Performance by segment
Life Segment: 2022 results
Life segment premiums, corresponding to € 52,902 million, reported a decrease of 2.4%. New business in terms of the present value of new business premiums (PVNBP) amounted to € 46,341 million, showing a decrease of 12.6% on equivalent terms. The profitability of new business margin (margin on PVNBP) recorded an increase (+0.86 p.p.) reaching 5.35% (4.52% at 31 December 2021). The total new business value (NBV) increased by 4.2% and stood at € 2,478 million (€ 2,313 million at 31 December 2021). The operating result of the Life segment increased by 25.1% to € 3,522 million, compared to € 2,816 million at the close of 2021, thanks to an improvement of both the technical margin, net of insurance expenses, and the investment result.
P&C segment: 2022 results
P&C premiums increased to € 28,636 million (+9.8%) thanks to the development of both business lines. The operating result of the P&C segment amounted to € 2,696 million (€ 2,650 million at 31 December 2021): the drop in technical result, which reflected the trend of the combined ratio, equal to 93.2%, was more than offset by the improvement in the investment result. The Group’s combined ratio (93.2%, +2.4 p.p. compared to 31 December 2021) is mainly attributable to the increase in the loss ratio in the motor line and natural events.
Asset management segment: 2022 results
Asset & Wealth Management segment, in addition to including the activities of the Banca Generali group, is also related to Asset Management companies that provide products and services both for the insurance companies of the Generali Group and for third-party customers.
The operating result of the Asset & Wealth Management segment stood at € 972 million, down by 9.6%. Specifically, the operating result of Asset Management equals to €638 million (-5.0%), where the comparison id adversely influenced by performance of financial markets during 2022.