Generali has reported record financial results for 2024, seeing growth across its business segments, with total gross written premiums increasing by 14.9% to €95.2 billion.
The insurance group noted that it surpassed the targets set under its “Lifetime Partner 24: Driving Growth” strategic plan.
Generali’s adjusted net result rose to €3.77 billion, up from €3.58 billion the previous year, reflecting contributions from its diversified profit sources despite lower net realised gains. The overall net result stood at €3.72 billion, slightly lower than the previous year’s €3.75 billion, which included capital gains from asset disposals in 2023.
In the first nine months of the prior year, Generali saw its gross written premiums rise by 18.1% to €70.7 billion, driven by positive performance in both its life and property & casualty (P&C) divisions.
9M2024 also saw the group's operating result growing by 7.9% to €5.4 billion, with gains across life, P&C, and asset & wealth management divisions.
Life net inflows reached €9.7 billion, with all contributions coming from protection and unit-linked products. The company attributed this to its product offering and distribution network. The life operating result rose to €3.98 billion, an increase of 6.6%, while the new business value improved by 2.3% to €2.38 billion.
The property and casualty (P&C) operating result grew to €3.05 billion, reflecting a 5.1% increase. The combined ratio stood at 94.0%, with the undiscounted combined ratio improving to 95.9%, a 0.8 percentage point gain from the previous year.
The asset & wealth management segment saw a 22.6% rise in its operating result, reaching €1.18 billion. Generali cited strong performance from Banca Generali and higher returns in asset management, bolstered by the consolidation of Conning Holdings Limited (CHL).
The holding and other businesses segment posted an operating result of €-536 million, compared to €-415 million in 2023, largely due to lower intra-group dividends.
Shareholders’ equity increased by 4.9% to €30.4 billion, driven by the net result for the year, though partially offset by dividend payments. The contractual service margin (CSM) stood at €31.2 billion, slightly down from €31.8 billion in 2023.
Total assets under management (AUM) grew to €863 billion, reflecting a 31.6% increase. Generali attributed this growth to the inclusion of CHL’s AUM and positive net inflows.
The group’s solvency ratio stood at 210%, compared to 220% in 2023, with the decline linked to the acquisition of Liberty Seguros and the completion of a €500 million share buy-back programme.
Generali Group CEO Philippe Donnet (pictured above) said that the group is in its strongest position to date, supported by its record operating and adjusted net results, and remains focused on its new strategic plan, “Lifetime Partner 27: Driving Excellence.”
What are your thoughts on this story? Please feel free to share your comments below.
