Generali Group

                                 

          Performance by segment

          Life segment premiums, corresponding to € 48,557 million, reported an increase of 0.8% thanks to the growth of the unit-linked and protection lines. New business in terms of the present value of new business premiums (PVNBP) amounted to € 47,091 million, showing an increase of 3.3%. The profitability of new business margin (margin on PVNBP) recorded a slight increase (+0.06 pps) reaching 3.94% (3.89% at 31 Dec. 2019). The total new business value (NBV) increased by 4.9% and stood at € 1,856 million (€ 1,777 million at 31 December 2019). The operating result of the Life segment stood at € 2,627 million, down 16.1% compared to € 3,129 million at the close of 2019, following the fall of the investment result and of provisions for guarantees to policyholders in Switzerland.

          Life Segment: 2020 results
          Life Segment: 2020 results
          Life Segment: 2020 results
          Life Segment: 2020 results
          Life Segment: 2020 results

          Despite the market context impacted by the pandemic, P&C premiums were substantially stable, on equivalent terms, at € 22,147 million (21,526 million at 31 December 2019). The operating result of the P&C segment amounted to € 2,456 million (€ 2,057 million at 31 December 2019): the significant increase (+19.4%) reflected the rise in the technical result. The improved Group combined ratio (89.1%, down 3.5 pps compared to 31 December 2019) is due to the improvement of the current loss ratio. 

          P&C segment: 2020 results
          P&C segment: 2020 results
          P&C segment: 2020 results
          P&C segment: 2020 results

          The Asset Management segment includes the activities exercised by the Asset Management companies operating within the Generali Group.
          The operating result of the Asset Management segment stood at € 546 million, up by 28.5%. This performance is partly due to the increase in operating revenues, made possible by the rise in assets under management, thanks to positive net premiums, a good market performance particularly in the second half of the year and the consolidation of the revenues of the new companies that are part of the multi-boutique platform.