Generali achieves a 5.6% growth in gross written premium for FY2023

The company’s operating result also grew 7.9%.

Generali saw its gross written premium reach $89.43m (€82.466m), reflecting a 5.6% year-on-year (YoY) increase and growth in all business segments in FY2023.

The company’s operating result also increased by 7.9% YoY to $7.46m (€6,879m) due to significant growth in the P&C segment.

The net result also improved to $4.06m (€3,747m) from $4.42m (€2,235m) a year ago, benefitting from the capital gain of $276m (€255m) from the disposal of Generali Deutschland Pensionskasse.

Meanwhile, the adjusted net result records $3.87m (€3,575m), an increase from $3.39 (€3,133m) in FY2022.
The P&C segment operating result saw a growth of 15.8% YoY to $3.14m (€2,902m) and its combined ratio grew 94.0%. Premiums in this segment also increased 12.0% YoY to $33.7m (€31,12m).

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For the asset and wealth management segment, operating results increased by 4.9% to $1.08m (€1,001m). The Banca Generali Group operating result also rose 39.6% YoY to $478m (€441m) due to business diversification and improved margins.

In addition, the holding and other business segments recorded an improved operating result of $ -347m (€ -320m) from $ -357m (€ -339m) in FY2022 and generated positive contributions from France and Planvital.

The proposed dividend per share stood at $1.39 (€1.28) payable from 22 May 2024, reflecting a 10.3% increase from 2023. This confirms the Group’s strong focus on shareholders' remuneration and the achievement of the 2022-2024 cumulative dividend target.