The operating result grew to a record EUR 8,004 million (+9.7%), thanks to the positive performance of all business segments. The Life operating result increased to EUR 4,154 million (+4.3%) and the New Business Value improved to EUR 3,147 million (+6.2%). P&C operating result grew very strongly to EUR 3,663 million (+20.0%) with the Combined Ratio improving to 92.6% (-1.4 p.p.) and the undiscounted
Combined Ratio continuing its very positive development to 94.3% (-1.6 p.p.). It also benefitted from the improved undiscounted current year attritional loss ratio and a lower impact from natural catastrophes, partially offset by prior year development. The operating result of Asset & Wealth Management reached EUR 1,194 million (+1.5%) mainly driven by the Asset Management result, which increased to EUR 662 million (+7.5%). The operating result of the Holding and other businesses was EUR -610 million (EUR -536 million FY2024).
The adjusted net result rose by 14.5% to a record high of EUR 4,315 million (EUR 3,769 million FY2024) – demonstrating the positive effect of the Group’s diversified profit sources. The net result grew by 12.0% to EUR 4,172 million (EUR 3,724 million FY2024) driven by the business performance in the period.
The Group’s shareholders' equity increased to EUR 32.1 billion (+5.5%) thanks to the results in the period and the issuance of the EUR 500 million perpetual Restricted Tier 1 bond classified as an equity instrument, partially offset by the 2025 dividend payment, the purchase of treasury shares related to the Group’s incentive plans and the EUR 500 million share buyback. The Contractual Service Margin (CSM) rose by 10.8% to EUR 34.6 billion (EUR 31.2 billion FY2024).
The Group’s Total Assets Under Management (AUM) grew significantly to EUR 900 billion (+4.3% compared to FY2024) with third party AUM reaching a record level of EUR 384 billion of which EUR 273 billion is managed by Asset Management.
The Group confirms its extremely solid capital position, with the Solvency Ratio at 219% (210% FY2024) thanks to strong normalised capital generation.
"Our record 2025 results mark a very successful first year of our strategic plan ‘Lifetime Partner 27: Driving Excellence’ and confirm the continued value creation for all our stakeholders. In an environment still characterised by great uncertainty, we further strengthened our role as a true Lifetime Partner for all customers, offering them protection, stability and peace of mind. The focus on excellence in core capabilities is reflected in the outstanding P&C performance, with strong underlying technical profitability, and in the best-in-class Life net inflows, which highlight Generali’s European leadership in this segment and the high quality of the new production”, commented Generali Group CEO, Philippe Donnet.
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