Italian insurer Assicurazioni Generali SpA cut net profit by 0.6% in 2024, with adjusted and operating profit rising to record highs. According to a press release from the insurer, net profit for 2024 was €3.72 billion, up from €3.75 billion a year earlier.
Adjusted net income rose 5.4% to a record €3.77 billion, or €2.45 per share, from €3.58 billion, or €2.32 per share, in 2023.
Generali’s operating profit rose 8.2% to €7.3 billion last year, also a record.
The company’s adjusted and operating profit matched its consensus forecast.
Generali’s gross premiums amounted to €95.19 billion in 2024, up 14.9% year-on-year. Premiums in the life insurance segment increased by 19.2%, in the property and casualty division by 7.7%.
The capital adequacy ratio of the insurer within the framework of the Pan-European requirements “Solvency-2” (Solvency II) at the end of December amounted to 210% compared to 220% at the end of the previous year. The company explains the decrease in the indicator by the effect of acquisitions, as well as from the buyback of shares in the amount of 500 million euros.
Generali plans to increase its dividend by 11.7% to €1.43 per share. The company expects a compound annual growth rate of 8-10% for its adjusted earnings per share and more than 10% for dividends in 2025-2027. Generali intends to repurchase €500 million worth of shares in 2025, and at least €1.5 billion worth over three years. Generali’s capitalization has risen about 17% since the beginning of the year to 49.96 billion euros, while Italy’s FTSE MIB index has added about 12% over the period.
