MILAN (ITALPRESS) – Generali presented record results for fiscal year 2024, exceeding all targets set in the strategic plan. Net income was 3.8 billion, up 5.4 percent from the previous year, and with record operating income of 7.3 billion (+8.2 percent), driven particularly by asset management activities.
Although total net income fell slightly to 3.7 billion (-0.6%), due to a decline in capital gains from divestments, the result is still excellent. Confirming the soundness of the group, the board of directors decided to propose a dividend of 1.43 euros, an increase of 11.7 percent over the previous one.
The ‘total payout will be 2.17 billion euros, with a yield of 4.48 percent compared to the current share price of 31.9 euros. The dividend distribution underscores Generali’s focus on its shareholders, consolidating trust in the long run. These are the last accounts of the previous plan.
The new one presented by ceo Philippe Donnet on January 30 in Venice includes, in particular, cumulative dividends of more than 7 billion, as well as a commitment to share buybacks of at least 1.5 billion over the plan period and a buyback of 500 million to be launched during 2025. Philippe Donnet, commenting on the 2024 results, spoke of results that are “the best in the company’s 194-year history.”
He also provided an overview of strategic choices by reporting that the group is considering increasing the Btp portfolio because the multinational profile does not neglect its roots in Italy.
“Our exposure in BTPs at the end of 2024 amounts to 35.6 billion an important part of our investments,” the CEO said, adding the intention to strengthen the portfolio in line with its investment policy and risk profile.
The decision reflects Generali’s significant position in Italy, which accounts for about one-third of its assets. Regarding the possibility of a different allocation in Generali’s portfolios, Marco Sesana, general manager of the Group said the focus will be on increasing bonds issued by private companies and limiting government bonds.
Except for the Btp. On the horizon are appointments involving governance. The renewal of the board of directors will be one of the central hubs of the April 24 meeting. Actually, the initial call was for May 8. Then the announcement of the advance that raised several questions given the importance of the appointment.
“Actually,” Donnet explained, “we had decided on the date of May 8 with the hope of receiving by the end of March the regulations related to Article 12 of the Capital Decree,” regarding how to submit lists for the new board.
“Given the delay in transmission, we are back at the end of April.” The top appointments, with Philippe Donnet backed by Mediobanca and challenged by Caltagirone and Delfin, will depend on decisions by Assogestioni and Unicredit, making the meeting among the most decisive in recent years.
Donnet today confirmed readiness for renewal. Also asked about the possible role of Unicredit, which could become the needle in the balance after rising to 5.2 percent of the Trieste-based company, and about possible rearrangements in the shareholding structure, the top manager stressed, “Since I became ceo nine years ago, I have always heard about takeovers. When I arrived, however, the capitalization was 15 billion and now it is 50 billion. And this is due to the successful implementation of our strategic plans, the next one will create additional value.”
On the front of the agreement with the French Natixis to create a European asset management platform, Donnet preferred not to give details. He limited himself to mentioning that consultations with the unions are ongoing and the final agreement will be signed after the April 24 shareholders’ meeting. The deal, however, will have to pass the government’s scrutiny through the exercise of golden power.
(ITALPRESS).
-Photo: Generali press office-
