Generali reported significant growth in its financial performance for 2023, achieving new records in gross written premiums (GWP) and dividends per share growth.
The company’s GWP surged by 5.6% to €82,466 million, driven by growth in the property & casualty (P&C) sector.
Although there was a decline in life net inflows to €-1,313 million, the final quarter showed a rebound, especially in unit-linked and protection segments. This aligns with Generali’s strategic pivot towards a more favorable life portfolio composition, reflecting sector-wide trends in Italy and France, according to the company.
The operating result increased to €6,879 million, up by 7.9%, with improvements across all business lines. Specifically, the P&C segment’s operating result rose by 15.8% to €2,902 million, aided by an enhanced combined ratio of 94.0%.
The life segment maintained a solid operating result of €3,735 million, marking a 1.7% increase. The segment’s new business margin saw a slight uplift to 5.78%, indicative of a favorable interest rate environment and strategic product mix adjustments. Additionally, the asset & wealth management division reported a 4.9% rise in operating results, primarily contributed to by Banca Generali’s performance.
Adjusted net results also reached a new high at €3,575 million. The net result saw an upturn to €3,747 million, further enhanced by a capital gain from the sale of Generali Deutschland Pensionskasse.
The company’s performance positively impacted its shareholders’ equity, which grew to €29.0 billion, and its total assets under management expanded by 6.6% to €655.8 billion. Maintaining a solid capital foundation, the solvency ratio stood at 220%.
Generali now plans to propose a dividend per share of €1.28 at the next annual general meeting, marking a 10.3% increase from the previous year.
Generali Group CEO, Philippe Donnet, attributed the success to the firm’s strong cash and capital positions.
“The group is in the best shape it has ever been as a profitable, diversified insurance and asset management player,” Donnet said. “Generali’s future success will also benefit from the acquisitions of Conning and Liberty Seguros. I would like to take this opportunity to thank all our colleagues and agents for their efforts to achieve these very positive results. They are the foundation of our sustainable growth journey and our commitment to acting as a responsible investor, insurer, employer, and corporate citizen.”
