Generali has achieved an increase of 38.41% in the volume of premiums issued in 2024, up to 3,608 million euros, in the first year since the acquisition of the Liberty Seguros business became effective.
It is placed like the sixth largest insurance group in Spainaccording to the direct insurance ranking prepared by the Cooperative Research firm between Insurance Entities and Pension Funds (ICEA).
It was practically a year ago, at the end of January, when Generali announced the end of the purchase of Liberty Seguros, which centralized the operations in Spain, Portugal, Ireland and Northern Ireland.
Generali has indicated that the integration is “strengthening” his position in the Spanish market and that 2024 has been “very intense” in relation to the construction of the new company.
“We met all our commercial objectives and made progress in the integration according to our roadmap“he adds in this regard.
Momentum reflected in 2024 has helped Generali climb from tenth to sixth position in the ranking of the largest insurance groups in Spain, a place that, however, is below what the company estimated at the time of closing the operation with Liberty Seguros.
In this sense, the company defends that it is growing “above the market” – it is one of the large insurers that grew the most in 2024 – although it points out that its ambition is “to be leaders in technical excellence and customer satisfaction.”
He downplays the importance of being in sixth position by pointing out that between fourth, fifth and sixth place the difference “is minimal.” Ahead, Generali has Allianz, which accumulated 3,758 million euros in 202414.95% more, and AXA, which experienced a growth in its premiums of 3.63%, up to 3,693 million euros.
“What interests us is doing things well,” says the company after explaining that its main objectives are profitable growth and quality of service to its customers. “In both variables the evolution is very positive,” he adds.
Double your business
The insurer grew last year both in bouquet of lifewith an increase in premium volume of 18.5%, with an increase of 11.5% in provisions, but above all in non-life, with an increase of 46.55%.
Within the non-life branch, the increase achieved in automobile insurance stands out especially: in 2024, the group doubled its business in one year (+104.15%), up to 1,168 million euros. It thus positioned itself as the fourth largest insurer for the automobile business in Spain, with a 8.87% share and behind Mapfre, Mutua Madrileña and Allianz.
Regarding the category of multi-risk insurancethe increase of the Generali group was 34.92% in 2024.
Alliance with Cajamar
On the other hand, in health insurance, Generali experienced a 9.02% growthmainly spurred by the 116.08% increase in the bancassurance business with Cajamar, which offset the 15.36% drop in Generali SAU – the current name of Liberty Seguros’ business -.
The alliance with Cajamar completed its 20 years of life in 2024, since in 2004, the insurer and the bank signed the first bancassurance agreement, which involved the constitution of a ‘joint venture’ for the distribution of life and non-life insurance. “We are very satisfied. This is one of the longest-running and most successful bancassurance agreements on the market,” says Generali.
In fact, the insurer points out that this alliance will not stop evolving and will include, in 2025, the launch of an offer “of added value” precisely for the health sector.
Beyond the health insurance business, the alliance with Cajamar has seen its volumes in multi-risk insurance increase by 5.69%. In the life line, premiums grew by 8.51% in the year.
#Generali #increases #premiums #Spain #million #purchase #Liberty #Seguros
