- Gross written premiums increased to € 98.1 billion (+3.6%) thanks to significant growth in P&C (+7.6%)
- Best-in-class Life net inflows, rising to € 13.5 billion driven by Protection & Health and Unit-Linked & Hybrid. New Business Value grew to € 3.1 billion (+6.2%)
- Combined Ratio (CoR) improved significantly to 92.6% (-1.4 p.p.); undiscounted CoR continued its very positive development to 94.3% (-1.6 p.p.)
- Best-ever operating result at € 8.0 billion (+9.7%) driven by all business segments
- Adjusted net result reached all-time high of € 4.3 billion (+14.5%). Adjusted EPS rose substantially to € 2.85 (+16.2%)
- Total AUM of € 900 billion (+4.3%), with € 16 billion net inflows in Asset Management
- Extremely solid capital position with Solvency Ratio at 219% (210% FY2024) thanks to the Group’s strong normalised capital generation
- Dividend per share of € 1.64 (+14.7%) and € 500 million share buyback to be proposed at AGM, confirming commitment to increased shareholder returns
Generali Group CEO, Philippe Donnet, said: "Our record 2025 results mark a very successful first year of our strategic plan ‘Lifetime Partner 27: Driving Excellence’ and confirm the continued value creation for all our stakeholders. In an environment still characterised by great uncertainty, we further strengthened our role as a true Lifetime Partner for all customers, offering them protection, stability and peace of mind. The focus on excellence in core capabilities is reflected in the outstanding P&C performance, with strong underlying technical profitability, and in the best-in-class Life net inflows, which highlight Generali’s European leadership in this segment and the high quality of the new production. Asset & Wealth Management also demonstrated increasing momentum with solid net inflows. Furthermore, we are accelerating the transformation of the Group operating model through the broad deployment of AI, digitalisation and automation, and we are very pleased with the remarkable progress made towards our ambitious Sustainability targets. Building on this impressive delivery and our very strong capital position, and consistently with the clear commitment to ensuring ever‑growing returns to our shareholders, we are once again proposing an increased dividend per share, alongside the launch of the 500 million euro share buyback for 2026. Our people are the key foundation of the success of the Group, and I want to sincerely thank all colleagues and advisors for this outstanding start to the strategic plan.”
At a meeting chaired by Andrea Sironi, the Generali Board of Directors approved the consolidated financial statements and the Parent Company’s draft financial statements for the year 2025.
Gross written premiums rose to € 98.1 billion (+3.6%), thanks to significant growth in both Life and P&C.
Life net inflows were very positive at € 13.5 billion mainly driven by Protection & Health and Unit-Linked & Hybrid, in line with the Group’s strategy.
The operating result grew to a record € 8,004 million (+9.7%), thanks to the positive performance of all business segments.
The Life operating result increased to € 4,154 million (+4.3%) and the New Business Value improved to € 3,147 million (+6.2%).
P&C operating result grew very strongly to € 3,663 million (+20.0%) with the Combined Ratio improving to 92.6% (-1.4 p.p.) and the undiscounted Combined Ratio continuing its very positive development to 94.3% (-1.6 p.p.). It also benefitted from the improved undiscounted current year attritional loss ratio and a lower impact from natural catastrophes, partially offset by prior year development.
The operating result of Asset & Wealth Management reached € 1,194 million (+1.5%) mainly driven by the Asset Management result, which increased to € 662 million (+7.5%). The operating result of the Holding and other businesses was € -610 million (€ -536 million FY2024).
The adjusted net result1 rose by 14.5% to a record high of € 4,315 million (€ 3,769 million FY2024) – demonstrating the positive effect of the Group’s diversified profit sources.
The net result grew by 12.0% to € 4,172 million (€ 3,724 million FY2024) driven by the business performance in the period.
The Group’s shareholders' equity increased to € 32.1 billion (+5.5%) thanks to the results in the period and the issuance of the € 500 million perpetual Restricted Tier 1 bond classified as an equity instrument, partially offset by the 2025 dividend payment, the purchase of treasury shares related to the Group’s incentive plans and the € 500 million share buyback.
The Contractual Service Margin (CSM) rose by 10.8% to € 34.6 billion (€ 31.2 billion FY2024).
The Group’s Total Assets Under Management (AUM) grew significantly to € 900 billion (+4.3% compared to FY2024) with third party AUM reaching a record level of € 384 billion of which € 273 billion is managed by Asset Management.
The Group confirms its extremely solid capital position, with the Solvency Ratio at 219% (210% FY2024) thanks to strong normalised capital generation.
Dividend per share
The dividend per share, which will be proposed at the upcoming Annual General Meeting, is € 1.64 payable as from 20 May 2026, while shares will trade ex-dividend as from 18 May 2026.
This represents a 14.7% increase compared to the prior year, reflecting the Group’s excellent results, the strong cash and capital position and the increasing focus on shareholder returns set out in the “Lifetime Partner 27: Driving Excellence” strategic plan.
The dividend proposal represents a total maximum pay-out of € 2,480 million.
The Group also confirmed its intention to launch a € 500 million share buyback for 2026, subject to AGM and regulatory approval.
Life
- Operating result rose to € 4,154 million (+4.3%)
- Life net inflows were very positive at € 13.5 billion (+42.5%)
- New Business Margin was 5.66% (+0.25 p.p.); New Business Value (NBV) grew to € 3,147 million (+6.2%)
Gross written premiums in Life increased to € 61.9 billion (+1.4%) driven by savings and protection & health. Specifically, savings recorded a strong increase (+10.7%), specifically in Asia (+46.3%), while protection & health (+5.6%) grew in most countries in which the Group operates. Hybrid and Unit-Linked products recorded a 4.0% contraction, reflecting the comparison with a strong FY2024 during which targeted commercial actions were implemented.
Life Net inflows continued their strong upward trend, reaching € 13,487 million (€ 9,674 million FY2024), thanks to the positive contribution of all business segments and lower surrenders. Net inflows in savings rose to € 2,406 million, driven by Italy, Germany, and Asia. Protection & health stood at € 4,472 million, mainly supported by inflows in Italy while Hybrid and Unit-Linked products reached € 6,608 million, benefitting in particular from growth in France.
New Business Volumes (expressed in terms of present value of new business premiums - PVNBP) rose to € 55.6 billion (+1.5%), mainly thanks to solid production in France, Germany and Asia. New Business Value (NBV) grew significantly to € 3,147 million (+6.2%), supported by higher volumes and improved profitability. New Business Margin (NBM) increased to 5.66% (+0.25 p.p.).
Life Contractual Service Margin (Life CSM) increased to € 33.6 billion (€ 30.3 billion FY2024) supported by the contribution of New Business CSM, amounting to € 3,010 million, and by the expected return of € 1,492 million, which more than offset the release of Life CSM for € 3,223 million.
Life operating result increased to € 4,154 million (€ 3,982 million FY2024), driven by the rise in the operating insurance service result, which amounted to € 3,243 million (€ 3,039 million FY2024). This is mainly composed of the release of the contractual service margin, which improved to € 3,233 million (€ 2,986 million FY2024). This result more than compensated for the slight decline in the operating investment result, amounting to € 911 million (€ 943 million FY2024).
