Assicurazioni Generali S.p.A
Preliminary figures: growth in Non-Life premiums (+3.1 percent); high Life net inflows of more than Euro 5.8 billion.
Non-Life premiums reach Euro 22.8 billion (+3.1 percent) with stronger growth in the fourth quarter (+6 percent) in all lines of business.
The Group reaffirms its European leadership position in the Life segment, reporting Life net inflows of more than Euro 5.8 billion, the market’s highest.
Life premiums at Euro 46.4 billion (-9.3 percent), due to single premiums (-24 percent) impacted by the financial market trend. Annual premiums continue to grow (+3.4 percent).
Generali Group CEO Giovanni Perissinotto said: “In an extremely difficult environment in Europe, and in Italy in particular, Generali has demonstrated its ability to achieve significant production results, with strong growth in the Non-Life segment and a Life premium income that confirms our position as a leader in Europe. The 2011 crisis has highlighted the Group’s strengths: its business model, geographical diversification and prudent investment policy. In a particularly stressed financial environment, all of this contributes to keep the Group’s solidity at an adequate level, and enables us to support the growth of the business using existing resources.”
Milan – The Board of Directors of Assicurazioni Generali today examined production results for financial year 2011.
Generali ended 2011 with high production results despite the difficult economic environment in some countries where the Group operates, especially in the fourth quarter, which led to a sharp contraction in household savings, among other issues. Premiums were driven by the Non-Life segment, where gross premiums rose to Euro 22.8 billion (+3.1 percent) with healthy performance in all lines of business.
In the Life segment, thanks to the diversification of distribution based on the Group’s proprietary networks and the business mix, Generali closed the year with Life net inflows (premium income less payments) of more than € 5.8 billion, the highest level on the European market.
Life gross written premiums were Euro 46.4 billion, down 9.3 percent from 2010, a year when the Group reported particularly high premium levels. With approximately € 42 billion of Life premiums written in Europe, the Group reaffirms its leadership in this segment. Specifically, while single premiums fell (-24 percent), a positive trend emerged in the Life business in annual premiums, which are more profitable, (+3.4 percent) reflecting the strength of the Group’s proprietary networks.
Overall gross premiums written amounted to Euro 69.2 billion (-5.5percent; Euro 73.2 billion at the end of 2010).
