(Alliance News) - The board of directors of Assicurazioni Generali Spa has approved financial information as of March 31, 2023, which shows gross premiums up 1.3 percent to EUR22.16 billion from EUR21.53 billion in the same period a year earlier, "thanks to robust growth in the Non-Life segment," according to the company note.

Life net inflows stood at a negative EUR190 million. "Positive net inflows from the unit-linked and pure risk and health lines partly offset net outflows from the savings line, in line with the group's strategy of repositioning its portfolio, and also reflecting, in particular, the dynamics observed in the banking channel in Italy and France," the company speiga.

Operating income grew to EUR1.82 billion, up 22 percent from EUR1.49 billion, mainly due to the contribution of the non-life segment.

Life operating income remained solid at EUR924 million, up 1 percent. New Business Margin is up and amounts to 5.72%,up 0.32%.

Net income is EUR1.20 billion from EUR481 million in the first quarter of the previous year while the adjusted figure marks an increase to EUR1.23 billion from EUR821 million as of March 31 a year earlier.

The group's total assets under management increased to EUR631.3 billion, up 2.6 percent from a year earlier.

The lion's Solvency II ratio rose to 227 percent as of March 31 from 221 percent recorded at the end of 2022.

Generali's Chief Financial Officer, Cristiano Borean, said, "With strong and profitable quarterly growth results, Generali remains on track to successfully achieve the goals of the "Lifetime Partner 24: Driving Growth" strategy. The performance of the Non-Life segment reflects our commitment to maintaining technical excellence, while in the Life segment, despite the complex environment, the rebalancing of our production mix toward the most profitable lines of business continues."

"The group also confirms its extremely solid capital position, thanks to strong organic capital generation," Borean commented.

"The group intends to pursue sustainable growth, improve earnings profile and drive innovation to achieve a compound annual growth rate in earnings per share of between 6 percent and 8 percent over the period 2021-2024, generate net cash flows at the parent company level in excess of EUR8.5 billion over the period 2022-2024, and distribute cumulative dividends to shareholders over the period 2022-2024 in the range of EUR5.2 billion to EUR5.6 billion, with ratchet on dividend per share," the company explained.

By Maurizio Carta, Alliance News reporter

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