Consolidated Results as of 31 December 2025

Generali Group CEO Philippe Donnet presents the 2025 full-year financial results, which confirm the excellent start of our strategic plan “Lifetime Partner 27: Driving Excellence”. The results show a very positive performance across both our Insurance business and global Asset Management platform, further demonstrating our continued value creation for all stakeholders.

• Gross written premiums increased to € 98.1 billion (+3.6%) thanks to significant growth in P&C (+7.6%)
• Best-in-class Life net inflows, rising to € 13.5 billion driven by Protection & Health and Unit-Linked & Hybrid. New Business Value grew to € 3.1 billion (+6.2%)
• Combined Ratio (CoR) improved significantly to 92.6% (-1.4 p.p.); undiscounted CoR continued its very positive development to 94.3% (-1.6 p.p.)
• Best-ever operating result at € 8.0 billion (+9.7%) driven by all business segments
• Adjusted net result reached all-time high of € 4.3 billion (+14.5%). Adjusted EPS rose substantially to € 2.85 (+16.2%)
• Total AUM of € 900 billion (+4.3%), with € 16 billion net inflows in Asset Management
• Extremely solid capital position with Solvency Ratio at 219% (210% FY2024) thanks to the Group’s strong normalised capital generation
• Dividend per share of € 1.64 (+14.7%) and € 500 million share buyback to be proposed at AGM, confirming commitment to increased shareholder returns

Generali Group CEO, Philippe Donnet, said: “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. Asset & Wealth Management also demonstrated increasing momentum with solid net inflows. Furthermore, we are accelerating the transformation of the Group operating model through the broad deployment of AI, digitalisation and automation, and we are very pleased with the remarkable progress made towards our ambitious Sustainability targets. Building on this impressive delivery and our very strong capital position, and consistently with the clear commitment to ensuring ever growing returns to our shareholders, we are once again proposing an increased dividend per share, alongside the launch of the 500 million euro share buyback for 2026. Our people are the key foundation of the success of the Group, and I want to sincerely thank all colleagues and advisors for this outstanding start to the strategic plan.”

Further information is available in the full press release.