Generali, non-life growth pushes operating profit into double digits

Another quarter marked by growth for Generali, which yesterday approved the accounts for the first nine months of 2025. The positive notes for the lion's group came from gross premiums, which rose 3.7% to €73.1 billion compared to the same period last year, thanks in particular to the non-life business (+7.2%). However, progress was also seen in Life net inflows, up to EUR 10.4 billion, thanks in particular to the priority business lines, pure risk and health and hybrids and unit-linked.

As a result of these results, Generali's operating result was able to grow double-digit by 10.1% to € 5.9 billion, also driven by the excellent performance of the Non-Life business (+23.9%), while the Combined Ratio improved significantly to 92.3% (-1.7 percentage points), with the undiscounted Combined Ratio at 94.2% (-2.1%). Normalised net profit grew to EUR 3.3 billion (+14.0%) thanks to strong operating performance, while normalised earnings per share increased significantly to EUR 2.16. Finally, Generali also confirmed its solid capital position in the first nine months of the year, with the Solvency Ratio increasing to 214% (from 210% at the end of 2024), thanks to solid normalised capital generation, including the €500m share buy-back programme.

"The nine-month results confirm the excellent start of the new strategic cycle, all business segments have contributed positively to the very strong growth of the operating result and the Life segment has recorded high net inflows, thanks in particular to the Group's preferred lines of business," emphasised Generali's CFO, Cristiano Borean, before adding that "the excellent growth of the Non-Life segment's result, with a further improvement of the undiscounted Combined Ratio, is a confirmation of the Group's technical excellence".

The manager also recalled that after two years of significant natural catastrophe impacts, 2025 has so far seen a favourable trend, with the nine-month impact amounting to 573 million and corresponding to a little more than half of the annual budgeted natural catastrophe budget. "We have therefore decided to take advantage of this positive momentum by further strengthening our balance sheet and increasing our confidence in exceeding our strategic objectives, confirming our continued commitment to the implementation of the Lifetime Partner 27: Driving Excellence strategic plan," Borean then added, concluding that "normalised earnings per share up 16%, our diversified sources of cash generation and our increasingly strong balance sheet and financial strength will enable us to continue to create value for all our stakeholders."