Generali Group reported an adjusted net result of €3.8bn for the year 2024, a 5.4% increase from €3.5bn the previous year.
The group attributed the growth to the positive effects of its diversified profit sources.
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Adjusted earnings per share for the year rose to €2.45, compared with €2.32 in 2023.
The net result for the year saw a slight drop of 0.6%, totalling €3.7bn.
The consolidated operating result stood at €7.2bn, an 8.2% increase from €6.7bn in 2023.
The company attributed this to the positive performance of all business segments, with a contribution from asset and wealth management.
The Life segment operating result contributed €3.9bn, a 6.6% rise from €3.7bn in 2023.
The property and casualty (P&C) operating result also grew by 5.1%, reaching €3bn from €2.8bn in 2023.
Gross written premiums for the year surged by 14.9%, hitting €95.1bn, up from €82.4bn in 2023.
Life gross written premiums grew to €61.4bn in 2024, a 19.2% year-on-year increase, while P&C gross written premiums rose 7.7% to €33.8bn.
For the fourth quarter of 2024 (Q4 2024), the company reported an adjusted net result of €889m, a 49.3% surge compared with €595m in Q4 2023.
However, the net result saw a 17.6% decline, reaching €762m in Q4 2024.
The consolidated operating result for the quarter amounted to €1.8bn, up 9.2% from the same quarter of 2023.
The Life operating result contributed €947m, and the P&C operating result was €842m.
The group has proposed an 11.7% increase in dividend to €1.43 per share.
Generali Group CEO Philippe Donnet said: “Generali achieved excellent results in 2024, overdelivering against our financial targets and successfully bringing our ‘Lifetime Partner 24: Driving Growth’ strategic plan to a close. These results further reflect our ability to ensure consistent organic growth in each segment through the management actions we put in place, while successfully integrating all the businesses we have been acquiring.
“Our ambitious new ‘Lifetime Partner 27: Driving Excellence’ plan will drive strong earnings growth, solid cash generation and increased shareholder remuneration. This is further boosted by our AI and data capabilities enhancing our ability to consistently capture opportunities from fast-changing customer needs and emerging trends.”
In January, Generali announced a share buyback programme valued at up to €350m.
