Generali Records €60.5 Billion in GWP, Marking a 4.7% Surge for 9 Months of 2023

18 Nov, 2023

Generali Records €60.5 Billion in GWP, Marking a 4.7% Surge for 9 Months of 2023

Italian insurer Generali has unveiled its financial report for the initial nine months of 2023, disclosing a surge in gross written premiums (GWP) to €60.5 billion. This marks a notable 4.7% increase in comparison to previous periods, while concurrently boasting a strengthened combined ratio, up by 3.1 percentage points to 94.3%.

Attributing the GWP growth to a robust performance in its Property & Casualty (P&C) business, Generali witnessed an 11.4% year-on-year expansion, reaching €23.4 billion in premiums. This upward trajectory owes its momentum to positive outcomes across both business lines within the P&C domain.

The P&C combined ratio's improvement can be traced back to a reduced loss ratio of 64.9%, although slightly offset by a marginally higher expense ratio of 29.4%.

However, the reported combined ratio was impacted by natural catastrophes, with a notable 3.7 percentage points stemming from events like floods and hailstorms across Italy, CEE, and Greece in the third quarter—compared to 2.7% in the same period of 2022. The total undiscounted losses from these calamities, net of reinsurance, amounted to €875 million for 9M 2023, reduced to €837 million on a discounted basis.

In the P&C domain, the operating result surged by over 50% year-on-year, hitting €2.2 billion. This surge is attributed to the operating insurance service result, which climbed to €1.3 billion (€533 million in 9M 2022), benefiting from a discounting effect of €816 million versus €400 million in 9M 2022.

Shifting focus to the life segment, Generali observed a near 1% growth in GWP, reaching €37 billion. Notably, the savings lines exhibited marked improvement, showcasing positive trends across Asia, Italy, and France.

Despite this growth, life net flows reported a negative figure of -€1.2 billion. Yet, both the protection and unit-linked lines exhibited positive net inflows, with protection net inflows reaching €3.6 billion—led by France and Italy—and unit-linked lines recording €3.9 billion in net inflows, showcasing resilience in both areas.

In a significant upturn, Generali posted a 9M 2023 net result of €2.8 billion, marking a remarkable 94% increase from the €1.5 billion seen in the corresponding period of 2022.

Cristiano Borean, Generali Group’s Chief Financial Officer, expressed satisfaction with the results, citing the group's continued profitable growth despite heightened weather-related impacts. He emphasized the company's resilience within a challenging economic and geopolitical landscape, affirming commitment to their strategic objectives outlined in the 'Lifetime Partner 24: Driving Growth' strategy.