The gross written premiums of Generali moved up by 1.2% to €36.48bn in H1 2020 compared to €35.72bn
Generali building in Trieste, Italy. (Credit: Massimo Goina/Assicurazioni Generali S.p.A.)
Generali reported a 56.7% decline in its net profit for the first half of the year 2020 (H1 2020) that ended 30 June at €774m compared to €1.79bn made in the H1 2019.
The Italian insurance group said that the net result in the first half of this year was impacted by €250m of impairments on investments, the €183m arbitration settlement for the sale of Swiss private bank BSI, and the contribution of €100m towards the Covid-19 emergency fund.
The insurer had a marginal decline of 0.4% in its operating result for the first half of 2020 (1H 2020) that ended 30 June at €2.71bn compared to €2.72bn made in the first six months of 2019.
Generali said that the operating result in H1 2020 was driven by an increase in the property and casualty (P&C) and asset management businesses, which was supported by recent acquisitions. All these factors had offset a decrease in the life insurance business, said the Italian insurer.
The group’s gross written premiums moved up by 1.2% to €36.48bn in H1 2020 compared to €35.72bn.
In the life segment, the Italian insurance group reported an increase of 1.3% to its gross written premiums in H1 2020 at €24.6bn compared to €24.3bn. On the other hand, the P&C unit had a 0.9% increase to its H1 2020 gross written premiums at €11.83bn compared to €11.4bn.
Generali’s assets under management stood at €623.2bn at the end of H1 2020, which is 1.1% lesser when compared to the figure of €630.1bn reported as of 31 December 2019.
Generali Group CEO comments on H1 2020 results
Generali Group CEO Philippe Donnet said: “The performance in the first half of the year confirms the validity of the Group’s strategy, the solidity of its business model and Generali’s technical excellence which enabled us to face these unprecedented circumstances.
“One of the Group’s key priorities was to support the communities impacted by Covid-19 through the Extraordinary International Fund and other initiatives. We also responded to this challenging moment by accelerating our innovation and digital transformation of the business and operating structure.
“Further, we continued to execute our Generali 2021 strategy in a disciplined and effective manner while also pursuing sustainable growth.”