The best results ever and a decisive game at the gates. Generali closed 2024 with record numbers (useful of 3.8 billion euros) and anticipated the highlight of the year, the shareholders’ meeting, determining for the future governance. He will meet on April 24 and not on May 8 as expected. And the vote is full of unknowns.
The Lion of Trieste closed one year to frame: the net profit of 3.8 billion euros marked an increase of 5.4% compared to 2023, while the operating result grew by 8.2% to 7.3 billion euros, exceeding the expectations of the market. The premium collection grew by 15%(95.1 billion), with a particularly strong contribution from the life segment (+19.2%) and the damage sector (+7.7%). The Board of Directors will present themselves to the shareholders a dividend of 1.43 euros per share (+11.7%), therefore 2.17 billion euros of total distribution. “Generali has passed all the objectives of the strategic plan and is in the strongest position in its history. We are ready to speed up the transformation and diversification path to strengthen our global leadership,” commented the CEO Philippe Kminit by presenting the data. Generali then confirmed the plan to 2027: useful profits of 8-10% per year and dividends of over 7 billion in the next three years.
Generali’s summit will present itself with record numbers on April 24, when the shareholders’ meeting will be held for the renewal of the Board of Directors for the next three years. Three lists in the field could be. The majority with Mediobanca, the first shareholder with 13.1%, who supports continuity, then Andrea Sironi president and Philippe Donnat Ceo. The second list, of minority (5-6 components), could attempt a new assault on governance with Francesco Gaetano Caltagirone (6.92%) and Delfin of the old family (9.93%). Finally, the third list could bring the managers of the Generali Membership Funds to the field, who try to attract the vote of institutional investors. Ango of the scale therefore Unicredit, climbed to 5.2% of the company and the other relevant shareholders, as an edition (Benetton) with 4.5% and the CRT Foundation with over 2%. The lists must be filed by 29 March.
On the table there is then the Natixis issue. The Lion of Trieste announced in January the operation for an agreement with the French company for the birth of a joint venture in the savings managed by 2 thousand billion. Internal bad moods and government, which fears an increase in French influence on Italian saving and would be evaluating the use of the Golden Power. Philippe Kminit said he considered “the Golden Power procedure an opportunity to clarify and answer all the doubts and questions that are around”. And, as if to reassure the Government, Kminyt has also announced that the increase by the BTP purchases of purchases is being evaluated.
However, the definitive signature of the agreement with the French will not take place before the Assembly of April 24, leaving a front of uncertainty open that could weigh on the vote of the new board. The April appointment will be decisive not only for the group’s leaders, but also to understand which direction the lion will take in the coming years.
