The main insurance markets on which the Generali Group operates reported a considerable diversity of performance
in terms of written premiums by geographical area and business segment.
The life segment registered a slowdown compared to the strong growth achieved in 2010. In Italy,
despite a decline compared to the exceptional results reported in 2010, written
premiums reported in the first half of the year raised premium volumes to pre-crisis
levels. The decline in written premiums was consistent across all product types,
but was weighed down by the decline in sales of insurance products through the
banking channel.
The decrease in written premiums reported in France in the first half of the
year was driven by the uncertainty created by the possible change in the tax treatment
of savings products and the financial market situation.
In Germany, the low level of market interest rates has reduced the commercial
appeal of traditional products.
The life segment also slowed in major Central and Eastern European countries
in the first half of 2011, with the exception of the Czech Republic, which remained
at the high rates seen in 2010.
In the non-life segment, written premiums were influenced by economic growth conditions. The Motor line
recovered in Italy due to the tariff increases aimed at restoring technical balance.
By contrast, written premiums in other lines of business were affected by the
weakness of the economic recovery, which has a negative influence on the propensity
to purchase insurance.
Growth was also reported in France, where written premiums in the first part
of the year was driven by a substantial tariff increase, especially for the Motor
line, and a rise in the cost of health services in the Health line.
In Germany, the strong performance of the manufacturing industry fostered written
premiums in the Property, Accident and other material damages to properties, while
the attenuation of the tariff tension - which had characterized the recent periods
- has contributed to the growth in the Motor line.
Written premiums continued to decline in Central and Eastern Europe, albeit to
a more moderate extent, conditioned by the performance of the Motor line. Poland
performed against the trend in the area, supported by a more solid national economy
with lesser dependence on foreign demand.
