"Generali's results confirm the success of our transformation journey, which continues through the disciplined and effective implementation of the 'Lifetime Partner 24: Driving Growth' strategy. Powered by a clear vision to position the Group as a global leader in insurance and asset management, we are on track to achieve the targets and ambitions of our strategic plan, delivering sustainable growth to create value for all our stakeholders, even in a challenging geopolitical and economic context. This has enabled us to propose to our shareholders, once again, an increased dividend, thanks to continued earnings growth and the Group's strong cash and capital position. Generali also continues to lead the way in sustainability, now fully integrated within all the Group's business activities in line with our commitment to act as a responsible insurer, investor, employer and corporate citizen. We have achieved all of this thanks to the passion of our people and our unique agent network," Generali Group CEO, Philippe DONNET, said.
In line with the Group's Lifetime Partner ambition, and as with the Covid-19 pandemic and the war in Ukraine, Generali and its employees have taken immediate action to support the communities impacted by the recent earthquake in Turkey and Syria. The Company has decided to donate EUR 500,000 to UNICEF to provide emergency items, shelters, and for other local programs selected together with Generali Sigorta. An employee donation campaign was also activated, with donations matched 1:1 by Generali to help impacted families.
The operating result grew to EUR 6.5 billion (+11.2%), thanks to positive growth in the Life, P&C, and Holding and other businesses segments. The operating result of the Life segment grew strongly, reaching EUR 3,522 million (+25.1%), reflecting excellent technical profitability, which was also confirmed by the New Business Margin at 5.35% (+0.86 p.p.).
The operating result of the P&C segment also increased, reaching EUR 2,696 million (+1.7%). The Combined
Ratio stood at 93.2% (+2.4 p.p.), mirroring the evolution of the loss ratio, which also reflected the impact of hyperinflation in Argentina. Excluding this country, the Combined Ratio would have been 92.6% (90.4% FY2021).
Discover more on the consolidated results as of 31 December 2022 in the full press release.