Life and P&C growth drives Generali GWP increase in H1 2024

Generali has reported its financial results for the first half of 2024, revealing a significant increase in gross written premiums (GWP), to €50.1 billion from the €42.2 billion seen in H1 2023, driven by substantial growth in both the Life and P&C segments.

GWP in the Life segment in H1 2024 was €32,722 million, driven by the strong performance across all business lines, up 26.6% from the €25,888 reported in the same period the year prior.

The segment’s net inflows also experienced positive growth momentum in the period, exceeding € 5.1 billion.

Meanwhile, P&C segment GWP grew 10.9% to €17,419 million in H1 2024, reportedly driven by positive performance of both business lines. The segment’s operating result was € 1,728 million, down 6.7% compared to the same period the year prior, reflecting a higher impact of natural catastrophes and a lower benefit from discounting.

Elsewhere, Generali observed continued growth in its operating result for the first half of 2024, which expanded to €3.7 billion. This growth was led by the strong contribution of the Life and Asset & Wealth Management segments, the firm noted.

The Life segment operating result in the quarter rose to €1,955 million, compared to €1,813 million in H1 2023, while the P&C segment operating result increased to €1,728 million, compared to €1,853 million in H1 2023.

Generali also reported a combined ratio of 92.4% up 0.8 points from H1 2023, and an improvement in its undiscounted Combined Ratio, to 94.9% in H1 2024.

The firm additionally reported continued growth in operating result to € 3.7 billion, led by a strong contribution of the Life and Asset & Wealth Management segments.

Adjusted net result for the period was € 2.0 billion, which according to Generali, was the result of capital gains and other one-offs recorded during H1 2023. Excluding these effects, the adjusted net result would have been stable, the firm noted.

Additionally, the Group’s Total Assets Under Management at H1 2024 reached € 821 billion, mainly driven by the consolidation of Conning Holdings Limited.

Generali Group CEO, Philippe Donnet, said: “With continued operating result growth and the return to strong positive Life net inflows, our results confirm the resilience of Generali, the effectiveness of our strategy and our ability to deliver value for all stakeholders also in a complex macroeconomic and geopolitical context. We are evolving as a global insurance and asset management player with an increasingly diversified business profile.

“Our relentless focus on cash and capital position allows us to launch the € 500 million share buy-back, highlighting our commitment to increased shareholder remuneration. With only a few months until the close of our ‘Lifetime Partner 24: Driving Growth’ plan, we are fully on track to reach all its ambitious targets thanks to the continued efforts of all our colleagues and agents. Looking ahead, I am working with the top management team on the new Group strategy that we will present at our Investor Day on 30 January 2025 in Venice.”

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