Italian GENERALI's GWP in Q1 2017 stood at EUR 19.23 billion (-2.5% y-o-y). The Combined Ratio was 93.1% (+1.1%), the operating result improved to EUR 1.21 billion (+4.2%) while the net profit was down by 9% to EUR 535 million.

Per segments, GENERALI reported growth in its P&C business (+1.9% to EUR 6.44 billion) - reflecting especially the positive rate of Motor subsegment, while the Life business reported a negative dynamic of -4.6% y-o-y due the continuation of the disciplined approach, as the Italian insurer mentioned in a press release.

"Property&Casualty was up by 1.9% as a result of the positive performance of both business segments. The Motor business was up by +3.5%, reflecting the growth in Germany (+3.4%), Central and Eastern European countries (+8.6%) and the Americas (+38.0%), which more than offset the persisting decline recorded in Italy (-5.3%), still affected by the reduction in the average premium. The Non-Motor (+1.3%) recorded an increase in the main Group countries, except Italy (-5.2%) following postponement of the renewal of certain corporate contracts to the second quarter of the year."

"With reference to the lines of business, in the Life segment (-4.6%) there continues the more selective underwriting policy for savings products, dropping by -18.6%, especially in Italy, Germany and France, and the rebalancing in favour of products offering better risk-return terms, such as protection contracts (+9.3%) and unit-linked products (+26.2%), with excellent results in all the Group countries, particularly in Italy. Net cash inflows exceed EUR 3.4 billion, with a decline of -24.1% that reflects the aforementioned pursuit of strategic objectives".

Regarding the negative rate of the net result, GENERALI pointed out that the -9% decrease "is attributable to the lower non-operating investment result, mainly due to the continued policy to reduce realised gains, and to the stronger impact of taxation".

According to the press release, the net result is characterised by lower realised gains for about EUR 100 million, particularly in the bonds and real estate segment. The non-operating result of investments also includes impairments recorded in the quarter for about EUR 42 million attributable to ALITALIA. At the same time, the higher impact of taxation, which rose from 28.5% to 30.7%, influenced strongly the Group net result .