Generali, premiums and rising profitability | EUROtoday

Listen to the audio model of the article

Turnover is rising and working revenue is rising, pushed primarily by Life and Asset Management. These are the important thing steps within the first 9 months of 2024 for Generali which recorded gross premiums of 70.7 billion, up by 18.1%, within the wake of the leap in each segments with Life which recorded a +23.3 % and Damage +9.8%.

The key numbers

In this context, the working consequence rose to five.4 billion (+7.9%) pushed by Life, whose consequence stood at 3.035 billion (+8.9%) with a price of recent enterprise (NBV) rising to 1.755 billion (+1.8%), and by Asset & Wealth Management which noticed the determine attain 837 million (+20.1%), because of the sturdy efficiency of Banca Generali (447 million, a rise of 31.7%), and Asset Management, which benefited from the contribution of Conning Holdings Limited (166 million for six months). Speaking of Banca Generali, the CFO Cristiano Borean underlined that the subsidiary “has carried out an excellent operation with Intermonte and is performing really very well” which is why Leone is “a very satisfied shareholder”. From Non-Life, nonetheless, 2.21 billion arrived (+2.5%) regardless of the numerous affect of pure disasters (930 million, equal to three.8% in September plus one other 100 million between October and November) which is at roughly similar to final 12 months. As underlined by the CFO, the determine was contributed by “the combination of tariff increases carried out in the past and portfolio selection”. It isn’t any coincidence that the Combined Ratio stood at 94% (from 94.3% a 12 months earlier).

Normalized web revenue as a substitute fell to 2.9 billion (-3.3%) however excluding the non-recurring capital acquire recorded in 2023 (193 million referring to the sale of a London actual property complicated) it might have grown by 3.4%. Net revenue, however, is rising to three billion (+5%) additionally as a result of 58 million capital acquire deriving from the sale of TUA Assicurazioni within the first three months of this 12 months.

The third quarter

Contributing to those numbers was actually the sturdy efficiency of the third quarter which recorded an working results of 1.674 billion (+25%), a normalized revenue of 855 million (+31.7%) and a web revenue of 909 million ( +57.1%).

In phrases of capital solidity, the group has a Solvency Ratio of 209% (220% on the finish of 2023) to which “the robust capital generation of the period” contributed which was “more than offset by the impact deriving from the acquisition of Liberty Seguros, from regulatory changes, from non-economic and market variations”. At the top of October, nonetheless, the indicator “had a marginal reduction” because of “the opening of the spread of all government bonds”.