2021 full year results: Generali posts record operating profit

Generali achieves record results. Strong growth in premiums, the operating and net result and an extremely solid capital position. Successful conclusion of the ‘Generali 2021’ strategic plan

• Best ever operating result rising to € 5.9 billion (+12.4%), thanks to positive growth across all business segments
• Total gross written premiums reached € 75.8 billion (+6.4%) up in both the Life (+6.0%) and P&C (+7.0%) segments. Life net inflows grew to € 12.7 billion (+4.4%) entirely focused on the unit-linked and protection lines. The New Business Margin was excellent at 4.52% (+0.57 p.p.) while the Combined Ratio was the best and least volatile among peers at 90.8% (+1.7 p.p.)
• Net result showed strong growth to € 2,847 million (+63.3%). The adjusted net result was € 2,795 million
• Extremely solid capital position confirmed with the Solvency Ratio at 227%, thanks to capital generation of € 3.8 billion
• Proposed dividend per share of € 1.07
• ‘Lifetime Partner 24: Driving Growth’ strategic plan underway with focus on sustainable growth, enhanced earnings and continued delivery of best-in-class returns

Generali Group CEO Philippe Donnet commented: “The excellent results we present today mark the successful conclusion of the ‘Generali 2021’ strategic plan, demonstrating once again that we deliver on our promises. Over the past two strategic cycles, we have reinforced our leadership in Europe and have become the Lifetime Partner to 67 million customers worldwide thanks to the talent and skills of our employees and agents. Generali is now best-in-class in terms of its capital position, profitability and growth, it has strengthened its presence in high potential markets and grown its asset management business. We are now effectively implementing our new strategy ‘Lifetime Partner 24: Driving Growth,’ focused on sustainable growth, an enhanced earnings profile and the creation of value for all stakeholders. A rigorous and disciplined capital deployment approach, sustainability fully embedded into the business and increased investment in technology and digital transformation will be key drivers of our new plan’s success. Finally, it is impossible not to mention the crisis in Ukraine. As with the Covid-19 pandemic, Generali and its employees have taken immediate action to help refugees. Our Group has historic ties with Central and Eastern Europe and will continue to support the communities impacted by the war.”