Generali reveals continued development in Q1 2024 outcomes

Generali Group reported continued development in its working outcomes for the primary quarter of 2024, supported by constructive contributions from all enterprise segments and a return to constructive internet inflows within the life phase.

Generali’s gross written premiums rose by 21.4% to €26.4 billion, with notable performances in each the life and property & casualty (P&C) segments. Life internet inflows returned to constructive ranges, reaching €2.3 billion, pushed fully by safety and unit-linked merchandise. This aligns with the group’s technique and displays the success of business actions applied since 2023.

The working consequence elevated by 5.5% to €1,898 million, with contributions from all enterprise segments. The life working consequence grew by 4.9% to €969 million, and new enterprise worth (NBV) improved by 5.0% to €688 million.

Within the P&C phase, the working consequence elevated by 2.4% to €867 million, benefiting from the consolidation of Liberty Seguros, which started in February 2024. The mixed ratio stood at 91.0%, in comparison with 90.7% within the first quarter of 2023, because of a smaller profit from discounting. The undiscounted mixed ratio improved to 93.7% from 94.2% in the identical interval final 12 months.

The asset & wealth administration phase’s working consequence noticed important development, reaching €263 million, a rise of 16.7%, pushed by the sturdy efficiency of Banca Generali. The holding and different companies phase reported an working results of €-129 million, in comparison with €-130 million within the first quarter of 2023.

Generali Q1 20243 – internet consequence, fairness, and solvency ratio

The adjusted internet consequence was €1,119 million, down from €1,229 million within the first quarter of 2023, which included a non-recurring capital acquire of €193 million from the disposal of a London actual property improvement.

Excluding this impact, the adjusted internet consequence would have elevated by 8.0%. The web consequence grew to €1,256 million from €1,199 million, reflecting a €58 million internet capital acquire from the disposal of TUA Assicurazioni.

Shareholders’ fairness elevated to €30.1 billion, up from €29.0 billion on the finish of 2023. The contractual service margin (CSM) grew to €32.2 billion from €31.8 billion on the finish of 2023. The group’s whole property underneath administration elevated to €670.3 billion from €655.8 billion.

Generali confirmed its strong capital place with a solvency ratio of 215%, down from 220% on the finish of 2023. The 5-percentage level lower was primarily because of the acquisition of Liberty Seguros, together with destructive regulatory modifications and the dividend provision for the interval, partially offset by sturdy normalized capital era and constructive market variances.

Generali Group CFO, Cristiano Borean (pictured above), stated that the primary quarter of 2024 noticed continued development within the working consequence, supported by contributions from all enterprise segments.

“The group achieved constructive Life internet inflows, constructed on our strategic determination to give attention to safety and unit-linked traces and the business actions applied throughout 2023,” Borean stated. “The P&C phase additionally advantages from the consolidation of Liberty Seguros for the primary time, an acquisition which is already contributing positively to the group’s earnings profile.

“Because of our diversified insurance coverage and asset administration mannequin and strong capital place, pushed by sturdy normalized capital era, we stay absolutely on-track to satisfy all of the targets of our ‘Lifetime Accomplice 24: Driving Progress’ technique.”

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