The accounts

In the Inarcassa balance sheet, assets rise to 16.9 billion

he balance of asset management is about EUR 596 million, up by about EUR 103 million

by Federica Micardi

2' min read

Translated by AI
Versione italiana

2' min read

Translated by AI
Versione italiana

Inarcassa, the social security institution of engineers and architects, closes the final balance sheet for 2025 with an economic surplus of 1 billion and 394 million euro and a net worth that grows by 8.3% to 16.9 billion (it was 15.6 billion at the end of 2024).

Pension Management

The balance of social security management, given by the difference between contributory revenues and outlays for social security benefits, amounted to 833 million, down 7.1% compared to 2024 due to the increase in outlays (+6.3%) against substantially stable revenues (+0.3%).

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Asset Management

The balance of asset management is approximately 596 million, an increase of approximately 103 million compared to 2024, with a gross return on assets of 7.27%.

Active and retired members

At 31 December 2025, the number of Inarcassa members was 172,916, a slight decrease (-0.8%) compared to the previous year, confirming a trend that had already emerged in the previous two years. At the same time, the growth in the number of retirees continues, reaching 51,331 (+6.4%).

The number of engineering companies is also on the rise, reaching 12,022 units (+4.3%), while the transformation of the corporate forms of professional practice continues, with the growth of Societa' tra professionisti (Stp), now over 1,000 units.

Income and turnover

On the income and turnover front, after the strong expansionary cycle of the three-year period 2021-2023, there is a slowdown in 2024, also due to the effect of the downsizing of building incentives. Against this backdrop, the average income of members maintains a positive dynamic (+2.5%), while total income grows by 1.3%, affected by the reduction in the number of registrants (-1.2%).

Welfare

Among the highlights was the growth of the three items that make up the benefits supporting the profession: temporary incapacity, participation in guarantee funds and support to the profession, compared to 2024, showed an overall increase of 26.4%.

President Garbari's statement

"The 2025 balance sheet confirms the solidity of Inarcassa in an evolving economic context," said President Massimo Garbari. "The results achieved testify to the Cassa's ability to maintain balance and sustainability over time, even in a phase of slowdown of the expansionary cycle that has characterised previous years. The primary objective that we set ourselves is the solidity of the organisation, also and above all in order to protect the young generations that are starting out in the profession today, amidst numerous difficulties, and that tomorrow have the right to access a fair pension. To this end, a cohesive and responsible governance is the essential prerequisite to face the challenges of the future with serenity and confidence. We will continue to work to strengthen our role at the side of our members, with particular attention to young people, supporting the profession and guaranteeing solid and reliable pension prospects'.

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