Generali closed the third quarter with an operating result up 7,3% on an annual basis, due to the growth in the Life technical performance and the good quarterly performance of Banca Generali. Group net profit, on the other hand, showed a recovery of 6,4%.
Over the nine months, total premiums reached 52,1 billion (-2,8% year-on-year). Non-Life grew by 1,5%, driven by Motor (+3,3%) which confirms the recovery already recorded in the half year, while Life (-4,5%) reflects the increasingly disciplined approach in offer, confirmed by the excellent quality of net inflows which exceeded 10,1 billion (-7%) following the continuation of the active management policy of the Group's portfolio, aimed at increasing its profitability. Operating RoE annualized at 12,7%. Solid capital position with Economic Solvency Ratio at 188% and Regulatory Solvency Ratio at 159%.
“The results presented today confirm the solidity of Generali's business model – commented the general manager and group CFO of Generali, Alberto Minali -. In fact, in a still difficult market context, the disciplined management of Life premiums continues, aimed at favoring quality and profitability, and the Non-Life premiums increase, which allows us to progress in a segment with excellent profitability levels”.
With this inflow, "the result of the work of all our collaborators and networks – he added -, technical performance further improves, particularly in the third quarter which shows an operating result and profit on the rise, despite the financial trends discounting a slowdown determined by the planned reduction of realized profits, by the persistent volatility of the markets and by the persistence of low interest rates. The annualized operating profitability, which reflects the slowdown recorded in the last quarter of 2015, will be in line with the plan targets at the end of the year. The solidity of these results is further confirmed by the Group's capital position, which remains at excellent levels despite the challenging economic context".
