Growth was reported in all the main markets, especially France (2.6%), Germany (1.5%) and Eastern Europe (1.4%). Italy's contribution was stable (0.1%), with a major growth in the motor business (3.1%).
Technical margins showed a positive trend in the combined ratio in all the main Group markets with the loss ratio down by 2 percentage points to 68.9%, thanks to the improvement in Italy, France and Germany stemming from the Motor segment and in Eastern Europe from the lower impact of natural catastrophes. The expense ratio was down by 0.3 percentage points to 27.6% with an overall reduction in administrative and acquisition costs, especially in France and Germany.
In life insurance segment, the gross written premiums feel by 9.8%, to EUR 23.8 billion. Even so, the new business in terms of APE remained high at EUR 2.5 billion (-9.4%) "as a result of the planned reduction to support underwriting of products with lower capital absorption and higher margins".
"Once again GENERALI has demonstrated its solidity and the ability to increase its operational performance even in periods of high market tension and volatility. Furthermore, in this difficult economic and financial climate, the diversification and solidity of our investments enabled the Group to keep its shareholders' equity stable. We continue our strategy of expansion in markets with high growth potential and our focus on efficiency improvements in the core European countries. Following the positive evidence shown by all our business lines as of today, we are confident that we will reach our full-year target of an operating result of between EUR 4-4.7 billion", said Giovanni PERISSINOTTO, CEO, GENERALI Group.