Assicurazioni Generali (G) Q4 2025 earnings summary

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.