Societe Generale Assurances reported a significant increase in its financial performance for 2024. The insurance division's contribution to the net income of the Societe Generale group rose by 10% to EUR 393 million, while annual revenues increased by 9% to EUR 674 million. The return on normative equity (RONE) improved by three percentage points, reaching 22%.
Philippe Perret, Chief Executive Officer of Societe Generale Assurances, stated: “Societe Generale Assurances once again posted solid commercial performances in 2024 and published record annual results. The sustained momentum of our two businesses, savings life insurance and protection, and the progress of our financial indicators demonstrate the relevance of our sustainable growth strategy. Our development is driven by our integrated bancassurance model, in synergy with Societe Generale group’s businesses, as well as by our partnerships with external distributors. The complementarity of these two growth drivers allows us to offer our clients a wide range of innovative products and services. We will continue to develop our activities in 2025, always driven by the same ambition: to support our customers over the long term, by valuing their savings and protecting them over the long term with solutions adapted to each stage of their life.”
The company achieved a record level of premiums amounting to EUR 20.3 billion in 2024, marking a rise of 37% compared to the previous year. Savings life insurance outstandings reached EUR 146 billion, reflecting an increase of 7%. Unit-linked products comprised a significant portion at 40%, with premiums hitting EUR 18.3 billion—a surge of 42% from last year.
In the protection sector—which includes personal protection and property and casualty insurance—premiums grew by 4%, totaling EUR 2 billion. Property and casualty insurance saw an increase of 8%.
Perret emphasized that "the complementarity" between their bancassurance model and partnerships with external distributors is pivotal for offering clients diverse products and services.
Societe Generale Assurances also continued its commitment towards a low-carbon economy by aligning its asset portfolio with Paris Agreement objectives. By end-2024, they had exceeded their target set for green investments from the period spanning from 2020-2025.
In savings life insurance, Societe Generale Assurances maintained an average profit-sharing rate on euro-funds at 3.31% for Sogecap contracts in spite of economic challenges.
Digital innovation played a role in enhancing customer experience; more than one million contracts were distributed online through BoursoBank's platforms like Alabri home insurance and Bourso Protect daily insurance.
Customer satisfaction remains central to Societe Generale Assurances' operations with efforts made towards digital claim filing processes which accounted for more than a quarter of home claims being reported online.