GENERALI GROUP CONSOLIDATED RESULTS AS OF 30 SEPTEMBER 2024
- Gross written premiums grew significantly to € 70.7 billion (+18.1%), driven by both Life (+23.3%) and P&C (+9.8%)
- Life net inflows rose to € 6.8 billion, coming entirely from protection and unit-linked, in line with Group strategy
- Continued growth in P&C operating result (+2.5%) despite significant natural catastrophe impact
- Combined Ratio (CoR) at 94.0% (-0.3 p.p.). Undiscounted CoR at 96.3% (-1.4 p.p.) thanks to strong performance of Undiscounted Current Year attritional CoR (-2.2 p.p.)
- Strong growth in operating result to € 5.4 billion (+7.9%) primarily driven by Life and Asset & Wealth Management
- Adjusted net result at € 2.9 billion (-3.3%); up 3.4% excluding a positive one-off capital gain recorded in 2023. Net result grew to € 3 billion (+5.0%)
- Solid capital position confirmed, with Solvency Ratio at 209% (220% FY2023)
Generali Group CFO, Cristiano Borean, said: “In the third quarter of 2024, Generali continued to deliver strong growth in operating result driven by the performance of all business segments. The very positive trend in Life net inflows throughout the year was maintained. We also achieved further growth in P&C profitability despite the high impact of natural catastrophes. Asset & Wealth Management contributed significantly proving the strength of our business model. Thanks to our focus on the diversification of profit sources, we continue to deliver in a complex and evolving global environment. Looking ahead, we are fully on track to successfully complete the ‘Lifetime Partner 24: Driving Growth’ plan and we are working on our new strategy that will be presented on 30 January 2025.”
Read the full Press Release here.
