The Generali Group announced continued growth in its operating results for the first quarter of 2024, supported by positive contributions from all business sectors and a return to positive net flows in the Life sector.

Generali’s gross written premiums rose by 21.4% to €26.4 billion, with notable performance in both the life and property and casualty sectors. Net life flows returned to positive levels, reaching €2.3 billion, driven entirely by protection and unit-related products. This is in line with the Group’s strategy and reflects the success of the business actions implemented since 2023.

Operating results increased by 5.5% to €1,898 million, thanks to contributions from all business segments. Lifetime operating results increased by 4.9% to €969 million, and new business value (NBV) improved by 5.0% to €688 million.

In the Property & Casualty segment, operating results increased by 2.4% to €867 million, benefiting from the consolidation of Liberty Seguros, which began in February 2024. The combined ratio was 91.0%, compared to 90.7% in the first quarter of 2023. Due to lower interest from the discount . The combined undiscounted ratio improved to 93.7% from 94.2% in the same period last year.

The operating results of the Asset and Wealth Management sector witnessed significant growth, reaching 263 million euros, an increase of 16.7%, driven by the strong performance of Banca Generali. The Business Holding and Other Companies segment reported an operating result of -129 million euros, compared to -130 million euros in the first quarter of 2023.

Generali Q1 20243 – Net Score, Equity, and Solvency Ratio

The adjusted net result was €1,119 million, down from €1,229 million in the first quarter of 2023, which included a non-recurring capital gain of €193 million from the disposal of a property development project in London.

Excluding this effect, the adjusted net result would increase by 8.0%. The net result rose to €1,256 million from €1,199 million, reflecting a net capital gain of €58 million on the sale of TUA Assicurazioni.

Shareholders’ equity rose to €30.1 billion, up from €29.0 billion at the end of 2023. Contractual services margin (CSM) grew to €32.2 billion from €31.8 billion at the end of 2023. The group’s total assets under management increased to €670.3 billion from €655.8 One billion euros.

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Generali confirmed its strong capital position with a solvency ratio of 215%, down from 220% at the end of 2023. The 5 percentage point decline was mainly due to the Liberty Seguros acquisition, coupled with negative regulatory changes and the company’s dividend payout. This period, which was partially offset by strong natural capital generation and positive market variances.

Cristiano Borin, CFO of Generali Group (pictured above), said that the first quarter of 2024 saw continued growth in operating results, supported by contributions from all business sectors.

“The group achieved positive net life flows, based on our strategic decision to focus on protection, unit-linked lines and commercial actions implemented during 2023,” Boren said. “The P&C segment also benefits from the consolidation of Liberty Seguros for the first time, an acquisition that already contributes positively to the Group’s earnings profile.

“With our diversified insurance and asset management model and strong capital position, driven by strong natural capital generation, we remain on track to achieve all the objectives of our Life Partner 24: Driving Growth strategy.”

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