Global insurer Generali produced its best ever operating result of €8 billion for the 2025 financial year, with a strong performance in all segments, notably the property and casualty (P&C) arm which delivered a 20% year-on-year increase in its operating result to €3.7 billion.
2025 is the first year of Generali’s strategic plan ‘Lifetime Partner 27: Driving Excellence’ and the firm produced record results.
Alongside the stronger P&C operating result, the life operating result increased by 4.3% year-on-year to €4.2 billion, and the asset & wealth management operating result rose by 1.5% to €1.2 billion, partially offset by holding and other businesses operating result of -€610 million, and consolidation adjustments of -€397 million.
The adjusted net result totalled €4.3 billion in 2025, up on 2024’s €3.8 billion, as the net result rose to €4.2 billion from €3.7 billion.
Group-wide gross written premiums (GWP) increased by 3.6% to €98.1 billion in 2025, with growth of 7.6% in P&C to €36.2 billion, driven by the performance of both business lines. Life premiums also increased in 2025, by 1.4% to €61.9 billion, driven by savings and protection, and health.
Within the P&C business, the combined ratio improved by 1.4 percentage points to 92.6% in 2025, with a lower loss ratio of 63.2%, a lower current year loss ratio undiscounted excluding nat cat of 64.3%, and a much lower impact from nat cat losses of 1.7%, which corresponds to -€593 million, compared with losses of €1.2 billion in 2024. Generali says that prior year development partially offset the lower impact from nat cats in the year.
The P&C expense ratio increased by 0.6 percentage points to 29.4%, as the undiscounted combined ratio strengthened by 1.6 percentage points to 94.3%.
In the Life business, net inflows increased by a considerable 42.5% in 2025 to €13.5 billion, driven by the positive contribution of all business segments and lower surrenders. New business volumes rose by 1.5% year-on-year to €55.6 billion, driven by solid production in France, Germany, and Asia.
The life contractual service margin jumped by 11% to €33.6 billion in 2025, and the life operating result totalled €4.2 billion, up on 2024’s €4 billion.
Generali Group CEO, Philippe Donnet, commented on the 2025 performance: “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.”
