Generali consensus 1H25 and 2025-2027 Results
Last update: 31 July 2025
| 1H25E | 2025E | 2026E | 2027E | |||||||||
| Euro m | Min | Avg | Max | Min | Avg | Max | Min | Avg | Max | Min | Avg | Max |
| Gross written premiums | 50,152 | 51,290 | 55,134 | 96,641 | 98,691 | 100,246 | 100,629 | 103,415 | 107,313 | 104,167 | 107,618 | 113,752 |
| Life written premiums | 31,174 | 32,168 | 33,704 | 60,174 | 62,492 | 64,352 | 62,349 | 65,159 | 69,027 | 63,596 | 67,362 | 73,169 |
| P&C written premiums | 18,478 | 19,086 | 21,430 | 35,581 | 36,199 | 36,757 | 37,201 | 38,266 | 39,169 | 38,168 | 40,293 | 41,379 |
| Group operating result | 3,912 | 3,994 | 4,106 | 7,484 | 7,894 | 8,150 | 7,994 | 8,440 | 8,664 | 8,418 | 8,943 | 9,337 |
| Life operating result | 1,974 | 2,022 | 2,095 | 3,961 | 4,128 | 4,226 | 4,038 | 4,314 | 4,542 | 4,212 | 4,516 | 4,853 |
| P&C operating result | 1,874 | 1,978 | 2,071 | 3,265 | 3,517 | 3,726 | 3,591 | 3,812 | 4,078 | 3,780 | 4,036 | 4,284 |
| o/w Op. Insurance Service Result | 1,367 | 1,482 | 1,652 | 2,310 | 2,576 | 2,761 | 2,593 | 2,818 | 3,053 | 2,765 | 3,015 | 3,228 |
| o/w Op. Investment Result | 419 | 496 | 539 | 938 | 969 | 1,044 | 916 | 1,022 | 1,107 | 900 | 1,051 | 1,140 |
| A&WM operating result | 535 | 565 | 592 | 1,093 | 1,173 | 1,235 | 1,183 | 1,231 | 1,288 | 1,227 | 1,311 | 1,406 |
| H&O operating result | -315 | -271 | -250 | -608 | -539 | -400 | -583 | -515 | -400 | -600 | -517 | -400 |
| Consolidation adjustment | -330 | -300 | -270 | -405 | -385 | -360 | -410 | -391 | -350 | -430 | -400 | -350 |
| Net result | 1,974 | 2,158 | 2,295 | 3,865 | 4,181 | 4,439 | 4,291 | 4,555 | 4,830 | 4,600 | 4,874 | 5,298 |
| Adjusted net result | 2,095 | 2,200 | 2,380 | 3,975 | 4,221 | 4,428 | 4,347 | 4,558 | 4,830 | 4,600 | 4,874 | 5,203 |
| Dividend per share (€) | - | - | - | 1.50 | 1.57 | 1.60 | 1.60 | 1.73 | 1.78 | 1.80 | 1.89 | 1.96 |
| Shareholders' equity | 28,927 | 30,321 | 32,015 | 30,483 | 31,889 | 34,818 | 32,331 | 33,599 | 36,769 | 33,655 | 35,388 | 38,814 |
| Life CSM | 30,766 | 30,962 | 31,093 | 30,904 | 31,388 | 31,570 | 31,573 | 32,655 | 33,244 | 32,292 | 34,023 | 34,979 |
| Solvency ratio (%) | 211 | 214 | 217 | 210 | 215 | 223 | 210 | 221 | 236 | 211 | 230 | 260 |
| Combined ratio (%) | 90.4 | 91.4 | 92.0 | 92.3 | 92.8 | 93.4 | 91.9 | 92.5 | 93.0 | 91.9 | 92.4 | 92.9 |
| Undiscounted Combined ratio (%) | 92.8 | 93.5 | 94.3 | 93.9 | 94.5 | 95.3 | 93.5 | 94.2 | 94.7 | 93.7 | 94.1 | 94.5 |
| Undiscounted Loss Ratio (%) | 63.0 | 64.9 | 66.4 | 63.9 | 65.7 | 67.7 | 63.9 | 65.5 | 67.3 | 63.8 | 65.5 | 67.1 |
| o/w Nat Cat | 1.1 | 1.6 | 2.6 | 2.3 | 2.8 | 3.3 | 2.7 | 2.9 | 3.3 | 2.7 | 2.9 | 3.3 |
| o/w PYD | -2.4 | -2.2 | -2.0 | -2.1 | -2.0 | -2.0 | -2.0 | -2.0 | -2.0 | -2.0 | -2.0 | -2.0 |
| Life New Business Value | 1,372 | 1,524 | 1,599 | 2,582 | 2,876 | 2,975 | 2,874 | 3,093 | 3,246 | 2,972 | 3,315 | 3,653 |
| Life PVNBP | 27,276 | 29,754 | 31,424 | 52,475 | 54,134 | 57,015 | 53,545 | 56,555 | 59,866 | 54,637 | 59,077 | 62,859 |
Please note that the average number of shares outstanding during 1H25 has been 1,517,548,726.