GENERALI GROUP 2023 RESULTS
The like for like changes on written premiums, Life net cash inflows, PVBNP, NBV and NBM are on equivalent terms (on equivalent exchange rates and consolidation area). Starting from 1Q23 the bancassurance JVs of Cattolica (Vera and BCC companies) are considered a 'disposal group held for sale' under IFRS 5 and therefore their results are reclassified in the Result of discontinued operations. Consequently, the Group Results 2022 presented last year have been restated. The attritional Loss Ratio does not include Nat Cat impact but includes Man Made claims.
2
AGENDA
01 Strategy overview
02 Group financials
03 Backup
04
STRATEGY OVERVIEW
Philippe Donnet
Group CEO
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FULLY ON TRACK TO DELIVER "LIFETIME PARTNER 24: DRIVING GROWTH" PLAN
Record Operating and Adjusted Net Result supported by all business lines. Further positive impact in 2024 from acquisitions of Liberty Seguros and Conning Holdings
P&C driving both top-line and Operating Result despite significant Nat Cat impact
Ongoing positive net inflows in Protection and Unit Linked, with improving Savings outflows in 4Q Solid Solvency 2 ratio supported by strong capital generation
Proposed dividend per share of € 1.28, with 2022-2024 cumulative target achieved
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RECORD OPERATING AND ADJUSTED NET RESULT
Operating Result (€ m) | Adjusted Net Result¹ (€ m) | Solvency Ratio (%) |
+7.9% | |
6,374 | 6,879 |
2022 | 2023 |
P&C Premiums² (€ m) | |
+12.0% | |
28,454 | 31,120 |
2022 | 2023 |
+14.1%
3,133 | 3,575 |
2022 | 2023 |
Life New Business Margin² (%)
+9 bps
5.69 | 5.78 |
2022 | 2023 |
-1 p.p.
221 | 220 |
2022 | 2023 |
P&C Combined Ratio (%)
-1.4 p.p. | |
95.4 | 94.0 |
2022 | 2023 |
- The 2022 figure also reflects the impact from € 71 m in impairments on Russian fixed-income instruments
- Changes in P&C Premiums and Life New Business Margin are presented on equivalent terms (at constant exchange rates and consolidation scope)
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OPERATING RESULT GROWTH HIGHLIGHTS GROUP'S
SUCCESSFUL TRANSFORMATION
Operating Result (€ m)1
4,830 4,895 4,857 5,192 5,208 5,852 6,374
6,879
- Focus on profitable growth, with Operating Result vastly outpacing GWP increase
- Life: Shift from capital intensive to capital light products
- P&C: Strengthened presence through acquisitions and organic growth
2016 2017 2018 2019 2020 2021 2022 2023 ▪ Asset & Wealth Management: Increased contribution (from 3% in 2016 to 14% in 2023)
1. Data 2016-2021 as disclosed based on historical IFRS4, since 2022 on IFRS17
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EXCELLENT PROGRESS TOWARDS PLAN'S FINANCIAL TARGETS
Financial targets
6% - 8%
EPS CAGR RANGE¹
2021 - 2024
> €8.5 billion
CUMULATIVE NET
HOLDING CASH FLOW²
2022 - 2024
€5.2 - 5.6 billion
CUMULATIVE DIVIDEND3 2022-2024,
WITH RATCHET POLICY ON DPS
2022 - 2024
Current status 14.2% ON TRACK
€5.8 bn ON TRACK
cumulative 2022-2023
€5.5 bn ACHIEVED
cumulative 2022-2024
Progression
2022 2023 2024
2022 2023 2024
€ bn 2.9 | 2.9 |
2022 2023 2024
- bn 1.7 1.8 2.03
-
3-yearCAGR. Baseline: €1.78, financial year 2021 under IFRS4 accounting rules and used as baseline.
The Adjusted EPS has been adopted since the application of IFRS17 - Net Holding Cash Flow and Dividend expressed on cash basis (i.e. cash flows are reported under the year of payment)
- Subject to all the relevant approvals
€6.5 bn
Total cumulative distribution (including Strategic Buybacks)
Financial data already reported
Financial data yet to be reported
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2022-2024 CUMULATIVE DIVIDEND TARGET REACHED THANKS TO STRONG EARNINGS GROWTH
Dividend per share (€)
1.47 | |||||||
0.46¹ | 1.07 | 1.16 | 1.28² | ||||
0.80 | 0.85 | 0.90 | 1.01 | ||||
0.50 | |||||||
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
- Proposed dividend per share 10% higher than the one distributed last year
- 2022-2024cumulative dividend target achieved at 5.5 billion²
- AGM: April 24th, 2024
- Ex-dividenddate: May 20th, 2024
- Payment date: May 22nd, 2024
Clear commitment to attractive, predictable and steadily growing dividends
- The dividend per share of €1.47 proposed for the 2020 financial year was split into two tranches of €1.01 and €0.46. The firs t tranche represented the ordinary pay-out from 2020 earnings while the second one was related to the second part of the 2019 dividend, which was retained due to supervisory recommendations during the Covid-19 pandemic.
- Subject to all the relevant approvals
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INCREASINGLY EFFECTIVE TARIFF STRENGTHENING MEASURES IN P&C
2023 P&C Gross Direct Premiums (%)
Motor
Non-Motor
Retail and SME: (84%)
Accident, Health and Disability
Corporate & Commercial¹
Europ Assistance
10% 6%
Price effect
Change in average annual | 2023 vs 2022 |
premium | |
Retail and SME2,3 | +6.1% |
of which: | |
Motor | +5.3% |
Non-Motor | +6.1% |
2022 vs 2021
+3.3%
+0.9%
+4.8%
15%
35%
Accident, Health & Disability | +7.9% |
Effective rate change (on top | 2023 vs 2022 |
of inflation) | |
+6.2%
2022 vs 2021
34%
Corporate & Commercial⁴ | +4.2% |
+6.0%
- Including both Direct and Accepted business
- The scope of the analysis is equal to ~80% of the 2023 Group P&C Retail & SME business (excluding Europ Assistance) and refers to European countries only
- Measured as the change of the average annual premium in-force (data coming from technical monitoring)
- Measured as effective rate change on top of inflation (i.e. change in Actual Price/Technical Price of Renewals vs 2022) on Renewals of the period
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CONTINUED PROGRESS TOWARDS LIFETIME PARTNER CUSTOMER LOYALTY TARGETS
#1 Position R-NPS¹
21.5
Generali | 19.5 |
Peer 1 | |
17.8 | |
Peer 2 | |
17.4 | |
Peer 3 |
Multi-holding customers²
47.8% | 51.3% | 50.0% | |
44.9% | |||
2021 | 2022 | 2023 | 2024 |
TARGET |
Lifetime Partner ambition built upon three customer promises
Personalised Value Propositions | Effortless and Caring Experiences | Phygital Advice |
- R-NPSResearch 2019- 2023, 23 countries, 750,000 respondents
- 2023 Results in line with methodological fine-tunings. Remit: 24 countries, 38 million customers
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Assicurazioni Generali S.p.A. published this content on 12 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 March 2024 06:05:05 UTC.