Generali registers record-breaking H1 results with strong premium growth

Generali Group announced Friday (31 July 2015) that it had achieved record-breaking H1 results with a strong growth of total premiums.

Operating result went up 11.3% to €2.8billion, which is the best result in the last 8 years, Generali announced. Net profit grew significantly, to €1.3 billion, up 21.6%. Gross written premiums exceeded €38 billion (+7.3%) thanks to the strong growth of Life premiums (+10.6%) and the improvement of premiums in all main markets. Positive results were also chieved in the P&C segment.

New business APE reached €2.7 billion (+5.4%), driven by unit linked (+35.1%) and protection (+20.8%), the release reads.

The Generali Group CEO, Mario Greco, commented that the Group had accomplished one of the most complex turnaround programs ever pursued in the insurance industry in just three years.

- The excellent half-year results demonstrate how Generali has transformed – in spite of an extremely challenging environment – into a global Group that is very profitable and solid from a capital perspective, with a renewed and innovative product offering allowing us to maintain attractive rates of revenue growth in most of the markets where we operate. These results constitute the best starting point for the execution of the new 2015-2018 strategic plan we presented in May, based on a 50% growth of the annual average cash generation, the distribution of more than €5 billion of dividends in the next 4 years and a further cost reduction of €500 million from 2016 to 2018, maintaining an operating return on equity above 13%. We expect to improve significantly the net result at year-end compared with 2014, preserving the high profitability growth achieved in the first half of this year.”