Assicurazioni Generali (G) Q4 2024 earnings summary

Executive summary

• Achieved record operating result of €7.3 billion (+8.2%) and adjusted net result of €3.8 billion (+5.4%) in 2024, surpassing all targets of the Lifetime Partner 2024 Driving Growth Plan.

• Gross written premiums rose 14.9% to €95.2 billion, with Life up 19.2% and P&C up 7.7%.

• Asset and wealth management AUM increased to €863 billion (+31.6%), driven by positive net inflows and the Conning Holdings consolidation.

• The “Lifetime Partner 24: Driving Growth” plan was over-delivered, with EPS CAGR of 11.3% (2021–24), cumulative net holding cash flow of €9.6 billion, and €5.5 billion in dividends (2022–24).

• Proposed dividend per share of €1.43 (+12% YoY), with a €500 million share buyback completed in 2024.

Financial highlights

• Life net inflows reached €9.7 billion, driven by protection and unit-linked products.

• P&C gross written premiums increased to €33.8 billion (+7.7%), with a stable combined ratio at 94.0% and improved undiscounted COR at 95.9% (-0.8 p.p.).

• Asset & Wealth Management operating result grew by 22.6% to €1.2 billion.

• Shareholders’ equity increased 4.9% to €30.4 billion; adjusted EPS rose 5.6% to €2.45.

• Solvency II ratio at 210% (down from 220% in 2023), supported by €4.8 billion normalized capital generation.

Outlook and guidance

• New “Lifetime Partner 27: Driving Excellence” plan targets 8–10% EPS CAGR, over €11 billion cumulative net holding cash flow, and over 10% DPS CAGR for 2025–27.

• Focus on profitable growth in Life (protection, health, capital-light savings) and P&C (non-motor, technical excellence), with continued innovation and digitalization.

• Asset & Wealth Management to expand product offering, especially in real and private assets, and enhance distribution.

• Solvency II ratio estimated at 214% as of March 7, 2025, with minor expected impacts from M&A and buybacks.

• Guidance for life investment result in 2025 is around €900 million; P&C investment result projected at €950 million.