In the first quarter of 2013, the Generali group recorded a net profit of 603 million euro, an increase of 6,3%. The operating result improved by 8% to 1,3 billion, driven by the non-life segment which recorded an increase of 26,6% to 520 million, favored by the combined ratio down by 1,8 points to 93,6, XNUMX%.
The life sector recorded an operating result of 797 million, down by 2,6% 'in a difficult economic-financial context'. Total premiums reached 19,1 billion (-2,6%), deriving from an increase in non-life premiums of 1,5% to 6,9 billion and a drop of 4,7% in life to 12,3, 2012 billion, mainly linked to one-off effects of French premium income in the first quarter of 2,9. Net premium income in life grew to 760 billion from 20,9 million a year earlier, returning positive in Italy and France. The margin on new business is equal to 20,8% from XNUMX%.
Shareholders' equity amounted to 18,8 billion (-1,2%), after the impact of 477 million for the purchase at the end of March of the first tranche of Ppf's stake in Gph. The Solvency index, which stood at 138% at the end of the quarter, stood at 145% at the end of April, benefiting from both the favorable trend of the financial markets and the positive effects of the placement of 12% of Banca Generali. The results are better than the expectations of analysts who were aiming for an average net profit for the quarter of 528 million, operating income of 1,19 billion and a combined ratio of 94,6%.
