For Generali a 2025 with 8 billion operating profit

In a year devoid of major catastrophic events and with the markets well in tune and therefore with savers more inclined to invest their money, Generali, like other insurance companies, closed a record 2025.

In this regard, the key figures, more or less in line with the average analysts' consensus, are the operating result and net profit, which came in at EUR 8 billion, up 9.7%, and EUR 4.3 billion, up 14.5%, respectively, the latter giving rise to a normalised eps up 16.2% to EUR 2.85. Enough to put on the agenda a dividend per share of €1.64 (+14.7%) and a €500m buyback to be proposed at the next shareholders' meeting.

All business lines contributed to these results, but the Non-Life segment did a great deal, both in terms of premium growth and profitability. In particular, in the context of a 3.6% increase in gross premiums to EUR 98.1 billion, the Non-Life segment rose by 7.6% to EUR 36.2 billion, recording an operating result of EUR 3.663 billion (+20%) against a combined ratio that improved to 92.6% (-1.4 percentage points). Looking at the undiscounted combined ratio, the trend remained positive, with the figure falling 1.6 percentage points to 94.3%.

The Life segment also performed solidly, with gross premiums up slightly to EUR 61.9 billion (+1.4%) driven by the savings and pure risk and health lines. But above all it was driven by Life net inflows at the top end of the segment, up to EUR 13.5bn (+42.5%) and with a New Business Margin of 5.66% (+0.25 percentage points). This generated an operating result for the segment of EUR 4.154bn from EUR 3.982bn in 2024.

Finally, total assets under management rose to EUR 900bn (+4.3%), with EUR 16bn of net flows into asset management. Against this backdrop, the capital position saw the Solvency Ratio rise to 219% at year-end from 210% at the end of 2024 in the wake of strong normalised capital generation.