Generali reports first-half financials

Generali reports first-half financials | Insurance Business Asia

Insurance News

Generali reports first-half financials

Property & casualty contributes strong growth in operating result

Insurance News

By
Terry Gangcuangco

The Generali Group has outlined its half-year performance, releasing the company’s financial results for the first half of 2023.

Here’s how Generali’s business segments stack up in terms of operating result in the period:

Source

H1 2023 operating result

H1 2022 operating result

Life

€1.81 billion

€1.88 billion

Property & casualty

€1.85 billion

€998 million

Asset & wealth management

€498 million

€491 million

Holding and other businesses

€(125 million)

€(149 million)

Consolidated

€3.72 billion

€2.91 billion

Meanwhile the international insurer’s net result in the first half grew from €864 million to €2.24 billion. In the second quarter, Generali’s net result stood at €1.04 billion – an improvement from €383 million.

“The excellent first half of 2023 results continue to prove the effectiveness of our ‘Lifetime Partner 24: Driving Growth’ strategy and demonstrate that Generali is increasingly profitable, diversified, and resilient, with a strong financial position,” group chief executive Philippe Donnet said in a release.

“At the halfway point of the plan, we are fully on track to meet our ambitious targets, confirming that the group has the right set-up to navigate the continually evolving macroeconomic and geopolitical scenario.

“In addition, the recent acquisitions of Liberty Seguros and Conning, which will reinforce our insurance leadership in Europe and enhance our global asset management platform, will further strengthen our group.”

Donnet went on to thank “the efforts of all of our colleagues and agents,” saying they represent the “solid foundation” to continue achieving sustainable growth.

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