Performance by segment
Life Segment: 2025 results (1)
Life premiums2 were € 61,943 million (+1.4% on equivalent terms) thanks to contribution of traditional savings and protection & health lines. In particular, traditional savings line (+10.7%) grew especially in Asia (+46.3%), while protection & health line (+5.6%), grew in almost all the countries in which the Group operates. The decrease of the hybrid & unit-linked line (-4.0%) came mainly from lower collection in Italy (-13.5%) also caused by the strong production due to the commercial initiative implemented in 2024.
Net inflows - premiums collected, net of claims and surrenders - were € 13,487 million (+42.5%), benefitting also from the lower surrenders. Net inflows of traditional savings line rose to € 2,406 million (€ -312 million at 31 December 2024), for the positive development recorded in Italy, Germany and Asia. Net inflows of the protection & health line improved to € 4,472 million (€ 4,078 million at 31 December 2024), thanks mainly to the performance of Italy, while the net inflows of the hybrid & unit-linked at € 6,608 million (€ 5,908 million at 31 December 2024) was led by the improvement recorded in France.
Life operating result stood at € 4,154 million (€ 3,982 million at 31 December 2024). The operating insurance services result improved, from € 3,039 million at 31 December 2024 to € 3,243 million, and compensated the slight reduction of the operating investment result, from € 943 million at 31 December 2024 to € 911 million.
Between 2024 and 2025, the PVNBP showed a slight increase (+1.5%), reaching € 55.6 billion, mainly thanks to solid production in Asia, France and Germany, partially mitigated by the slowdown in Italy. In terms of lines of business, the protection & health line experienced a strong growth (+9.8%) across all regions. traditional saving volumes slightly increased (+0.9%) thanks to a remarkable production in Asia, almost completely offset by the decrease registered in Italy, where 2024 benefitted from ad hoc initiatives to support net inflows. Hybrid & unit-linked business showed a minor slowdown (-1.3%) primarily on account of the drop of hybrid sales in Italy partially offset by a robust production in Germany and France. The new business profitability measured in PVNBP terms stood at 5.66%, increasing by 0.25 p.p., mainly reflecting more favorable product mix and features (+0.30 p.p.), partly mitigated by the impact of interest rates (-0.04 p.p.) and other offsetting factors spread across the Group. The table below displays the main elements of the NBV derivation starting from New Business CSM.
1 Changes in premiums, Life net inflows and new business were presented on equivalent terms. Changes in the operating result, general account investments and Life technical provisions excluded any assets under disposal or disposed of during the same period of comparison. The amounts shown in euro million were rounded to the nearest million and may not add up to the rounded total in all cases. Changes may be affected by rounding.
2 Including premiums from investment contracts equal to € 1,763 million (€ 1,566 million at 31 December 2024).
P&C segment: 2025 results
P&C premiums stood at € 36,181 million (+7.6% on equivalent terms) thanks to the positive performance of both business lines. Both the non-motor line (+7.3%) and motor line (+7.5%) improved in the year, achieving widespread growth across all the main areas in which the Group operates. The motor line premiums excluding the contribution from Argentina, a country impacted by hyperinflation, would have increased by 5.7%.
The combined ratio was 92.6% (94.0% at 31 December 2024) following a lower loss ratio at 63.2% (-2.0 p.p.), partly compensated by a higher expense ratio at 29.4% (+0.6 p.p.).
The operating result of the P&C segment amounted to € 3,663 million (€ 3,052 million at 31 December 2024). The operating result benefit from the increase of the operating insurance services result, from € 1,976 million at 31 December 2024 to € 2,613 million. Slightly decrease of the operating investment result amounting to € 1,050 million (€ 1,076 million at 31 December 2024), following the inflation rate dynamic in Argentina. Excluding the contribution from Argentina the operating investment result would increase to € 1,018 million (€ 976 million at 31 December 2024).
Asset management segment: 2025 results
Asset & Wealth Management segment, in addition to including the activities of the Banca Generali group, is also related to Asset Management companies that provide products and services both for the insurance companies of the Generali Group and for third-party customers.
The operating result of the Asset & Wealth Management segment stood at € 1,194 million (+1.5%).
The Asset Management result improved to € 662 million (+7.5%), reflecting the increased performance fees and the contribution of Conning Holdings Limited (CHL) and its subsidiaries, including MGG investments Group3.
The operating result of Banca Generali group decreased to € 532 million (-5.1%) mainly from lower performance fees. Banca Generali group net inflows4 for 2025 amounted to € 6.8 billion, up by 3% compared to the previous year.
3 CHL has been consolidated starting from April 2024, contributing for 9 months to 2024. MGG investments has been consolidated starting from October 2025, contributing for 3 months to 2025 result.
4 Including the net inflow from liquidity.
