Assicurazioni Generali (G) Q1 2025 earnings summary

Executive summary

• Launched the Lifetime Partner 27: Driving Excellence Plan, focusing on customer experience, digital transformation, and profitable growth in P&C, health, and accident segments.

• Operating result rose 8.9% year-over-year to €2.1 billion, with all business segments contributing, led by P&C.

• Gross written premiums reached €26.5 billion (+0.2%), driven by strong P&C (+8.6%), especially Non-Motor.

• Life net inflows exceeded €3.0 billion (+30.4%), with robust growth in Protection & Health.

• Solvency II Ratio stable at 210%, confirming a solid capital position.

Financial highlights

• P&C top-line grew 8.6% year-over-year, driven mainly by pricing and increasing non-motor volumes.

• Reported combined ratio below 90%, with undiscounted combined ratio targeted at 94.5% by 2027.

• Life net inflows reached €3 billion in Q1, with €1.4 billion in Protection and Health and €1.2 billion in Hybrid and Unit-Linked.

• Adjusted EPS grew 9.4% year-over-year to €0.79.

• Group shareholders' equity increased 2.4% to €31.1 billion from FY2024.

Outlook and guidance

• New business margin guidance for upcoming quarters set at 5.25%-5.75%, assuming current interest rates and excluding large collective contracts.

• Full-year 2025 guidance: life operating investment result around €900 million and P&C investment result €950 million.

• Targets 8–10% EPS CAGR, >€11 billion cumulative net holding cash flow, and >10% DPS CAGR for 2025–2027.

• Committed to >€7 billion in dividends and at least €1.5 billion share buyback over the plan horizon.

• Combined ratio expected to remain around 94.5% through 2027, with further improvements from productivity and cost containment.