Performance by segment
Life premiums at € 46,084 mln (+ 5.7%) confirmed the growth observed during the year. Net inflows among the highest at market level amounted to € 11,369 million (+5.2%). New business in terms of present value of new business premiums (PVNBP) amounted to € 43,202 million (-1.8%). New business margin (on PVNBP) improved by 0.26 p.p. and achieved 4.35% (4.01% at 31 Dec. 2017). As a consequence of the above, the new business value (NBV) increased by 4.3% and amounts to € 1,877 million (€ 1,820 mln in 2017). The Life operating result amounted to € 3,067 million, increasing by 2.8% compared to 2017.
P&C premiums confirmed the development during the year and amounted to € 20,607 million, increased by 3.3%. The P&C operating result amounted to € 1,992 milion (€ 1,944 million at 31 December 2017). The excellent Group combined ratio was at 93.0% (+0.1 p.p. compared to 31 December 2017).
The Asset Management segment includes the activities performed by the Asset management companies operating within the Generali Group.
The Asset Management operating result went from € 261 million in 2017 to € 335 million in 2018 (+28.2%). The above mentioned positive results were achieved thanks to an approach of proper cost control combined with a development of the business aimed at increasing assets under management and the respective revenues.