Assicurazioni Generali S.p.A.(ARZGY) - 2023 Q4 - Earnings Call Presentation

Financial Performance - Generali Group achieved a record Operating Result of €6.879 billion, a 7.9% increase compared to €6.374 billion in 2022[6, 21] - The Adjusted Net Result grew by 14.1% to a record €3.575 billion, compared to €3.133 billion in 2022[6, 17] - The proposed dividend per share is €1.28, a 10.3% increase, leading to the achievement of the "LifeTime Partner 24" cumulative dividend target of €5.5 billion[5, 19, 10] - Gross Written Premiums increased by 5.6% to €82.466 billion, driven by strong P&C growth[16, 19] Business Segment Highlights - P&C Operating Result increased by 15.8% to €2.902 billion, compared to €2.507 billion in 2022, benefiting from higher discounting and volume growth[19, 21, 44] - P&C Gross Written Premiums increased by 12.0% to €31.120 billion[6, 16, 43] - Life Operating Result increased by 1.7% to €3.735 billion, driven by a higher CSM release, offsetting negative one-offs[21, 24] - Asset & Wealth Management Operating Result increased by 4.9% to €1.001 billion, supported by Banca Generali's strong performance[21, 61] Capital and Solvency - The Solvency 2 ratio stands at 220%, supported by 22 percentage points of normalized capital generation during the year[6, 19, 18] - Normalized CSM growth was 4.8%, supported by the unwinding of discount net of the CSM release[31] - Net Holding Cash Flow increased slightly by 1% to €2.936 billion, driven by higher remittance from subsidiaries[82] Sustainability - The carbon footprint of the investment portfolio decreased by 46.2% compared to the 2019 base year[13]