Generali bucks trend with record results and profits of €2.1bn
Italian international insurer Generali Group has reported a record operating result of €4.89bn (£4.32bn) – an increase of 2.3% YoY.
The company’s net profits reached €2.1bn, representing a rise of 1.4%. The firm’s operating ratio of 92.8% was widely hailed as setting a benchmark in the otherwise downbeat insurance sector.
Its life net cash inflows, weighing in at €9.7bn, were among the highest levels in the European sector. Life technical reserves increased by 4.2%. Dividend per share is reported at €0.85, up 6% on 2016.
Generali Group CEO Philippe Donnet declared: “The excellent results that we presented today confirm the validity and effectiveness of our strategic plan in this current market context.
“We are perfectly positioned to reach all of our objectives that we had set for 2018. In light of these results, the Board of Directors will propose a dividend of €0.85 per share, an increase of 6% from €0.80 in 2016.
“Our focus on technical excellence, combined with the results of our Investments, asset and wealth management business and the cost reduction target hit two years ahead of schedule, have pushed the operating result to record levels,” Donnet said.