Generali sees Q1 GWP grow to €26.4bn as operating result improves

Generali has revealed that in Q1 of 2024, its gross written premiums (GWP) increased 21.4% from the previous year to €26.4 billion, driven by strong performances in both the Life and P&C segments.

Broken down, GWP in the Life segment in Q1 of 2024 were €16.9 billion, up 28.4% from the opening quarter of 2023. Within this segment, Generali noted that there was a particularly strong performance in savings and pension in Italy and France, reflecting the commercial actions implemented since 2023, as well as in China.

Meanwhile, P&C segment GWP grew 10.9% to €9.5 billion in Q1 of 2024, reportedly driven by positive performance of both business lines.

Elsewhere, Generali observed continued growth in its operating result for Q1 of 2024, which expanded to €1.9 billion.

The Life segment operating result grew to €969 million, while the P&C segment operating result increased to €867 million, also benefiting from Liberty Seguros, which was consolidated starting from February 2024.

Generali’s combined ratio in the opening quarter was 91% up 0.3 points from Q1 of 2023 due to an increase in the loss ratio to 61.7%, which was mainly caused by a lower current-year discounting benefit.

The firm additionally reported positive Life net inflows at € 2.3 billion due to protection and unit-linked and consistent with the Group’s strategy.

Generali Group CFO, Cristiano Borean, commented, “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.”