Generali, group net profit at 1,229 billion lire (+49.7%) in the first quarter – Corriere.it

The normalized net profit of the Generali group in the first quarter of the year amounts to 1.229 billion euros, marking a growth of 49% on the 821 million of the same period of 2022 “thanks to the benefit deriving from diversified sources of profit”, reads the note of society. Generali, in fact, as announced in December 2022 introduces the normalized net result, which neutralizes the impacts of volatility deriving from profits or losses on financial instruments or arising from acquisitions and divestitures, the effect of hyperinflation and the amortization of intangible assets related to mergers and acquisitions.
Gross premiums increased by 1.3% to 22,163 million eurothanks to robust growth in the Non-Life segment, while premium income in the Life segment fell by 3.7% to 13.238 billion euro, to -190 million euro and a value of new business to 657 million (-10.5%).

The operating result was 924 million (+1%). The operating result of the non-life segment increased to 847 million (+74.6%) and the combined ratio improves to 90.7% (-5.6 percentage points), supported by a lower loss ratio. The operating result of the asset & wealth management segment amounted to 233 million (-10%): despite the improvement of Banca Generali, the change in the result was affected by a comparison with a particularly strong first quarter of 2022. THEThe operating result of the holding and other activities sector was negative by 117 million (+6.2%).

«The performance of the P&C segment reflects our commitment to maintain technical excellence, while in the Life segment, despite the complex context, the rebalancing of our production mix continues towards the most profitable business lines – stated the Group CFO of Generali, Cristiano Borean —. The group also confirms its extremely solid capital position, thanks to strong organic capital generation”.
The net profit of the group improves from 481 million to 1.199 billion.
“For the first time – added the CFO – we are presenting our results according to the new accounting standards, which allow us to significantly improve the visibility and predictability of the sources of profit, as well as provide a better representation of the intrinsic value of our Life business ».