Generali beat analysts' estimates for premiums and net income in the first quarter thanks to contributions from all business segments, with Life net premiums returning to positive.

Normalized net income came in at 1.12 billion euros, down 9 percent from the first quarter of 2023, when the result included the realization of a nonrecurring gain (193 million after tax) related to the sale of a London property complex, a note explained.

Excluding that effect, normalized net income would have grown 8 percent.

Analysts' estimates converged on a net profit of 979 million euros, according to a consensus provided by the Trieste-based company.

Gross premiums increased 21.4 percent to 26.4 billion, with Life net premiums written again positive at 2.3 billion led by pure risk and health and unit-linked lines.

Overall operating income rose 5.5 percent to 1.9 billion.

In Non-Life, the combined ratio was 91.0% from 90.7% in the first quarter of last year, reflecting a lower benefit from discounting. The undiscounted combined ratio improved to 93.7% from 94.2%.

On the capital side, the Solvency ratio at the end of the quarter was 215% from 220% at the end of 2023.

"We are fully on track to successfully achieve all the objectives of the 'Lifetime Partner 24: Driving Growth' strategy," Generali's Cfo Cristiano Borean commented in the note.

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(Andrea Mandalà, editing Stefano Bernabei)