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Assicurazioni Generali
Assicurazioni Generali (G) investor relations material
Assicurazioni Generali Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Mar, 2026
Executive summary
Achieved record operating result of €8.0 billion (+9.7% year-over-year) and adjusted net result of €4.3 billion (+14.5%), with adjusted EPS growth of 16.2%, surpassing the 8%-10% CAGR target and marking a strong start to the "Lifetime Partner 27: Driving Excellence" plan.
Proposed dividend per share of €1.64 (+14.7% year-over-year) and a €500 million share buyback for 2026, reflecting strong capital position and commitment to shareholder returns.
Strong performance across all business lines, with significant growth in property & casualty, life, and asset management segments.
Life net inflows reached €13.5 billion (+42.5%), highest in the European insurance industry, driven by Protection & Health and Hybrid & Unit Linked products.
Reinforced balance sheet with prudent reserving, conservative asset allocation, low leverage, and robust cash generation.
Financial highlights
Gross written premiums rose to €98.1 billion (+3.6%), with 7.6% growth in P&C and 1.4% in Life.
Property & casualty operating result rose 20% year-over-year, driven by technical actions in pricing, risk selection, and claims management.
Asset and wealth management contributed 15% of operating result, with total AUM at €900 billion (+4.3%) and €16 billion net inflows, both at record levels.
Solvency II ratio improved to 219% (from 210% in FY2024), set to increase by 15 percentage points with regulatory review.
Shareholders’ equity increased 5.5% to €32.1 billion.
Outlook and guidance
Strategic plan targets 8–10% EPS CAGR and >€11 billion cumulative Net Holding Cash Flow for 2025–2027, with 16.2% EPS growth in 2025.
Dividend per share expected to grow >10% CAGR, with a minimum annual €500 million share buyback.
Focus remains on technical excellence, digitalisation, and sustainability, with continued investment in climate and health solutions.
P&C average premium expected to rise 4%-5% in 2026, ahead of inflation, with further improvement in motor combined ratio anticipated.
Guidance for 2026: Life operating investment result at €900 million, P&C investment operating result at €1.1 billion.
Drivers of P&C combined ratio improvement
Impact of Conning and MGG on asset management
Impact of Middle East conflict on 2026 outlook
Impact of the €10M Nat Cat threshold change
AI run-rate operating result benefit drivers
Solvency 2 ratio impact from SAA optimization
Drivers for raising AI efficiency targets
Motor pricing strategy versus risk premium trends
Life book transformation and cash conversion speed
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Latest events from Assicurazioni Generali
- Operating result up 1.6%, premiums and AUM surged, Solvency II ratio strong at 211%.G
Q2 20241 Feb 2026 - Strong premium and operating result growth across all segments, with robust capital position.GQ3 202413 Jan 2026
- A €1.9tn AUM joint venture will create Europe's largest and a global top 10 asset manager.GInvestor Update10 Jan 2026
- Double-digit EPS and dividend growth targeted, with digital, AI, and sustainability as key drivers.GInvestor Day 20259 Jan 2026
- Record results, strong capital, and ambitious growth targets drive higher dividends and buybacks.GQ4 202420 Dec 2025
- Record results, higher dividend, new strategic plan, and board renewal highlighted.GAGM 202529 Nov 2025
- Strong earnings growth, improved combined ratio, and solid capital position support ambitious targets.GQ2 202523 Nov 2025
- Strong P&C and Life inflows drove 8.9% operating growth; capital position remains solid.GQ1 202518 Nov 2025
- Double-digit profit growth, strong capital, and robust Life inflows drive 2025–2027 targets.GQ3 202513 Nov 2025
Next Assicurazioni Generali earnings date
AGM 202623 Apr, 2026
Assicurazioni Generali
Next Assicurazioni Generali earnings date
AGM 202623 Apr, 2026
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