Generali Group continues its strong performance with reported gross written premiums of €73.1 billion for the first nine months of 2025, with growth led by the property and casualty (P&C) segment.
Life net inflows reached €10.4 billion, up 54.9% year-on-year, with all major geographies contributing to the increase.
The group’s operating result climbed to €5,941 million, a rise of 10.1%, supported by all business segments. The P&C operating result increased to €2,737 million, up 23.9%, as the undiscounted combined ratio improved to 94.2% from 96.3%.
Generali attributed the improvement to a benign natural catastrophe environment, which enabled the group to strengthen its balance sheet and support its plan.
The positive momentum in the first nine months followed a strong start to the year. In the first quarter, Generali reported an 8.9% increase in its operating result to €2.07 billion, with growth supported across all business lines.
Gross written premiums for the quarter reached €26.5 billion, reflecting strong P&C performance and life net inflows of more than €3.0 billion, a 30.4% rise, driven by results in Italy and Germany.
Generali Group CFO Cristiano Borean said, “The first nine months of 2025 confirm the very strong start of the Group’s new strategic cycle. All business segments contributed positively to the double-digit growth of the operating result.”
Borean added that the benign natural catastrophe environment allowed the group to further strengthen its balance sheet and increase confidence in exceeding its three-year plan targets.
The life operating result for the nine-month period was €3,091 million, up 1.8%. New business value (NBV) rose to €2,264 million, a 3.7% increase, reflecting higher volumes and improved profitability. Asset & wealth management delivered an operating result of €843 million, mainly reflecting the consolidation of Conning Holdings Limited.
The adjusted net result increased by 14% to €3,283 million, leading to an adjusted earnings per share of €2.16, up 16% year-on-year. The group’s net result reached €3,215 million, compared to €2,962 million a year earlier, with the comparison reflecting a strong non-operating investment result in 2024 that included a non-recurring capital gain from the disposal of TUA Assicurazioni.
Shareholders' equity stood at €30.7 billion, up from €30.4 billion at the end of 2024, mainly due to the net result for the period. The contractual service margin (CSM) rose to €32.9 billion, and total assets under management reached €874.7 billion.
The Solvency II Ratio improved to 214%, up from 210% at the end of 2024, supported by eligible own funds of €51.1 billion and a solvency capital requirement of €23.9 billion.
In April, Generali’s annual general meeting approved a new board of directors, with Philippe Donnet remaining as chief executive officer. Shareholders also approved a dividend of €1.43 per share. The company’s net result for 2024 was €3,724 million, reflecting contributions from its diversified profit sources.
