Generali net profit fell by 34.7% in 2020

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Generali’s net profit fell by 34.7 percent in the financial year ended 2020 to €1.74bn, from €2.67bn in 2019.

The results were impacted by a €332m liability management transaction, a contribution to the Extraordinary International Fund for Covid-19 and €287m of investment impairments, mostly in H1.

The group’s operating result was up 0.3 percent to €5.2bn. The impact of Covid-19 was estimated at €123m.

The P&C operating result was up 19.4 percent to €2.46bn in 2020, but down 16.1 percent on the life side to €2.63bn.

Generali’s P&C combined ratio improved 3.5 percentage points to 89.1percent

Group-wide gross written premiums were up 0.5 percent to €70.7bn. They were stable in P&C at €22.15bn.

CEO Philippe Donnet said Generali delivered “excellent results”.

“For the second consecutive year, we have achieved the group’s best ever operating result,” he said.

Adding: “We have entered the final year of our strategic plan and are well positioned to achieve all of the objectives of ‘Generali 2021’. We have defined and implemented a new organisational structure to ensure, not only the success of this plan, but to also prepare for the next strategic cycle.”

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