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GENERALI 190 1831-2021 18/05/2021 PRESS RELEASE FINANCIAL INFORMATION AT 31 MARCH 20211 Excellent business profitability , with strong growth in operating result and net result . The capital position was extremely solid Operating result stood at € 1.6 billion ( + 11 % ) , thanks to the positive development of the P & C , Asset Management and Holding and other businesses segments . The contribution from the Life segment was resilient Gross written premiums reached € 19.7 billion ( + 4.2 % ) , up in both the Life segment ( + 5.5 % ) and the P & C segment ( + 1.9 % ) . Life net inflows increased to € 3 billion ( + 1 % ) , fully concentrated in the unit - linked and protection lines . The Combined Ratio was 88.0 % ( -1.4 p.p. ) and the New Business Margin was excellent , and at 4.44 % ( +0.4 p.p. ) , among the best in the sector Net result rose to € 802 million ( € 113 million 1Q2020 ) , also reflecting the operating result . The first quarter of 2020 was impacted by significant impairments on investments and the expense of the Extraordinary International Fund for Covid - 19 The capital position was extremely solid , with the Group's Solvency Ratio at 234 % , benefitting from excellent capital generation and positive market performance The Generali Group CFO , Cristiano Borean , stated , “ The Group closed the first quarter of 2021 with a great performance in line with its targets , confirming the effectiveness of the ' Generali 2021 ' strategy . The Group remains among the most solid in the insurance sector , with an excellent capital position . The rebalancing of the Life business mix is well under way and has enabled us to maintain excellent profitability in the current low interest rate environment . Generali continues to post the best , least volatile Combined Ratio among its peers and has achieved impressive results in Asset Management and other segments . The strong growth in operating result and net profit demonstrate that the Group continues to operate effectively in a macroeconomic context that is still facing uncertainty due to the pandemic . " 1 Changes in premiums , Life net inflows and PVNBP ( present value of new business premiums ) were presented in equivalent terms ( at constant exchange rates and consolidation scope ) . Changes in operating result , own investments and Life technical provisions excluded any assets disposed of during the same period of comparison . Media Relations T +39.02.43535014 media@generali.com Investor Relations T +39.040.671402 ir@generali.com in Generali @GENERALI generaligroup GruppoGenerali www.generali.com