Solid profitability of the business confirmed with the operating result increasing to € 1,448 million (+7.6%). The capital position remained solid. Net profit affected by impairments on investments

  • The operating result amounted to € 1,448 million thanks to the contribution from the P&C and Asset Management segments, that also included the recent acquisitions, as well as from the Holding and other businesses segment. P&C technical profitability improved, with the combined ratio at 89.5% (-2.0 pps); the profitability of new Life business remained high at 4.04% (-0.35 pps); revenues from Asset Management continued to increase;
  • Total gross written premiums stood at € 19.2 billion (+0.3%), with a positive development from the P&C segment (+4.0%). In the Life segment, net inflows amounted to € 3.1 billion (-25.2%) and technical provisions stood at € 363.4 billion (-1.6%), due to the current financial markets performance;
  • Solid Group’s capital position with a Preliminary Solvency Ratio at 196%;
  • The Group’s net profit stood at € 113 million (€ 744 million at 1Q19) and was affected by € 655 million in net impairments on investments, due to the impact of Covid-19 on financial markets, and the contribution of € 100 million2 allocated by the Group to the Extraordinary International Fund for the pandemic emergency. There was no contribution from disposals compared to a gain of € 128 million in the first quarter of 2019.

Generali Group CFO, Cristiano Borean, commented: “In one of the most difficult and uncertain periods in recent decades, with the Covid-19 emergency and its consequent strong macroeconomic and financial impact, our business model has ensured the Group’s operating continuity and has allowed us to maintain our role as Life-time Partner to our customers. This is also the result of the ever increasing digitalisation of our processes and products, a multi-channel distribution network that leverages a global agent network, and international diversification. The first three months of the year showed a good operating performance and confirmed the Group’s solid capital position. Net profit was affected by impairments due to the current financial markets performance as result of the global pandemic.”


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1 Changes in premiums, Life net inflows and PVNBP (present value of new business premiums) were presented in equivalent terms (at constant exchange rates and consolidation scope). Changes in the operating result, own investments and Life technical provisions excluded assets disposed of during the same period of comparison.

2 This amount, after taxes, was € 75 million.