ARZGF - Assicurazioni Generali S.p.A. (ARZGF) Q1 2024 Earnings Call Transcript
2024-05-21 17:41:03 ET
Assicurazioni Generali S.p.A. (ARZGF)
Q1 2024 Results Conference Call
May 21, 2024 06:00 AM ET
Company Participants
Fabio Cleva - Head, Investor & Rating Agency Relations
Marco Sesana - Group General Manager
Giulio Terzariol - CEO of Insurance
Cristiano Borean - Group Chief Financial Officer
Conference Call Participants
Will Hardcastle - UBS
Peter Eliot - Kepler Cheuvreux
Michael Huttner - Berenberg
William Hawkins - KBW
Iain Pearce - Exane PNB Paribas
Farooq Hanif - JPMorgan
Andrea Lisi - Equita
Steven Haywood - HSBC
Farquhar Murray - Autonomous Research
Elena Perini - Intesa Sanpaolo
Presentation
Operator
Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Generali Group First Quarter 2024 Results Presentation. [Operator Instructions]
At this time, I would like to turn the conference over to Mr. Fabio Cleva, Head of Investor and Rating Agencies Relations of Generali Group. Please go ahead, sir.
Fabio Cleva
Thank you. Hello, everyone, and welcome to Generali first quarter 2024 results call. Here with us today, we have the Group General Manager, Marco Sesana; the CEO of Insurance; Giulio Terzariol; and the Group CFO, Cristiano Borean.
Before opening the Q&A session, let me hand it over to Marco and Cristiano for some opening comments. Marco, the floor is yours.
Marco Sesana
So good morning, everyone. Our first quarter results confirm the group delivery and the positive effect of commercial action implemented in 2023 to address the macro context challenges.
In Life, we are very pleased by the return to positive net inflow. The first quarter figures confirm what we told you throughout the second half of 2023, that the situation was under control. It also demonstrates our ability to meet customer demand for protection and unit-linked products.
Protection net inflows reached €1.5 billion, while unit-linked net flows were close to €1 billion. Protection continues to generate over 40% of our new business value. Outflows from savings were limited, a significant improvement compared to last year, and were very much related to low-value products. In fact, the commercial action implemented since 2023 underpinned the strong production seen in Life overall.
Our business units have adapted to meet changing customer appetite and perceived market competitiveness by continuing to update existing products and launch new products that are more attractive in this new market condition. The strong Life production also reflects positively seasonality in the first quarter, especially in China. As such, we expect some moderation in the coming quarters....
Assicurazioni Generali S.p.A. (ARZGF) Q1 2024 Earnings Call Transcript