Generali’s GWP surges 21.4% YoY in Q1’24

This growth was driven by both its life and P&C businesses.

The January to March (Q1’24) was deemed favourable for Generali as its gross written premiums jumped 21.4% year-on-year (YoY) to $28.7b (€26.4b). This growth was driven by both life and property & casualty (P&C) segments.

“In the first quarter of 2024 Generali delivered continued growth of its operating result, thanks to the solid contribution of all business segments. The group achieved positive Life net inflows, built on our strategic decision to focus on protection and unit-linked lines and the commercial actions implemented during 2023,” Generali Group CFO, Cristiano Borean said in a company statement.

“The P&C segment also benefits from the consolidation of Liberty Seguros for the first time, an acquisition which is already contributing positively to the group’s earnings profile. Thanks to our diversified insurance and asset management model and solid capital position, driven by strong normalised capital generation, we remain fully on-track to meet all the targets of our ‘Lifetime Partner 24: Driving Growth’ strategy.” Borean added.

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The company achieved positive net inflows of $2.5b (€2.3b), attributed to the focus on protection and unit-linked products. This is in line with Generali's strategic objectives.

New Business Value increased by 5.0%, indicating the profitability and growth of new business lines. Generali’s Combined Ratio was 91.0% during the period, a slight increase of 0.3 percentage points.

Q1’24’s Operating Result increased to $2.1b (€1.9b), marking a growth of 5.5%. This growth was supported by strong performance across all business segments. Generali’s net result for Q1’24 saw $1.4b (€1.3b), up 4.8% YoY.

It also maintained a solid capital position with the Solvency Ratio at 215%, slightly lower than 220% at FY’23.

($1.00 = €0.92)