Generali, Q3 2022: the Group is successfully achieving sustainable growth and continuously increasing its operating result

16 November 2022 — Marina MAGNAVAL
Generali's GWP increased to EUR 59.8 billion (+1.3%), driven by growth in P&C (+10.3%), led by the non-motor line. Life premiums contracted (-2.9%), to EUR 7.7 billion, driven by the unit-linked and protection lines. Operating result continued to rise to EUR 4.8 billion (+7.8%), thanks to the positive

performance of the Life and P&C segments, the Group said in its press-release.

The Combined Ratio for the period was 93.3% (+2 p.p.), with new Business Margin being excellent at 5.42% (+0.68 p.p.). Net result was stable at EUR 2,233 million (-0.8%). The Group maintained its extremely solid capital position, with the Solvency Ratio at 223%.

"The results of the first nine months reflect the solidity of our Group built on the foundations of our strategy to focus on the most profitable business lines and our diversified sources of earnings. This allows us to continue to generate value despite the macroeconomic environment. Generali is successfully achieving sustainable growth and continuously increasing its operating result, reflecting the effective implementation of our 'Lifetime Partner24: Driving Growth' strategic plan", Generali Group CFO, Cristiano Borean, commented.

The operating result of the Asset & Wealth Management segment stood at EUR 714 million (-7.5%). The operating result of Asset Management activities grew to EUR 459 million (+1.7%), supported by the growth in operating revenues (+3.2%) mainly from Asian companies and from higher non-recurring performance fees, booked in the first quarter.

The strategic initiatives and business actions implemented since the past years ensure the Group is well

positioned to achieve its targets. Despite an evolving macro-economic scenario, Generali 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.

Read the full release on Generali's Q3 results on the Group's website.

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