Generali Group Consolidated Results As at 31 December 2024

Generali overdelivers on “Lifetime Partner 24: Driving Growth” plan targets and achieves record operating and adjusted net result

• Gross written premiums increased significantly to € 95.2 billion (+14.9%) with strong growth in Life (+19.2%) and P&C (+7.7%)
• Life net inflows reached very positive levels at € 9.7 billion entirely driven by protection and unit-linked. New Business Value grew to € 2.4 billion (+2.3%)
• Combined Ratio (CoR) maintained at 94.0% (0.0 p.p.) with an improved undiscounted CoR at 95.9% (-0.8 p.p.) thanks to strong attritional CoR performance
• Continued growth in operating result to a record € 7.3 billion (+8.2%), led by all business segments with a strong contribution from Asset & Wealth Management
• Adjusted net result rose to € 3.8 billion (+5.4%), an all-time record for the Group
• Total Assets Under Management reached € 863 billion (+31.6%) thanks to positive net inflows and the consolidation of Conning Holdings Limited
• Solid capital position, with Solvency Ratio at 210% (220% FY2023), primarily reflecting M&A transactions and the 2024 € 500 million buy-back programme
• Proposed dividend per share of € 1.43 (+11.7%) confirms strong focus on increasing shareholder remuneration in the “Lifetime Partner 27: Driving Excellence” plan

Generali Group CEO, Philippe Donnet, said: “Generali achieved excellent results in 2024, overdelivering against our financial targets and successfully bringing our ‘Lifetime Partner 24: Driving Growth’ strategic plan to a close. These results further reflect our ability to ensure consistent organic growth in each segment through the management actions we put in place, while successfully integrating all the businesses we have been acquiring. The Group today is in the strongest position in its history, demonstrated by our record operating and adjusted net results, achieved thanks to the efforts and commitment of our people and distribution network. We continue to transform and diversify our Group as a leading global integrated insurer and asset manager and are now focussed on accelerating our pursuit of excellence. Our ambitious new ‘Lifetime Partner 27: Driving Excellence’ plan will drive strong earnings growth, solid cash generation, and increased shareholder remuneration. This is further boosted by our AI and data capabilities enhancing our ability to consistently capture opportunities from fast-changing customer needs and emerging trends.”