Generali Asia life segment operations down 18% but drive group’s savings line

Group-wide, operating results jumped 28%.

For the first six months of 2023, Generali’s Asia units registered an operating result of EU137m in its life insurance segment.

On a year-on-year (YoY) basis, this was 17.5%  down from 2022’s EU166m.

However, the property and casualty (P&C) segment for Generali Asia more than doubled in the first half with EU47m, previously EU23m.

Group-wide, gross written premiums reached EU42.3b (+3.6%) driven by significant growth in the P&C segment.

In the Life segment, net inflows were EU877m, with outflows from savings offset by positive inflows in unit-linked and protection, aligning with the group's life business portfolio strategy.

The operating result surged 28% to EU3.7b, supported by diverse profit sources and contributions from prior acquisitions. 

Particularly, the P&C segment's operating result increased 85.7% to EU1.9b with a better Combined Ratio of 91.6% (-5.4 p.p.). 

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The life operating result fell 3.5% at EU1.8b, while the Asset & Wealth Management segment reached EU498m.

In the life segment, gross written premiums amounted to EU25.9b.

Growth was also seen in protection and savings – mainly driven by Asia and France. However, there was a decline in the unit-linked line. 

New business volumes (PVNBP) were down 14% EU21.4b, impacted by interest rates and industry dynamics.

P&C gross written premiums grew 10.6% to EU16.3b due to strong performances in non-motor and Europ Assistance.