Nat cat losses dent Generali’s H1 P&C results
Higher losses from natural catastrophes reduced Generali’s P&C operating result by almost 7% to €1.73bn at mid-year after the second quarter recorded a 14% dip to €862m. Presenting its first half results, the Italian insurer said nat cats raised its combined ratio for its P&C line by 0.8pp to 92.4%.
But it added that its diversification strategy meant a more positive result from its life insurance business boosted its total operating result for the first half by 1.6% to €3.72bn. The group’s adjusted net result was down 13% to €2.03bn.
Gross written premiums were up 20% to €50.14bn, with the P&C line recording growth of 11% to €17.42bn.
Philippe Donnet, group CEO at Generali, said the group remains “fully on track” to meet its targets, with a view to unveiling a new group strategy in January 2025. The group will focus on non-motor business across its markets as part of its objective to maximise profitable growth from its P&C line, Donnet said, “particularly strengthening its position and offering in markets with high growth potential”.
Generali added that looking ahead, it will continue to pursue “an adaptive approach” to rate changes in both motor and non-motor “taking into account the increase in reinsurance coverage costs resulting from the increased natural catastrophe claims in recent years”.
