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Generali Q1 net profits up 16.8% to €616m
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Italian insurer Generali has closed the first quarter of the year with strong growth in net profit to €616m (Q1 2010: €527m), driven operating profits in all three businesses: life, non-life and asset management.
The life segment posted a high operating result again, with one of the best quarterly performances of recent years, achieved thanks to the investment management result and also to the improvement in the technical margin.
Strong progress was achieved in the non-life operating result (+26%), which reported excellent technical profitability, with the combined ratio improving to 96.1% (Q1 2010: 98%), thanks in particular to positive performances in Italy, France and Germany.
The contribution from the operating result in the financial segment also improved (+16.7%), driven by growth policies and by the improvement of the intermediation margin, due to the increase in net commissions and in the interest income.
The aggregate operating result thus rose by 6.6% to €1,256m (Q1 2010: €1,178m), reaching the levels reported before the financial crisis.
Generali Group chief executive officer Giovanni Perissinotto said: "The excellent results in the first quarter demonstrate once again the validity of our geographical and distribution diversification strategy. We have improved results in all segments. In the life business our goal is to raise our already high profitability still further, through a tighter product policy.
"In non-life we are achieving our planned profitability increase. I'm also very satisfied with our results in asset management thanks to a favourable balance between growth and profitability. So everything is in place for the group to report another significant improvement in its net profit in 2011."
Non-Life premium income increased to €6.8b (+2.1%), with growth in the motor line (2.7%) as well as in the non motor lines (+1.3%).
With regard to distribution channels, direct-channel premiums increased in both the life and the non-life segments. In the life business, direct-channel premiums increased by 19.1%, accounting for a larger share of the segment's portfolio (6.7%, from 4.8%). In the non-life business, the growth reached 6.4% and the contribution to the portfolio was 3.8% from 3.6% a year ago.
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