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profit of 2.9 billion, dividend of 1.16 euro

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profit of 2.9 billion, dividend of 1.16 euro

Generali, the 2022 results

Generali unveils 2022 results that beat consensus. In fact, the Trieste-based company achieved the best operating result ever, equal to 6.5 billion (+11.2%), with a net profit close to 3 billion. Generali’s profits were 2,912 million (+2.3%), a figure which, without the impact of investments in Russia, would have exceeded the bar of 3 billion (+7.7% to 3,066 million). Analysts had expected a slight decline in profit compared to 2021, at 2.807 billion euros.

With Generali’s 2022 results the proposed dividend is also growing: 1.16 euros per share (+8.4%), for a maximum disbursement of 1.790 billion. Gross premiums amounted to 81.5 billion (+1.5%, analysts had expected 81.258 billion) with strong growth in non-life (+9.8%), especially in the non-motor segment. Life net income collapsed, down by 36% to 8.7 billion euro. The capital position is also decreasing: the Solvency Ratio drops to 221% from 227% at the end of 2021 (analysts expected 220%).

Donnet: “In line with the plan”

Clearly satisfied with Generali’s 2022 results CEO Philippe Donnet. “Generali’s results confirm the success of our transformation journey, which is continuing with the disciplined and effective implementation of the Lifetime Partner 24: Driving Growth strategy”.

“Thanks to a clear vision of the Group’s positioning as a global leader in the insurance and asset management sector, we are on track to achieve the objectives and ambitions of our strategic plan, pursuing sustainable growth which, even in an environment characterized by exceptional geopolitical and economic challenges, you create value for all our stakeholders. This – adds Donnet – allows us to offer our shareholders a further growing dividend, thanks to the constant increase in profits and the strong equity and financial position of the Group”.

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Plan objectives confirmed

Generali, in the light of the 2022 results, confirms all the objectives of the strategic plan launched last year. A program based, Generali recalls in the note presenting the 2022 results, on solid financial performance, an excellent customer experience and an ever greater social and environmental impact.

Generali’s objective is to grow earnings per share in the period 2021-2024 between 6% and 8%, generate net free cash flows at the level of the parent company in the period 2022-2024 in excess of €8.5 billion and distribute to shareholders cumulative dividends in the period 2022-2024 for an amount between 5.2 and 5.6 billion.

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