Generali Group has reported an operating result of €4.2bn for the year 2013, an increase of 5.3%, compared to €3.99bn during the comparable period last fiscal driven by improved operating results in life and property and casualty.
The Italian insurer said that its premium income was stable at €66bn, despite a decrease in premium income from the property and casualty division.
Generali’s property and casualty segment witnessed a 3.5% increase in its operating result to more than €1.6bn despite a €460m impact from natural catastrophes especially the floods and storms that hit France, Germany and the CEE countries from June to October.
Premium income declined by 0.6% to €20.94bn, which highlights the fall of the non-motor lines (-1.2%) due to the negative trend of the corporate and accident/health sectors.
Despite the impact of natural catastrophes, the insurer combined ratio improved further to 95.6%.
Life net inflows almost tripled to €8.7bn, with the Group’s premium income stable at €45.11bn. Operating result grew by 4.3% despite low interest rates.
Generali CEO Mario Greco said "The results confirm that we are on track, or ahead, of the targets in our strategic plan. For the first time, after many years, our net result derives entirely from our business operations rather than being impacted by one-off items.
"We estimate to improve the operating result and the net profit further, in line with the plan that aims to gradually increase the profitability for our shareholders."