(Finance) – General will raise the prices of its insurance products for fear of one rising inflation. This is what the CEO of Generali announced, Philippe Donnetduring the conference call on the results of the first half of 2022. “We will increase prices to mitigate the impact of inflation on costs and expenses”.
Speaking of results for the half yearthe manager said that “they show that there are results good despite the context very challenging “.
The CEO of Generali then said to don’t be worried about the contextwhich one must be “careful” for “make the right decisions”, but “being worried is useless”. “Today – he stressed – we have high inflation and a rise in interest rates. We are already making decisions to mitigate the impact of inflation” and “we will know how to make the right decisions and therefore we will be able to implement our strategic plan”.
Finally, to a question on the “Italy risk” and on the volatility of the markets, Donnet replied that “what the markets don’t like is uncertainty”but the manager said he was convinced that the elections will put an end to uncertainty and that the Italian institutions “will be able to set up a responsible government capable of carrying out the reforms that have begun”.
The Cfo del Groppo, Cristiano Borean, then explained that group exposure it was reduced to Italian government bonds of 10 billion in the last six months, going from 63 billion euros at the end of 2021 to 52.8 billion in June 2022 and that the group is now less and less exposed to volatility.
By providing an update on the equity investments in Russiathe chief financial officer said the value of the stake in Ingosstrakh dropped -7% n rubles, but the foreign exchange effect offset the decline.