Generali Group stories 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% enhance, pushed by notable progress in each the life and property & casualty (P&C) segments. Life web 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 business initiatives applied since 2023.

The group’s working consequence elevated by 1.6% to €3.723 billion, bolstered by constructive outcomes within the life and asset & wealth administration segments. The life section’s working consequence 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 section’s working consequence decreased by 6.7% to €1.728 billion, influenced by a better affect of pure catastrophes and lowered advantages from discounting. The mixed ratio for P&C stood at 92.4%, a rise of 0.8 proportion factors.

Within the asset & wealth administration section, the working consequence 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 section reported a lack of €227 million, in comparison with a lack of €158 million within the first half of 2023.

The group’s adjusted web consequence stood at €2.025 billion, down from €2.330 billion in the identical interval final 12 months, primarily because of capital good points and different one-offs recorded within the first half of 2023. Excluding these results, the adjusted web consequence would have remained largely steady. The online consequence for the interval was €2.052 billion, in comparison with €2.243 billion within the earlier 12 months.

Generali’s shareholders’ fairness rose by 0.8% to €29.2 billion, supported by the online consequence 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 complete belongings underneath administration (AUM) grew considerably to €821 billion, reflecting a 25.2% enhance primarily because of the inclusion of Conning Holdings Restricted’s AUM.

The group additionally confirmed its sturdy 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

Inside the life section, gross written premiums reached €32.722 billion, representing a 26.6% enhance, 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 because of contributions from France, Italy, and Asia. The unit-linked line additionally skilled important progress of 17.8%, led by Italy and France.

Life web inflows remained constructive, exceeding €5.1 billion, with safety inflows reaching €3.068 billion, led by Italy, France, and Germany. Unit-linked web 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 latest 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 section, 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% enhance, with important contributions from Central and Jap 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), acknowledged that the continued progress in working outcomes and the return to constructive life web inflows verify the resilience of the Group and the effectiveness of its technique.

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

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