Italy-based Generali has reported an adjusted net result of €2.97bn ($3.25bn) for the first nine months of 2023, a jump of 29.6% from €2.29bn in the same period last year.

The insurer’s GWP for the period that ended on 30 September 2023 increased 4.7% year-on-year to €60.46bn.

Generali attributed the growth in GWP to the growth in the P&C division.

P&C division GWP grew by 11.4% to €23.44bn between January and September 2023.

In the first nine months, the combined ratio was 94.3% due to a lower loss ratio of 64.9%. This was mostly due to a larger discounting effect, somewhat balancing the large impact of natural disasters.

The life insurance business’s GWP increased marginally to reach €37.01bn.

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The present value of new business premiums from the life business fell by 8.6% to €30.13bn during the nine months due to higher interest rates and negative economic conditions. 

Generali Group CFO Cristiano Borean said: “The group has continued to grow profitably in the first nine months thanks to the strong increase in both operating and net results, despite the higher impact from the weather events, confirming its resilience in a challenging macroeconomic and geopolitical context. 

“In line with our strategy, we maintain our commitment to technical excellence in the P&C segment, while in life [segment], we will continue to build on the most profitable business lines. Thanks to its diversified business model and solid capital position, Generali remains fully on track to successfully achieve all the targets of our ‘Lifetime Partner 24: Driving Growth’ strategy.”