Technical Result Non-Life Insurance: €6,314 Million
The technical result of non-life insurance stood at €6,314 million, down from €6,455 million the previous year. This decline is not due to a decrease in business activity, which recorded a turnover of €110,740 million, up 13.7% year-on-year. Instead, the increase in claims, totaling €54,390 million at the end of 2024, compared to €47,320 million in 2023.
Operating Expenses on the Rise
Operating expenses increased from €21,724 million in 2023 to €25,628 million in 2024. The cost of acquiring contracts rose by 16.3% to €19,635 million, and administrative charges followed the same trend, increasing by 11% to €11,377 million. Except for Health, which showed an improved technical result of -€1,159 million, the main branches reported a technical surplus, particularly Automobile (€3,390 million) and Bodily Injury (€1,276 million).
Life Insurance: Turnover Reaches €168,830 Million
The turnover of life insurance reached €168,830 million, and the technical activity resulted in a profit of €24,927 million, up 22.5% year-on-year. The bulk of the profit came from the savings activity (€15,045 million) compared to €9,881 million for the pension business.
Record Investment Income
With record investment income allocated to the income statement, amounting to €17,387 million, the insurer's profit reached €19,869 million, up 6.6% compared to 2023. However, the higher tax bill must be taken into account. The corporate tax is approximately €14,524 million.
No Dividend Distribution Proposed for 2024
The board of directors has convened an ordinary general meeting and recommended not distributing dividends for the 2024 financial year.
