Generali has recorded a 10% increase in its turnover in H1 2022 to reach 41.88 billion EUR (43.9 billion USD) compared to 38.093 billion EUR (45.3 billion USD) as at 30 June 2021.
This performance is driven by a strong 18.5% growth in non-life premiums which stood at 14.582 billion EUR (15.3 billion USD).
At 92.5%, the non-life combined ratio has dropped by 2.8 points due to the increasing number of natural catastrophe claims which totaled 271 million EUR (284.3 million USD) by the end of June 2022.
As for the life activity, it posted a turnover of 27.298 billion EUR (28.6 billion USD), increasing by 5.8% over one year.
During the period under review, the operating result has progressed by 4.8% to amount to 3.14 billion EUR (3.3 billion USD). The half-year net profit was established at 1.402 billion EUR (1.5 billion USD), declining by 9% over twelve months. This net result is impacted by the Russian-Ukrainian conflict [4], for which a provision of 138 million EUR (144.8 million USD) has been set aside for the first half of the year.
It should be recalled that the Italian group had announced, in March 2022, its gradual withdrawal from the Russian insurance market.