Premiums collection

Gross written premiums development

Gross written premiums development

Total written premiums amounted to € 66,055 million, remaining stable compared to 31 December 2012. Continuing the trend observed in the third quarter, the fourth quarter saw a decline in the property&casualty segment, observed in particular in Italy, one of the areas most affected by the contraction in Motor and Commercial/Industrial lines. Premiums of the life segment in the fourth quarter also decreased, which was impacted by the slowdown in growth observed in Germany and the trends observed mainly in Spain and France.

As previously indicated, with effect from 1 November, the Generali Group completed a territorial simplification into seven geographic areas based on the areas of responsibility of the Group’s country managers. The reporting by geographical area presented in this report has been adapted to the new territorial structure of the Group, consisting of the business units of the three main markets - Italy, France and Germany - and four regional structures: 

  • CEE: Central and Eastern European countries inside the EU;
  • EMEA: Austria, Belgium, Greece, Guernsey, Ireland, Netherlands, Portugal, Spain, Switzerland, Tunisia, Turkey and Dubai;
  • LatAm: Argentina, Brazil, Colombia, Ecuador, Guatemala and Panama;
  • Asia: China, Indonesia, India, Hong Kong, Vietnam, Thailand, the Philippines and Japan.

In addition to these areas, the International Operations cluster was introduced, which includes the activities of the Holding Company - including the reinsurance of the Group and the international activities of the Parent Company which have not been allocated in the previous geographical areas - the business relating to Europ Assistance and to BSI, and investment and real estate management activities for the Group companies.

In the following financial report, in order to provide a more effective comparison of the economic and financial position of the Group, all the comparative data, except for the consolidated result and shareholders’ equity have been restated excluding the contribution from activities which have been discontinued or sold with reference to 31/12/2013. The indication of the effect of this restatement in terms of presentation of the main key performance indicators is shown in the appendix to this report.

Life written premiums amounted to € 45,115 million, remaining stable (+0.2% on equivalent terms): the development of annual premiums (+0.2%) mitigates the decline in single premium (-0.9%); a significant contribution to the segment comes from indirect business.

Consistently with the strategy aimed at optimizing return on capital, by favouring low capital-absorption insurance products, this segment showed a growth in linked contracts (+8.8% on equivalent terms). Savings and Pension lines decreased (−2.6% on equivalent terms), which in 2012 had benefited from the effects of protective measures of the French Savings and Pension portfolio; a negative trend, although contained, for the Protection lines (−0.4% on equivalent terms).

Property&casualty written premiums amounted to € 20,940 million, slightly decreasing compared to 31 December 2012 (−0.6% on equivalent terms). With reference to the Motor line, direct premiums increased (+0.3% on equivalent terms) as in the trend observed in mature markets most affected by the economic crisis, in particular Italy, France and Spain, are more than offset by the development noted in Germany and in the emerging markets. The decline in direct premiums of the Non-motor line (−1.2% on equivalent terms) was due to the above-mentioned reduction in the Commercial/Industrial lines and also the decline in the Accident and Health lines.

P&C gross written premiums trends167.21 KB
Assicurazioni Generali S.p.A. - C.F. e P.IVA 00079760328