Gross written premiums reached €50.5 billion, reflecting a 0.9 % increase from the same period in 2024, with growth largely driven by the P&C segment. Net inflows in the life business exceeded €6.3 billion, with all product lines contributing, particularly protection & health and hybrid & unit‑linked policies.
The group’s operating result rose by 8.7 % to €4.05 billion. This performance was attributed to the combined contributions from the P&C, life, and asset management businesses and aligned with the strategic goals of Generali’s “Lifetime Partner 27: Driving Excellence” plan.
In the first quarter, the group’s operating result increased 8.9 % to €2.07 billion. Growth was across all business segments, with P&C showing particular strength. Gross written premiums reached €26.5 billion, and life net inflows exceeded €3.0 billion, a 30.4 % increase – with Italy and Germany making strong contributions and Italy seeing reduced lapse rates.
Group CEO Philippe Donnet (pictured above) said the half‑year performance reflects the early progress of Generali’s strategic plan.
“We achieved these very positive results thanks to the efforts of all our colleagues and distribution networks. 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,” Donnet said.
The P&C segment recorded an operating result of €2.05 billion, an increase of 18.4 %. The combined ratio improved by 1.4 percentage points to 91.0 %, driven in part by a more favorable undiscounted current-year attritional loss ratio.
The life business posted an operating result of €2.02 billion, up 3.1 % from H1 2024. New Business Value stood at €1.56 billion, representing a 2.0 % decrease.
In asset & wealth management, the operating result was €560 million, down 1.1 % year‑on‑year. The asset management component grew by 11.7 %, supported by the contribution of Conning Holdings Limited (CHL). The result for the Holding and other businesses segment was a loss of €280 million, compared to a loss of €227 million in the same period last year.
The group’s adjusted net result rose 10.4 % to €2.24 billion, attributed to operating performance. Net result was €2.15 billion, up 4.9 %. Adjusted earnings per share increased by 12.5 % to €1.47.
Shareholders’ equity declined by 2.2 % to €29.7 billion. The decrease reflected the net result for the period, dividend distribution for the 2024 financial year, and a share buy‑back under the long‑term incentive plan executed during the first half of 2025.
The group’s contractual service margin increased to €32.5 billion, up from €31.2 billion at the end of 2024. Total assets under management fell 1.0 % to €854.1 billion.
Generali reported a Solvency Ratio of 212 % at the end of the first half, compared to 210 % at the end of 2024. The change was supported by normalized capital generation and took into account the €500 million share buy‑back program launched during the reporting period.
As part of the broader “Lifetime Partner 27: Driving Excellence” strategy, Generali Global Corporate & Commercial (GC&C) launched a “Next Level” plan for 2025–27.
The plan emphasizes technical development, enhanced client services for multinational and captive business, and expansion of product offerings – including specialty lines, cyber, alternative risk transfer, and parametric solutions – along with an updated organizational structure and leadership appointments to support execution.
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