Generali (BIT:GASI) (OTC:ARZGY) confirmed its strategic targets after reporting growth numbers in the first quarter. After starting positively, the stock dipped, losing 0.7% to trade at €17.75 (€1=$1.0732).

The Group’s gross written premiums increased by 1.3% to €22.16B, thanks to the robust growth in the P&C segment. Life net inflows were -€190M.

Operating income increased 22% to €1.82B, thanks primarily to the contribution from the P&C segment, with the Life business growing 1% to €924M.

Net income increased significantly, up to €1.2B from €481M in the first quarter of 2022, with adjusted net income up to €1.23B from €821B in January-March last year.

This was due primarily to the improved operating result, which benefitted from diversified profit sources, a non-recurring capital gain related to the disposal of a London real estate development (€193M net of taxes), and it also reflects the impact from €96M in impairments on Russian fixed income instruments recorded during the first quarter of 2022.

With shareholders’ equity up 3.6% to €28B, thanks to the net income, and AuM up 2.6% to €631.3B, the insurance giant reported that it has a solvency ratio of 227% compared to 221% for the full year 2022.

“The strong profitable growth delivered in the first quarter confirms that we remain fully on-track to meet the targets of our ‘Lifetime Partner 24: Driving Growth’ strategy,” said CFO Cristiano Borean.

“The performance of the P&C segment reflects our focus on technical excellence, while in the Life segment we continue to rebalance our business mix towards our more profitable lines, even in a challenging environment. The Group also confirms its extremely solid solvency position, driven by strong organic capital generation,” he added.