(Tiper Stock Exchange) – generals archives the first quarter of the year with a growth of gross premiums by 1.3% to 22.2 billion euro, thanks to the 10.1% increase in the non-life segment, a Operating income 1,820 million, up 22.1%, and normalized net profit up 49.7% to 1,229 million.
The normalized result – explains Generali – reflects the non-recurring gain relating to the sale of a London property complex (for 193 million euros after tax) and the impact of the write-downs of 96 million on Russian fixed-income securities recorded in the first quarter of 2022.
The Net income improves to €1,199 million from €481 million in the corresponding period of 2022.
The gross premiums of the Life segment amounted to 13,238 million euro with a drop of 3.7%, while the segment damage recorded gross premiums of 8,925 million, +10.1%.
In terms of operating profit, the Life segment saw an increase of 1% to 924 million, while the Non-Life segment increased by 74.6% to 847 million. The operating result of the Asset & Wealth Management segment amounted to 233 million euros (-10%). The operating result of the Holding and other businesses sector was negative by 117 million (+6.2%).
The net assets of the group stood at 28 billion at the end of the period, up 3.6% compared to the end of 2022, thanks to the net result for the period. The group’s total Assets Under Management increased to €631.3 billion, up 2.6% compared to the end of 2022, reflecting the positive market effect on the main asset classes.
The group maintains a extremely solid capital positionwith the Solvency Ratio at 227% from 221% at the end of 2022.
“Thanks to strong and profitable growth in quarterly results, Generali remains in line to successfully achieve the objectives of the strategy’Lifetime Partner 24: Driving Growth’. The performance of the Non-Life segment – comments the CFO of Generali Cristiano Borean – reflects our commitment to maintain technical excellence, while in the Life segment, despite the complex context, the rebalancing of our production mix continues towards the most profitable business lines. The Group confirms
plus its extremely solid capital position, thanks to strong organic capital generation. For the first time we present our results according to the new accounting standards, which allow us to significantly improve the visibility and predictability of the sources of profit, as well as provide a better representation of the intrinsic value of our Life business. I would like to thank all the colleagues of the Group who contributed to the IFRS 17 and 9 project”.