Gross written premiums increased to EUR 41.9 billion (+2.4%), driven by strong growth in P&C (+8.5%), led by the non-motor line. Life premiums were stable (-0.5%). Life net inflows were resilient at EUR 6.2 billion, supported by growth in the protection and unit-linked lines, offsetting a reduction in the savings line, consistent with the repositioning of the Life business portfolio
The Combined Ratio was 92.5% (+2.8 p.p.). Excellent New Business Margin reached 5.23% (+0.59 p.p.). Net result was EUR 1,402 million (EUR 1,540 million 1H2021). Excluding impairments on Russian investments, the net result would have been EUR 1,541 million
Extremely solid capital position with the Solvency Ratio at 233% (227% FY2021), after accounting for the EUR 500 million share buyback
Generali Group CEO, Philippe Donnet, said: "Generali's solid performance demonstrates that our focus on the implementation of the 'Lifetime Partner 24: Driving Growth' strategic plan is the right way to deliver sustainable growth and increase operating profitability. We have been able to achieve these results in an increasingly uncertain geopolitical and macroeconomic context while always keeping our customers and their needs as our top priority. In the months to come, we will continue to be fully committed to the execution of our three-year plan as we reinforce our Group's leadership as a global insurer and asset manager."
Looking at the year-end perspective, the Group expects the global insurance sector to be affected by uncertainty due to an economic slowdown, that may become recession, an increase in inflation and the risks of escalation following the Russian invasion of Ukraine, as well as to the spread of new variants of Coronavirus.
Yet, despite the volatile macroeconomic scenario, thanks to the business actions taken to recover and maintain profitability and to the strategic initiatives launched, the Group confirms its commitment to pursue sustainable growth, enhance its earnings profile and lead innovation in order to achieve a compound annual growth rate in earnings per share between 6% and 8% in the period 2021-2024, to generate net holding cash flow exceeding EUR 8.5 billion in the period 2022-2024 and to distribute a cumulative dividend to shareholders for an amount between EUR 5.2 billion and EUR 5.6 billion in the period 2022-2024, with a ratchet policy on dividend per share.
The full, comprehensive release on the financial results achieved in 1H by the Generali Group is available here.
The interim financial report, as well as other documents and files concerning the 1H results are available here.