The Generali Group Switzerland achieved its targets in the 2014 financial year and shows positive growth. There have been no major natural calamities and so the company has benefited from there having been fewer than average claims made.
- Generali Group Switzerland increases group profit by 14.1% to CHF 163.5 million
- An encouraging 4.7% increase in gross life premiums
- All segments benefit from enhanced cooperation with the worldwide Generali Group
«We are very satisfied with our overall results. We have done a good job and been able to stick to our strategy and meet all expectations. As the stock markets performed well, our investments played a great part in helping us achieve these good results», said Alfred Leu, CEO of the Generali Group Switzerland. «At the same time, the situation on the capital markets has got worse and interest rates are lower than ever, so the Swiss insurance industry faces a major challenge.»
Gross premiums up thanks to one-off payments
The Generali Group Switzerland's group profit rose year-on-year by 14.1% to CHF 163.5 million. Gross premiums booked increased by a total 1.9%, reaching CHF 2,188.9 million at year-end. In Life & Pensions, the insurer achieved encouraging growth, largely thanks to good performance in single-premium business: Premiums rose by 4.7% to CHF 1,368.8 million. Unit-linked life insurance, which accounts for more than 66% of total premium income, is still the main source of revenues in this line.
In non-life business, Generali prepared for the future by optimising its portfolio and enhancing its profitability. There was a marked improvement in the combined ratio, by 1.7 percentage points to 92.7%.
Despite adverse market conditions, the Company's capital investments performed well. Their total value rose by 11.2% to CHF 16.0 billion. The Return on Investments matched the benchmark exactly.
Strategy's interim targets achieved – Focus on customers
The past financial year was dominated by the Generali Group Switzerland's establishment of closer ties with its parent company, the worldwide Generali Group, and by the taking of various strategic initiatives on the Swiss market. The company also continued, in the year under review, to develop on lines resulting from close consultation with specialists at the Group's headquarters: Processes were made more efficient and transparent, capital management was fine-tuned, and underwriting expertise built up.
By moving forwards in these ways, Generali focused especially on the needs of the people who have their insurance with it. Its reinforcement of its communications channels has enabled Generali to present itself as an accessible and customer-centred undertaking with absolute determination to keep on improving the services and personal advice it provides.
The complete Annual Report, with key figures and notes on them, the year's financial statements for the main holding companies and a review of the decisive projects and campaigns of 2014, is published at generali.ch/annualreport2014/en/.