Insurance

Generali: ready to replace Axa in the agreement with Mps

CEO Donnet: 'Dialogue with all to build EU platform in asset management. Fully willing to expand industrial cooperation with UniCredit"

by Laura Galvagni

13 March 2026

4' min read

Translated by AI

Versione italiana

Key points

Strategy
Accounts

4' min read

Translated by AI

Versione italiana

"For us it is very strategic to aim for and control a global platform in asset management". And to achieve this goal 'we talk to everyone who can help us achieve it'. It is a particularly inspired Philippe Donnet who yesterday commented with the press on the Generali accounts for 2025 closed with a record operating result of 8 billion, "a solid base to fuel future growth". And so, the CEO added, if on the divestment front after the sale of Ireland there seems to be little room for manoeuvre, 'because there are not many non-core assets left', the focus is on development.

The Strategy

Keeping in mind, however, that 'on M&A the framework has not changed', when looking at an opportunity 'you compare it with the buy back because the return on capital remains the priority'. A potential axis with Mps would not challenge this pillar, however. In 2027 the agreement between the institute and the French group expires, which is worth 3.7 billion premiums per year and "which, however, relies on Bnp Paribas for asset management," explained Generali's CEO.

In view of that appointment, Donnet added, 'we are available to talk to everyone who can help us do our job. We all know that this agreement expires, our trade is also savings management, perhaps we would be a candidate to replace Axa. If we can repatriate Italian savings to Italia we would be happy to do so'. He then concluded that the partnership 'is not a decision' that will be up to Leone. Ready, however, to seize another type of opportunity, the logic of 'let's talk to everyone' applies even more to those counterparts with whom there are already partnership agreements in place.

The reference is to UniCredit "with which Generali already has a bancassurance agreement in central Europe", but if there were the "possibility of expanding industrial cooperation there is the full availability" of the Trieste group. Which also launches a European-format challenge: the American wave that wants to take over a strategic issue for the continent, that of pension fund management, must be countered. And all the more so with this in mind, it becomes crucial to 'build a European platform in asset management'. Whether the partner is Italian or foreign is of little importance, the important thing is to create a hub rooted in the EU.

The Accounts

If this is the future, the present is made up of an insurebanking project between Alleanza and Banca Generali that is working and that takes possible M&A hypotheses involving the Gian Maria Mossa-led institute off the table, of a 2025 budget with rising numbers, and of a start to the year that, as deputy CEO Giulo Terzariol emphasised, has got off to a good start in both life and non-life business. The latter in particular is 'expected to grow by about 5% with a greater push from the non-motor segment but solid pricing in motor and therefore a combined ratio seen in further improvement'.

Also thanks to the fact that, although 2026 started with some negative signs on the natural catastrophe front, given the events recorded in France and Portugal, thanks to the reinsurance programme developed by the team led by Marco Sesana, 'volatility is not a concern,' concluded Terzariol. Also because, as Cristiano Borean, group CFO, added, 'sensitivity to adverse scenarios has been practically halved compared to the 2019-2021 plan'. Hence, as Donnet explained, despite the context once again being particularly challenging and difficult to read, the 'confirmation of all plan targets', however 'ambitious'.

On the back of, as we said, a 2025 record favoured by low-impact catastrophic events and well-tuned markets that boosted savers' investments. In this regard, the key figures are operating profit and net profit, which stood at EUR 8 billion, up 9.7%, and EUR 4.3 billion, up 14.5%, respectively, the latter of which gave 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 that will be submitted to the next shareholders' meeting on 23 April (when the articles of association will also be updated to comply with the new capital law), and which have won the market's favour, so much so that the share price rose 0.91% to €33.44.

All business lines contributed to these results, but the Non-Life segment did a great deal, both in terms of premium growth and profitability. Specifically, 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 dynamic remains positive with the figure falling 1.6 percentage points to 94.3%. Performance in the Life segment was also solid, with gross premiums up slightly to EUR 61.9bn (+1.4%), driven by the savings and pure risk and health lines. But above all thanks to Life net inflows that pushed the group to the top of the sector in Europe, up to EUR 13.5 billion (+42.5%) and with a New Business Margin at 5.66% (+0.25 percentage points).

This generated segment operating income 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 in 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.

Laura Galvagniredattore
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Luogo: Milano
Lingue parlate: italiano, inglese, tedesco
Argomenti: assicurazioni, infrastrutture, holding
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