Generali has revealed that its operating result grew to a record €7.295 billion in 2024, driven by a positive performance in all of its business segments, including a significant Asset & Wealth Management contribution.
Breaking down this record 2024 figure, Generali’s P&C operating result grew to €3.052 billion (+5.1%), with a combined ratio confirmed at 94%, despite a reduced benefit from discounting.
Meanwhile, its Life segment figure increased to €3.982 billion (+6.6%), with the New Business Value improving to €2.383 billion (+2.3%).
The Asset & Wealth Management segment saw a significant increase in its operating result, reaching €1.176 billion (+22.6%).
At the same time, Generali’s adjusted net result for 2024 rose to a record €3.769 billion, highlighting the positive impact of its diversified profit sources.
This achievement came despite significantly lower net realised gains compared to 2023.
Generali’s gross written premiums were also up in 2024, reaching €95.2 billion, a 14.9% increase from 2023. As per the firm, this was driven by the aforementioned growth in both its Life and P&C segments.
Generali Group CEO Philippe Donnet commented on the results, “Generali achieved excellent results in 2024, over-delivering against our financial targets and successfully bringing our ‘Lifetime Partner 24: Driving Growth’ strategic plan to a close.
“These results further reflect our ability to ensure consistent organic growth in each segment through the management actions we put in place, while successfully integrating all the businesses we have been acquiring.
“The Group today is in the strongest position in its history, demonstrated by our record operating and adjusted net results, achieved thanks to the efforts and commitment of our people and distribution network.
“We continue to transform and diversify our Group as a leading global integrated insurer and asset manager and are now focused on accelerating our pursuit of excellence. Our ambitious new ‘Lifetime Partner 27: Driving Excellence’ plan will drive strong earnings growth, solid cash generation, and increased shareholder remuneration.
“This is further boosted by our AI and data capabilities enhancing our ability to consistently capture opportunities from fast-changing customer needs and emerging trends.”
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