Generali, one of Italy's biggest insurance companies, has reported a 5.5% increase in operating profits to €1.9 billion for its first quarter of 2024. The company says the rise was mostly due to the continuing robust performance of every business division.
Adjusted net profit came in at €1.1 billion for the same period, a drop of 9% from the €1.2 billion seen for the same time last year. Gross written premiums surged to €26.4 billion, an increase of 21.4% that was boosted mainly by the property-casualty insurance and life insurance divisions.
Life insurance net inflows reached €2.3 billion, driven mainly by unit-linked and protection life insurance plans seeing gains in France and Italy, Pension and savings outflows were down compared with the same time last year.
Life operating profit for Q1 was €969 million, up from €924 million. Operating profit for the property-casual insurance arm was €867 million, up from €847 million on the same time last year.
Asset and wealth management operating result was €263 million, up from €225 on last year.
New business volumes also improved, especially in Italy, which saw a rise in savings plans, and France, which experienced better hybrid sales.
New regulatory changes in China also resulted in the country seeing unprecedented volumes in quarter 1. However, the spike was expected to be short-term, until the markets stabilise and adjust to the new laws.
The group's shareholders' equity was €30.1 billion, with the total assets under management rising to €670.3 billion. The group's solvency ratio was revealed to be 215%, slightly dampened due to its recent acquisition of the Liberty Seguros.
Generali group chief financial officer (CFO) Cristiano Borean said in a statement: "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. 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."
