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Positive results among UK, European insurers

Dutch insurer ING and Italy’s Generali have recorded strong increases in profits in the first quarter of this year, while British giant Aviva recorded a growth in premium from the fourth quarter last year.

ING Insurance recorded an underlying profit before tax of €269 million ($376 million), up from a loss of €954 million ($1.3 billion) in the first quarter of last year.

Operating profit for the segment increased 62.7% to €415 million ($580 million) on higher margins and cost containment.

Generali’s first-quarter profits leaped to €527 million ($737 million), up from €104 million ($145 million) last year as a result of strong life insurance results that offset catastrophe losses.

Life insurance operating profits increased 60.8% to €866 million ($1.2 billion) while gross written life premium for the period increased 25.7% to €14.21 billion ($19.88 billion).

Operating profit on non-life business fell 25% in the first quarter to €334.9 million ($467.4 million) while gross written premium on non-life business rose slightly to €6.65 billion ($9.35 billion).

The insurer’s non-life combined ratio fell to 98% in the first quarter from 96.3% last year due to €115 million ($161 million) in catastrophe losses.

Aviva achieved £2.46 billion ($3.44 billion) in general insurance and health net written premiums, a 16% increase from the fourth quarter of last year, but a 1% decline in net written premiums from the prior corresponding quarter.

The return to growth in premiums was attributed to such initiatives as reshaping of Aviva’s UK portfolio and its strategy of increasing its general insurance sales through its European existing bancassurance relationships.