“The first nine months of 2025 confirm the very strong start of the Group’s new strategic cycle. All business segments contributed positively to the double-digit growth of the operating result. Life recorded sustained net inflows, driven by preferred business lines. P&C enjoyed healthy top-line growth and confirmed our technical excellence, with a further improvement in the undiscounted combined ratio. After two years of significant Nat Cat experience, 2025 was benign so far, with nine month Nat Cat claims of EUR 573 million, just over half of the full year Nat Cat budget. With continued strong focus on the implementation of our ‘Lifetime Partner 27: Driving Excellence’ strategic plan, we opted to take advantage of this positive Nat Cat development to further strengthen our balance sheet and to increase our confidence of exceeding the targets of our three-year plan. We will continue delivering value for the benefit of all our stakeholders, building on this positive momentum, with the adjusted EPS up 16% year-on-year, and enjoying the benefit of a strong balance sheet, diversified sources of cash generation as well as a solid capital position,” Generali Group CFO, Cristiano Borean, said.
The operating result grew significantly to EUR 5,941 million (+10.1%), driven by the very strong performance of P&C and supported by positive contributions from all business segments. P&C operating result increased significantly to EUR 2,737 million (+23.9%) with the undiscounted Combined Ratio improving to 94.2% (96.3% 3Q2024) reflecting the strong improvement of the current year attritional loss ratio.
In light of the benign Nat Cat experience at 3Q2025, the Group opted to record a lower benefit from previous years compared to 3Q2024. This will allow a further strengthening of the balance sheet and increase the probability of exceeding the key financial targets of the “Lifetime Partner 27: Driving Excellence” plan.
The Life operating result grew to EUR 3,091 million (+1.8%). New Business Value (NBV) amounted to EUR 2,264 million (+3.7%), supported by higher volumes and improved profitability.
Asset & Wealth Management operating result grew to EUR 843 million (+0.7%), thanks to the performance of Asset Management, mainly reflecting the consolidation of Conning Holdings Limited (“CHL”).
The operating result of Holding and Other Businesses was EUR -399 million (EUR -357 million 3Q2024).
The adjusted net result increased by 14.0% to EUR 3,283 million (EUR 2,880 million 3Q2024) thanks to the Group’s strong operating performance, leading to an adjusted EPS of EUR 2.16, marking a 16.0% year-on-year growth.
The net result amounted to EUR 3,215 million (EUR 2,962 million 3Q2024), with the comparison to the prior year reflecting strong non-operating investment result at 3Q2024, which also included a non-recurring capital gain (EUR 58 million net of taxes) related to the disposal of TUA Assicurazioni.
The Group’s Shareholders' Equity increased to EUR 30.7 billion (EUR 30.4 billion FY2024). The growth is mainly attributable to the Group’s net result for the period of EUR 3,215 million, partially offset by the combination of the 2024 dividend of EUR 2,172 million paid in May 2025 and the share buyback of EUR 663 million4.
The Contractual Service Margin (CSM) grew to EUR 32.9 billion (EUR 31.2 billion FY2024).
The Group's total Assets Under Management (AUM) were EUR 874.7 billion (EUR 863.0 billion FY2024).
The Group confirmed its solid capital position, with the Solvency II Ratio at 214% (210% FY2024), resulting from EUR 51.1 billion of Eligible Own Funds and EUR 23.9 billion of Solvency Capital Requirement.
The increase reflected the sound contribution of normalized capital generation and positive market variances. These factors more than offset the negative regulatory changes, non-economic variances, M&A operations and capital movements stemming from the impact of the dividend for the period and the share buy-back program, net of the subordinated debt issuance.
The normalized capital generation, which includes the full impact from the share buy-back for the Long-Term Incentive Plan (LTIP) executed in the first half, was supported by the performance of Life, P&C and Financials.
The full 3Q results press release is available here.
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