Generali has reported gross written premiums increased significantly to € 50.1bn (+20.4%), driven by substantial growth in Life (+26.6%) and P&C (+10.5%) segments over H1 to 30 June 2024.
Life net inflows were very positive at € 5.1bn entirely driven by protection and unit-linked as new business value grew to € 1,289m (+3.7%).
The adjusted net result was €2.0bn (-13.1%) mainly as a result of capital gains and other one-offs recorded during 1H2023. Excluding these effects, the adjusted net result would have been stable, Generali said.
The group’s total assets under management reached €821bn (+25.2%) mainly driven by the consolidation of Conning Holdings Limited.
The Solvency Ratio was 211% (220% FY2023), primarily reflecting the acquisition of Liberty Seguros and the launch of the €500m buy-back programme already announced.
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 € 500 million share buy-back, highlighting our commitment to increased shareholder remuneration.
“With only a few months until the close of our ‘Lifetime Partner 24: Driving Growth’ plan, we are fully on track to reach all its ambitious targets thanks to the continued efforts of all our colleagues and agents. Looking ahead, I am working with the top management team on the new Group strategy that we will present at our Investor Day on 30 January 2025 in Venice.”
