Global insurance company Generali achieved its best-ever operating results in fiscal 2025, reaching 8 billion euros, with strong performance across all business units, especially the property and casualty (P&C) division, which saw operating results increase by 20% year-on-year to 3.7 billion euros.
2025 is the first year of Generali’s “Partners for Life 27: Driving Excellence” strategic plan, and the company achieved record results.
In addition to strong property and casualty insurance operating results, life insurance operating results increased by 4.3% year-on-year to 4.2 billion euros, and asset and wealth management operating results increased by 1.5% to 1.2 billion euros, partially offset by consolidated adjustments to holding and other business operating results of -610 million euros and -397 million euros.
Total adjusted net results in 2025 were €4.3 billion, up from €3.8 billion in 2024, with net results increasing from €3.7 billion to €4.2 billion.
Group-wide gross written premiums (GWP) will increase by 3.6% to €98.1 billion in 2025, driven by performance in both business lines, with property and casualty increasing by 7.6% to €36.2 billion. Driven by savings, protection and health, life premiums also increased by 1.4% in 2025, reaching 61.9 billion euros.
In the property and casualty insurance business, the combined ratio will increase by 1.4 percentage points to 92.6% in 2025, with a lower loss rate of 63.2% and a lower loss rate for the year excluding natural disasters of 64.3%. The impact of natural disaster losses is also much lower at 1.7%, equivalent to -€593 million, compared with losses in 2024 of €1.2 billion. Generali said the previous year’s development partially offset the lower impact of natural cats that year.
The property insurance expense ratio increased by 0.6 percentage points to 29.4%, and the undiscounted comprehensive ratio increased by 1.6 percentage points to 94.3%.
In the life insurance business, net inflows increased by 42.5% in 2025 to €13.5 billion, driven by positive contributions from all business units and lower surrender rates. New business volume increased by 1.5% year-on-year to 55.6 billion euros, driven by solid production in France, Germany and Asia.
In 2025, life contract services profit margin jumped 11% to 33.6 billion euros, and life operating results totaled 4.2 billion euros, up from 4 billion euros in 2024.
Generali Group CEO Philippe Donnet commented on the 2025 results: “Our record-breaking 2025 The annual results mark the highly successful first year of our strategic plan ‘Partners for Life 27: Driving Excellence’ and confirm our continued value creation for all our stakeholders, as we further strengthen our role as a true Lifetime Partner for all our clients in an environment that remains highly uncertain. They provide protection, stability and peace of mind. The focus on excellence in core competencies is reflected in outstanding property and casualty performance, underlying technical profitability and best-in-class life net inflows, underlining Generali’s European leadership in this sector, while new products in asset and wealth management also demonstrated strong net inflow growth.
“In addition, we are accelerating the transformation of the Group’s operating model through the widespread deployment of artificial intelligence, digitalization and automation, and we are very pleased with the significant progress we have made towards achieving our ambitious sustainability goals. Building on this impressive delivery and our very strong capital position, and in line with our clear commitment to ensuring growing shareholder returns, we are once again proposing to increase our dividend per share while launching the 2026 May €100 million in share buybacks. Our employees are a key foundation for success. I would like to express my sincere gratitude to all my colleagues and advisors for providing such an excellent start to the strategic plan.”
ReinsuranceNe.ws first reported that Post Generali achieved record operating results in 2025, with property insurance premiums rising 7.6%.
