Excellent business profitability, with strong growth in operating and net results. Exceptionally strong capital position

The operating result of Generali Group reached 1.6 billion euros (+11%), supported by positive contributions from non-life insurance (P&C), asset management, and Holdings, as well as other business segments. Resilient contribution from the life segment

Total gross written premium reached 19.7 billion euros (+4.2%), with growth in the life (+5.5%) and non-life insurance (P&C) (+1.9%) segments. The net inflow of life insurance increased to 3 billion euros (+1%), fully concentrated in unit-linked and protection lines. The combined ratio was 88.0% (-1.4 p.p.), while the profitability of new business was excellent at 4.44% (+0.4 p.p.) and among the best in the sector.

Net profit rose to 802 million euros (113 million euros in the first quarter of 2020), which also reflects the operating result. The first quarter of 2020 was impacted by significant impairments of investments and expenses from the Extraordinary International Fund for Covid-19.

The capital position was exceptionally strong, with a Group solvency ratio of 234%, benefiting from excellent capital generation and positive market results.

– The Group closed the first quarter of 2021 with an outstanding performance in line with its objectives, confirming the effectiveness of the strategy „Generali 2021“. The Group remains among the strongest in the insurance sector, with an excellent capital position. The rebalancing of the life insurance business mix is well underway, allowing us to maintain excellent profitability in the current low-interest-rate environment. Generali continues to report the best, least volatile combined ratio among its competitors, achieving impressive results in asset management and other segments. Strong growth in operating results and net profit shows that the Group continues to operate effectively in a macroeconomic context still facing uncertainty due to the pandemic – stated Generali Group’s CFO, Cristiano Borean.

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