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.
Full release
(Andrea Mandalà, editing Stefano Bernabei)