Media release ,  9.8.2024

GENERALI GROUP CONSOLIDATED RESULTS AS AT 30 JUNE 2024

Generali achieves continued growth in operating result thanks to an increasingly diversified business profile. Solid capital position confirmed

• Gross written premiums increased significantly to € 50.1 billion (+20.4%), driven by substantial growth in Life (+26.6%) and P&C (+10.5%) segments

• Life net inflows were very positive at € 5.1 billion entirely driven by protection and unit-linked. New Business Value grew to € 1,289 million (+3.7%)

• Combined Ratio was 92.4% (+0.8 p.p.); undiscounted Combined Ratio improved to 94.9% (-0.1 p.p.)

• Continued growth in operating result to € 3.7 billion (+1.6%), led by the strong contribution of the Life and Asset & Wealth Management segments

• Adjusted net result was € 2.0 billion (-13.1%) mainly as a result of capital gains and other one-offs recorded during 1H2023. Excluding these effects, the adjusted net result would have been stable

• The Group’s Total Assets Under Management reached € 821 billion (+25.2%) mainly driven by the consolidation of Conning Holdings Limited

• Solid capital position, with Solvency Ratio at 211% (220% FY2023), primarily reflecting the acquisition of Liberty Seguros and the launch of the € 500 million buyback programme already announced

Generali Group CEO, Philippe Donnet, said:

«With continued operating result growth and the return to strong positive Life net inflows, our results confirm the resilience of Generali, the effectiveness of our strategy and our ability to deliver value for all stakeholders also in a complex macroeconomic and geopolitical context.

We are evolving as a global insurance and asset management player with an increasingly diversified business profile. Our relentless focus on cash and capital position allows us to launch the € 500 million share buy-back, highlighting our commitment to increased shareholder remuneration. With only a few months until the close of our ‘Lifetime Partner 24: Driving Growth’ plan, we are fully on track to reach all its ambitious targets thanks to the continued efforts of all our colleagues and agents.

Looking ahead, I am working with the top management team on the new Group strategy that we will present at our Investor Day on 30 January 2025 in Venice.»

The press release of the international Generali Group is available for download.