Assicurazioni Generali S.p.a. · MIL:G
Assicurazioni Generali — Q2 2023 Earnings Presentation
15 slides from Assicurazioni Generali's earnings presentation, Aug 9, 2023
Slide 1: Strategy overview: key messages and results summary
Consolidated results as of 30 June 2023 – Slide commentary (These notes represent a commentary to 1H 2023 results presentation and should be 09/08/2023 read jointly with it) STRATEGY OVERVIEW Slide 4 – Key messages The first six months of 2023 confirmed once again that Generali is an increasingly pr
Slide 2: Key KPIs and strategic acquisitions commentary
1H 2022), translating into a 64.6 percent increase in the adjusted EPS. This was driven by the improved Operating Result, which benefitted from diversified profit sources, together with a non-recurring capital gain related to the disposal of a London real estate development (193 million Euro net of
Slide 3: Liberty Seguros and Conning acquisitions
underlines the Group’s commitment to Spain, where, as a result, it will reach the 4 th position in the P&C market, and to Portugal, where it will consolidate the #2 position. In addition to strengthening the Group’s presence in these two key markets, Generali will also enter the Irish P&C retail mar
Slide 4: Group Financials: 2023 First Half results
GROUP FINANCIALS Slide 9 – 2023 First Half results The Group’s top line grew by 3.6 percent vs. 1H 2022 and like-for-like basis, thanks to the positive development of the P&C segment. The P&C top-line was up 10.6 percent on a like-for-like basis with an 11 percent increase in the second quarter vs.
Slide 5: Solid Life performance and Life Operating Result
Slide 11 – Solid Life Performance Life premiums remained flat at 1H 2023 compared to the same period of last year. In terms of business mix, Protection grew 5.3 percent, reflecting healthy growth mainly in Italy, France and International. Savings and Pension increased by 6.3 percent, mainly driven b
Slide 6: Continued inflows in preferred lines of business
During 1H 2023 economic variances were a positive contributor to the CSM growth for about 1.35 billion Euro. This was, in particular, thanks to the positive impact of equity performance, the decrease of government spreads and the contraction of market volatilities, partially offset by the negative c
Slide 7: Further increase in New Business Margin
extent the Protection business (-18 percent), partially compensated by positive developments in the Unit-Linked business (+7.5 percent). In Austria, Net Inflows decreased by -112 million Euro, due to both lower premiums and higher outflows, mainly in unit-linked maturities coming from the closed boo
Slide 8: PVNBP decline magnified by rising interest rates
due to the new commercial offering in Italy. Slide 16 – PVNBP decline magnified by rising interest rates The New Business Margin in Italy increased by 39 basis points mainly thanks to the significant rise of interest rates. In terms of product mix, there were both a higher weight of Savings business
Slide 9: Life investment result and P&C Operating Result
where it serves an asset/liability matching purpose; around 5.5 billion Euro of Italian government bonds sit in Banca Generali treasury portfolio with a short duration, and the remainder is mostly held by the Italian P&C portfolios. As mentioned earlier, the Life Operating Investment Result mainly s
Slide 10: Significant improvement in the Combined Ratio
reflecting hyperinflationary price increases in Argentina. In particular: • in the CEE region, premiums grew by 9.7 percent, driven by almost all lines and countries. • in the Mediterranean & Latin America region, premiums grew by 24.7 percent, thanks to the contribution of Motor (+48.1 percent) boo
Slide 11: Resilient Non-Motor underwriting performance
Slide 21 – Resilient Non-Motor underwriting performance In Italy the undiscounted combined ratio decreased by 0.9 p.p. mainly thanks to an improved attritional current year loss ratio in Non-Motor business. This more than compensated Motor, which felt the impact of inflation on current year loss rat
Slide 12: Strong P&C Operating Result; P&C current return
Property and General Liability lines of business. Other tariff increases are scheduled in 2H 2023 since some additional strengthening actions have been recently decided, which will lead to a further increase of average premium. The price effect showed in the tables has been measured, as follows: • f
Slide 13: A&WM supported by Banca Generali
Total P&C current income return increased to 1.9 percent, on investments at IFRS book value. This increase is mainly explained by higher returns from fixed income instruments, thanks to reinvestments performed at higher yields. The new money yield on direct investments in the P&C fixed income portfo
Slide 14: Shareholders' equity rollforward and solvency
positive 272 million Euro. The et Non-Operating Investment Result from FVTPL and gains and losses on foreign currency moved from -524 million Euro to -48 million Euro, thanks to positive financial market trends. The vast majority of the volatility in the Non-Operating Investment Result stems from as
Slide 15: Solvency position and outlook
Regulatory changes also provided a small positive contribution. These effects have more than offset the dividend provision for the period, calculated on prior year number on pro rata basis, and the negative non-economic variances (mainly linked to the trend in surrenders recorded in specific Life po
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