Generali does not flinch. Almost a year after the presentation of its strategic plan for 2024, the leading Italian insurance company confirms its position in the life insurance sector. In the third quarter of 2022, it had almost 8% growth in operating profit to 4.8 billion euros, mainly driven by its life and non-life activities. Prior to the publication of the results, the analysts expected an average of 4.52 billion euros. “This result was mainly driven by life insurance, with P&C results slightly below consensus expectations“, comments Morgan Stanley.
The net inflow of lives reached 7.7 billion. EUR during this period, compared to 6.2 billion EUR three months earlier. This growth is mainly due to the personal risk business and the success of unit-linked products. The non-life business contributed to this recovery thanks to growth of around 2.9%.
However, the number one insurer in Italy generated a net profit of 2.23 billion euros in the first nine months of the year, down 0.8% due to its exposure to Russia. If the write-downs on the Russian assets were excluded, the net profit would have been 2,374 million euros, an increase of 5.5%.