A 2016 to remember for Generali Deutschland (Generali group) which closed the year with an operating profit that had risen to 847 million. A real record for the German subsidiary of the Leone which recorded a growth of 7% compared to 2015 achieved despite a market context that is anything but simple.
It was Generali Deutschland who announced the excellent results of 2016 which, through a new one, underlined how the good performance was made possible by the "new strategic orientation", based in particular on a simplification of the governance and organization structures, an offensive of " smart-insurance” with numerous innovative products and greater proximity to customers and distribution.
Returning to the accounts for 2016, the German subsidiary of the Generali group reduced costs to 1,39 billion euros (-117 million), while simultaneously improving the combined ratio share (-2,5 points to 90%).
Life premium income fell last year by 11,1% to over 12,57 billion, in line with expectations, while that in the non-life business rose by 1,2% to 3,65 billion.
Giovanni Liverani, Chairman of the Management Board of Generali Deutschland, said: “Just under two years ago we initiated our new strategic orientation in Germany and continued it at full speed in 2016. We are ahead of our ambitious plan and we still have room to improve”.
“Our good development in 2016 – continues Liverani – explains it: we are successful and our work is now bearing further fruit. The long-term goal is to make the Generali group the leader in private customer insurance in Germany”.
