In 2024 GWP of Generali rose to EUR 95.2 billion (+14.9%), thanks to significant growth in both Life and P&C. Life net inflows were very positive at EUR 9.7 billion entirely driven by protection and unit-linked, in line with the Group’s strategy, reflecting the strong product offering and the Group’s highly effective distribution network.

According to the Group’s press release, the operating result grew to a record EUR 7,295 million (+8.2%), thanks to the positive performance of all business segments, including a significant contribution from Asset & Wealth Management. For Life, the operating result increased to EUR 3,982 million (+6.6%) and the New Business Value improved to EUR 2,383 million (+2.3%). P&C operating result grew to EUR 3,052 million (+5.1%) with the Combined Ratio confirmed at 94.0% despite a lower benefit from discounting. The undiscounted Combined Ratio was 95.9%, achieving a 0.8 p.p. improvement compared to FY2023.

The key figures of the report are:

• Gross written premiums increased significantly to EUR 95.2 billion (+14.9%) with strong growth in Life (+19.2%) and P&C (+7.7%)
• Life net inflows reached very positive levels at EUR 9.7 billion entirely driven by protection and unit-linked. New Business Value grew to EUR 2.4 billion (+2.3%)
• Combined Ratio (CoR) maintained at 94.0% (0.0 p.p.) with an improved undiscounted CoR at 95.9% (-0.8 p.p.) thanks to strong attritional CoR performance
• Continued growth in operating result to a record EUR 7.3 billion (+8.2%), led by all business segments with a strong contribution from Asset & Wealth Management
• Adjusted net result rose to EUR 3.8 billion (+5.4%), an all-time record for the Group
• Total Assets Under Management reached EUR 863 billion (+31.6%) thanks to positive net inflows and the consolidation of Conning Holdings Limited
• Solid capital position, with Solvency Ratio at 210% (220% FY2023), primarily reflecting M&A transactions and the 2024 EUR 500 million buy-back programme
• Proposed dividend per share of EUR 1.43 (+11.7%) confirms strong focus on increasing shareholder remuneration in the “Lifetime Partner 27: Driving Excellence” plan.

“Generali achieved excellent results in 2024, overdelivering 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”, commented Generali Group CEO, Philippe Donnet.



The full report can be found here.