environment – with regard to direct environmental impact, products and investments – employee well-being, the local communities in which we operate as well as the highest standards of governance. Our performance in 2019 and the progress we have made towards the targets of the ‘Generali 2021’ strategic plan also put us in a strong position to face the rapidly evolving situation caused by the global COVID – 19 outbreak around the world. Our key priority is to safeguard the health and wellbeing of our employees while guaranteeing the continuity of all our operations and maintaining our full product offering and client service levels”.
Please view the full press release here.
1Changes in premiums, Life net inflows and PVNBP (present value of new business premiums) are presented in equivalent terms (at constant exchange rates and scope of consolidation). Changes in the operating result, own investments and Life technical provisions exclude assets disposed of during the comparison period.
2Adjusted net profit does not include the impact of gains and losses related to disposals