Generali announces results for the first quarter of 2023 | Insurance Business America
CFO highlights “strong profitable growth”.
By Mia Wallace
International insurance giant Generali today released its financial results for the first quarter of 2023, announcing a 1.3% increase in its gross written premiums (GWP) to 22.2 billion euros (about £19.28 billion). In an earnings release, Generali attributed this increase to robust growth in the P&C segment (+10.1%).
Among other key figures released by the insurer, it was announced that its operating profit increased by 22.1% to 1,820 million euros, largely due to the strong contribution of the property-casualty insurance segment, while the life insurance segment showed resilience. Generali’s combined ratio improved to 90.7% (-5.6 percentage points) and the new business margin was 5.72% (up 0.32 percentage points).
Meanwhile, Generali posted significant growth in adjusted net income, up 49.7% to 1,229 million euros, reflecting the benefit of its diversified revenue streams. The insurer’s solvency ratio is 227%, compared to 221% in fiscal 2022.
Commenting on the results, Cristiano Borean, CFO of the Generali Group said: “The strong profitable growth in the first quarter confirms that we remain fully on track to achieve the goals of our strategy “Lifetime Partner 24: Driving Growth”.
He pointed out that the performance of Generali’s P&C segment reflects the focus on technical excellence and that in its life insurance segment the group continues to realign its business mix towards more profitable lines of business despite a challenging environment.
“The group also confirms its extremely solid solvency position, based on strong organic capital generation,” he said. “This quarter is also the first time that we are reporting under the new accounting standards. This allows us to significantly improve the visibility and predictability of revenue streams and provide a more accurate representation of the value of our life insurance business. I would like to thank all colleagues in the group who contributed to the IFRS 17 and 9 project.”
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