Despite a turbulent year regarding natural disasters, the Italian insurance company Generali achieved an impressive result. This is due to the company's solid capitalization on one hand, and its diversified business model on the other hand.

According to the statement published on Friday, Generali was able to increase its net profit to 2.98 billion euros, a 30 percent increase in the first nine months of the year, thereby even surpassing analysts' expectations. The operating result also increased by 17 percent to 5.1 billion euros.

The improvement of the claims expense ratio in the property segment by 3.1 percentage points to 94.3% is particularly impressive. Despite natural disasters such as the floods in Northern Italy in the summer, which burdened the ratio by 3.7 percentage points, Generali was able to compensate for this thanks to higher premiums.

However, the insurance giant warned of further potential burdens from natural disasters. Particularly in October and November, damages from such events have had a significant impact. Nevertheless, CFO Cristiano Borean reiterated: "Thanks to the diversified business model and a solid capital base, Generali is well on track to achieve all its goals for 2024."

By the end of September, the company's solvency ratio was at 224 percent - a solid value that is above the planned value of 221 percent by the end of 2022. However, analysts expected an even better ratio.

Overall, the strong growth of Generali in this challenging year demonstrates the stability and ability of the company to adapt to unforeseen events. With a solid capital base and a diversified business model, Generali is well-equipped to achieve its goals for the future.