(Finance) – General closed i first nine months of 2022 with gross premiums up to € 59,832 million (+ 1.3%), thanks to the continuous development of the Non-Life segment (+ 10.3%). Net Life premiums amounted to € 7,667m (-25.3%). The decrease is mainly attributable to the savings line, in line with the group’s portfolio repositioning strategy and specific in-force management activities. The unit-linked line also decreased, reflecting the greater uncertainty of the macro-economic context. The collection of the pure risk and health lines shows robust growth.
Operating income further growth to 4.8 billion (+ 7.8%), thanks to the positive development of the Life and Non-Life segments. Combined Ratio to 93.3% (+2 pp). Excellent New Business Margin to 5.42% (+0.68 pp).
L’Net income stands at 2,233 million euros (2,250 million 9M2021) and is affected by impacts of Russian investments for 141 million in the first nine months of 2022. The write-down on the investment in Ingosstrakh amounts to 48 million while 93 million refer to fixed-income securities held directly by the Group. Without this impact, the net result would increase to 2,374 million euros (+ 5.5%).
“The results for the first nine months reflect the solidity of our Group based on our strategy focused on the most profitable lines of business and on diversified sources of profits – commented the Group CFO of Generali, Christian Borean – This allows us to continue to generate value despite the macroeconomic context. Generali is successfully achieving sustainable growth and is constantly increasing its operating result, in line with the effective implementation of our Lifetime Partner24 strategic plan: Driving Growth “.
The Asset Under Management the group’s overall total amounted to € 621.8 billion (-12.4% compared to FY2021), mainly reflecting the increase in interest rates on fixed income securities.
Despite an evolving macro-economic scenario, Generali “confirms its commitment to pursue sustainable growth, improve earnings profile and drive innovation“in order to achieve a compound annual growth rate of earnings per share in the period 2021-2024 between 6% and 8%, generate net cash flows available at the level of the Parent Company in the period 2022-2024 of more than 8, 5 billion and distribute cumulative dividends to shareholders in the period 2022-2024 for an amount between 5.2 and 5.6 billion, with a ratchet policy on the dividend per share.