Muhamad Yehia
Strong results from Italy’s Generali Group and British Deliveroo, as well as the declining profit of Hugo Boss, were shaping the European market landscape on Thursday.
Italy’s top insurer Generali reported record profits for 2024 as Chief Executive Philippe Donnet prepares to face a key shareholder vote next month over his reappointment.
The firm’s operating profit came in at a record €7.3 billion, 8.2% more than the previous year, mainly boosted by the strong performance of the Asset & Wealth Management division. The adjusted net result rose to €3.8bn, an increase of 5.4% and an all-time record for the Group, according to their statement.
“The Group today is in the strongest position in its history, demonstrated by our record operating and adjusted net results, achieved thanks to the efforts and commitment of our people and distribution network,” Generali Group CEO, Philippe Donnet, said.
The total assets managed by the company rose by 31.6% and reached €863bn, driven by increased net inflows and the consolidation of Conning Holdings Limited. The gross written premiums, the total amount of money the insurer collected from its customers, came in at €95.2bn, 14.9% more than in 2023. This was mainly driven by life, property and casualty insurance.
The board has proposed a dividend per share of €1.43 which is 11.7%more than in the previous year. Generali is going to hold its annual general meeting on 23-24 April, where the reappointment of the current CEO is the most closely watched event by investors. Three years ago a leading investor of the company, Francesco Gaetano Caltagirone, tried and failed to replace Donnet who has been the CEO of Assicurazioni Generali since March 2016.
Generali’s shares, traded on the Milan Stock Exchange, showed no major change after the earnings report.
Robust profit growth at Vienna Insurance Group AG
Vienna Insurance Group AG also recorded a very strong performance in 2024. The company reported its profit before taxes rising by 14.1% to €881.8 million. The insurance service revenue increased by 11% to €12bn, mainly driven by deals in the property and casualty insurance business
The firm proposed a 10.7% increase in dividends to € 1.55.
The company’s shares gained 1.3% by early afternoon in Europe.
Deutsche Bank raised bonus pool to a decade-high
Looking at updates from Deutsche Bank, traders’ bonuses at Germany’s largest bank had a boost, according to the lender’s annual report, released on Thursday.
The bonus pool for the bank’s traders and dealmakers increased by 25% to €2.5bn, the most since 2014
The Frankfurt-based bank said its audited results confirmed the previously reported figures detailing the bank’s performance in 2024, published on 30 January, 2025
Two Polish banks recorded outstanding results for 2024
Poland’s largest bank, the Warsaw-based PKO Bank Polski, dazzled investors with its latest results. The share price rose correspondingly, more than 3% at around 1pm CET in Europe.
The lender’s net profit amounted to PLN 9.3bn (€2.22bn) in 2024, a whopping 69.1% increase compared to 2023.
Its assets swelled to PLN 525bn (€125bn) as it increased market share in retail and corporate areas. PKO Bank Polski’s income from core activities jumped by 19.6%.
“The bank recorded a significant acceleration in the area of corporate loans in the fourth quarter and continued double-digit growth in retail loans,” said their statement.
The company’s market capitalisation amounted to PLN 74.7bn (€17.8bn) at the end of 2024, which means an annual increase of about 19%.
“PKO Bank Polski experienced above-market growth in 2024 and is fully prepared to finance the expected acceleration of Poland’s economic development,” said the bank in a statement.
Polish business BNP Paribas BP, linked to the French multinational BNP Paribas, also reported outstanding profits for 2024. Its net profit jumped by 133% compared to the previous year, to PLN 2.4bn (€570m). Net interest income rose by 9.9% year-on-year to PLN 5.74bn (€1.37bn).
Deliveroo reported its first-ever profit
British online food delivery company Deliveroo recorded its first-ever positive result in 2024 as the company expanded its operations. The firm notably tapped into the business of groceries, setting up partnerships with retailers.
Revenue was up 3% in constant currency, around £2bn (€2.47bn), and profit came in at £2.9m (€3.5m), compared to a loss of £32m in 2023.
Deliveroo expects a further increase in the Gross Transaction Value (GTV), the value of everything sold through its marketplace.
“The robust results we’ve announced today, with our first full year profit and positive free cash flow as well as GTV growth across our verticals, demonstrate that our strategy is working,” Will Shu, Founder and CEO of Deliveroo, said.
“Whilst the consumer environment remains uncertain, I am confident that we can continue to deliver growth,” he added.
However, the expected weak consumer sentiment hit investor confidence. The stock lost almost 7% of its value by early afternoon in Europe.
The London-based company also announced on Monday that it would exit its Hong Kong operations due to increased competition and weak sales.
Hugo Boss’ profit drops by 17%
German fashion company Hugo Boss AG saw record sales in 2024, but it was not enough to drive the major fashion brand’s profit high enough.
Citing elevated macroeconomic and geopolitical uncertainties, and lagging consumption, Hugo Boss’ sales rose by 3% to €4.3bn in 2024. The group’s operating profit declined by 12% to €361m. The net income dipped by 17% to €224m.
The company’s shares were down by more than 3% in the early afternoon trade in Europe.