Generali Group’s 2024 Financial Performance: A Year of Growth and Strategic Success
The Generali Group has unveiled its business figures for the year 2024, showcasing a remarkable performance across various financial indices. With premiums written soaring by 14.9% to reach €95.2 billion, the insurer has demonstrated a robust growth trajectory. The operating result experienced an increase of 8.2% from 2023, reaching €7.3 billion. Concurrently, the Group’s net income rose by 5.4%, culminating in a total of €3.77 billion.
The insurer’s Solvency II capital ratio was reported at 210 at the close of 2024, a slight decrease from the previous year’s 220. This decline is attributed mainly to significant M&A transactions and a share buyback initiative amounting to €500 million, as highlighted in their press release. The proposed dividend is poised to climb from €1.28 to €1.43 per share, marking an increase of 11.7%.
Group CEO Philippe Donnet expressed satisfaction with the results, stating, “Generali achieved excellent results in 2024, exceeded our financial targets, and successfully completed our strategic plan ‘Lifetime Partner 24: Driving Growth‘.” He emphasized that the Group is currently in its strongest position ever. “Our journey to transform and diversify into a leading global integrated insurer and asset manager continues as we now focus on accelerating our pursuit of excellence. Our ambitious new strategy, ‘Lifetime Partner 27: Driving Excellence‘, aims to deliver substantial earnings growth, solid cash generation, and increased shareholder returns.” Donnet further elaborated that these goals will be bolstered by leveraging AI and data capabilities, enabling the Group to consistently capitalize on evolving customer needs and emerging trends.
The property and casualty segment saw premium income climb by 7.7%, reaching €33.7 billion. Growth was observed in both the motor sector (+10.3%) and the non-motor business area (+6.6%). The operating result in this segment surged by 5.1% to €3.05 billion, with the combined ratio maintaining at 94.0%, consistent with the previous year.
Italy’s largest insurer also achieved a significant boost in asset management, with the operating result expanding from €959 million to €1,176 million, reflecting an impressive 22.6% increase. The life segment performed exceptionally well, with premium income rising by 19.2% to €61.434 billion. The annual result improved by 6.6% to €3.98 billion. A noteworthy shift occurred in net inflows, which escalated from -€1.313 billion to €9.674 billion, driven exclusively by the protection and unit-linked insurance sectors.
