Generali’s net result dips 9% YoY in H1 2024

Adjusted earnings per share stood at €1.31.

Generali’s net results contracted 98.5% year-on-year (YoY) to $2.238b (€2.052b) in the six months to June (H1 2024), which was offset by a surge in gross written premiums (GWP).

Generali’s GWP shot up 20.4% YoY in H1 2024’s gross written premiums, reaching $54.51b (€50.1b), driven by both the Life and Property & Casualty (P&C) segments.

The group's adjusted net result stood at $2.214b (€2.03b), down from $2.542b (€2.33b) in the same period last year. This decline was mainly due to capital gains and other one-off factors recorded in the first half of 2023. Excluding these effects, the adjusted net result remained broadly stable.

Life net inflows were particularly robust, exceeding $5.569b (€5.1b). This growth was primarily fueled by protection and unit-linked products, aligning with the group's strategic focus and successful commercial actions implemented since 2023.

The group's overall operating result grew to $4.05b (€3.72b), a 1.6% increase, underscoring the benefits of its diversified profit sources.

Notably, the Life segment's operating result increased by 7.8% to $2.14b (€1.96b), whilst the New Business Value saw a 3.7% improvement, reaching $1.41b (€1.29b).

The P&C segment's operating result was $1.89b (€1.73b), a 6.7% decline, largely due to a higher impact of natural catastrophes and a reduced benefit from discounting, which pushed the Combined Ratio up by 0.8 percentage points to 92.4%.

The Asset & Wealth Management segment also performed well, with an operating result of $617 million (€566 million), up 19.4%.

This growth was attributed to the strong performance of Banca Generali and the positive contribution from Conning Holdings Limited (CHL). However, the operating result for the Holding and other businesses segment showed a loss of $248 million (€227 million), compared to a $172 million (€158 million) loss in the first half of 2023.

The company’s adjusted earnings per share stood at $1.43 (€1.31), down 13.3% YoY.

($1.00 = €0.92)