Assicurazioni Generali SPA or Generali Group (ARZGY.PK), an Italian insurance provider, reported that its net result attributable to the Group for the first-half of 2024 declined to 2.05 billion euros from 2.24 billion euros in 2023.
Adjusted net result was 2.03 billion euros, down 13.1% from the prior year, mainly as a result of capital gains and other one-offs recorded during the first-half of 2023. Excluding these effects, the adjusted net result would have been stable.
Gross written premiums increased 20.4% to 50.1 billion euros, driven by substantial growth in Life (+26.6%) and P&C (+10.5%) segment.
The Group said it is on track to achieve a compound annual growth rate in earnings per share of 6 percent to 8 percent in the period from 2021 to 2024.
In a separate press release, Generali announced the start of the share buyback program implementing the resolution of the Shareholders' Meeting of 24 April 2024, which authorized the purchase of treasury shares for the purposes of cancellation, in one or more transactions, for a total disbursement of up to 500.00 million euros and in any case for a maximum number of shares not exceeding 3% of the company's share capital, within and no later than 18 months from the Generali Shareholders' Meeting resolution.
Generali said it has signed a buyback agreement with Goldman Sachs International. The buyback of the company's shares will start on 12 August 2024 and end by the end of December 2024.
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