Generali Group reviews continued progress in H1 2024 monetary outcomes

Generali Group has reported continued progress in its working outcomes for the primary half of 2024, supported by a diversified enterprise profile.

Gross written premiums rose to €50.1 billion, marking a 20.4% improve, pushed by notable progress in each the life and property & casualty (P&C) segments. Life internet inflows exceeded €5.1 billion, with robust efficiency in safety and unit-linked merchandise, which the group says aligns with its strategic focus and the success of economic initiatives applied since 2023.

The group’s working end result elevated by 1.6% to €3.723 billion, bolstered by constructive outcomes within the life and asset & wealth administration segments. The life phase’s working end result rose by 7.8% to €1.955 billion, whereas the brand new enterprise worth improved by 3.7% to €1.289 billion.

Nevertheless, the P&C phase’s working end result decreased by 6.7% to €1.728 billion, influenced by the next impression of pure catastrophes and lowered advantages from discounting. The mixed ratio for P&C stood at 92.4%, a rise of 0.8 share factors.

Within the asset & wealth administration phase, the working end result grew by 19.4% to €566 million, pushed by the robust efficiency of Banca Generali and constructive contributions from Conning Holdings Restricted. Conversely, the Holding and different companies phase reported a lack of €227 million, in comparison with a lack of €158 million within the first half of 2023.

The group’s adjusted internet end result stood at €2.025 billion, down from €2.330 billion in the identical interval final yr, primarily on account of capital positive aspects and different one-offs recorded within the first half of 2023. Excluding these results, the adjusted internet end result would have remained largely secure. The online end result for the interval was €2.052 billion, in comparison with €2.243 billion within the earlier yr.

Generali’s shareholders’ fairness rose by 0.8% to €29.2 billion, supported by the web end result for the interval, though this was partially offset by the 2023 dividend cost. The contractual service margin (CSM) elevated barely to €31.9 billion from €31.8 billion on the finish of 2023.

Moreover, the group’s whole property beneath administration (AUM) grew considerably to €821 billion, reflecting a 25.2% improve primarily as a result of inclusion of Conning Holdings Restricted’s AUM.

The group additionally confirmed its strong capital place, with the solvency ratio at 211%, down from 220% on the finish of 2023. This lower was primarily attributed to the acquisition of Liberty Seguros and the launch of a €500 million share buy-back program.

Generali Group outcomes throughout segments

Throughout the life phase, gross written premiums reached €32.722 billion, representing a 26.6% improve, pushed by robust efficiency throughout all enterprise strains. The safety line grew by 11.9%, whereas the financial savings line noticed a considerable 41.6% enchancment, largely on account of contributions from France, Italy, and Asia. The unit-linked line additionally skilled vital progress of 17.8%, led by Italy and France.

Life internet inflows remained constructive, exceeding €5.1 billion, with safety inflows reaching €3.068 billion, led by Italy, France, and Germany. Unit-linked internet inflows amounted to €2.573 billion, primarily pushed by France, Germany, and Italy. Web outflows from financial savings and pension improved considerably to €496 million, in comparison with €6.228 billion within the first half of 2023.

New enterprise volumes, measured by the current worth of recent enterprise premiums (PVNBP), elevated by 40.1% to €29.9 billion, supported by robust manufacturing in financial savings merchandise in Italy, market momentum in hybrid merchandise in France, and distinctive volumes in China. The New Enterprise Worth (NBV) rose by 3.7% to €1.289 billion, with a New Enterprise Margin (NBM) of 4.31%.

Within the P&C phase, gross written premiums grew by 10.5% to €17.4 billion, pushed by robust efficiency in each the motor and non-motor strains. The motor line noticed an 18.0% improve, with vital contributions from Central and Japanese Europe (CEE), Germany, Austria, and Argentina. The mixed ratio for P&C was 92.4%, up from 91.6% within the first half of 2023, reflecting a rise within the loss ratio to 63.6%.

Generali Group CEO, Philippe Donnet (pictured above), said that the continued progress in working outcomes and the return to constructive life internet inflows verify the resilience of the Group and the effectiveness of its technique.

Trying forward, Generali additionally famous that it stays targeted on reaching the targets set out in its “Lifetime Accomplice 24: Driving Development” strategic plan and is getting ready to unveil a brand new Group technique at its Investor Day in January 2025.

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