GENERALI: 3Q 2011 premiums are down 4.6%

14 November 2011 — Vlad BOLDIJAR
GENERALI: 3Q 2011 premiums are down 4.6%
generali4In the first nine months of 2011, GENERALI Group registered gross written premiums of EUR 51.33 billion, -4.6% compared to January-September 2010. The non-life business contributed to this result with premiums totaling EUR 16.94 billion (+2.3%). In the life segment, the Group continued to guide production towards products with larger margins and a higher return on invested capital. Premiums amounted to EUR 34.39 billion (-7.7%) with growth in annual premiums (+5%).

In a macroeconomic context affected by an exceptional crisis in the financial markets and sovereign debt, which worsened in the third quarter, the Group closed the first nine months of the year with improved technical results in both life and non-life segments. The strong growth in then-life operating result and the steady performance in the financial segment allowed the Group to counterbalance the impact of the financial markets on the life sector and maintain an overall stable operating result.

"Despite the difficult financial and economic environment the Group continues to demonstrate good progress in its operating performance, particularly in the non-life business. This performance supports the strength of our business model which is based on a diversification across markets, geographies and the Group's wide range of distribution channels", stated Giovanni PERISSINOTTO, CEO, GENERALI Group.

Also, in the first nine months net profit was EUR 825 million (-37.1% compared to 3Q 2010), reflecting the impact of overall net impairment losses of EUR 824 million, of which EUR 329 million on Greek government securities and EUR 495 million mainly on equities, including EUR 143 million on TELCO.

The overall operating result remained steady at EUR 3.10 billion (-1% compared to 3Q 2010) with a strong growth of 36.4% in the non-life segment to EUR 1.20 billion, being the best performance of the last three years.

The result in the life segment was EUR 1.98 million (-14.1%) "with good technical margins - net of expense, which showed a further improvement - whereas financial margins were affected by impairment losses, especially in the third quarter. The contribution of the financial segment was stable", according to the earnings statement published by the company.

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