Generali is on track towards its strategic goals: the insurance group can look back on a strong quarter

By: Trademagazin Date: 2025. 08. 07. 09:15

Generali Group CEO, Philippe Donnet, said: “Our excellent half-year results confirm a very strong start to the Group’s ‘Lifetime Partner 27: Driving Excellence’ strategic plan with positive performance across our Insurance business and global Asset Management platform. In Insurance, P&C grew substantially in all our main geographies driven by our focus on maximising profitable growth and Life net inflows continued their growth trajectory driven by our preferred business lines. Our Asset Management platform also recorded a solid performance supported by the contribution of Conning. We achieved these very positive results thanks to the efforts of all our colleagues and distribution networks. We will build on this momentum, pursuing excellence in being a Lifetime Partner to our customers, in our core capabilities and in the Group operations. We remain fully focused on the Group’s clear priorities under our strategic plan and will continue delivering value for the benefit of all our stakeholders.”

executive summary

Key Figures

	30/06/2025	30/06/2024⁽¹⁾	Change⁽¹⁾
Gross Written Premiums (€ mln)	50,534	50,140	0.9%
Consolidated Operating Result (€ mln)	4,049	3,723	8.7%
Life Operating Result	2,016	1,955	3.1%
P&C Operating Result	2,046	1,728	18.4%
Asset & Wealth Management Operating Result	560	566	-1.1%
Holding and other businesses Operating Result	-280	-227	23.3%
Consolidation adjustments	-292	-298	-2.0%
New Business Margin (% PVNBP)	5.12%	4.96%	0.15 p.p.
Combined Ratio (%)	91.0%	92.4%	-1.4 p.p.
Adjusted Net Result⁽²⁾ (€ mln)	2,237	2,025	10.4%
Net Result (€ mln)	2,152	2,052	4.9%
Adjusted EPS⁽²⁾ (€)	1.47	1.31	12.5%
	30/06/2025	31/12/2024	Change
Group’s shareholders’ equity (€ mln)	29,721	30,389	-2.2%
Contractual Service Margin (€ mln)	32,508	31,228	4.1%
Total Assets under Management (€ mln)	854,085	863,004	-1.0%
Solvency II Ratio (%)⁽³⁾	212%	210%	2.0 p.p.
⁽¹⁾ Please refer to note 1 on page 1. ⁽²⁾ Adjusted net result includes adjustments for 1) volatility effects deriving from the valuation at fair value through profit or loss (FVTPL) of investments not backing portfolios with direct profit participation and the free assets; 2) hyperinflation effect under IAS 29; 3) amortisation of intangibles from M&A transactions (business combinations under IFRS 3) excluding those connected to brands, technology and bancassurance or equivalent distribution agreement, if material; 4) impact of gains and losses from acquisitions and disposals, including possible restructuring costs incurred during the first year from the acquisition, if material. The EPS calculation is based on a weighted average number of 1,517,548,726 shares outstanding and is excluding weighted average treasury shares equal to 44,928,487. ⁽³⁾ For quarterly disclosure purposes, the disclosed Solvency Ratio is reported net of accrued pro-rata dividend. This differs from the regulatory view that requires the deduction of the full-year dividend also for interim QRT regulatory reporting.

Milan – At a meeting chaired by Andrea Sironi, the Generali Board of Directors approved the 2025 Consolidated Half-Year Financial Report of the Generali Group.

Gross written premiums rose to € 50.5 billion (+0.9%), mainly driven by growth in P&C.

Life net inflows were positive, exceeding € 6.3 billion thanks to all business lines, particularly protection & health, hybrid & unit-linked.

The operating result grew strongly to € 4,049 million (+8.7%), thanks to the positive performance of P&C, Life and Asset Management, in line with the strategic priorities of the “Lifetime Partner 27: Driving Excellence” plan.

The P&C operating result increased significantly to € 2,046 million (+18.4%) with the Combined Ratio at 91.0% (-1.4 p.p.) mainly reflecting the positive effects of an improved undiscounted current year attritional loss ratio.

The Life operating result grew to € 2,016 million (+3.1%) while the New Business Value amounted to € 1,559 million (-2.0%).

The Asset & Wealth Management operating result stood at € 560 million (-1.1%) sustained by the solid performance of Asset Management (+11.7%) supported by the contribution of Conning Holdings Limited (CHL).

The Holding and other businesses operating result was € -280 million (€ -227 million 1H2024).

The adjusted net result increased strongly to € 2,237 million (+10.4%) thanks to the Group’s excellent operating performance. The net result grew to € 2,152 million (+4.9%).

Adjusted EPS rose to € 1.47, with a 12.5% increase compared to 1H2024.

The Group’s shareholders’ equity was € 29.7 billion (-2.2%), reflecting the net result for the period, the 2024 dividend payment and the share buyback related to the Long-Term Incentive Plan implemented during 1H 2025.

The Contractual Service Margin (CSM) rose to € 32.5 billion (€ 31.2 billion FY2024).

The Group’s Total Assets Under Management (AUM) were € 854.1 billion (-1.0% compared to FY2024).

The Group confirms its solid capital position, with the Solvency Ratio rising to 212% (210% FY2024) thanks to healthy normalised capital generation and embedding the launch of the € 500 million buy-back programme.