Generali reported its financial results for the first nine months of 2024, highlighting growth across its operating segments and maintaining a strong capital position.
The group’s gross written premiums rose by 18.1% to €70.7 billion, driven by positive performance in both its life and property & casualty (P&C) divisions. Life segment net inflows totalled €6.8 billion, with contributions coming solely from protection and unit-linked products, aligning with the group’s strategic priorities.
The group's operating result grew by 7.9% to €5.4 billion, with gains across life, P&C, and asset & wealth management divisions.
Generali’s life segment operating result increased 8.9% to €3.0 billion, with the new business value (NBV) rising to €1.8 billion, a 1.8% growth. The P&C operating result also grew to €2.2 billion, up 2.5%, while the combined ratio improved to 94%, a decrease of 0.3 percentage points.
In asset & wealth management, the operating result rose 20.1% to €837 million, attributed to continued gains in Banca Generali and Asset Management, which benefited from the consolidation of Conning Holdings Limited.
For the holding and other businesses segment, the operating result was reported at €-357 million, compared to €-281 million for the same period in 2023.
Generali’s adjusted net result totalled €2.88 billion, down from €2.98 billion in 2023, a variance partly due to a €193 million capital gain from a London real estate sale in Q1 2023. Without this one-time item, the adjusted net result would show a 3.4% increase.
Generali’s net result rose to €2.96 billion, up from €2.82 billion in the prior year, reflecting a €58 million capital gain from the sale of TUA Assicurazioni in the first quarter of 2024.
Generali's shareholders' equity rose to €30 billion, up from €29 billion at year-end 2023, while the contractual service margin (CSM) increased to €32.4 billion. The group’s total assets under management also grew, reaching €843.3 billion, compared to €655.8 billion at the end of 2023.
The company’s solvency ratio stood at 209%, down from 220% at year-end, with capital generation partly offset by the acquisition of Liberty Seguros, regulatory changes, and other market factors. These capital movements included accrued dividends and the impact of a €500 million share buyback program.
In the life segment, the new business value (NBV) rose to €1.8 billion, supported by a 31% increase in the present value of new business premiums (PVNBP). The life CSM also grew by 1.8% to €31.5 billion.
In P&C, gross premiums increased to €25.1 billion, a 9.8% rise, with the undiscounted combined ratio improving to 96.3%, down 1.4 percentage points. The asset & wealth management segment saw a 20.1% increase in its operating result, reaching €837 million, including a 31.7% increase in Banca Generali’s operating result, which reached €447 million.
In its outlook, Generali reaffirmed its commitment to sustainable growth, earnings enhancement, and innovation, aiming for annual earnings per share growth rate of 6-8% for the period 2021-2024.
The group projects net holding cash flow to exceed €8.5 billion for 2022-2024, with cumulative dividends to shareholders between €5.2 billion and €5.6 billion over the same period. The group reported cumulative dividends of €5.5 billion for 2022 to 2024, achieving its distribution target with the 2023 dividend payment on May 22.
Generali Group CFO Cristiano Borean (pictured above) noted that the group achieved continued growth in operating results across all business segments in Q3 2024.
“Thanks to our focus on the diversification of profit sources, we continue to deliver in a complex and evolving global environment. Looking ahead, we are fully on track to successfully complete the ‘Lifetime Partner 24: Driving Growth’ plan and we are working on our new strategy that will be presented on January 30, 2025,” Borean said.
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