Assicurazioni Generali S.p.A. (ARZGF) CEO Philippe Donnet on Q4 2018 Results - Earnings Call Transcript
Generali was able to achieve strong results even within a challenging environment, with the last quarter of 2018 characterized by natural catastrophes, man-made losses and negative financial markets and without resorting to additional capital gains, consistent with an approach that favors long-term sustainable results. Another example: in the asset management segment, the Group has started to build a global platform by integrating boutiques all around the world. As I mentioned before, Generali has set 3 new high-level financial targets that it aims to achieve by 2021. By the end of 2018, our NPS program covered 58 Generali business units, its success proven by a 2 percentage points increase in customer retention. The in-force generation, worth 1.3 billion Euro, is then simply the unwinding of the discount and the release of risk margins, time value of guarantees and the prudence in financial assumptions embedded in the market consistent approach. For the SCR, you can see that writing new business consumed 1.3 billion of Solvency II capital, but this was more than offset by 1.5 billion released from the run off of the in-force portfolio, leading to a small net benefit of 0.2 billion.