The insurance giant reported a remarkable surge in gross written premiums, reaching €82,466 million, marking a substantial 5.6% increase. This surge was primarily fueled by robust growth in the property and casualty (P&C) sector.
Despite a dip in life net inflows to €-1,313 million, Generali saw a significant rebound in the final quarter, particularly in unit-linked and protection segments. The company attributed this rebound to its strategic pivot towards a more favorable life portfolio composition, aligning with sector-wide trends observed in Italy and France.
Generali’s operating result soared to €6,879 million, reflecting a notable 7.9% increase across all business lines. The P&C segment’s operating result witnessed a remarkable 15.8% surge, reaching €2,902 million, supported by an improved combined ratio of 94.0%.
In the life segment, Generali maintained a solid operating result of €3,735 million, marking a modest 1.7% increase. The segment’s new business margin experienced a slight uplift to 5.78%, indicative of favorable interest rate conditions and strategic product mix adjustments. Additionally, the asset and wealth management division reported a 4.9% rise in operating results, largely driven by Banca Generali’s exceptional performance.
Adjusted net results reached a new pinnacle at €3,575 million, with the net result seeing an upturn to €3,747 million, further bolstered by a capital gain from the sale of Generali Deutschland Pensionskasse.
Generali’s stellar performance has not only positively impacted its shareholders’ equity, which surged to €29.0 billion, but also its total assets under management, expanding by 6.6% to €655.8 billion. With a solid capital foundation, the solvency ratio stood at an impressive 220%.
Looking ahead, Generali aims to propose a dividend per share of €1.28 at the next annual general meeting, representing a noteworthy 10.3% increase from the previous year.
Generali Group CEO, Philippe Donnet, attributed the success to the firm’s strong cash and capital positions. He said: “The group is in the best shape it has ever been as a profitable, diversified insurance and asset management player,” Donnet said.
He added: “Generali’s future success will also benefit from the acquisitions of Conning and Liberty Seguros. I would like to take this opportunity to thank all our colleagues and agents for their efforts to achieve these very positive results. They are the foundation of our sustainable growth journey and of our commitment to act as a responsible investor, insurer, employer and corporate citizen.”
