Generali confirms targets as govt bonds challenge life segment

Written by Adam Cadle

25/05/2023

Generali confirmed all its 2024 business plan targets today, after its Q1 profits rose on a strong non-life performance which more than offset weakness in the insurer's life business.

The insurer reported net outflows of €190m ($209m) in its life business, compared to inflows of €3.7bn in the same period last year, as attractive yields on Italian government bonds prompted customers to switch to BTP bonds, its finance head Cristiano Borean told a press briefing.

The group's adjusted net profit came in at €1.23bn, up 49.7% year-on-year, while its operating profit, most closely watched by the market, grew 22.1% to €1.82bn.

Generali maintained a solid capital position with a solvency ratio of 227% at the end of March from 221% at the end of 2022. It rose to 228% as of 19 May.

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