Insurance major Generali has reported an adjusted net result of €2.02bn in the first half (H1) of 2024, compared with €2.33bn in H1 2023, attributed to capital gains and other one-off items.
Without these factors, the adjusted net result would have remained largely unchanged.
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During the April-June 2024 period, the adjusted net result was €906m, down 17.7% from €1.10bn in the second quarter of 2023.
In H1 2024, Generali’s gross written premium (GWP) stood at €50.14bn, marking a 20.4% increase from €42.23bn in H1 2023.
This growth was propelled by advancements in both the life and property & casualty (P&C) segments.
The Life segment’s GWP surged by 26.6% to €32.72bn, with all business lines contributing to this performance.
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By GlobalDataThe protection line continued its upward trend with an 11.9% increase across key countries.
Savings products experienced a boost of 41.6%, primarily due to strong sales in France, Italy, and Asia.
Unit-linked products also performed well, with a 17.8% rise led by Italy and France.
The P&C segment’s GWP expanded to €17.41bn, a 10.5% increase, bolstered by both non-motor and motor lines.
Non-motor GWP grew by 6%, with gains across all main regions where Generali operates.
The motor line saw an 18% jump, with particularly strong results in Central and Eastern Europe, Germany, Austria, and Argentina.
Excluding Argentina’s hyperinflation impact, the motor line’s premiums rose by 5.5%.
As of 30 June 2024, Generali’s total assets under management climbed to €821bn, a 25.2% year-on-year increase, largely due to the inclusion of Conning Holdings Limited.
The company’s Solvency Ratio was 211% at the end of June 2024, compared with 220% at the end of the previous fiscal year.
This was influenced by the acquisition of Liberty Seguros and the initiation of a €500m buy-back programme.
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 €500m share buy-back, highlighting our commitment to increased shareholder remuneration.”
