Generali has announced its first quarter 2025 financial results, reporting strong growth in operating result in all business segments.
Its operating result grew significantly to EUR 2.1bn (+8.9%), a contribution from all business segments, led by strong P&C performance.
Gross written premiums reached EUR 26.5bn ($29.9bn), a slight bump of 0.2%, driven by the strong performance of P&C (+8.6%), especially in non-motor. This was also primarily driven by Italy and Germany, with the former also showing a material improvement in terms of lapses. Meanwhile, life net inflows exceeded EUR 3bn in all business lines, particularly protection and health.
Gross written premiums in life decreased by 4.5% to EUR 16.2bn. This development reflected a comparison with a particularly strong first quarter in 2024, during which targeted commercial actions were implemented to sustain net inflows in Italy and France and extraordinary new production was recorded in Asia. Protection and health confirmed its solid growth trajectory (+10.5%), while traditional saving and hybrid and unit-linked decreased by 11.9% and 6.5% respectively, due to the aforementioned year-on-year comparison.
New business volumes decreased to EUR 17.3bn (-9.3%), primarily due to an exceptionally strong 1Q2024 which benefitted from some extraordinary effects, including exceptional production in China and very strong present new value of new business premiums of saving and hybrids in Italy to support net inflows in the traditional business.
P&C operating result increased significantly to EUR 1bn (+18.7%), led by the very good performance of the undiscounted operating insurance service result, which was enabled by the robust top line expansion and the continued improvement in margins. The combined ratio improved to 89.7% (91.0% 1Q2024) reflecting positive developments of loss and expense ratios. The undiscounted combined ratio improved to 92.0% (93.7% at 1Q2024).
New business value amounted to EUR 822m (-4.0%), reflecting the lower volumes, despite the increased profitability of new business production.
Generali also confirmed its solid capital position, with the solvency ratio at 210% (210% FY2024), resulting from EUR 49.4bn of eligible own funds and EUR 23.5bn of solvency capital requirement. The sound contribution from normalised capital generation was strongly supported by both life and P&C segments.