Generali reports 94% 2024 combined ratio

By Michael Jones

March 13 - (The Insurer) - Italian insurer Generali has reported a 94% combined ratio for the 2024 full year, in line with its 2023 result.

In an announcement on Thursday, the insurer also reported an undiscounted combined ratio of 95.9%, a 0.8 percentage point improvement on the prior year.

Generali saw 5.1% year-on-year growth in its P&C operating result to 3.05 billion euros ($3.31 billion). It said that volume growth and the development of its current-year attritional combined operating ratio compensated for lower discounting benefit and elevated natural catastrophes.

P&C gross written premiums for 2024 were 33.75 billion euros, up 7.7% on 2023's figure.

Generali said motor premiums grew by 10.5% in 2024, while non-motor premiums grew by 6.6%.

Manmade losses in 2024 were 405 million euros, 143 million of which came from the fourth quarter. Riots in New Caledonia and Martinique contributed around 75 million euros.

Generali said that its asset management business recorded operating revenues excluding US insurance asset manager Conning of 1.17 billion euros in 2024, up 22.6% from the previous year.

Conning, which Generali acquired from Cathay Life in April last year in an all-share deal, contributed 278 million euros to asset management operating revenues.

Shares in Generali were trading at 31.87 euros as of 1303 CET (1203 GMT) on March 13, down just under 0.1% from the previous close.