Generali’s operating result up 8.7% in H1’25 with improved CoR

Global insurer Generali has announced its financial results for the first half of 2025, reporting a consolidated operating result of €4,049 million, up 8.7% compared to the same period last year, as well a slight increase of 0.9% in gross written premiums and an improved combined ratio of 91%.

Growth in operating result was mainly driven by 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 Italian insurer highlighted.

The company also reported a rise in gross written premiums in the first half of the year, to €50.5 billion, which was also mainly driven by growth in P&C.

The P&C operating result increased significantly to €2,046 million (+18.4%), which alongside the combined ratio at 91% (-1.4 p.p.) mainly reflecting the positive effects of an improved undiscounted current year attritional loss ratio, Geneali stated.

The Life insurance business also had a good performance, with its operating result growing to €2,016 million (+3.1%) while the New Business Value amounted to €1,559 million (-2.0%).

The Asset & Wealth Management operating result stood at €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 €-280 million (€-227 million 1H2024).

Life net inflows were positive at €6.3 billion thanks to all business lines, particularly
protection & health and hybrid & unit-linked, the insurer also noted.

Generali’s adjusted net result increased strongly to €2,237 million (+10.4%) thanks to the Group’s excellent operating performance. The net result grew to €2,152 million (+4.9%). All in all, adjusted EPS rose to €1.47, with a 12.5% increase compared to H1 2024.

The Group’s solvency ratio increased to 212% (210% in FY2024), demonstrating a solid capital position. This improvement was driven by robust normalised capital generation and the initiation of the €500 million buy-back program.

Generali Group CEO, Philippe Donnet, said: “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.”