Generali Group posts continued growth in H1 2024 financial results

Generali Group posts continued growth in H1 2024 financial results | Insurance Business America

Insurance News

Generali Group posts continued growth in H1 2024 financial results

GWP saw a notable increase across both life and P&C

Insurance News

By
Kenneth Araullo

Generali Group has reported continued growth in its operating results for the first half of 2024, supported by a diversified business profile.

Gross written premiums rose to €50.1 billion, marking a 20.4% increase, driven by notable growth in both the life and property & casualty (P&C) segments. Life net inflows exceeded €5.1 billion, with strong performance in protection and unit-linked products, which the group says aligns with its strategic focus and the success of commercial initiatives implemented since 2023.

The group’s operating result increased by 1.6% to €3.723 billion, bolstered by positive outcomes in the life and asset & wealth management segments. The life segment’s operating result rose by 7.8% to €1.955 billion, while the new business value improved by 3.7% to €1.289 billion.

However, the P&C segment’s operating result decreased by 6.7% to €1.728 billion, influenced by a higher impact of natural catastrophes and reduced benefits from discounting. The combined ratio for P&C stood at 92.4%, an increase of 0.8 percentage points.

In the asset & wealth management segment, the operating result grew by 19.4% to €566 million, driven by the strong performance of Banca Generali and positive contributions from Conning Holdings Limited. Conversely, the Holding and other businesses segment reported a loss of €227 million, compared to a loss of €158 million in the first half of 2023.

The group’s adjusted net result stood at €2.025 billion, down from €2.330 billion in the same period last year, primarily due to capital gains and other one-offs recorded in the first half of 2023. Excluding these effects, the adjusted net result would have remained largely stable. The net result for the period was €2.052 billion, compared to €2.243 billion in the previous year.

Generali’s shareholders’ equity rose by 0.8% to €29.2 billion, supported by the net result for the period, although this was partially offset by the 2023 dividend payment. The contractual service margin (CSM) increased slightly to €31.9 billion from €31.8 billion at the end of 2023.

Additionally, the group’s total assets under management (AUM) grew significantly to €821 billion, reflecting a 25.2% increase primarily due to the inclusion of Conning Holdings Limited’s AUM.

The group also confirmed its robust capital position, with the solvency ratio at 211%, down from 220% at the end of 2023. This decrease was mainly attributed to the acquisition of Liberty Seguros and the launch of a €500 million share buy-back programme.

Generali Group results across segments

Within the life segment, gross written premiums reached €32.722 billion, representing a 26.6% increase, driven by strong performance across all business lines. The protection line grew by 11.9%, while the savings line saw a substantial 41.6% improvement, largely due to contributions from France, Italy, and Asia. The unit-linked line also experienced significant growth of 17.8%, led by Italy and France.

Life net inflows remained positive, exceeding €5.1 billion, with protection inflows reaching €3.068 billion, led by Italy, France, and Germany. Unit-linked net inflows amounted to €2.573 billion, primarily driven by France, Germany, and Italy. Net outflows from savings and pension improved significantly to €496 million, compared to €6.228 billion in the first half of 2023.