The consolidated operating result of Generali for FY2019 was up by 6.9% to €5.19bn compared to the figure of €4.85bn reported in the year before
Generali building in Trieste, Italy. (Credit: Massimo Goina/Assicurazioni Generali S.p.A.)
Generali has reported a 15.7% increase in its net profit for the full year (FY) 2019 to €2.67bn, compared to €2.3bn for FY 2018.
The Italian insurance group said that the growth in the FY2019 net profit reflects the improvement of its operating result and also the contribution from the operations that are either being divested or were already sold during the reported year.
There was an increase of 6.3% in the earnings per share at €1.52 in the reported year for the Italian insurance major compared to earnings per share of €1.43 in the full year 2018.
The consolidated operating result of the Italian insurance group for FY2019 was up by 6.9% to €5.19bn compared to the figure of €4.85bn reported in the year before. This was due to the positive performance across all business segments, said the insurer.
Generali’s gross premium written totaled €69.78bn in the full year 2019, which marks a 4.3% increase from the €66.69bn reported for the same parameter in the full year 2018.
The insurer said that its life net inflows moved up by 19.6% in FY2019 at €13.63bn from the FY2018 figure of €11.36bn.
The life insurance business of the Italian insurer saw a 2.0% increase in its FY2019 operating result at €3.22bn compared to the year before. Its property and casualty business had a 3.3% growth in its operating result at €2.05bn in FY2019.
In the life insurance segment, Generali’s gross premium written surged 4.5% to €48.26bn for the reported year in comparison to the year before, driven by a strong fourth quarter.
The property and casualty unit had a 3.9% increase in the gross premium written at €21.56bn, owing to the positive show put up by both the motor and non-motor lines of business, said the insurer.
Generali CEO comments on the FY2019 results
Generali Group CEO Philippe Donnet said: “Generali closed 2019 with the best operating result in its history and with an excellent capital position, consolidating its role as a global leader in the industry. This set of results confirms that we are fully on track to meet all the targets of the ‘Generali 2021’ strategic plan.
“The disciplined implementation of the strategy is driving profitable growth across all business lines and has made it possible to enhance the diversification of the sources of profit, with Life net inflows at excellent levels and the best Combined Ratio among peers.”