GWP increased to EUR 60.5 billion (+4.7%), driven by strong P&C growth (+11.4%). Life net inflows were entirely focused on unit-linked and protection, consistent with the Group’s strategy.
The Combined Ratio improved to 94.3% (-3.1 p.p.), benefiting from a lower loss ratio, primarily thanks to a higher discounting effect, offsetting the significant impact from natural catastrophes.
The operating result continued to grow reaching EUR 5.1 billion (+16.7%), led by P&C segment, offsetting impact from natural catastrophes, also benefiting from the diversification of profit sources and the contribution from acquisitions.
The net result improved to EUR 2,822 million (vs EUR 1,455 million in 9M2022). The Group’s shareholders' equity increased to EUR 27.2 billion (+2.1% compared to FY2022). The Contractual Service Margin (CSM) was at EUR 32.2 billion (vs EUR 31.0 billion FY2022). The Group's Total Assets Under Management were EUR 625.3 billion (+1.6% compared to FY2022), the press-release said.
“The Group has continued to grow profitably in the first nine months thanks to the strong increase in both operating and net results, despite the higher impact from the weather events, confirming its resilience in a challenging macroeconomic and geopolitical context. In line with our strategy, we maintain our commitment to technical excellence in the P&C segment, while in Life we will continue to build on the most profitable business lines. Thanks to its diversified business model and solid capital position, Generali remains fully on track to successfully achieve all the targets of our ‘Lifetime Partner 24: Driving Growth’ strategy”, Generali Group CFO, Cristiano Borean commented.
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