GENERALI Group, 1Q2019: 28% increase in the net profit, following the disposals

The GENERALI Group ended Q1 with a net profit of EUR 744 million, up 28.1% y-o-y, reflecting in part the result from disposals. The adjusted net profit increased to EUR 616 million (+6%) in line with the targets of the Group's new strategic plan.

The operating result grew by 6.9% to EUR 1.3 billion thanks to the contribution of all Group business segments, while the technical profitability remained at excellent levels with the combined ratio at 91.5% (+0.1 pps) and the Life New Business Margin at 4.37% (-0.29 pps).

"The first quarter results confirm excellent performance in terms of the Group's profitability and its solid capital position. Volumes continue to grow, as shown by the increase in Life net inflows, Assets Under Management and total premiums. The focus on value generation is evidenced by continuing excellent levels of the combined ratio and New Business Margin. The net result, even without taking into account the positive contribution of disposals, demonstrates strong growth. These results show that the implementation of the Generali 2021 strategy, announced in November 2018, has gotten off to an excellent start," Generali Group CFO, Cristiano BOREAN, stated.

The Italian Group has also reported Life net inflows at more than EUR 4 billion (+61.9%). Life technical reserves increased to EUR 353 billion (+2.8%). Total GWP reached EUR 18.9 billion, up by 6.6% thanks to the development of both business segments, in particular P&C (+3.1%) which saw a positive dynamic in all the main countries in which the Group operates

The Group's capital position remained solid, with a Preliminary Regulatory Solvency Ratio of 207%. The decrease from year-end 2018 was largely due to the expected implementation of regulatory changes





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