The 2023 half-year financial results highlight the excellent performance of the Group and enable Generali to confirm all the targets of the ‘Lifetime Partner 24: Driving Growth’ strategic plan, which is now halfway through its implementation.
- Gross written premiums increased to € 42.2 billion (+3.6%), driven by significant P&C growth (+10.6%). Life net inflows were entirely focused on unit-linked and protection, consistent with the Group’s strategy
- Operating result exceeded € 3.7 billion (+28.0%), led by the strong contribution from the P&C segment, while the Life segment was solid. The Combined Ratio improved to 91.6% (-5.4 p.p.). The New Business Margin was excellent at 5.81% (+0.31 p.p.)
- Strong growth in adjusted net result at € 2,330 million (+60.9%)
- Extremely solid capital position, with the Solvency Ratio at 228% (221% FY2022) also thanks to the strong contribution from normalised capital generation
Generali Group CEO, Philippe Donnet, said: “The excellent first half of 2023 results continue to prove the effectiveness of our 'Lifetime Partner 24: Driving Growth' strategy and demonstrate that Generali is increasingly profitable, diversified and resilient, with a strong financial position. At the halfway point of the plan, we are fully on track to meet our ambitious targets, confirming that the Group has the right set-up to navigate the continually evolving macroeconomic and geopolitical scenario. In addition, the recent acquisitions of Liberty Seguros and Conning, which will reinforce our insurance leadership in Europe and enhance our global asset management platform, will further strengthen our Group. This set of results has been achieved thanks to the efforts of all of our colleagues and agents. They represent the solid foundation to continue achieving sustainable growth, creating value for all of our stakeholders.”
Thanks to the business actions taken to maintain profitability and to the strategic initiatives launched in line with the strategic plan, Generali confirms its commitment to pursue sustainable growth, enhance its earnings profile, and lead innovation.
Discover more on the consolidated results as of 30 June 2023 in the full press release.