Allianz Italia 2025: double-digit premium growth and rising operating profit thanks to life and non-life business

Allianz S.p.A. reported solid results in 2025, with Operating Profit growing in both Life & Wealth Management and Non-Life, supported by robust technical profitability.

Total Premiums increased to EUR 15.5 billion (2024: 13.6)2, with internal growth of 14.3%, to which the particularly strong performance of the Life segment contributed. Operating Profit stood at EUR 1.4 billion (2024: 1.4), confirming its excellent level, with a solid increase of 5.6%2. Both segments contributed to the growth, with an important contribution especially from the Non-Life segment. Giacomo Campora, Chief Executive Officer of Allianz S.p.A., commented: "In 2025 Allianz Italia was able to expertly manage claims costs, absorbing almost all of the claims inflationary pressure. For 2026, the strategy aims to grow the customer base, offering excellent services and products with the best network of Professional Agents and Financial Advisors, supported by the latest technologies and applied artificial intelligence systems".

In 2025, total non-life premiums reached EUR 5.6 billion (2024: 5.4). Overall growth of 3.8% was very solid with positive momentum in both retail and commercial business. Operating Profit grew to a robust level of EUR 705 million (2024: 652), an increase of 8.0%. The Combined ratio remained at an excellent level of 90.8% (in line with 2024) and reflects high underwriting discipline and effective claims management. The loss ratio stood at 63.8%, in line with the previous year. The Expense ratio improved by 0.3 percentage points to 27.0%.

In 2025, Total Life Premiums, normalising the effect of the sale of the stake in the JV with UniCredit, increased by 21.3% to EUR 9.9bn (2024: 8.2), driven by significant growth in the Professional Agent network, as well as the strong performance of Financial Advisors. Normalising the effect of the sale of the JV stake with UniCredit, the New Business Margin7 (NBM) remained very robust at 4.8%, (2024: 4.5%) and the Value of New Business (VNB) increased by 31.3% to EUR 552 million (2024: 421). Operating Profit, including Allianz Bank Financial Advisors, Investitori Sgr and the contribution of UniCredit Allianz Vita in the first six months of the year, reached EUR 656 million. Normalising the effect of the sale of the participation in the JV with UniCredit, the Operating Profit increased by 2.6 % year-on-year. The Contractual Service Margin (CSM) reached EUR 3.0 billion (EUR 2.7 billion normalising the effect of the sale of UniCredit), an increase of 8.5% year-on-year.

Allianz SE posted record results in 2025, achieving its highest ever Operating Profit. This performance was characterised by very positive growth in all segments, excellent profitability and increased financial strength.