It’s been a difficult reporting period for most insurers with many
seeing their operating profits hit by last year’s swathe of natural
disasters. International insurer Generali, however, has bucked
that trend – seeing its operating results hit a new, record high.
The Italy-based insurer reported an operating result of €4.89
billion (around £4.32 billion) – representing a rise of 2.3%. Its net
profits hit €2.1 billion, also climbing, this time by 1.4%.
Meanwhile, its combined operating ratio of 92.8% was described
as being “the best among large peers.”
“The excellent results that we presented today confirm the validity
and effectiveness of our strategic plan in this current market
context,” said Generali Group CEO Phillippe Donnet. “We are
perfectly positioned to reach all of our objectives that we had set
for 2018.”
On the back of the results, the firm’s board of directors has
proposed a dividend of 0.85 euro per share, an increase of 6%
from 0.80 euro in 2016.
“Our focus on technical excellence, combined with the results of
our investments, asset & wealth management business and the
cost reduction target hit two years ahead of schedule, have
pushed the operating result to record levels,” continued Donnet.
“In 2017, we implemented a series of important projects, such as
the launch of the new asset management strategy, the
rationalising of the international footprint and the transformation
of our German business - all initiatives that contribute to the
overall resilience of our Group.”
Elaborating on its performance, the firm noted a 1.8% increase in
its life business due to a “better investment performance”, as well
as a boost to asset management division. Its P&C operating result
was down 4.9% - this being largely linked to €416 million in
natural catastrophe claims.
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