The Generali insurance group closed the first nine months of 2023 with a net profit of 2,822 million euros, which is equivalent to an increase of 94% compared to the profits of the same period last year, as indicated by the firm this Friday in a release.
The adjusted net result was 2,979 million euros, 29.6% more. This adjustment is due in part to an extraordinary gain on real estate assets in London of 193 million and a negative impact of 93 million euros from Russian debt instruments, according to Europa Press.
Gross premiums written during the first nine months of 2023 were 60,461 million euros, 4.7% more than in the same period of the previous year. By segment, in Life premiums increased by 0.9%, to 37,018 million euros, while in Non-Life they stood at 23,444 million, 11.4% more.
The asset and wealth management segment recorded revenues of 759 million euros, 3.2% less, mainly due to the market effect and the drop in income from performance fees. As of September 30, Generali had assets under management valued at 625,253 million euros, 1.6% more than a year before.
The operating result improved by 16.7%, to 5.1 billion euros. By segment, in Life it fell 1.1%, to 2,786 million euros, while in Non-Life it stood at 2,155 million euros, 50.3% less.
The combined ratio of the entire insurance group closed the first nine months of 2023 at 94.3%, which represents an improvement of 3.1 percentage points compared to a year earlier, despite the impact of the natural catastrophes in Italy , Greece and Central Europe during the third quarter.