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Generali's H1 profit up 34.6% YOY

Generali posted a 34.6% year-over-year increase in first-half profit, driven by growth across all of its business segments, and confirmed its three-year targets amid renewed pressure from interest rate trends.

The Italian insurer reported a first-half consolidated result attributable to the group of €1.79 billion, an increase from the year-ago €1.33 billion. Its consolidated operating result rose 7.6% on a yearly basis to €2.72 billion.

Net earned premiums rose over the period to €33.24 billion from €32.70 billion a year ago, while net insurance benefits and claims also increased, to €36.54 billion from €29.62 billion.

Gross written premiums for the first half increased year over year to €35.73 billion from €35.08 billion, with higher premiums from the life segment of €24.32 billion from €24.08 billion and the property and casualty segment of €11.41 billion from €11.00 billion.

Life net inflows amounted to €7.39 billion, compared to €5.69 billion a year ago.

The P&C combined ratio fell to 91.8% in the first half from 92.0% a year earlier due to the decrease in the non-catastrophe loss ratio.

The group's preliminary regulatory solvency ratio, which represents the regulatory view of its capital and is based on an internal model solely for companies that have received regulatory approval and on the standard formula for other companies, stood at 209% at June-end from 217% at the end of 2018.

Generali's total AUM rose to €605.86 billion at the end of June from €488.33 billion at 2018-end.