Thus, January-March 2022 gross written premiums increased to EUR 22.3 billion (+6.1%), up in the P&C (+6.4%) and Life (+6%) segments. Life net inflows, entirely focused on the unit-linked and protection lines, grew to EUR 3.9 billion (+19.3%).
At the same time, operating result rose to EUR 1.6 billion (+1.1%), thanks to the positive performance of the Life, P&C and Holding and other businesses segments. The Combined Ratio was at 90.4% (+2.4 p.p.) and the New Business Margin was excellent at 4.94% (+0.53 p.p.).
Net result reached EUR 727 million (EUR 802 million 1Q2021), affected by impairments on Russian investments amounting to EUR 136 million. Excluding this impact, the net result would have been EUR 863million
Solvency Ratio remained extremely solid at 237% (227% FY2021).
"The results for the first quarter confirm the excellent performance of Generali, despite a context characterized by uncertainty due to the conflict in Ukraine. The business development in the most profitable segments demonstrates the Group's ability to consistently generate value, while maintaining a solid and industry leading capital position. In the first three months of the year, the Group also launched the new strategic plan 'Lifetime Partner 24: Driving Growth', focused on strong growth in earnings per share, increased cash generation and higher dividends.
The Group will continue to stand in solidarity and remain close to the people impacted by the conflict in Ukraine, helping them thanks to an emergency donation of EUR 3 million and a global fundraising campaign carried out by employees and through The Human Safety Net Foundation, to back UNICEF in its efforts to support those suffering due to this war.", said, Generali Group CFO Cristiano BOREAN.