Generali grows by 38% in 2024 and positions itself as the sixth largest insurer in Spain.

Generali has achieved significant growth in the Spanish insurance market during 2024, increasing its premiums by 38%. This remarkable development has allowed the company to climb from tenth to sixth place in the ranking of insurers in Spain, according to a report from the Cooperative Research Firm among Insurance Entities and Pension Funds (ICEA). This progress is noteworthy, considering that a year ago the acquisition of Liberty Seguros was consolidated, which has facilitated the centralization of operations in Spain, Portugal, Ireland, and Northern Ireland. The integration of Liberty Seguros has been key to Generali's strategy, which currently emphasizes the strengthening of its position in the Spanish market. According to statements from the company to Europa Press, 2024 has been very intense in terms of building the new entity, highlighting that they have met all the commercial objectives set out in their roadmap. Although the company is ranked sixth, its focus goes beyond the ranking, concentrating on technical excellence and customer satisfaction. Generali positions itself as one of the insurers that has grown the most in the country, above the sector average. The company has emphasized that its main goal is not just its ranking position, but the quality of service and profitable growth. In this sense, the focus on customer satisfaction is creating a positive trend in its operations and commercial strategies. One of the most notable aspects of Generali's growth is in the non-life sector, where the company has recorded an impressive increase of 46.55%. This figure is even more remarkable in the automobile insurance segment, where the insurer has doubled its business, achieving a growth of 104.15%. This advancement has allowed it to become the fourth largest insurer in the automobile sector in Spain, with a market share of 8.87%. Generali's growth is not limited to the automobile sector. In the multi-risk insurance sector, the company has experienced a significant increase of 34.92%, while in health insurance, the growth was 9.02%. This latter result was driven by the impressive performance of the bancassurance business with Cajamar, which grew by 116.08%. However, a decline of 15.36% was also observed in the performance of Generali SAU, which is the current designation of Liberty Seguros' business. The alliance with Cajamar, which has been in place for 20 years, has been a fundamental pillar in Generali's strategy. This agreement has allowed for the creation of a joint venture for the distribution of life and non-life insurance, and has been characterized as one of the longest-lasting and most successful in the market. This relationship has not only contributed to growth in the health sector but also an increase of 5.69% in multi-risk insurance and 8.51% in the life sector. Generali does not stop its growth and has announced plans to continue evolving its collaboration with Cajamar, intending to launch a "value-added" offering for the health sector in 2025. This strategy demonstrates the insurer's commitment to maintaining and expanding its presence in an increasingly competitive market. Overall, Generali's growth in 2024 reflects not only the effectiveness of its integration with Liberty Seguros but also its ability to adapt and respond to market needs. The company has managed to maintain a rapid pace that promises to continue in the future, which is encouraging for both its clients and shareholders. In conclusion, the insurance landscape in Spain is undergoing significant transformations with the rise of Generali. Its focus on service quality, customer satisfaction, and sustainable growth positions the company as a key player in the industry, with expectations to continue climbing in the national ranking and offering products that align with market demands.