Generali has reported a solid financial performance for the first quarter of 2025, with growth in all business segments. The group’s operating result rose to €2.1 billion, up 8.9% year-on-year, led by strong results in the property and casualty (P&C) segment.
Premium Growth and Segment Highlights
Total gross written premiums reached €26.5 billion ($29.9 billion), a slight increase of 0.2%. This was largely due to an 8.6% rise in P&C premiums, especially in non-motor insurance. Italy and Germany were key markets driving this growth, with Italy also showing a noticeable decline in policy lapses.
In the life insurance segment, net inflows exceeded €3 billion, with protection and health products showing particularly strong momentum. However, overall life gross written premiums fell by 4.5% to €16.2 billion. This decline reflected a tough comparison with an exceptionally strong Q1 2024, when extraordinary commercial efforts in Italy, France, and Asia boosted volumes.
Protection and health continued to grow steadily, up 10.5%. In contrast, traditional savings and hybrid/unit-linked products dropped by 11.9% and 6.5%, respectively.
P&C Delivers Strong Operating Result
The P&C segment saw operating profit jump 18.7% to €1 billion. This growth was driven by strong top-line performance and margin improvements. The combined ratio improved to 89.7% from 91.0% a year earlier, thanks to better loss and expense ratios. The undiscounted combined ratio also improved to 92.0% from 93.7%.
New Business and Capital Position
New business volumes dropped to €17.3 billion, down 9.3%. This was primarily due to high comparables from Q1 2024, which had benefited from exceptional production in China and robust demand for savings and hybrid products in Italy.
Despite lower volumes, the value of new business remained strong at €822 million, down just 4.0%, supported by increased profitability in new business generation.
Generali also reaffirmed its strong capital position. The group’s solvency ratio remained stable at 210%, supported by €49.4 billion in eligible own funds and a €23.5 billion solvency capital requirement. This stability was underpinned by strong capital generation in both life and P&C operations.
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