Generali (OTCPK:ARZGY)
$ 13.37 -0.18 (-1.33%) Market Cap: 40.83 Bil Enterprise Value: 54.94 Bil PE Ratio: 18.49 PB Ratio: 1.32 GF Score: 74/100
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Half Year 2024 Assicurazioni Generali SpA Earnings Call Transcript

Aug 09, 2024 / 10:00AM GMT
Release Date Price: $12.06 (-1.87%)

Key Points

Positve
  • Generali (ARZGF) reported a 1.6% increase in operating results, reaching over EUR3.7 billion, driven by strong performance in the Life, Asset Management, and Wealth Management sectors.
  • The company's total assets under management rose by 25.2% to EUR821 billion, largely due to the inclusion of Conning and its affiliates.
  • Generali (ARZGF) achieved over EUR5.1 billion in positive net inflows in the Life business, driven by protection and unit-linked products.
  • The Property & Casualty segment saw a 10.5% increase in premiums, with a stable frequency and improving claims inflation across markets.
  • Generali (ARZGF) announced a EUR500 million share buyback, reflecting a commitment to balancing shareholder remuneration with M&A activities.
Negative
  • The adjusted net result decreased by 13.1% to EUR2 billion, primarily due to capital gains and one-offs recorded in the previous period.
  • The Solvency 2 position was impacted by a 9-percentage-point deduction from the acquisition of Liberty Seguros and a 2-percentage-point deduction from share buybacks.
  • The Life business experienced a significant reduction in saving outflows, indicating potential challenges in maintaining inflow momentum.
  • The combined ratio guidance for Property & Casualty remains below 96%, but the impact of natural catastrophes and other factors could pose risks.
  • The investment yields in Life and P&C sectors decreased compared to last year, reflecting lower market yields, especially in European credit and China.
Operator

Good afternoon. This is the Chorus Call conference operator. Welcome and thank you for joining the Generali Group half year 2024 results presentation. (Operator Instructions)

At this time, I would like to turn the conference over to Mr. Fabio Cleva, Head of Investor and Rating Agency Relations. Please go ahead, sir.

Fabio Cleva
Assicurazioni Generali SpA - Head of Investor and Rating Agency Relations

Hello, everyone, and welcome to Generali first half 2024 results call. Here with us today, we have our Group CEO, Philippe Donnet; the Group General Manager, Marco Sesana; the CEO of Insurance, Giulio Terzariol; and the Group CFO, Cristiano Borean.

Before opening the Q&A session, let me hand over to Philippe Donnet for some opening remarks.

Philippe Donnet
Assicurazioni Generali SpA - Group Chief Executive Officer

Thank you, Fabio, and good morning. Thanks to all of you for joining this call. Today, we present Generali's half year financial results for 2024, which include positive contributions

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