Generali PPF Holding, a leading insurance group in CEE, Russia and CIS, headquartered in Prague, Czech Republic, reported robust underwriting performance and sustainable growth of the operating result. Thus, the total GWP reached EUR 2,070 million, 7% up y-on-y, while the operating result amounted to EUR 263 million (+2.8% y-o-y), driven by the Non-life segment and the Net Combined stable ratio reached 87.5%.

Generali PPF Holding CEO, Ladislav Bartonicek, said: "The results for six months of the current year demonstrated Generali PPF Holding?s right focus on a profitable growth, as well as on innovations both in product offering and in ways our companies communicate with their clients. We are delighted with strong profitability numbers achieved by GPH subsidiaries in Poland and Serbia. Russia has contributed the most to impressive growth of premiums in Non-Life segment. Ceska pojistovna re-structuring project helped to improve key life performance indicators delivered by the largest GPH company."

On the life insurance segment, the GWP growth was of 5.2% y-o-y, to EUR 842 million, while for the non-life business the Group underwrote EUR 1,228 million, up 8.2% y-o-y, despite the negative development in the motor segment.

Promising 2012 half-year financial results were achieved thanks to a growth in new business in the Life segment, while the Non-Life commercial and health insurance contributed the most to GWP growth, notwithstanding continuing macroeconomic difficulties within the CEE region, which still negatively affects the insurance market, especially motor insurance and pension schemes.

Some significant figures at Generali PPF Holding in 1H2012:

• Generali PPF in Russia has shown an exceptional 103% y-on-y growth in Non-Life GWP and a 33% growth in regular life premiums. In Kazakhstan, Non-life premiums grew more than 5x
• As one of the key markets, Poland reported a very good 13% growth of GWP in the Non-Life segment, while the non-life net technical result increased during the same period. In the life segment, Poland reported a 18% growth of regular life premiums
• Hungarian operations of GPH reported significant efficiency improvement and reduction of expenses
• New production of Life segment (APE ) showed strong improvement especially in Generali in Czech Republic (+20%) and Generali Slovakia (+9%).