Generali, profit rises to EUR 2.15 billion in the semester

Generali is moving forward with Mediobanca in negotiations to find a potential business agreement with Piazzetta Cuccia on Banca Generali. But before making a final decision, the company "reserves the right to continue evaluating the Offer and the potential industrial partnership in the coming weeks, in full compliance with the processes, procedures and timing of the group as defined by its corporate bodies". This was underlined by the insurance group after confirming that it had received a letter from the institute led by Alberto Nagel containing additional information on the public exchange offer on Banca Generali. In particular, the missive contained "a proposal for a definition of the potential future industrial relationship between the Generali Group and the Mediobanca Group".

Nagel hoped not to receive red talk from Trieste, and so it was. But compared to what the company announced on 12 June, nothing seems to have changed. No concrete steps forward have been made at the moment. Negotiations are in progress but no final decision has yet been taken on the dossier.

In the meantime, the Trieste Board of Directors also approved the accounts for the first six months, which closed with gross premiums of EUR 50.5 billion (+0.9%), thanks to strong growth in the Non-Life segment (+7.6%). Life net inflows were very positive at EUR 6.3 billion thanks to all business lines, particularly pure risk and health, hybrid and unit-linked products. The combined ratio fell to 91.0% (-1.4 p.p.), while the undiscounted combined ratio strengthened to 93.1% (-1.8 p.p.). The operating result reached EUR 4 billion (+8.7%), thanks to the contribution of the Non-Life, Life and Asset Management segments, while normalised net profit rose by 10.4% to EUR 2.2 billion (+10.4%), net profit to EUR 2.15 billion. The capital position was solid with the Solvency Ratio rising to 212% (210% at end-2024) thanks to normalised capital generation, which already includes the launch of the € 500m buyback that has just begun.

Group CEO Philippe Donnet commented: "The excellent first-half results confirm an excellent start to the 'Lifetime Partner 27: Driving Excellence' strategic plan with a positive performance of our insurance business and our global Asset Management platform. The Non-Life segment grew significantly in all major geographies, in Life net premiums continued their growth trajectory and Asset Management performed solidly, supported by the contribution of Conning. We remain fully focused on the clear priorities of our strategic plan, and will continue to create value for all our stakeholders.