Generali has announced exceptional financial results for 2024, highlighted by significant growth across its business segments. The insurance group reported that its ‘Lifetime Partner 24: Driving Growth’ strategic plan was key to these successes.
Key Financial Highlights
Total gross written premiums surged by 14.9% year-over-year, reaching €95.2 billion. Generali’s adjusted net result climbed to €3.77 billion, up from €3.58 billion the previous year, demonstrating the strength of its diversified profit sources.
The overall net result for the year stood at €3.72 billion, slightly below the €3.75 billion recorded in 2023, which included capital gains from asset disposals. In the first nine months of 2024 the group experienced an 18.1% increase in gross written premiums, reaching €70.7 billion. Positive results were seen in both its life and property & casualty (P&C) divisions.
The group’s operating result also increased by 7.9% to €5.4 billion in the first nine months of the prior year, with gains across life, P&C, and asset & wealth management divisions.
Segment Performance
Generali’s life net inflows reached €9.7 billion, with all contributions coming from protection and unit-linked products. The life operating result advanced to €3.98 billion, up 6.6%, while the new business value increased by 2.3% to €2.38 billion. Generali credited its product offerings and distribution network.
The property and casualty (P&C) operating result grew to €3.05 billion, demonstrating a 5.1% increase. The combined ratio stood at a favorable 94.0%, and the undiscounted combined ratio improved to 95.9%, which is a 0.8 percentage point gain from the previous year.
The asset & wealth management segment saw a 22.6% increase in its operating result, reaching €1.18 billion. This was attributed to the strong performance of Banca Generali and enhanced returns in asset management, which was boosted by the consolidation of Conning Holdings Limited (CHL).
The holding and other businesses segment reported an operating result of €-536 million, compared to €-415 million in 2023. This was mainly because of lower intra-group dividends.
Other Financial Metrics
Shareholders’ equity increased by 4.9% to €30.4 billion, driven by the year’s net result, though partially offset by dividend payments. The contractual service margin (CSM) was slightly down at €31.2 billion from €31.8 billion in 2023.
Total assets under management (AUM) grew significantly to €863 billion, representing a 31.6% increase. This growth was driven by the inclusion of CHL’s AUM and positive net inflows. The group’s solvency ratio stood at 210%, a decrease from 220% in 2023, this was linked to the acquisition of Liberty Seguros and the completion of a €500 million share buy-back programme.
Generali Group CEO Philippe Donnet commented on the results, stating that the group is “in its strongest position to date.”
