Generali archives the first quarter with a result higher than expected for both the Operating income (+4,9% to 1,3 billion) both forUseful, which reached 581 million (+8,6%). Even the combined ratio, which drops by 1,6%, to 91,4%. The operating result grew above all thanks to the performance of the sub-fund Danni, despite higher catastrophic claims, and assets Investments, Assets & Wealth Management.
I awards they rose by 2,5%, to 18,6 billion (on a like-for-like basis). The Life segment increased by 3%, to 12,38 billion (mainly thanks to unit-linked products, +9,9%) while the Non-Life segment recorded an increase of 1,4%, to 6,22 billion.
THEOperating RoE annualized stands at 13,2%, in line with the target, while the Regulatory Solvency Ratio is at 211% and theEconomic Solvency Ratio al 233%.
"The results we are presenting today confirm the excellent trend of the group's industrial and financial performance and the effective execution of the strategic plan, pursued with discipline and determination - commented the CFO of Generali, Luigi Lubelli – Business development and value generation continue, witnessed on the one hand by the growth in premiums, by the robust Life net inflows and by the increase in Assets Under Management, on the other by the further improvement of the Combined Ratio and the profitability of new business Life. The results of the first quarter make us look optimistically to the rest of the year, which will see the successful completion of the strategic plan”.
In general, "the beginning of 2018 it is positive and promising, as demonstrated by the growth in premiums - added Lubelli in a conference call - In Life, net inflows remain at very solid levels; profitability is developing very positively. In fact, the solid behavior of the technical results which continues to remain excellent is the driving force”.
As regards the divestment process, “it's going very well – continues Lubelli – We are already above the target announced to the market (1 billion euro over the period of the plan, ed): the process is not yet concluded, but we are happy with what has already been achieved so far”.
