International insurance giant Generali has today announced its Q1 2023 trading results, revealing a 1.3% bump in its gross written premiums (GWP) to €22.2 billion (approx. £19.28 billion). In a results release, Generali accredited this increase to robust growth in its P&C segment (up 10.1%).
Among other key figures released by the insurer, it was revealed that its operating result rose 22.1% to €1,820 million, largely due to strong contribution from the P&C segment, while its life segment was resilient. Generali’s combined ratio improved to 90.7% (-5.6 p.p.) with its new business margin standing at 5.72% (up 0.32 p.p.).
Meanwhile, Generali’s adjusted net result saw significant growth, increasing 49.7% to €1,229 million, reflecting the advantage of its diversified profit sources. The insurer’s solvency ratio stands at 227% compared to FY 2022’s 221%.
Commenting on the results, Generali group CFO Cristiano Borean, said: “The strong profitable growth delivered in the first quarter confirms that we remain fully on track to meet the targets of our ‘Lifetime Partner 24: Driving Growth’ strategy.”
He noted that the performance of Generali’s P&C segment reflects its focus on technical excellence and that in its life segment, the group continues to rebalance its business mix towards its more profitable lines, despite a challenging environment.
“The group also confirms its extremely solid solvency position, driven by strong organic capital generation,” he said. “This quarter is also the first time that we report under the new accounting standards. This allows us to significantly improve the visibility and predictability of profit sources and provides a more accurate representation of the value embedded in our life business. I would like to thank all the colleagues in the group that have contributed to the IFRS 17 and 9 project.”
