Annual Integrated
Report and
Consolidated Financial
Statements 2018
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Letter from the Chairman and the Group CEO
Although 2018 was a challenging year for many economies, especially in Europe, Generali has once again achieved excellent results. The Group closed the year with improvements in premium income, technical and operating performance and net profit. These results made it possible to meet, and in some cases even exceed, the expectations of the 2016-2018 strategic plan, demonstrating the Group’s excellent execution capacity and its tireless commitment to excellence.
The integrated overview of our reports
The Group reporting approach is based on the integrated thinking and Core&More concept also this year the Annual Integrated Report is our Core report, centred on material financial and non-financial information while other reports and channels of communication (More) present more detailed information, some of which targets a specialized audience.
Core&More is a reporting approach developed by Accountancy Europe which provides for a core report, including a summary of all key information required to evaluate and understand a company, and more reports, presenting more detailed information. www.accountancyeurope.eu for further information.
Group Annual Integrated Report
It provides a concise
and integrated view of
the Group’s financial and
non-financial performance,
also pursuant to legislative
decree 254/2016 (leg.
decree 254/2016).
Annual Integrated Report and Consolidated Financial Statements
It expands the content
of the Annual Integrated
Report, providing
details of the Group’s
financial performance
in compliance with
national and international
regulations.
Corporate Governance and Share Ownership Report
t outlines the corporate
governance system of
Assicurazioni Generali and
its ownership structure.
Remuneration Report
It provides specific
information on the
remuneration policy
adopted by the Group and
its implementation.
Management Report and Parent Company Financial Statements
It provides information
on the performance of
Assicurazioni Generali, in
accordance with currently
effective regulations.
Generali.com
for further information on the Group.
Operating result
+3.0%
€ 4,857 mln
Gross written premiums
+4.9%
€ 66,691 mln
Net profit
+9.4%
€ 2,309 mln
Regulatory Solvency Ratio
+9 pps
216%
Total Asset Under Management (AUM)
+0.4%
€ 488 bln
Combined ratio
+0.1 pps
93,0%
Our people
-0.8%
70,734
Our customers
+7.0%
61 mln
Our distributors
n.m.
155 thousand
Our
performance
Life
P&C
Asset Management
Holding and other business segment
The gross written premiums in the Life segment continued the growth in place during the year, standing at € 46,084 million (+5.7%). The net cash inflows were amongst the highest levels in the market, reaching € 11,369 million.
The gross written premiums in the Property & Casualty (P&C) segment continued the growth observed during the year, standing at € 20,607 million, growing by 3.3%, thanks to the positive performance of both business lines.
The operating result of Asset Management increased from € 261 million in 2017 to € 335 million in 2018 (+28.2%).
The operating result of the Holding and other businesses segment came to € -70 million, an improvement compared to € -163 million at 31 December 2017.
Gross written premiums
+5.7%
€ 46,084 mln
Life net cash inflows € 11,369 mln (+5.2%)
NBV
+4.3%
€ 1,877 mln
Operating result
+2.8%
€ 3,067 mln
Gross written premiums
+3.3%
€ 20,607 mln
Cor
+0.1 pps
93.0%
Operating result
+2.5%
€ 1,992 mln
Operating result
+28%
€ 335 mln
Net result
+24%
€ 235 mln
Cost/Income ratio
-8 pps
46%
Operating result
-57.1%
€ -70 mln
Financial and other businesses
+36.3%
€ 397 mln
Holding operating expenses
+2.9%
€ -467 mln
Consolidated Non-Financial Statement
Non-financial information is disclosed in the Annual Integrated Report of the Generali Group in compliance with the provisions of legislative decree of 30 December 2016, no. 254 (leg. decree 254/2016), in implementation of European directive 2014/95. This information is clearly identified through a specific infographic (NFS) created for the purposes of simplifying the fulfilments required by the decree and improving accessibility to the information itself.
To the extent necessary for an understanding of the Group development, performance, position and impact of its activity, information relating to environmental matters, social and employee-related matters, respect for human rights, anti-corruption and bribery matters - which is relevant to the activities and characteristics of the Group - is reported together with a description of the:
- organization and management model
- policies applied
- non-financial key performance indicators
- principal risks related to the matters mentioned above and their management