Generali, premiums and profitability up
Gross premiums of EUR 70.7bn rose by 18.1%, as both segments jumped, with Life up 23.3% and Non-Life up 9.8%.
2' min read
Key points
2' min read
Turnover grew and operating profit rose, driven mainly by Life and Asset Management. These are the key takeaways from the first nine months of 2024 for Generali, which reported gross premiums of € 70.7 billion, up 18.1%, on the back of a jump in both segments, with Life up 23.3% and Non-Life up 9.8%.
The key numbers
.Wealth Management, which saw the figure reach €837 million (+20.1%), thanks to the strong performance of Banca Generali (€447 million, up 31.7%), and Asset Management, which benefited from the contribution of Conning Holdings Limited (€166 million for six months). On the subject of Banca Generali, CFO Cristiano Borean emphasised that the subsidiary "did an excellent transaction with Intermonte and is performing really well", which is why the Lion is "a very satisfied shareholder". Non-life business, on the other hand, generated EUR 2.21 billion (+2.5%) despite the significant impact of natural catastrophes (EUR 930 million, or 3.8%, in September plus another EUR 100 million between October and November), which is roughly comparable with last year's figure. Contributing to this figure, as the cfo pointed out, was 'the combination of rate increases in the past and portfolio selection'. It is no coincidence that the Combined Ratio stood at 94% (up from 94.3% a year earlier).
On the other hand, normalised net profit fell to EUR 2.9bn (-3.3%), but excluding the non-recurring gain recognised in 2023 (EUR 193m on the sale of a London property complex) it would be up 3.4%. Net profit, on the other hand, increased to EUR 3bn (+5%), partly due to the EUR 58m gain from the sale of TUA Assicurazioni in the first three months of this year.
The third quarter
.Contributing to these numbers was certainly the strong performance in the third quarter, which recorded an operating profit of EUR 1.674 billion (+25%), a normalised profit of EUR 855 million (+31.7%) and a net profit of EUR 909 million (+57.1%).
In terms of capital strength, the group has a Solvency Ratio of 209% (220% at the end of 2023) to which 'the robust generation of capital in the period' contributed, which was 'more than offset by the impact of the acquisition of Liberty Seguros, regulatory changes, non-economic and market changes'. At the end of October, however, the indicator 'declined marginally' due to 'the opening of the spread of a little bit of all government bonds'.
