- Gross written premiums: EUR 36,478 million (+1.2%), of which:
- GWP Life: EUR 24,645 million (+1.3%), of which:
- Italy: EUR 10,154 million (+14.0%)
- France: EUR 4,334 million (-19.1%)
- Germany: EUR 5,605 million (+2.8%)
- ACEER*: EUR 1,324 million (-1.1%)
- Spain: EUR 375 million (-13%)
- Switzerland: EUR 494 million (+2.9%)
- ASE**: EUR 197 million (+8.8%)
- Asia: EUR 1,578 million (-3.4%)
- Holdings & others: EUR 585 million (+6.9%)
- GWP P&C: EUR 11,833 million (+0.9%), of which:
- Italy: EUR 2,676 million (+0.8%)
- France: EUR 1,520 million (+1.9%)
- Germany: EUR 2,210 million (+0.2%)
- ACEER*: EUR 2,306 million (+0.8%)
- Spain: EUR 863 million (+3.2%)
- Switzerland: EUR 556 million (+7.1%)
- ASE**: EUR 868 million (+66.9%)
- Asia: EUR 126 million (+28.6%)
- Holdings & others: EUR 707 million (-10.7%)
- GWP Life: EUR 24,645 million (+1.3%), of which:
- Life net inflows: EUR 7,005 million (-4.9%)
- Non-life combined ratio: 89.5% (-2.3 pp.)
- Operating result: EUR 2,714 million (-0.4%), of which:
- Life: EUR 1,369 million (-15.0%)
- P&C: EUR 1,302 million (+16.2%)
- Asset Management: EUR 219 million (+17.9%)
- Net result: EUR 774 million (-56.7%)
For the Life business, the operating result was impacted (-15%) notwithstanding the positive trend of the technical margin net of insurance operating expenses. This was due to the reduction of the net investment result, related to the negative performance of the global financial markets, also due to the effects of the Covid-19.
The improvement in the P&C business (+16.2%) is thanks to the increase of technical profitability and to the positive contribution of EUR 56 million from the new acquisition of Seguradoras Unidas in Portugal. The Combined Ratio improved to 89.5% (1H2019: 91.8%), driven by the improvement in the non-catastrophe current year loss ratio recorded in the motor business in all major countries in which the Group operates, and also related to the impact of lockdown restrictions which changed customer behaviours.
The operating result of the Asset Management segment was up (+17.9%), mainly due to the increase in operating revenues (+16.8%, up to EUR 421 million) thanks to the growing contribution of the multi-boutique platform.
The non-operating result of EUR -941 million (EUR -588 million 1H19), reflects EUR 250 million of impairments on investments (available for sale financial assets), as result of the financial markets situation also impacted by the global Covid-19 outbreak, as well as EUR 93 million of impairments related to the goodwill of the Company's Life business in Switzerland.
The decrease was also due to a non-operating expense of EUR 100 million for the establishment of the Extraordinary International Fund launched by the Group - in addition EUR 54 million were also allocated to fund local initiatives - to support relief efforts during the Covid-19 pandemic emergency.
Gross written premiums for the Group amounted to EUR 36,478 million, up 1.2% as a result of the development of both business segments. Excluding the written premiums of a collective Life pension fund in Italy in June 2020, corresponding to approximately EUR 1.5 billion, the Group's gross written premiums would have posted a decrease of 3%.
Premiums in the Life segment rose by 1.3% to EUR 24,645 million. Life net inflows were EUR 7,005 million (-4.9%) due to lower premiums and higher surrenders in France, as well as higher surrenders in Germany. Premiums in the P&C segment rose to EUR 11,833 million (+0.9% on equivalent terms).
The Group had total Assets Under Management of EUR 623.2 billion, a decrease of 1.1% compared to 31 December 2019, following the decline in the value of assets, due to the performance of financial markets in the period, as well as the decrease in value of third-party Assets Under Management. The latter reached EUR 156.1 billion, down 3.5%, reflecting the situation of the financial markets as well as the outflows recorded for some portfolios in the first part of the year.
Life technical provisions amounted to EUR 372,028 million. The modest increase (+0.7% at constant scope) was impacted by the decrease of the unit-linked component, which reflects the performance of the financial markets.
The Group's net result amounted to EUR 774 million compared to EUR 1,789 million in the first half of 2019 (-56.7%). Excluding the one-off expense of the Extraordinary International Fund for Covid-19, the adjusted net profit was EUR 1,032 million (-21.2%).
In the current international economic and financial environment characterized by great uncertainty, at the end of June the Solvency Ratio remained solid standing at 194%, a decline of 2 pps. compared with the end of the first quarter 2020.
"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.
I would like to give special recognition to our people - employees, agents and partners - who guaranteed business continuity during these difficult times and who have demonstrated their commitment to being Lifetime Partner for our customers, a commitment highlighted in Generali's first-ever global advertising campaign launched in July."