In This Article:
-
Operating Result: Increased by 1.6% to over EUR3.7 billion.
-
Life Business Operating Result: Up 7.8% to over EUR1.9 billion.
-
Asset Management Operating Result: Increased by 5.5% to EUR255 million.
-
Wealth Management Operating Result: Rose by 33.8% to EUR311 million.
-
Total Assets Under Management: EUR821 billion, a 25.2% increase from full year 2023.
-
Third-Party Client Assets: Increased to EUR252 billion from EUR105 billion at year-end 2023.
-
Adjusted Net Result: EUR2 billion, a 13.1% decrease compared to the first half of 2023.
-
Solvency 2 Position: Remained solid despite deductions from acquisitions and share buybacks.
-
Life Business Net Inflows: Over EUR5.1 billion in positive net inflows.
-
P&C Premiums: Grew by 10.5% to EUR17.4 billion, or 5.7% excluding Argentina.
-
Combined Ratio Guidance: Reaffirmed below 96%.
-
Share Buyback: EUR500 million announced.
Release Date: August 09, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
Generali (ARZGF) reported a 1.6% increase in operating results, reaching over EUR3.7 billion, driven by strong performance in the Life, Asset Management, and Wealth Management sectors.
-
The company's total assets under management rose by 25.2% to EUR821 billion, largely due to the inclusion of Conning and its affiliates.
-
Generali (ARZGF) achieved over EUR5.1 billion in positive net inflows in the Life business, driven by protection and unit-linked products.
-
The Property & Casualty segment saw a 10.5% increase in premiums, with a stable frequency and improving claims inflation across markets.
-
Generali (ARZGF) announced a EUR500 million share buyback, reflecting a commitment to balancing shareholder remuneration with M&A activities.
Negative Points
-
The adjusted net result decreased by 13.1% to EUR2 billion, primarily due to capital gains and one-offs recorded in the previous period.
-
The Solvency 2 position was impacted by a 9-percentage-point deduction from the acquisition of Liberty Seguros and a 2-percentage-point deduction from share buybacks.
-
The Life business experienced a significant reduction in saving outflows, indicating potential challenges in maintaining inflow momentum.
-
The combined ratio guidance for Property & Casualty remains below 96%, but the impact of natural catastrophes and other factors could pose risks.
-
The investment yields in Life and P&C sectors decreased compared to last year, reflecting lower market yields, especially in European credit and China.