Generali Achieves Record Financial Performance in 2024
Generali has announced robust financial results for 2024, demonstrating growth across all its business segments and surpassing targets set by its strategic plan, “Lifetime Partner 24: Driving Growth.” Total gross written premiums surged by 14.9% to reach €95.2 billion.
Generali Group CEO Philippe Donnet
The company’s adjusted net result increased to €3.77 billion, a rise from €3.58 billion the previous year. This improvement reflects the contributions from Generali’s diversified profit sources, even with lower net realized gains. The overall net result stood at €3.72 billion, slightly down from €3.75 billion in the prior year, which included capital gains from asset disposals in 2023.
In the first nine months of 2024, Generali saw its gross written premiums increase by 18.1% to €70.7 billion. This rise was driven by strong performances in both its life and property & casualty (P&C) divisions. Simultaneously, the group’s operating result grew by 7.9% to €5.4 billion during this period, with gains across life, P&C, and asset & wealth management divisions.
Segment Highlights
Life Insurance
Life net inflows reached €9.7 billion, with contributions from protection and unit-linked products. The company attributed this to the strength of its product offering and distribution network. The life operating result rose to €3.98 billion, an increase of 6.6%, and the new business value improved by 2.3% to €2.38 billion.
Property and Casualty (P&C) Insurance
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.
Asset & Wealth Management
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).
Other Business Segments
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.
Solvency and Future Outlook
The group’s solvency ratio stood at 210%, compared to 220% in 2023, a decrease attributed to the acquisition of Liberty Seguros and the completion of a €500 million share buy-back programme.
Generali Group CEO Philippe Donnet stated that the group is in its strongest position to date, supported by its record operating and adjusted net results. He emphasized the company’s continued focus on its new strategic plan, “Lifetime Partner 27: Driving Excellence.”
