Generali surpassed its targets under the “Lifetime Partner 24: Driving Growth” plan, achieving record operating and adjusted net results.
Generali has revealed that its operating result grew to a record €7.295 bn in 2024, driven by a positive performance in all of its business segments, including a significant Asset & Wealth Management contribution.
- Gross written premiums rose to €95.2bn (+14.9%), with strong growth in Life (+19.2%) and P&C (+7.7%).
- Life net inflows reached €9.7bn, fully driven by protection and unit-linked. New Business Value increased to €2.4bn (+2.3%).
- Combined Ratio (CoR) remained at 94%, with an improved undiscounted CoR of 95.9% (-0.8 p.p.) due to stronger attritional performance.
- The operating result reached a record €7.3bn (+8.2%), supported by all business segments, including Asset & Wealth Management.
- Adjusted net result climbed to €3.8bn (+5.4%), the highest in the company’s history.
- Total Assets Under Management (AUM) expanded to €863bn (+31.6%), supported by positive net inflows and the integration of Conning Holdings Limited.
- The Solvency Ratio stood at 210% (220% in FY2023), reflecting acquisitions and a €500mn share buyback in 2024.
- A proposed dividend per share of €1.43 (+11.7%) highlights the company’s commitment to increasing shareholder returns under the “Lifetime Partner 27: Driving Excellence” plan.
Philippe Donnet, CEO of Generali, stated that the company exceeded its financial targets for 2024, closing the “Lifetime Partner 24: Driving Growth” plan successfully. He highlighted consistent organic growth across all segments, effective business integrations, and record-breaking financial results.
The Group today is in the strongest position in its history, demonstrated by our record operating and adjusted net results, achieved thanks to the efforts and commitment of our people and distribution network. We continue to transform and diversify our Group as a leading global integrated insurer and asset manager and are now focussed on accelerating our pursuit of excellence.
Philippe Donnet, CEO of Generali
Donnet emphasized the company’s focus on transformation, diversification, and technological advancements, particularly in AI and data capabilities, to adapt to evolving customer needs. The new “Lifetime Partner 27: Driving Excellence” plan aims to drive earnings growth, strong cash generation, and higher shareholder returns.
Financial Highlights
Key Figures (in €mn)
| Metric | 2024 | 2023 | Change |
|---|---|---|---|
| Gross Written Premiums | 95,190 | 82,466 | +14.9% |
| Operating Result | 7,295 | 6,742 | +8.2% |
| – Life | 3,982 | 3,735 | +6.6% |
| – P&C | 3,052 | 2,902 | +5.1% |
| – Asset & Wealth Management | 1,176 | 959 | +22.6% |
| Adjusted Net Result | 3,769 | 3,575 | +5.4% |
| Net Result | 3,724 | 3,747 | -0.6% |
| Adjusted EPS (€) | 2.45 | 2.32 | +5.6% |
| Shareholders’ Equity | 30,389 | 28,968 | +4.9% |
| Total AUM | 863,004 | 655,783 | +31.6% |
| Solvency II Ratio (%) | 210% | 220% | -10 p.p. |
The board, chaired by Andrea Sironi, approved the 2024 financial statements. Gross written premiums increased due to growth in Life and P&C. Life net inflows rebounded to €9.7bn, supported by protection and unit-linked products. The operating result rose to €7.3bn, with strong contributions from Asset & Wealth Management.
Life operating profit increased to €3.98bn (+6.6%), and New Business Value improved to €2.38bn (+2.3%). The P&C operating result grew to €3.05bn (+5.1%), maintaining a stable 94.0% CoR. Asset & Wealth Management’s result surged to €1.18bn (+22.6%) due to Banca Generali’s strong performance and the consolidation of Conning Holdings Limited.
Adjusted net profit reached a record €3.77bn (+5.4%), reflecting diversified income sources. Net profit stood at €3.72bn (-0.6%) due to lower realized gains compared to 2023. Shareholders’ equity increased to €30.4bn (+4.9%), and Total AUM reached €863bn (+31.6%).
Generali maintained a solid capital position with a 210% Solvency Ratio, impacted by the Liberty Seguros acquisition and the €500mn share buyback.
Completion of the “Lifetime Partner 24: Driving Growth” Plan
Generali outperformed its 2022-2024 targets:
- EPS grew at an 11.3% CAGR, exceeding the 6-8% target.
- Net Holding Cash Flow reached €9.6bn, surpassing the €8.5bn goal.
- Cumulative dividends totaled €5.5bn, within the targeted €5.2bn-€5.6bn range.
- €1bn in share buybacks was completed from 2022 to 2024.
Dividend Proposal
Generali proposed a €1.43 dividend per share, payable from May 21, 2025, with ex-dividend trading starting May 19, 2025. This represents an 11.7% increase from the previous year, reinforcing the company’s focus on shareholder returns. The total maximum payout will be €2.17bn.
Life Insurance Performance
- Operating result: €3.98bn (+6.6%)
- New Business Margin: 4.60% (-1.19 p.p.)
- New Business Value: €2.38bn (+2.3%)
Life Segment Key Figures (€mn)
| Metric | 2024 | 2023 | Change |
|---|---|---|---|
| Gross Written Premiums | 61,434 | 51,346 | +19.2% |
| Net Inflows | 9,674 | -1,313 | n.m. |
| Present Value of New Business Premiums (PVNBP) | 51,832 | 40,300 | +28.8% |
Gross written premiums in Life increased to €61.4bn (+19.2%), driven by growth in protection (+9.7%), savings (+23.3%), and unit-linked (+23.2%). Life net inflows reached €9.7bn, with protection and unit-linked showing strong positive inflows.
New business volumes (PVNBP) rose to €51.8bn (+28.8%), supported by strong performances in Italy, France, and China. The New Business Margin stood at 4.60% (-1.19 p.p.), reflecting commercial strategies and lower interest rates.
The Life Contractual Service Margin (CSM) was €30.3bn (€30.9bn in FY2023). Strong underwriting discipline improved the quality of reserves, with capital-light reserves rising to 71.8%.
P&C Performance
- Gross written premiums: €33.8bn (+7.7%)
- Combined Ratio: 94.0% (unchanged)
- Undiscounted Combined Ratio: 95.9% (-0.8 p.p.)
- Operating result: €3.05bn (+5.1%)
P&C Segment Key Figures (€mn)
| Metric | 2024 | 2023 | Change |
|---|---|---|---|
| Gross Written Premiums | 33,756 | 31,120 | +7.7% |
| Combined Ratio (%) | 94.0% | 94.0% | 0.0 p.p. |
| Undiscounted Combined Ratio (%) | 95.9% | 96.7% | -0.8 p.p. |
| Operating Result | 3,052 | 2,902 | +5.1% |
P&C premiums grew to €33.8bn (+7.7%), with motor premiums up 10.5% and non-motor up 6.6%. Excluding Argentina, motor premiums increased 6.6%.
The Combined Ratio remained at 94.0%, with an improved undiscounted CoR of 95.9% (-0.8 p.p.). Pricing and technical actions since 2023 drove a 1.7 p.p. improvement in the attritional combined ratio.
The operating result increased to €3.05bn (+5.1%) despite €1.2bn in natural catastrophe losses. The operating investment result reached €1.08bn (€1.10bn in FY2023).
Asset & Wealth Management Performance
- Operating result: €1.18bn (+22.6%)
- Banca Generali operating result: €560mn (+27.6%)
Asset & Wealth Management Key Figures (€mn)
| Metric | 2024 | 2023 | Change |
|---|---|---|---|
| Operating Result | 1,176 | 959 | +22.6% |
| – Asset Management | 616 | 520 | +18.3% |
| – Banca Generali | 560 | 439 | +27.6% |
The Asset & Wealth Management result rose to €1.18bn (+22.6%), with Asset Management growing to €616mn (+18.3%) due to Conning Holdings Limited. Banca Generali’s operating result surged to €560mn (+27.6%), benefiting from improved net interest margins and fee diversification. Total net inflows at Banca Generali reached €6.6bn.
