Assicurazioni Generali (G) Q2 2024 earnings summary

Executive summary

• Gross written premiums rose 20.4% year-over-year to €50.1 billion, with strong growth in both Life (+26.6%) and P&C (+10.5%) segments.

• Operating result increased 1.6% to €3,723 million, led by Life and Asset & Wealth Management.

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

• Major acquisitions included Liberty Seguros and Conning Holdings Limited, strengthening positions in Europe and asset management.

• Solvency II Ratio remains robust at 211%, reflecting recent acquisitions and a €500 million share buyback.

Financial highlights

• Life segment operating result rose 7.8% to €1,955 million; net inflows improved to €5.15 billion, driven by protection and unit-linked lines.

• P&C segment operating result fell 6.7% to €1,728 million; gross written premiums up 10.5% to €17.4 billion; combined ratio at 92.4% (+0.8 p.p.), impacted by higher nat-cat losses.

• Asset & Wealth Management operating result increased 19.4% to €566 million, driven by Banca Generali and the Conning acquisition.

• Total Assets Under Management surged 25.2% to €821 billion, mainly from the consolidation of Conning Holdings Limited.

• Shareholders’ equity attributable to the Group increased 0.8% to €29.2 billion.

Outlook and guidance

• Focus remains on rebalancing the Life portfolio for profitability, product simplification, and innovation.

• P&C segment aims for profitable growth, especially in non-motor lines and high-potential markets, leveraging Liberty Seguros acquisition.

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

• Group targets 6–8% CAGR in EPS (2021–2024), Net Holding Cash Flow >€8.5 billion (2022–2024), and cumulative dividends of €5.2–5.6 billion (2022–2024), with €5.5 billion already achieved.

• New strategic plan to be presented January 2025.