Generali Achieves Record Results in 2023 with Operating Result of Over 270 billion Baht

Generali Group announced strong business performance for 2023, attributed to the successful “Lifetime Partner 24: Driving Growth” strategy. Achieving a record operating result of over 270 billion baht, driven by Life and P&C segments, reflects Generali’s strong cash and capital position, with the proposed dividend per share rising to 1.28 euros. Moving forward, the Group focuses on enhancing operational efficiency in its commitment to pursue sustainable growth.

Mr. Arsh Kaumi, Country Manager and CEO of Generali Thailand said, “Generali Group’s robust performance in 2023 was a significant milestone, thanks to the successful execution of our ‘Lifetime Partner 24: Driving Growth’ strategy. This approach emphasizes sustainable growth and leverages technology to create value for customers, a principle also followed by Generali Thailand.”

In 2023, Generali Group’s operating result increased strongly to reach a record 6.9 billion euros or 270 billion baht (+7.9%), thanks to a positive contribution led by the Life and P&C segments. The Combined Ratio improved to 94.0% (-1.4 p.p.), and the New Business Margin reached 5.78% (+0.09 p.p.). The Gross Written Premiums increased to 82.5 billion euros or 3,240 billion baht (+5.6%), driven by significant P&C growth (+12.0%). The adjusted net result achieved a record level of 3,575 million euros or 141 billion baht (+14.1%). Furthermore, the Group’s capital position remained strong, with the Solvency Ratio at 220%, while the proposed dividend per share rose to 1.28 euros (+10.3%). This strong performance confirms the Group’s focus on sustainable growth and shareholders’ remuneration.

To sustain positive results, Generali Group has developed a comprehensive business plan for 2024 that aligns with the extent of central banks’ interest rate cuts. The Group executes strategies to rebalance the Life portfolio, aiming for increased profitability and more efficient capital allocation Additionally, will maintain focus on product simplification and innovation to meet customer needs through suitable distribution channels, which is in line with the Lifetime Partner 24: Driving Growth concept.

Generali Group CEO, Mr. Philippe Donnet, said, “Generali’s strong performance in 2023, underpinned by a record in operating and net result with the positive contribution of all segments, demonstrates the successful execution of our ‘Lifetime Partner 24: Driving Growth’ strategy. Thanks to our strong cash and capital position we are accelerating the growth of dividends for our shareholders. The Group is in the best shape it has ever been as a profitable, diversified Insurance and Asset Management player. Generali’s future success will also benefit from the acquisitions of Conning and Liberty Seguros. I would like to take this opportunity to thank all our colleagues and agents for their efforts to achieve these very positive results. They are the foundation of our sustainable growth journey and of our commitment to act as a responsible investor, insurer, employer, and corporate citizen.”

Note: The exchange rate is 1 euro equals 39.45 baht.

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