The group Generali archives the first nine months of 2017 with a Operating income stable at 3.620 million euros. II Combined ratio stands at 93% (+0,7 pp year on year). Increasing theexpense ratio, for commercial efforts aimed at developing the Non-Auto class. The trend of the Holding segment and other businesses, thanks in particular to performance of Banca Generali and the significant containment of operating costs (-10,7%).
THENet income it stops at 1.463 million (-9,9%) and reflects various factors: the improvement in the non-operating result of financial management; lower interest expense on financial debt; the greater impact of taxation, which rose from 30,7% to 31,6%; the result from discontinued operations of -253 million, which includes the capital loss on the valuation of the Dutch assets as well as the profit for the period deriving from these assets.
La profitability on the income statement of investments stands at 2,5% (from 2,6% in the same period last year) mainly due to the impact of the ongoing context of low interest rates on current profitability, equal to 2,3% (2,4 % in the nine months of 2016).
I overall prizes of the group, equal to 51.638 million, are stable compared to last year. The Life branch shows a recovery compared to the first half, despite recording a slight decrease (-9%) over the 0,7 months deriving from the continuation in this segment of the more selective underwriting policy in savings products, the issue of which decreased by 13,5%, especially in Italy , Germany and France.
Instead, they increase Non-Life segment premiums (+1,4%), thanks to the positive performance of both business sectors. The Automotive sector grew by 3,2% thanks to growth in Germany (+4%), in the countries of Central-Eastern Europe (+4,6%), Spain (+4,6%) and the Americas (+31,3, 4,6%); Italy decreased by 0,7% following the contraction of the average premium and the portfolio. Non-motor also increased (+5,1%), with France and Germany essentially stable, while Italy decreased by XNUMX%, mainly due to the drop in premium income from the Global Corporate & Commercial lines.
“The results of the first nine months confirm the excellent trend of our performance – commented the CFO of Generali, Luigi Lubelli – The business continues to grow thanks to the execution of our strategy, leading to various results: the increase in Non-Life particularly in the Motor branch; the significant Life net inflows, at the top in Europe at 8,2 billion, thanks mainly to Unit-linked and Protection products; the strong increase in assets under management of third parties, more than 13%. The Combined Ratio was excellent, despite the increase in catastrophic claims, and the growth in margins on new Life business was significant. The reduction in costs, the lower write-downs and the decrease in the cost of financial debt complete the picture of our performance for the period. Net income before discontinued operations grew by 7,2% and underlines the solid level of our recurring profitability”.
