Financial Data and Key Metrics Changes - The company reported a strong and resilient performance with a top line growth in key areas, particularly non-motor P&C, which saw a 10.1% year-on-year growth [21][22] - The operating result for P&C increased from €1.43 billion a year ago to €2.15 billion for the first nine months of 2023, driven by several factors including a €350 million increase in the undiscounted operating insurance service result [23][24] - The adjusted net result for the first nine months of 2023 was €2.979 billion, reflecting a solid capital position with a solvency ratio at 224% [35][36] Business Line Data and Key Metrics Changes - In the Life segment, net inflows were reported at minus €1.2 billion, showing improvement compared to the previous quarter, attributed to lower surrenders [26][27] - The P&C business gross written premiums increased by 11.9% in Q3 2023, with an average premium increase of 6.9% compared to the same period last year [12][22] - The normalized CSM growth for Life was around 3.8% on a nine-month basis, with expectations for stronger new business CSM in Q4 [30] Market Data and Key Metrics Changes - The company maintained a strong position in the market with a Net Promoter Score confirming its number one position among peers [5] - The average premium in the retail and SME book increased by 6.9% year-on-year, reflecting broad-based improvement across the portfolio [12][22] - The company noted a gradual normalization of outflows in France and improvements in lapses in Italy, particularly in the bancassurance channel [9][26] Company Strategy and Development Direction - The company continues to focus on bundling solutions that address multiple customer needs within a single product, aligning with its lifetime partners ambition [11] - The strategy includes adapting pricing in response to claims inflation and frequency, particularly in the P&C segment [13][58] - The company is also enhancing its product offerings to remain competitive in the current market context [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertain macro environment due to recent geopolitical developments and weather events affecting communities [4][6] - The company expressed confidence in its strategic direction and ability to deliver solid growth as it moves into the last quarter of the year [19] - Management highlighted the need to adapt pricing strategies in light of increasing claims frequency and severity, particularly regarding natural catastrophes [56][100] Other Important Information - The company reported a significant impact from natural catastrophes, with €875 million in undiscounted nat cat experience, of which €687 million occurred in Q3 [23][24] - The investment yield remained strong at 4.3% in Life and 4% in P&C, with a focus on maintaining a prudent approach to listed equity [16][18] - The company anticipates potential impairments in real estate assets due to market trends, which may impact non-operating investment results in Q4 [32] Q&A Session Summary Question: Insights on P&C loss ratio and guidance for combined ratio - Management noted an improvement in the current year loss ratio, excluding natural catastrophes, and confirmed ongoing efforts to reach the previous guidance of 95% for the combined ratio [38][41] Question: Clarification on discounting benefits and finance expenses - The guidance for discounting benefits for 2023 has been adjusted to €850 million to €900 million, with finance expenses expected to increase by around €200 million [45][46] Question: Changes in lapse assumptions and CSM variances - Management indicated marginal decreases in experience variances and noted that adjustments to assumptions may occur based on observed trends in lapse rates [46][113] Question: Long-term outlook for natural catastrophes and pricing strategies - Management acknowledged the increasing frequency of secondary perils and emphasized the need to adapt pricing strategies accordingly [56][58] Question: Impact of Life guarantee fund in Italy - The introduction of the Life guarantee fund is expected to have a net impact of €40 million over the next ten years if the law is approved as currently proposed [71] Question: Details on net inflows and performance in Italy and France - Management reported a positive trend in net inflows, with improvements in both Italy and France, indicating a reassuring normalization in the savings and pension business [84][90]

Financial Data and Key Metrics Changes - Gross written premiums increased to €42.2 billion, up by 3.6% compared to the first half of 2022, driven by a 10.6% growth in the Property & Casualty segment [7][8] - Operating results rose to over €3.7 billion, a 28% increase from the first half of 2022, with the Property & Casualty segment's operating results increasing by 85.7% to €1.85 billion [10][11] - Adjusted net results increased to over €2.3 billion, up by nearly 61% from the first half of 2022, translating into a 64.6% rise in adjusted earnings per share [13][14] - The solvency ratio improved to 228%, up from 221% at the end of 2022, reflecting robust capital generation [15] Business Line Data and Key Metrics Changes - In the Property & Casualty segment, non-motor premiums grew by 10.7%, with Europ Assistance premiums increasing by 44% due to growth in the travel business [8] - Life's net inflows were negative at €877 million, with positive inflows in unit-linked and protection products, partially offsetting outflows from savings [9] - The operating results of the Asset & Wealth Management segment rose to €498 million, up by 1.3%, with Banca Generali improving by 41.2% [12] Market Data and Key Metrics Changes - The combined ratio improved by 5.4 percentage points to 91.6%, driven by a lower loss ratio [11] - The company confirmed strong growth in various geographies, with significant price increases in the motor line across major markets [30][42] Company Strategy and Development Direction - The company announced two key acquisitions aimed at strengthening its market position in insurance and asset management, including Liberty Seguros and Conning Holdings Limited [16][18] - The strategic plan "Lifetime Partner 24" is on track to meet all key financial targets set in December 2021, with ongoing updates planned [20][21] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience and profitability of the company, emphasizing the strong financial position and diversified profit sources [6][10] - The management expressed confidence in the ongoing execution of the strategic plan and the positive outlook for the second half of the year, particularly regarding tariff increases and improved profitability [20][70] Other Important Information - The company is focused on maintaining profitability through ongoing tariff adjustments and managing claims inflation, particularly in the material damage sector [68][70] - The integration of recent acquisitions is expected to enhance operational efficiency and market presence [19][86] Q&A Session All Questions and Answers Question: Inquiry on P&C combined ratio and outlook - The underlying combined ratio has deteriorated slightly, with expectations for improvement in the second half due to tariff increases and operational adjustments [22][30] Question: Lapse rates in Life insurance - The lapse rates in France and Italy have been addressed with a forward-looking measure, with management observing a slight improvement in the second quarter [26][32] Question: Operating capital generation and remittances - The company confirmed strong capital generation, with expectations for cash conversion payouts to remain valid in the new operating capital generation environment [22][28] Question: Solvency II ratio impact from lapse assumptions - A significant portion of the negative impact on the Solvency II ratio was attributed to changes in lapse assumptions, with ongoing monitoring of the situation [38][40] Question: Tariff changes by country - Management confirmed that tariff changes are being implemented across all geographies, with specific increases noted in Germany and Italy [42][44] Question: Dividend growth and future plans - The company is committed to growing dividends consistently in line with its strategic plan, with a focus on maintaining a strong capital position [80][81] Question: Outlook on combined ratio and investment income - The company is managing towards a 95% combined ratio, with expectations for stability in investment income despite potential fluctuations in discounting effects [97][101]

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Financial Data and Key Metrics Changes - The company reported an operating result of over €1.8 billion, marking a 22% year-on-year increase [28] - The adjusted net result improved from €821 million to €1.23 billion, reflecting diversified profit sources [31] - The life operating result was €924 million, almost 10% higher than the previous year under IFRS 4 [44] Business Line Data and Key Metrics Changes - In the Life segment, protection reached €1.3 billion, while unit-linked products achieved €1.4 billion [9] - The P&C business saw a 10% increase in gross written premiums compared to the previous year, driven mainly by non-motor lines [17] - Non-motor gross written premium growth was 12.1% in Q1 2023, continuing the trend from 2022 [32] Market Data and Key Metrics Changes - The company increased its client base to 69 million, adding almost 1 million clients [5] - The average premium in the retail and SME book increased from 3.3% to 6.3% by the end of Q1 2023 [18] - The combined ratio for P&C was 90.7%, which is 5.6 percentage points lower than the previous year [36] Company Strategy and Development Direction - The company aims to become a lifetime partner to customers, focusing on improving advisory services and digital policy distribution [5][7] - The strategy remains unchanged despite rising interest rates, with a focus on new business underwriting discipline and capital-light products [14] - The company is adapting its product offerings to meet changing customer appetites, including recalibrating premium allocations [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic plan despite geopolitical pressures and volatile financial markets [4] - The company noted a moderate increase in lapses, particularly in bancassurance channels, but highlighted a positive trend in retention initiatives [10][11] - The management expects continued growth in the protection business, leveraging increased customer awareness post-COVID-19 [15] Other Important Information - The company has a strong solvency position at 227%, up from 221% at year-end 2022 [54] - The real estate exposure is around €35 billion, with a low vacancy rate of close to 10% [24] Q&A Session Summary Question: Can you provide insights on the Life Q1 operating profit and any one-off items? - The Life CSM release was €743 million, with a lower loss component of €10 million compared to €66 million in the previous year [57] Question: What is driving the increase in the P&C expense ratio? - The increase is mainly due to higher acquisition expenses from the growth of non-motor business and integration costs from newly consolidated businesses [59] Question: Can you elaborate on the extra costs in Asset Management? - The costs are related to investments in regulatory requirements and operational improvements, with expectations of a deceleration in cost increases later in the year [61] Question: What are the group's natural catastrophe retention and reinsurance arrangements? - The company has reinsurance protection operating in excess of €200 million for flood losses, with a maximum coverage of €2.4 billion [66] Question: What initiatives are in place to recapture outflows in Life products? - Initiatives include offering additional products and launching new segregated funds to attract customers [68] Question: What is the outlook for the discount benefit and insurance finance expenses? - The discount benefit is expected to decline, while insurance finance expenses will increase, with a projected €200 million increase in 2024 [100]

Financial Data and Key Metrics Changes - The group achieved an operating result of €6.5 billion, an increase of 11.2% compared to 2021, with gross written premiums amounting to €81.5 billion and a net result of €2.9 billion [7][10] - The solvency ratio stood at a strong 221% at the end of 2022, with reduced sensitivity to financial markets [10] - The net holding cash flow grew by 11% to €2.9 billion, reflecting improved cash generation [11] Business Line Data and Key Metrics Changes - The Property & Casualty (P&C) segment saw a top line increase of 11%, driven primarily by motor insurance, with non-motor growth being a strategic focus [21][22] - Life business operating results reached €3.5 billion, with €200 million to €250 million attributed to nonrecurring elements [24][25] Market Data and Key Metrics Changes - The company reported a 3.3% growth in retail and SME segments and a 6% increase in corporate and commercial segments [23] - The average annual premium increase was noted, with a significant portion of the growth attributed to price adjustments rather than volume increases [46][87] Company Strategy and Development Direction - The company is focused on its "Lifetime Partner 24, Driving Growth Strategy," emphasizing profitable and sustainable growth [6][18] - There is a commitment to customer loyalty and service improvement, with Generali being the largest insurer in the European retail and SME segment [13][14] - The company is actively managing inflation through tariff increases and cost-saving measures [15][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by geopolitical tensions and inflation but expressed confidence in the company's resilience and strategic execution [5][6] - The outlook for the motor insurance combined ratio is cautiously optimistic, with expectations for improvement in 2023 [70][94] Other Important Information - The company has received an upgraded ESG rating to AAA from MSCI, reflecting its commitment to sustainability [17] - The company is not considering increasing its debt, maintaining a focus on capital-light products and protection offerings [43][44] Q&A Session Summary Question: P&C top line growth and volume drivers - The P&C top line increased by 11%, with non-motor growth being a key focus, driven by changes in average annual premiums [21][22] Question: Life earnings and recurring contributions - Life operating results included €200 million to €250 million of nonrecurring elements, with stable performance expected under IFRS 17 [24][25] Question: Holding cash position - The holding cash position at year-end was €2.8 billion, with a significant portion allocated for operational flexibility [26][27] Question: New business margins and private equity dividends - New business margins benefited from higher interest rates, but the new business value saw a decline due to market conditions [30][34] Question: Lapse risk and competition for deposit accounts - Lapse rates remained aligned with previous years, with an increase observed in the fourth quarter, particularly in bancassurance distributions [85] Question: Combined ratio outlook and claims inflation - The combined ratio for motor was reported at 98.2%, with expectations for improvement in 2023 as pricing adjustments take effect [82][94]

Assicurazioni Generali S.p.A. (OTCPK:ARZGF) Q2 2022 Earnings Conference Call August 2, 2022 6:00 AM ET Â | --- | |-----------------------------------------------------------------------------------------------------------------------------------| | | | Company Participants | | Fabio Cleva - Investor Relations Philippe Donnet - Group Chief Executive Officer Cristiano Borean - Group Chief Financial Officer | | Conference Call Participants | | David Barma - BNP Paribas | | Andrew Sinclair - Bank of America | | ...

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Assicurazioni Generali SpA (OTCPK:ARZGF) Q1 2022 Earnings Conference Call May 19, 2022 6:00 AM ET Company Participants | --- | |---------------------------------------------------| | | | Fabio Cleva - IR Cristiano Borean - Group CFO | | Conference Call Participants | | Andrew Sinclair - Bank of America | | Peter Eliot - Kepler Cheuvreux | | David Barma - BNP Paribas Exane | | Farooq Hanif - JPMorgan | | William Hardcastle - UBS | | Andrew Ritchie - Autonomous Research | | James Shuck - Citigroup | | Michael ...

Assicurazioni Generali SpA (OTCPK:ARZGF) Q4 2021 Earnings Conference Call March 15, 2022 7:00 AM ET Company Participants Giulia Raffo - Head, Investor & Rating Agency relations Philippe Donnet - MD, Group CEO & Director Cristiano Borean - Group CFO Conference Call Participants Andrea Lisi - Equita Andrew Sinclair - Bank of America Merrill Lynch Farooq Hanif - JPMorgan Chase & Co. Andrew Ritchie - Autonomous Research Peter Eliot - Kepler Cheuvreux James Shuck - Citigroup William Hawkins - KBW Alberto Villa - ...

Assicurazioni Generali S.p.A. (OTCPK:ARZGF) Q3 2021 Earnings Conference Call November 11, 2021 6:00 AM ET Company Participants Giulia Raffo - Head of Investor and Rating Agency Relations Cristiano Borean - Chief Financial Officer Conference Call Participants Peter Eliot - Kepler Cheuvreux Andrew Sinclair - Bank of America Andrew Ritchie - Autonomous Michael Huttner - Berenberg David Barma - Exane BNP Paribas William Hawkins - KBW Sudarshan Bhutra - Societe Generale Steven Haywood - HSBC Michael Huttner - Be ...