Life net inflows were positive, exceeding EUR 6.3 billion thanks to all business lines, particularly protection&health, hybrid&unit-linked. The operating result grew strongly to EUR 4,049 million (+8.7%), thanks to the positive performance of P&C, Life and Asset Management, in line with the strategic priorities of the “Lifetime Partner 27: Driving Excellence” plan.
The P&C operating result increased significantly to EUR 2,046 million (+18.4%) with the Combined Ratio at 91.0% (-1.4 p.p.) mainly reflecting the positive effects of an improved undiscounted current year attritional loss ratio. The Life operating result grew to EUR 2,016 million (+3.1%) while the New Business Value amounted to EUR 1,559 million (-2.0%).
The Asset & Wealth Management operating result stood at EUR 560 million (-1.1%) sustained by the solid performance of Asset Management (+11.7%) supported by the contribution of Conning Holdings Limited (CHL). The Holding and other businesses operating result was EUR -280 million (EUR -227 million 1H2024). The adjusted net result increased strongly to EUR 2,237 million (+10.4%) thanks to the Group’s excellent operating performance. The net result grew to EUR 2,152 million (+4.9%).
The Group’s shareholders' equity was EUR 29.7 billion (-2.2%), reflecting the net result for the period, the 2024 dividend payment and the share buyback related to the Long-Term Incentive Plan implemented during 1H2025. The Group’s Total Assets Under Management (AUM) were EUR 854.1 billion (-1.0% compared to FY2024).
The Group confirms its solid capital position, with the Solvency Ratio rising to 212% (210% FY2024) thanks to healthy normalised capital generation and embedding the launch of the EUR 500 million buy-back programme.
“Our excellent half-year results confirm a very strong start to the Group’s ‘Lifetime Partner 27: Driving Excellence’ strategic plan with positive performance across our Insurance business and global Asset Management platform. In Insurance, P&C grew substantially in all our main geographies driven by our focus on maximising profitable growth and Life net inflows continued their growth trajectory driven by our preferred business lines. Our Asset Management platform also recorded a solid performance supported by the contribution of Conning. We achieved these very positive results thanks to the efforts of all our colleagues and distribution networks. We will build on this momentum, pursuing excellence in being a Lifetime Partner to our customers, in our core capabilities and in the Group operations. We remain fully focused on the Group’s clear priorities under our strategic plan and will continue delivering value for the benefit of all our stakeholders”, commented Generali Group CEO, Philippe Donnet.
The full Generali Group 1H2025 report can be found here.
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