Generali's profit up 10.8% to EUR 4.5 billion

Generali Group turned a gross profit of EUR 4.5 billlion in 2014, up 10.8% from the year 2013.

The adjusted net result, without considering extraordinary items, is EUR 2.1 billion, it was said in a release issued by Generali Group which assessed that an excellent result had been achieved in both segments of operations.

Last year's growth of 15.2% in the Life segment pushed the profit up to EUR 2.9 billion.

In the Property and Casualty segment, profit grew 13.1% to EUR 1.83 billion, primarily due to good technical results.

The release also reads that the operating RoE reached 13.2% at the end of 2014, while the goal for 2015 is 13%.

Launch of new products and business initiatives increased total premiums to EUR 70.4 billion.

The proposed dividend per share is EUR 0.60 or 0.15 euro higher than last year. The payout ratio grew to 55.9 from 36.6 percent in the previous year.

As it was announced, these results are accompanied by a strengthened capital position which the Group continues to hold in a sharp focus.

Shareholders’ equity grew 17% to EUR 23.204 billion, while the Solvency I ratio has exceeded the 2015 target (160%), reaching 164%.

Generali Group CEO Mario Greco said that the transformation of Generali had been achieved and that the targets set out in January 2013 had been met one year in advance.

- With this turnaround we have been able to generate EUR 18 billion for our shareholders and are confident that we will deliver further value in the future - he stressed.

He noted that Generali was focused on its core insurance business, more disciplined in the management of its balance sheet and capital, and more simple and transparent in its geographic presence and governance.

Generali Group operates in Serbia through the Generali osiguranje insurance company.