Generali’s gross written premium (GWP) increased by 18.1% to €70.7bn, led by life (23.3%) and P&C (9.8%) growth. Credit: Dmytro Surkov/Shutterstock.

Generali Group has reported a net result of €2.96bn for the nine-month-period ended 30 September 2024, a 5% increase compared with €2.82bn in the same period last year.

The performance benefitted from a €58m net capital gain from the sale of TUA Assicurazioni in the first quarter of 2024.

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The Italian insurer’s adjusted net result, however, fell 3.3% to €2.88bn from €2.97bn in the previous year.

The consolidated operating result of Generali grew by 7.9% to €5.39bn from €5bn, with significant contributions from the Life and Asset & Wealth Management segments.

The life operating result saw an increase of 8.9% to €3.04bn, while the P&C segment’s operating result grew by 2.5% to €2.21bn.

The asset and wealth management segment’s operating result surged by 20.1% to €837m.

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At a group level, GWP increased by 18.1% year-on-year to €70.7bn. This was driven by growth in the life (23.3%) and P&C (9.8%) segments, compared with €60.46bn in the same period last year.

Total assets under management for the group expanded to €843.3bn. Life net inflows were reported at €6.8bn, aligning with the group’s strategy focusing on protection and unit-linked products.

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.”