Gross written premiums of Generali in 1Q2025 reached EUR 26.5 billion (+0.2%), driven by the strong performance of P&C (+8.6%), especially in non-motor. Life net inflows recorded a robust growth, exceeding EUR 3.0 billion (+30.4%), primarily driven by Italy and Germany, with the former also showing a material improvement in terms of lapses.

According to the Generali’s report, the operating result grew significantly to EUR 2,067 million (+8.9%), driven by a strong performance of P&C and supported by positive contributions from all business segments.

The Life operating result grew to EUR 992 million (+2.3%). New Business Value (NBV) amounted to EUR 822 million (-4.0%), also reflecting the comparison with a particularly strong first quarter in 2024.

P&C operating result increased significantly to EUR 1,029 million (+18.7%), led by the very good performance of the undiscounted operating insurance service result, which was enabled by the robust top line expansion and the continued improvement in margins. The Combined Ratio improved to 89.7% (91.0% 1Q2024) reflecting positive developments of loss and expense ratios. The undiscounted Combined Ratio improved to 92.0% (93.7% at 1Q2024).

Asset & Wealth Management operating result grew to EUR 272 million (+3.3%), supported by the performance of Asset Management, also reflecting the consolidation of Conning Holdings Limited (“CHL”).

The Group adjusted net result increased by 7.6% to EUR 1,204 million (vs EUR 1,119 million 1Q2024).

The Group confirmed its solid capital position, with the Solvency Ratio at 210% (210% FY2024), resulting from EUR 49.4 billion of Eligible Own Funds and EUR 23.5 billion of Solvency Capital Requirement.

“In this first quarter, Generali achieved continued strong growth in both operating and adjusted net result, showing a very positive start to our new strategic plan ‘Lifetime Partner 27: Driving Excellence’ thanks to the contribution of all business segments. Our P&C business benefitted from healthy top-line growth, mainly driven by the Non-Motor line, as well as from a continued improvement in the Combined Ratio. The Life business recorded significant net inflows, with our preferred areas of Protection & Health and Hybrid & Unit-Linked both performing strongly. Asset & Wealth Management provided a solid contribution to the Group operating result, mainly supported by the consolidation of Conning Holdings Limited. Our diversified profit sources and solid capital position driven by excellent cash generation will allow the Group to successfully implement the new strategic plan and create value for all our stakeholders”, commented Generali Group CFO, Cristiano Borean.