Generali has published its financial results for the first half of 2024, showing a significant increase in gross written premiums (GWP) from EUR 42.2 billion in the first half of 2023 to EUR 50.1 billion, driven by strong growth in both the life and property and casualty segments.

The gross profit package in the Life segment amounted to EUR 32,722 million in the first half of 2024, reflecting strong performance across all business lines, up 26.6% from the EUR 25,888 million reported in the same period last year.

The segment’s net cash inflows also recorded positive growth momentum during this period, exceeding EUR 5.1 billion.

Meanwhile, the P&C segment’s gross operating profit increased by 10.9% to EUR 17,419 million in the first half of 2024, reportedly driven by the positive performance of both business units. The segment’s operating profit was EUR 1,728 million, down 6.7% year-on-year, due to higher impacts from natural disasters and lower discounts.

Generali recorded continuous growth in its operating profit in the first half of 2024, which rose to 3.7 billion euros. This growth was due to the strong contribution of the Life and Asset & Wealth Management segments, the company said.

Life segment operating profit increased to EUR 1,955 million in the quarter compared to EUR 1,813 million in the first half of 2023, while Property and Casualty segment operating profit increased to EUR 1,728 million compared to EUR 1,853 million in the first half of 2023.

Generali also reported a combined ratio of 92.4%, up 0.8 points from the first half of 2023, and an improvement in the undiscounted combined ratio to 94.9% in the first half of 2024.

In addition, the company reported continued growth in operating profit to EUR 3.7 billion, thanks mainly to a strong contribution from the Life Insurance and Asset & Wealth Management segments.

Adjusted net income for the period was 2.0 billion euros, which Generali said was the result of capital gains and other one-off items recorded in the first half of 2023. Without these effects, adjusted net income would have been stable, the company said.

In addition, the Group’s total assets under management reached EUR 821 billion in the first half of 2024, mainly due to the consolidation of Conning Holdings Limited.

Philippe Donnet, CEO of Generali Group, said: “With continued growth in operating profit and the return to strong positive net inflows in life insurance, our results confirm Generali’s resilience, the effectiveness of our strategy and our ability to create value for all stakeholders even in a complex macroeconomic and geopolitical context. We are evolving into a global insurance and asset management company with an increasingly diversified business profile.

“Our relentless focus on cash and capitalization allows us to launch the €500 million share buyback, underlining our commitment to higher shareholder compensation. With only a few months left to complete our ‘Lifetime Partner 24: Driving Growth’ plan, and thanks to the continued efforts of all our colleagues and representatives, we are fully on track to achieve all of its ambitious goals. Looking ahead, I am working with the top management team on the new Group strategy, which we will present at our Investor Day on January 30, 2025 in Venice.”