1H 2022 Results

Generali reports continued growth in the operating result. The net result was stable, excluding Russian impairments. Capital position remained extremely solid.

• Gross written premiums increased to € 41.9 billion (+2.4%), driven by strong growth in P&C (+8.5%), led by the non-motor line. Life premiums were stable (-0.5%). Life net inflows were resilient at € 6.2 billion, supported by growth in the protection and unit-linked lines, offsetting a reduction in the savings line, consistent with the repositioning of the Life business portfolio
• Operating result continued to rise, standing at € 3.1 billion (+4.8%), thanks to the positive performance of the Life, P&C and Holding and other businesses segments. The Combined Ratio was 92.5% (+2.8 p.p.). Excellent New Business Margin reached 5.23% (+0.59 p.p.)
• Net result was € 1,402 million (€ 1,540 million 1H2021). Excluding impairments on Russian investments, the net result would have been € 1,541 million
• Extremely solid capital position with the Solvency Ratio at 233% (227% FY2021), after accounting for the € 500 million share buyback

Generali Group CEO, Philippe Donnet, said: “Generali’s solid performance demonstrates that our focus on the implementation of the ‘Lifetime Partner 24: Driving Growth’ strategic plan is the right way to deliver sustainable growth and increase operating profitability. We have been able to achieve these results in an increasingly uncertain geopolitical and macroeconomic context while always keeping our customers and their needs as our top priority. In the months to come, we will continue to be fully committed to the execution of our three-year plan as we reinforce our Group's leadership as a global insurer and asset manager.”