Premiums development

Premiums development

Property&casualty written premiums amounted to € 20,617 million, stable compared to the previous year (+ 0.2 % on equivalent terms).

Motor line premiums increased by 0.8% with different trends in the main countries where the Group operates; positive trends were registered in Germany and emerging markets, while deceasing trends were registered in the markets of countries most affected by the current macro-economic scenario (in particular Italy, France, Czech Republic and Spain).

The Non motor segment line result was stable; the positive trend of Commercial/Industrial line (+1.7% at equivalent terms), although differentiated among the countries where the Group operates, is completely offset by the negative trend of Personal (-0.9%) and Accident/Health (-1.2%).

A geographical focus follows regarding the main indicators mentioned above:


Gross written premium in Italy amounted to € 6,132 million, in slight decrease with respect to 31 December 2013 (-2.9 %). This performance is evident both in the Non-Motor line (- 1.9%), and in the Motor line (-4.9%) mainly influenced by a significant contraction in tariffs.

The Non-Motor Line evidences a negative trend in Accident/Health line (-6,7%), partially offset by the positive trend of the Personal line (+2.1%). The Commercial/Industrial line (-0.1%) witnessed a stable trend despite the stagnant economic situation of Italy.


Gross written premiums in France decreased (-6.5 % on equivalent terms) to € 2,545 million. The decrease was attributable to the portfolio pruning’s actions and consequently contracts reduction. In addition the Motor line (-7.2%) suffers in a very competitive market.
The Non-Motor line (-5.6%) reflects the decrease in premiums in the Commercial/Industrial line (-7.4%) affected by the difficult economic environment leading to a stagnant market. In reduction the Personal lines (-4.3%).


Excellent performance of the German gross written premiums which amount to € 3,547 million (€ 3.436 million at 31 December 2013), increasing by 3.3 % due to both the Motor (+4.3%) and Non Motor (+2.6%) lines.

As for the Non Motor line, Commercial/Industrial (+5.0%) and Personal (+4.0%) segments witnessed an increase while a slight drop is observable in the Accident/Health (- 2.2%) segment. As forecasted, the positive trend of the Motor line continued also in 2014, allowing Generali Deutschland to obtain a further improvement in the technical result.


Gross written premiums of Central and Eastern Europe amounted to € 1,884 million, increased with respect to 31 December 2013 (+1.3% on equivalent terms). The trend is due mostly to the Motor line (+2.5% on equivalent terms) and, to a more limited extent, to the Non Motor segment (+0.8 on equivalent terms). Proama witnessed a significant growth, driven by new contracts and existing policies renewals. Also Hungary observed growth, while Czech Republic and Poland decreased.


Gross premiums written for the EMEA regional structure showed a slight increase compared to 31 December 2013 (+0.6 % on equivalent terms) to € 4,246 million (€ 4.218 million at 31 December 2013).

Austria experienced a positive trend, gross written premiums increased from € 1,408 million at 31 December 2013 to € 1,426 million (+1,3%). Both Non Motor (+1.7%), increased thanks to the growth of all business lines which benefited from tariff adjustments, and Motor (+2.0%) witnessed an increase.

Gross written premiums in Spain were almost stable (-0.2%) reaching € 1,281 million (€ 1.284 million at 31 December 2013). Positive trend in the Non Motor segment; Personal line (+0.7%) is improving compared to the market, while the Commercial/Industrial line (-1.1%) mirrors the impact of the economic downturn. Accident/Health line (+4.3%) is strongly increasing due to the decreased performances of the Spanish health system. Motor line (-6.4%) suffered from the market difficulties characterized by a tariff competition that deceases the average premium amount. However in the last months of the year, the introduction of credit scoring requirements and customer segmentation contributed to the stabilization and underwriting’s growth of this business line.

Gross written premiums in Switzerland decreased (-2.5% on equivalent terms), reaching € 675 million (€ 684 million at 31 December 2013). The negative performance can be attributed to the Motor lines (-4.4% on equivalent terms), mirroring the reduction of renewals and portfolio pruning. The Non-Motor lines highlights a slight reduction (-0,8% on equivalent terms) due to the Accident/Health lines (-1.7%on equivalent terms) which suffers from portfolio pruning and a strict underwriting policy finalized at the recovery of profitability.


A positive contribution of gross written premiums from Latin America (22.9 % on equivalent terms) from € 1,112 million at 31 December 2013 to € 1,057 million. The Motor line (+ 19.7%) increases, especially in Argentina, although below the inflation rate. The rationale is to increase competitiveness in a competitive market. The increase of the interest rates throughout the year has convinced various companies to accept a lower technical result, offset by higher financial results. A positive trend also for the Non Motor segment (+33.9%), mainly due to the growth of the Commercial/Industrial lines in Argentina and Brazil.


Gross written premiums amounted to € 103 million, increasing from the prior year (12.6 % on equivalent terms).
This increase is completely attributable to the Hong Kong branch.


The gross written premiums of International Operations witnessed a decrease compared to 31 December 2013 (-1.5 % on equivalent terms), amounting € 1,102 million.

Specifically, the trend is attributable to the drop in the gross written premiums related to the care services.