Assicurazioni Generali (G) Q3 2025 earnings summary

Executive summary

• Gross written premiums rose 3.7% year-over-year to €73.1 billion, led by strong P&C growth and robust Life net inflows of €10.4 billion, up 54.9%, driven by protection & health and hybrid & unit-linked products.

• Operating result increased 10.1% to €5.9 billion, with all business segments contributing positively.

• Adjusted net result grew 14.0% to €3.3 billion, and adjusted EPS rose 16.0%.

• Solvency II Ratio improved to 214%, reflecting a solid capital position and including a €500 million share buyback.

• New business margin in Life reached 5.74% in Q3, with over 73% of new production having no guarantees.

Financial highlights

• Gross written premiums: €73.1 billion (+3.7% year-over-year).

• Operating result: €5,941 million (+10.1%).

• Adjusted net result: €3,283 million (+14.0%).

• Adjusted EPS: €2.16 (+16.0%).

• Shareholders’ equity: €30.7 billion (+1.0% from FY2024).

Outlook and guidance

• Confident in exceeding key financial targets for 2025–2027, with a focus on technical excellence, digitalization, and dynamic calibration of prior year development to enhance earnings predictability.

• 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 planned over the plan horizon, with €500 million buyback for 2025 already launched.

• Additional restructuring charges and possible real estate impairments anticipated in Q4, partially offset by a lower tax rate due to positive one-offs.

• FY2024 solvency guidance at 210%, supported by strong capital generation.