Assicurazioni Generali has reported an 8.9% increase in its operating result for the first quarter of 2025, reaching €2.07 billion.
The growth was supported by contributions from all business segments, with notable improvements in property and casualty (P&C) operations.
Gross written premiums totalled €26.5 billion, supported by strong performance in P&C. Life net inflows exceeded €3.0 billion, a 30.4% increase, with Italy and Germany contributing significantly. Italy also recorded a marked reduction in lapse rates.
The life segment’s operating result reached €992 million, up 2.3% from the same period last year. New business value was €822 million, a 4.0% decline due to comparison with a particularly strong first quarter in 2024.
P&C delivered an 18.7% rise in its operating result to €1.03 billion. This was attributed to robust premium growth and improved margins. The combined ratio improved to 89.7%, down from 91.0% in Q1 2024, with both loss and expense ratios contributing to the result. The undiscounted combined ratio also improved, decreasing to 92.0% from 93.7%.
Generali group CFO Cristiano Borean (pictured above) said the company saw growth in both operating and adjusted net results in the first quarter, supported by contributions across business lines.
“Our diversified profit sources and solid capital position driven by excellent cash generation will allow the Group to successfully implement the new strategic plan and create value for all our stakeholders,” Borean said.
Last month, the giant insurer also confirmed its new board of directors. The election saw UniCredit SpA’s and investor Francesco Gaetano Caltagirone’s reported alliance to support a minority list of board candidates fall short as current CEO and majority-backed Philippe Donet retained his role.
Generali’s asset & wealth management in Q1 generated an operating result of €272 million, a 3.3% increase. This included performance gains in asset management and the consolidation of Conning Holdings Limited. Holding and other businesses posted an operating result of €-150 million, compared to €-129 million in Q1 2024.
The group’s adjusted net result rose by 7.6% to €1.20 billion, compared to €1.12 billion in the prior-year period. Net result was €1.20 billion, down from €1.26 billion in Q1 2024, impacted by a non-recurring capital gain of €58 million net of taxes related to the disposal of TUA Assicurazioni that had been recognised last year.
Shareholders’ equity stood at €31.1 billion, up from €30.4 billion at the end of 2024. The Contractual Service Margin increased to €31.6 billion from €31.2 billion, while total assets under management declined slightly to €858.3 billion from €863.0 billion.
The group’s solvency ratio remained unchanged at 210%, supported by €49.4 billion in eligible own funds and a €23.5 billion solvency capital requirement. Normalised capital generation was driven by both life and P&C operations and included the impact of the nearly completed share buy-back under the long-term incentive plan.
Positive market variances contributed to the result, while regulatory changes, dividend provisions, and the acquisition of minority interests in the group’s Chinese P&C operations had an offsetting effect.
What are your thoughts on this story? Please feel free to share your comments below.
