Assicurazioni Generali (G) Q3 2024 earnings summary

Executive summary

• Gross written premiums rose 18.1% year-over-year to €70.7 billion, with strong growth in both Life (+23.3%) and P&C (+9.8%) segments.

• Operating result increased 7.9% to €5.4 billion, driven by all business segments, especially Life and Asset & Wealth Management.

• Third quarter showed continued business and operational improvement, with strong commercial and technical actions since 2023 driving results.

• Maintained leadership in Net Promoter Score, reflecting strong customer engagement and the lifetime partner proposition.

• Adjusted net result was €2.9 billion, down 3.3% due to a one-off gain in 2023; excluding this, adjusted net result grew 3.4%.

Financial highlights

• Life net inflows reached €6.8 billion, entirely from protection and unit-linked products.

• Life operating result in Q3 up almost 11% year-over-year; CSM grew by nearly EUR 500 million despite EUR 100 million negative operating variances, mainly from lapses.

• P&C undiscounted combined ratio improved to 96.3%, down 1.4 percentage points year-over-year; motor line combined ratio for nine months was 99, including NATCAT.

• Expense ratio improved from 29.4% to 28.5% year-over-year, driven by Liberty consolidation, lower Argentina inflation, and improved cost/revenue growth.

• Solvency Ratio remains strong at 209%, despite a decrease from 220% at FY2023.

Outlook and guidance

• New business margin guidance for Life remains at 4.5%-5%, but Q4 margin expected to be lower due to declining rates and product mix.

• P&C undiscounted combined ratio target below 96% for 2024, despite higher-than-budgeted natural catastrophe impact.

• Expectation of continued margin expansion in P&C, with further price increases possible due to NATCAT trends.

• 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), already achieving €5.5 billion.

• New strategic plan and financial targets to be announced on 30 January 2025.