Generali unveils ‘best-ever’ operating result

The Italy-headquartered international insurance group Generali has announced its full-year 2022 results, revealing it has achieved its best-ever operating result.

Among the key financials posted, Generali revealed year-on-year gross written premium (GWP) growth of 1.5%, reaching €81.5 billion (approx. AU$131.13 billion), up from 2021’s €75.8 billion. This was bolstered by strong P&C growth (+9.8%), led by non-motor. The insurer saw a record operating result of €6.5 billion (up 11.2% year-on-year) in 2022, mainly driven by life, together with P&C growth.

While Generali’s combined ratio rose 2.4.p.p to 93.2% in the period, its new business margin was Health at 5.35% (up 0.86 p.p. year-on-year) and its net result grew to €2,912 million (up +2.3% year-on-year). The insurer also highlighted its very solid capital position, with its Solvency Ratio at 221% (compared to 227% in FY2021).

In an earnings release, Generali noted that its proposed dividend per share of € 1.16 (+8.4%) confirms the group’s focus on shareholder returns.

Group CEO breaks down the figures

Commenting on the results, Generali group CEO, Philippe Donnet, said: “Generali’s results confirm the success of our transformation journey, which continues through the disciplined and effective implementation of the ‘Lifetime Partner 24: Driving Growth’ strategy.”

He added that powered by a clear vision to position the group as a global leader in insurance and asset management, Generali is on track to achieve the targets and ambitions of its strategic plan, delivering sustainable growth to create value for all its stakeholders.

“Generali also continues to lead the way in sustainability,” he said, “now fully integrated within all the group’s business activities in line with our commitment to act as a responsible insurer, investor, employer and corporate citizen. We have achieved all of this thanks to the passion of our people and our unique agent network.”

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