Generali’s net profit plummeted 98.5% year-on-year to $2.238 billion (€2.052 billion) for the first half of 2024, though gross written premiums (GWP) soared 20.4% to $54.51 billion (€50.1 billion). This growth was fueled by strong performances in both the Life and Property & Casualty (P&C) sectors.
Adjusted net earnings fell to $2.214 billion (€2.03 billion) from $2.542 billion (€2.33 billion) last year, mainly due to exceptional items in the first half of 2023. However, excluding these factors, results remained stable.
Life insurance net inflows exceeded $5.569 billion (€5.1 billion), driven by demand for protection and unit-linked products. The overall operating result increased by 1.6% to $4.05 billion (€3.72 billion), with notable gains in the Life segment, which saw a 7.8% rise to $2.14 billion (€1.96 billion).
The P&C segment’s operating result declined by 6.7% to $1.89 billion (€1.73 billion) due to higher natural catastrophe impacts and reduced discounting benefits. Meanwhile, Asset & Wealth Management achieved a 19.4% increase in operating result to $617 million (€566 million).
Adjusted earnings per share decreased by 13.3% to $1.43 (€1.31).
(Note: Exchange rate used: $1.00 = €0.92)
