Assicurazioni Generali (G) Q2 2024 earnings summary

Executive summary

• Operating result grew 1.6% year-over-year to €3,723 million, driven by strong Life, Asset, and Wealth Management performance.

• Adjusted net result declined 13.1% to €2,025 million, mainly due to lower capital gains and absence of prior year one-offs.

• Gross written premiums rose 20.4% to €50.1 billion, with Life up 26.6% and P&C up 10.5%.

• Life net inflows returned to positive at €5.1 billion, led by protection and unit-linked products.

• Solvency II ratio remains robust at 211%, reflecting recent acquisitions and share buyback.

Financial highlights

• Operating result: €3,723 million (+1.6% YoY); Life: €1,955 million (+7.8% YoY); Asset & Wealth Management: €566 million (+19.4% YoY).

• Adjusted net result: €2,025 million (-13.1% YoY); net result: €2,052 million (-8.5% YoY).

• Gross written premiums: €50.1 billion (+20.4% YoY); Life: €32.7 billion (+26.6% YoY); P&C: €17.4 billion (+10.5% YoY).

• Total assets under management: €821 billion (+25.2% from FY 2023), mainly from Conning consolidation.

• Combined ratio (undiscounted): 94.9% (-0.1 p.p. YoY); discounted: 92.4% (+0.8 p.p. YoY).

Outlook and guidance

• New strategic plan to be presented January 2025, with focus on technical excellence, capital strength, and shareholder remuneration.

• Group expects moderate global economic recovery amid cautious central bank rate cuts and persistent inflation.

• Life business to focus on profitability, product innovation, and capital efficiency; P&C growth driven by non-motor lines and Liberty Seguros acquisition.

• Asset & Wealth Management to expand product offering and third-party distribution, leveraging Conning acquisition.

• Combined ratio guidance confirmed below 96%, even after Liberty Seguros consolidation.