Continuous growth through diversified business model

Generali Group's consolidated report recorded a sharp increase in gross written premiums to EUR 50.1 billion (up 20.4% year-on-year in 2023) thanks to strong growth in both life and non-life insurance.

Positive net cash flow from life insurance operations reached EUR 5.1 billion thanks to protection and unit-linked products. New business profit increased to EUR 1,289 million (up 3.7% YoY).

Generali announced continued growth in operating results to EUR 3.7 billion (up 1.6% y-o-y in FY23), driven by strong contributions from the life insurance and asset management segments. Adjusted net profit reached EUR 2 billion; total assets under management reached EUR 821 billion (up 25.2% y-o-y). Generali is reported to be well capitalized, with a solvency margin of 211% (compared to 220% in FY23).

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“This result confirms the resilience of Generali, the effectiveness of our strategy and our ability to create value for all our stakeholders in a complex macroeconomic and geopolitical context,” said Philippe Donnet, CEO of Generali Group. “Generali is proud of our development as a global player in the insurance and asset management industry with an increasingly diversified business profile. We are on track to achieve all the ambitious objectives of our “Lifetime Partner 24: Accelerating Growth” strategy thanks to the continuous efforts of all our employees and our agency channels; we are ready to prepare for the new strategy in 2025.”

Generali Vietnam pays nearly 400 billion VND in insurance benefits

In the Vietnamese market, Generali has made positive progress in its network of operations and distribution channels after the first 6 months of 2024. By the second quarter of 2024, Generali Vietnam had opened nearly 20 new general agencies across the provinces and cities. To date, Generali has more than 90 general agencies and customer service centers, serving more than 500,000 customers nationwide.

“Continuing this growth momentum, Generali will continue to expand its office system in the second half of 2024 to better serve customers,” said a representative of Generali Vietnam.

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According to a representative of Generali Vietnam, in the first half of 2024, the company paid nearly VND400 billion in insurance benefits to nearly 110,000 customer cases. The company processes an average of 20,000 benefit claim files per month, with an improved and highly automated benefit settlement process.

More than 400 medical facilities are directly connected, making it more convenient and faster for customers to guarantee hospital fees. In addition to removing the requirement to submit original paper documents, Generali Vietnam has optimized the online transaction process, helping customers to only spend 2 minutes to submit a request, 30 minutes to receive a response, and receive payment within 48 hours of approval. To date, more than 85% of Generali customers have used and are satisfied with the online claim settlement service via the GenVita application.

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In addition, in order to improve service quality, Generali continuously invests in implementing gratitude and connection programs to enhance customer satisfaction. Typically, the program "Movie Day - Generali gives you a day as you wish" has given away thousands of free movie tickets to loyal customers in Hanoi, Da Nang and Ho Chi Minh City. The program "Enchanting spin, receive gifts as you wish" also gives away hundreds of prizes such as Vinfast cars, SH motorbikes... with a total value of 3.6 billion VND to customers who have accompanied Generali for many years.

Thanks to its continuous efforts, Generali Vietnam continues to maintain its leading position in the market in terms of overall customer satisfaction (R-NPS) after the second quarter of 2024, according to a report by consulting firm Epiphany-RBC.

Recently, Generali Vietnam has been continuously recognized through many prestigious awards such as: Golden Dragon Award of Vietnam Economic Magazine with the title of "Leading insurance company in innovation and customer experience in Vietnam", "Top 10 Prestigious Insurance Enterprises 2024" through a survey by Vietnam Report.

(Source: Generali Vietnam)