Assicurazioni Generali (G) Q2 2025 earnings summary

Executive summary

• Operating result rose 8.7% to €4,049 million, driven by P&C, Life, and Asset Management segments.

• Adjusted net result increased 10.4% to €2,237 million; adjusted EPS up 12.5% to €1.47.

• Gross written premiums reached €50.5 billion (+0.9% year-over-year), with P&C up 7.6% and Life net inflows up 25.2% to €6.3 billion.

• Solvency II ratio improved to 212% (up 2 p.p. from FY2024), reflecting strong capital generation and share buyback inclusion.

• €500 million share buyback approved and initiated, reinforcing capital management discipline.

Financial highlights

• Operating result: €4,049 million (+8.7% year-over-year); adjusted net result: €2,237 million (+10.4%); adjusted EPS: €1.47 (+12.5%).

• Net result: €2,152 million (+4.9% year-over-year); shareholders' equity: €29.7 billion (-2.2% from FY2024).

• Life net inflows: €6,345 million (+25.2%); new business margin: 5.12% (+0.15 p.p. year-over-year).

• P&C operating result: €2,046 million (+18.4%); combined ratio improved to 91.0% (-1.4 p.p.).

• Asset Management operating result: €285 million (+11.7%); Asset & Wealth Management total: €560 million (-1.1%).

Outlook and guidance

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

• At least €1.5 billion share buyback and over €7 billion in cumulative dividends planned for 2025–2027.

• Focus on profitable growth in Life, technical excellence in P&C, and expansion in Asset & Wealth Management.

• Combined ratio target below 95% for 2025 reaffirmed; new business margin expected to remain at or above 5.12% in the second half.

• CSM release ratio guidance for FY2025 at 8–10%; normalized CSM growth expected at 4%.