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''Generali FY2025 financial supplement.''
''Generali FY2025 financial supplement.''


== 1. Summary P&L ==
== Summary P&L ==


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* <sup>(2)</sup> Adjusted EPS is equal to the ratio of Group adjusted net result, including interest expenses related to Restricted Tier 1 debt classified as shareholders’ equity, to the weighted average number of ordinary shares outstanding, net of weighted average treasury shares.
* <sup>(2)</sup> Adjusted EPS is equal to the ratio of Group adjusted net result, including interest expenses related to Restricted Tier 1 debt classified as shareholders’ equity, to the weighted average number of ordinary shares outstanding, net of weighted average treasury shares.


== 2. Summary P&L Segment ==
== Summary P&L Segment ==


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== 3. Summary BS ==
== Summary BS ==


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* <sup>(3)</sup> CSM presented net of reinsurance, taxes and minorities
* <sup>(3)</sup> CSM presented net of reinsurance, taxes and minorities


== 4. Volumes ==
== Volumes ==


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== 5. Life New Business ==
== Life New Business ==


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== 6. Life CSM ==
== Life CSM ==


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* <sup>(3)</sup> The impact reflects the change implied by a 50 bps spread widening of sovereign bonds issued by Euro area countries.
* <sup>(3)</sup> The impact reflects the change implied by a 50 bps spread widening of sovereign bonds issued by Euro area countries.


== 7. Life Operating ==
== Life Operating ==


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* <sup>(1)</sup> Including elimination of transactions between Generali Group companies in different geographic regions
* <sup>(1)</sup> Including elimination of transactions between Generali Group companies in different geographic regions


== 8. P&C Operating ==
== P&C Operating ==


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* <sup>(1)</sup> Elimination of transactions between Generali Group companies in different geographic regions were included in absolute values and excluded in ratios
* <sup>(1)</sup> Elimination of transactions between Generali Group companies in different geographic regions were included in absolute values and excluded in ratios


== 9. Asset Management ==
== Asset Management ==


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* <sup>(6)</sup> MGG fully consolidated starting from October 2025
* <sup>(6)</sup> MGG fully consolidated starting from October 2025


== 10. Capitalisation and Debt ==
== Capitalisation and Debt ==


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* <sup>(1)</sup> These KPIs exclude bond issuances classified as shareholders’ equities, such as RT1 bonds and AT1 bonds.
* <sup>(1)</sup> These KPIs exclude bond issuances classified as shareholders’ equities, such as RT1 bonds and AT1 bonds.


== 11. Investments Summary ==
== Investments Summary ==


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* <sup>(5)</sup> In P&C, excluding Argentina on a like for like basis, Fixed Income generated current returns for 1,104 Mln (3.2%) in FY25 compared with 1,001 Mln (3.0%) in FY24, while the total portfolio generated current returns for 1,777 Mln (3.7%) in FY25 versus 1,644 Mln (3.5%) in FY24.
* <sup>(5)</sup> In P&C, excluding Argentina on a like for like basis, Fixed Income generated current returns for 1,104 Mln (3.2%) in FY25 compared with 1,001 Mln (3.0%) in FY24, while the total portfolio generated current returns for 1,777 Mln (3.7%) in FY25 versus 1,644 Mln (3.5%) in FY24.


== 12. Investments by Acc Treatment ==
== Investments by Acc Treatment ==


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* <sup>(3)</sup> Includes derivative accounted as liabilities of € 2.398 mln as at YE 2025 and of € 2,718 mln as at YE 2024.
* <sup>(3)</sup> Includes derivative accounted as liabilities of € 2.398 mln as at YE 2025 and of € 2,718 mln as at YE 2024.


== 13. Investments Focus Equity ==
== Investments Focus Equity ==


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* <sup>(2)</sup> Without recycling to P&L.
* <sup>(2)</sup> Without recycling to P&L.


== 14. Investments Focus Fixed Income ==
== Investments Focus Fixed Income ==


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== 15. Investments Focus Real Estate ==
== Investments Focus Real Estate ==


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== 16. Solvency II ==
== Solvency II ==


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Revision as of 01:17, 13 June 2026

Document info
OrganizationGenerali
Year2025
PeriodFY
Period labelFY25
Document typeFinancial supplement
LanguageEnglish
SourceOriginal URL
Archive.md file

Generali FY2025 financial supplement.

Summary P&L

Consolidated operating and non-operating result build-up for fiscal years 2024 and 2025
EUR million YE 2024 YE 2025
Consolidated operating result 7,295 8,004
Life operating result 3,982 4,154
P&C operating result 3,052 3,663
Asset & wealth management 1,176 1,194
Holding and other businesses -536 -610
Consolidation adjustments -379 -397
Consolidated non-operating result (1,255) (1,641)
Non-operating investment result 28 -214
Net investment result from FVTPL and net gains on foreign currency 82 -82
Net non-operating realized gains 135 41
Net non-operating ECL and impairment losses -190 -173
Net other non-operating expenses -710 -910
Non-operating holding expenses -572 -517
Interest expenses on financial debt -493 -460
Other non-operating holding expenses -79 -57
Earnings before taxes 6,041 6,363
Income taxes -1,843 -1,717
Result for discontinued operations -31 17
Consolidated result for the period 4,167 4,663
Minority interests -442 -491
Net result 3,724 4,172
Adjusted net result build-up for fiscal years 2024 and 2025
EUR million YE 2024 YE 2025
Profit or loss on assets at FVTPL on non-par & SH fund -50 97
Hyperinflation effect (IAS 29) 71 9
Amortisation of intangibles related to M&A 51 54
Gains & losses from acquisitions & disposal -27 -17
Adjusted net result (1) 3,769 4,315
Per share data — —
Adjusted EPS and share data for fiscal years 2024 and 2025
EUR million YE 2024 YE 2025
Closing number of shares 1,569,420,004 1,549,784,923
Closing number of treasury shares 47,994,953 46,606,923
Weighted average number outstanding of shares 1,538,690,704 1,513,810,624
Weighted average number of treasury shares 27,804,292 42,268,284
Adjusted EPS (2) 2.45 2.85
  • (1) Adjusted net result and EPS definitions include adjustments for: I) volatility effects deriving from the valuation at fair value through profit or loss (FVTPL) of investments not backing portfolios with direct profit participation and the free assets II) Hyperinflation effect under IAS 29 III) amortisation of intangibles from M&A transactions (business combinations under IFRS 3) excluding those connected to brands, technology and bancassurance or equivalent distribution agreement, if material IV) impact of gains and losses from acquisitions and disposals, including possible restructuring costs incurred during the first year from the acquisition, if material
  • (2) Adjusted EPS is equal to the ratio of Group adjusted net result, including interest expenses related to Restricted Tier 1 debt classified as shareholders’ equity, to the weighted average number of ordinary shares outstanding, net of weighted average treasury shares.

Summary P&L Segment

Consolidated operating and non-operating result breakdown by segment for fiscal years 2024 and 2025
EUR million Group Life P&C Asset & Wealth management Holding and other businesses Consolidation
— YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025
Consolidated operating result 7,295 8,004 3,982 4,154 3,052 3,663 1,176 1,194 (536) (610) (379) (397)
Net insurance service result 5,795 6,734 3,105 3,445 2,289 2,908 — -6 — — 401 388
Operating investment result 2,459 2,431 943 911 1,076 1,050 477 485 188 220 -224 -235
Other operating income and expenses -959 -1,162 -65 -202 -313 -295 700 715 -724 -830 -556 -549
Of which operating holding expenses -693 -760 — — — — — — -693 -760 — —
Consolidated non-operating result (1,255) (1,641) (175) (330) (410) (592) (101) (141) (567) (572) (1) (5)
Non-operating investment result 28 -214 -70 -150 55 -54 18 -19 26 15 -1 -5
Net investment result from FVTPL and net gains on foreign currency 82 -82 27 -27 41 -55 4 -18 11 22 -1 -4
Net non-operating realized gains 135 41 -31 -86 153 117 12 11 1 -1 — —
Net non-operating ECL and impairment losses -190 -173 -67 -37 -140 -116 2 -12 14 -6 — -1
Net other non-operating expenses -710 -910 -105 -180 -465 -538 -118 -121 -21 -70 — —
Non-operating holding expenses -572 -517 — — — — — — -572 -517 — —
Interest expenses on financial debt -493 -460 — — — — — — -493 -460 — —
Other non-operating holding expenses -79 -57 — — — — — — -79 -57 — —
Earnings before taxes 6,041 6,363 3,807 3,824 2,641 3,071 1,075 1,053 (1,103) (1,183) (380) (402)
Income taxes -1,843 -1,717 — — — — — — — — — —
Result from discontinued operations -31 17 — — — — — — — — — —
Consolidated result for the period 4,167 4,663 — — — — — — — — — —
Minority interests -442 -491 — — — — — — — — — —
Net result 3,724 4,172 — — — — — — — — — —

Summary BS

Total assets and liabilities breakdown by segment for fiscal years 2024 and 2025
EUR million Group Life P&C Asset & Wealth management Holding and other businesses Consolidation
— YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025
Intangible assets 11,861 12,200 4,754 4,849 5,987 5,968 1,007 1,262 85 93 28 28
Tangible assets 3,746 4,099 791 991 2,238 2,378 257 258 550 573 -91 -102
Insurance assets 4,902 4,729 604 716 4,324 4,012 — — — — -26 —
Investments 494,340 514,328 432,120 447,418 44,476 47,362 15,250 17,226 10,542 11,500 -8,049 -9,179
Investment properties 22,503 22,293 19,985 20,010 2,506 2,280 — — 12 3 — —
Investments in subsidiaries, associated companies and joint ventures 2,840 3,026 3,499 3,908 2,317 2,966 6 5 64 74 -3,046 -3,927
Financial assets 468,997 489,009 408,636 423,500 39,654 42,116 15,244 17,221 10,465 11,423 -5,003 -5,251
Other financial assets 6,209 7,395 2,686 3,233 2,607 3,971 730 1,046 186 388 — -1,243
Other assets 9,275 8,470 5,325 3,484 2,755 3,637 852 1,021 469 394 -126 -67
Cash and cash equivalents 8,315 7,308 3,957 3,873 2,690 2,599 1,340 768 523 258 -196 -189
Total assets 538,647 558,529 450,237 464,565 65,077 69,927 19,436 21,582 12,356 13,206 (8,459) (10,750)
Insurance liabilities 438,486 452,432 400,565 412,810 37,947 39,622 — — — — -26 —
Financial liabilities 45,710 48,843 20,542 21,960 5,298 5,932 14,478 16,292 7,798 8,310 -2,407 -3,652
Financial liabilities at fair value through profit or loss 8,166 9,272 7,732 8,630 171 148 262 494 1 3 — -2
Financial liabilities at amortised cost 37,544 39,570 12,810 13,330 5,127 5,784 14,217 15,798 7,797 8,308 -2,407 -3,650
Other provisions 2,399 2,229 636 480 1,054 1,065 383 342 297 313 29 29
Payables 9,027 10,212 2,945 3,824 4,405 5,122 718 1,223 959 1,167 — -1,123
Other liabilities 9,931 10,027 3,553 3,961 5,381 5,291 570 522 511 348 -85 -94
Total liabilities 505,551 523,741 428,240 443,033 54,085 57,031 16,149 18,379 9,565 10,138 (2,488) (4,841)
Shareholders' equity attributable to the group 30,389 32,064 — — — — — — — — — —
Shareholders' equity attributable to minority interests 2,707 2,724 — — — — — — — — — —
Shareholders' equity 33,095 34,788 — — — — — — — — — —
Total liabilities & shareholders' equity 538,647 558,529 — — — — — — — — — —
Gross and net contractual service margin (CSM) breakdown by segment for fiscal years 2024 and 2025
EUR million Group Life P&C
— YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025
Gross present value future cash-flows (PVFCF) (2) 404,025 414,521 368,337 377,146 35,687 37,375
Gross risk adjustment (RA) 2,897 2,949 1,630 1,736 1,267 1,213
Gross contractual service margin (CSM) 31,228 34,610 30,283 33,603 945 1,007
Net contractual service margin (CSM) (3) 21,484 24,117 — — — —
  • (1) Including (re)insurance contracts that are assets
  • (2) Including any receivables, payables, policy loans and reinsurance deposits considered in insurance assets and liabilities
  • (3) CSM presented net of reinsurance, taxes and minorities

Volumes

Gross written premium and reinsurance accepted breakdown by geography and line of business for fiscal years 2024 and 2025
EUR million Gross written premium Gross primary premiums Reinsurance accepted
P&C Motor Non motor P&C
— YE 2024 YE 2025 Change % like for like YE 2024 YE 2025 Change % like for like YE 2024 YE 2025 Change % like for like YE 2024 YE 2025 Change % like for like
Italy 8,836 9,310 5.4% 3,095 3,233 4.4% 5,512 5,851 6.2% 228 226 -1.0%
France 3,929 4,225 7.5% 1,278 1,343 5.1% 2,557 2,772 8.4% 94 110 17.6%
Germany 4,378 4,682 6.9% 1,627 1,805 10.9% 2,742 2,863 4.4% 8 14 67.0%
Austria 1,888 1,982 5.0% 765 809 5.6% 1,119 1,169 4.4% 3 5 38.2%
Switzerland 766 761 -2.3% 307 318 1.9% 459 443 -5.1% 0 0 -
CEE 3,839 4,177 8.0% 1,944 2,087 6.7% 1,847 2,038 9.4% 48 52 7.7%
Spain 2,917 3,130 4.4% 1,124 1,212 3.1% 1,695 1,815 5.4% 99 103 3.9%
Portugal 1,585 1,732 7.2% 649 722 9.4% 934 1,009 5.7% 1 1 -12.5%
Asia 1,474 1,688 7.1% 428 488 3.5% 738 810 5.9% 307 390 15.2%
Europ assistance 2,212 2,566 16.0% 63 36 -43.4% 1,886 2,200 16.7% 263 330 25.7%
Group holdings and other companies 1,932 1,928 20.5% 757 675 35.3% 732 783 13.8% 443 470 6.1%
Total group 33,756 36,181 7.6% 12,038 12,726 7.5% 20,222 21,753 7.3% 1,495 1,702 11.3%
Gross written premium and reinsurance accepted breakdown by geography and line of business for fiscal years 2024 and 2025
EUR million Gross written premium Gross primary premiums Reinsurance accepted
Life Traditional saving Protection & health Hybrid & unit linked Life
— YE 2024 YE 2025 Change % like for like YE 2024 YE 2025 Change % like for like YE 2024 YE 2025 Change % like for like YE 2024 YE 2025 Change % like for like YE 2024 YE 2025 Change % like for like
Italy 23,360 21,534 -7.8% 10,139 9,841 -1.4% 345 549 9.0% 12,875 11,144 -13.5% 0 0 -
France 15,255 15,284 0.2% 7 3 -48.7% 3,215 3,277 1.9% 10,593 10,777 1.7% 1,440 1,226 -14.9%
Germany 10,572 10,810 2.3% 1,667 1,620 -2.8% 3,823 3,946 3.2% 5,083 5,244 3.2% 0 0 -
Austria 1,246 1,298 4.2% 290 277 -4.7% 518 572 10.5% 438 449 2.6% 0 0 -
Switzerland 1,076 1,069 -2.3% 162 156 -5.3% 25 28 10.2% 889 885 -2.1% 0 0 -
CEE 1,224 1,306 5.6% 139 121 -13.3% 493 555 11.2% 586 623 5.4% 6 7 12.1%
Spain 908 983 7.4% 310 310 -0.2% 350 384 8.9% 248 289 14.6% 0 0 -
Portugal 224 484 115.0% 17 148 n.m. 79 84 4.5% 128 252 97.4% 0 0 -
Asia 5,893 7,471 33.0% 4,035 5,656 46.3% 1,405 1,422 7.8% 438 380 -9.7% 16 13 -19.2%
Group holdings and other companies 1,676 1,704 5.6% 54 66 23.0% 668 735 19.7% 15 17 15.5% 939 886 -5.7%
Total group 61,434 61,943 1.4% 16,819 18,198 10.7% 10,922 11,553 5.6% 31,292 30,060 -4.0% 2,401 2,132 -11.2%
  • Total Gross Written Premiums
Life net inflows time series by geography for fiscal years 2024 and 2025
EUR million Group
Life net inflows
— YE 2024 YE 2025 Change % like for like
Italy 1,536 1,686 9.8%
France 2,946 3,848 30.6%
Germany 881 1,421 61.3%
Austria 84 56 -33.2%
Switzerland 88 1 -98.9%
CEE 354 418 16.9%
Spain -57 -24 60.7%
Portugal 71 358 n.m.
Asia 3,432 5,290 61.4%
Group holdings and other companies 338 432 41.0%
Total group 9,674 13,487 42.5%
Life net inflows breakdown by product type for fiscal year 2025
YE 2025
EUR million Traditional saving Protection & health Hybrid & unit linked
Total group 2,406 4,472 6,608

Life New Business

Life new business value and margin by product type for fiscal years 2024 and 2025
EUR million PVNBP New business value New business margin
— YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025
Traditional saving 15,573 15,453 493 681 3.17% 4.41%
Protection & health 10,755 11,714 899 998 8.36% 8.52%
Hybrid & unit linked 28,770 28,385 1,585 1,468 5.51% 5.17%
Total 55,098 55,552 2,977 3,147 5.40% 5.66%
Life new business premiums by type for fiscal years 2024 and 2025
EUR million Group
— YE 2024 YE 2025
Annual premiums 3,170 2,877
Single premiums 29,713 29,891
Total premiums 32,883 32,768
Life new business value build-up for fiscal years 2024 and 2025
EUR million Group
— YE 2024 YE 2025
New business CSM 2,827 3,010
Perimeter (1) 192 196
Reinsurance -41 -59
New business value 2,977 3,147
  • (1) Including investment contracts, PAA, and potential LC
Life new business value and margin by geography and product type for fiscal years 2024 and 2025
EUR million PVNBP New business value New business margin PVNBP weight traditional saving PVNBP weight protection & health PVNBP weight hybrid & unit linked
— YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025
Italy 20,691 18,757 1,226 1,108 5.92% 5.90% 43.2% 41.9% 3.1% 4.2% 53.7% 53.8%
France 14,079 14,799 559 578 3.97% 3.91% 0.0% 0.0% 29.8% 30.7% 70.2% 69.3%
Germany 8,656 9,083 401 397 4.63% 4.37% 11.2% 10.8% 25.9% 25.1% 62.9% 64.1%
Austria 1,256 1,291 76 72 6.07% 5.61% 7.9% 8.3% 55.6% 57.8% 36.5% 33.9%
Switzerland 537 538 50 54 9.35% 10.06% 1.1% 3.8% 2.2% 3.1% 96.7% 93.0%
CEE 1,159 1,305 160 185 13.77% 14.18% 5.7% 3.7% 52.4% 56.5% 42.0% 39.9%
Spain 832 911 161 175 19.29% 19.24% 28.7% 26.9% 46.0% 45.2% 25.3% 27.9%
Portugal 236 521 25 30 10.42% 5.78% 18.1% 26.1% 34.4% 15.9% 47.5% 58.0%
Asia 6,974 7,537 317 535 4.54% 7.10% 74.2% 79.6% 18.3% 18.2% 7.6% 2.2%
Group holdings and other companies 678 810 3 13 0.48% 1.56% 4.9% 5.7% 91.7% 90.3% 3.4% 4.0%
Group total 55,098 55,552 2,977 3,147 5.40% 5.66% 28.3% 27.8% 19.5% 21.1% 52.2% 51.1%
Life new business value sensitivity by scenario for fiscal years 2024 and 2025
EUR million YE 2024 YE 2025
Interest rate -50 bps -265 -243
Interest rate +50 bps 207 180
Admin. and invest. manag. exp. -10% 144 161
Lapse rates *110% -224 -259
Lapse rates *90% 251 285
Mortality/morbidity rates *95% 131 115
Life new business margin sensitivity by scenario for fiscal years 2024 and 2025
EUR million YE 2024 YE 2025
Interest rate -50 bps -0.59% -0.53%
Interest rate +50 bps 0.50% 0.43%

Life CSM

Contractual service margin (CSM) rollforward for fiscal years 2024 and 2025
EUR million Group
— YE 2024 YE 2025
Opening CSM 30,911 30,283
Change in scope and other - opening 38 —
New business CSM 2,827 3,010
Expected return 1,757 1,492
Economic variances -875 2,088
Operating variances -1,388 -48
CSM before release 33,270 36,826
CSM release -2,986 -3,223
Change in scope and other - closing — —
Closing CSM 30,283 33,603
CSM release ratio -9.0% -8.8%
Contractual service margin (CSM) breakdown by geography for fiscal years 2024 and 2025
EUR million CSM stock New business CSM CSM release
— YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025
Italy 11,042 11,474 1,215 1,096 -1,325 -1,384
France 4,088 5,182 572 596 -590 -673
Germany 9,193 10,183 406 408 -407 -443
Austria 1,549 1,716 78 74 -91 -103
Switzerland 763 846 51 55 -93 -103
CEE 1,286 1,397 152 173 -196 -211
Spain 456 484 51 64 -72 -78
Portugal 116 131 14 15 -19 -20
Asia 1,685 2,111 283 523 -184 -199
Group holdings and other companies 105 78 3 8 -9 -8
Group total 30,283 33,603 2,827 3,010 (2,986) (3,223)
Insurance contracts issued breakdown by maturity for fiscal year 2025
EUR million Up to 1 year Btw. 1 and 2 yrs Btw. 2 and 3 yrs Btw. 3 and 4 yrs Btw. 4 and 5 yrs Btw. 5 and 10 yrs Btw. 10 and 20 yrs Over 20 years
Insurance contracts issued 2,413 2,194 2,026 1,871 1,724 6,850 8,244 8,282
  • (1) The development of CSM here reported does not consider unwinding effect, future new business release contribution, CSM additional release due to the economic systematic variance.
Contractual service margin (CSM) sensitivity by scenario for fiscal years 2024 and 2025
EUR million YE 2024 YE 2025
Equity market -25% -2,369 -2,436
Equity market +25% 2,244 2,353
Interest rate -50 bps -433 63
Interest rate +50 bps 346 -116
Corporate spread +50 bps -470 -481
Euro area govies spread(3) +50 bps -637 -747
  • (2) Sensitivities representing impact before release.
  • (3) The impact reflects the change implied by a 50 bps spread widening of sovereign bonds issued by Euro area countries.

Life Operating

Life operating result build-up for fiscal years 2024 and 2025
EUR million Group
— YE 2024 YE 2025
Operating insurance service result 3,039 3,243
CSM release 2,986 3,223
Risk adjustment release 145 163
Loss component -231 -105
Experience variance and other technical result 204 164
Other operating income and expenses -65 -202
Operating investment result 943 911
Life operating result 3,982 4,154
Life operating result breakdown by geography for fiscal years 2024 and 2025
EUR million Operating insurance service result CSM release Loss component Operating investment result Life operating result
— YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025
Italy 1,230 1,266 1,325 1,384 -110 -33 337 343 1,567 1,609
France 675 659 590 673 -2 -29 177 205 852 864
Germany 407 446 407 443 — — 106 73 513 519
Austria 84 96 91 103 — — 8 7 92 103
Switzerland 134 113 93 103 — -2 15 13 149 125
CEE 248 251 196 211 -8 -5 67 61 315 312
Spain 185 182 72 78 -7 -3 39 40 224 223
Portugal 26 21 19 20 — 1 2 8 28 30
Asia 85 155 184 199 -53 -34 156 114 241 269
Group holdings and other companies (1) -36 53 9 8 -50 — 36 48 — 101
Group total 3,039 3,243 2,986 3,223 (231) (105) 943 911 3,982 4,154
  • (1) Including elimination of transactions between Generali Group companies in different geographic regions

P&C Operating

Property and casualty (P&C) operating result build-up for fiscal years 2024 and 2025
EUR million Group
— YE 2024 YE 2025
Operating insurance service result 1,976 2,613
Insurance contract revenues 32,936 35,246
Total net incurred claims -21,464 -22,264
Insurance expenses -9,183 -10,074
Other operating income and expenses -313 -295
Operating investment result 1,076 1,050
Operating investment income 1,710 1,657
Insurance finance expenses -634 -607
P&C operating result 3,052 3,663
Combined ratio analysis for property and casualty (P&C) for fiscal years 2024 and 2025
EUR million YE 2024 YE 2025
Combined ratio 94.0% 92.6%
Loss ratio 65.2% 63.2%
Current year loss ratio 67.2% 64.3%
Current year loss ratio undiscounted (excl. nat cat) 65.5% 64.3%
Natural catastrophe losses undiscounted 3.6% 1.7%
Current year discounting -1.9% -1.7%
Prior year loss ratio -2.1% -1.1%
Gross expense ratio 28.8% 29.4%
Administration and acquisition expenses 27.9% 28.6%
Acquisition expenses 20.4% 21.4%
Administration expenses and other attributable expenses 7.4% 7.2%
Other operating income and expenses 1.0% 0.8%
Combined ratio undiscounted 95.9% 94.3%
Operating insurance service result undiscounted 1,340 2,007
P&C operating result breakdown by geography for fiscal years 2024 and 2025
EUR million Insurance contract revenues Operating insurance service result Operating investment result P&C operating result Combined ratio Loss ratio Natural catastrophe losses undiscounted Gross Expense ratio Combined ratio undiscounted
— YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025
Italy 8,816 9,131 518 639 193 223 711 862 94.1% 93.0% 67.2% 65.5% 2.7% 2.5% 26.9% 27.5% 95.7% 94.5%
France 3,806 4,100 224 247 131 158 355 405 94.1% 94.0% 71.0% 70.5% 3.0% 2.6% 23.1% 23.4% 97.5% 97.0%
Germany 4,373 4,681 329 437 156 121 485 558 92.5% 90.7% 62.5% 61.1% 4.0% 1.1% 30.0% 29.5% 93.9% 92.0%
Austria 1,956 2,060 153 171 95 89 247 260 92.2% 91.7% 65.0% 64.4% 6.3% 1.8% 27.2% 27.3% 93.9% 93.3%
Switzerland 761 757 -13 -9 15 20 3 10 101.7% 101.2% 72.6% 71.6% 0.8% 0.0% 29.1% 29.6% 102.1% 101.5%
CEE 3,697 4,034 279 404 105 108 384 511 92.5% 90.0% 58.2% 56.1% 5.7% 2.2% 34.3% 33.9% 94.1% 91.6%
Spain 2,790 3,084 105 118 81 78 186 196 96.2% 96.2% 73.4% 69.0% 0.5% 0.1% 22.8% 27.2% 97.3% 97.1%
Portugal 1,549 1,682 63 85 45 47 107 133 95.9% 94.9% 72.1% 70.3% 0.1% 0.2% 23.9% 24.6% 97.1% 96.1%
Asia 1,378 1,672 14 -5 59 73 73 68 99.0% 100.3% 66.3% 66.5% 0.2% 0.0% 32.8% 33.7% 101.1% 102.0%
Europ Assistance 2,559 2,839 150 186 39 41 189 227 94.1% 93.5% 60.6% 59.4% 0.1% 0.0% 33.5% 34.1% 94.9% 94.0%
Group holdings and other companies (1) 1,252 1,206 154 342 158 93 312 434 96.5% 92.6% 73.8% 70.0% 7.0% 1.7% 22.8% 22.6% 99.8% 94.8%
Group total 32,936 35,246 1,976 2,613 1,076 1,050 3,052 3,663 94.0% 92.6% 65.2% 63.2% 3.6% 1.7% 28.8% 29.4% 95.9% 94.3%
  • (1) Elimination of transactions between Generali Group companies in different geographic regions were included in absolute values and excluded in ratios

Asset Management

Assets under management (AUM) rollforward for fiscal years 2024 and 2025
EUR billion YE 2024 YE 2025
Opening AUM 516 695
Net inflows 6.7 16.2
o/w Generali Group (1) 4.9 6.5
o/w Third party 1.8 9.6
Market effect, FX & other 18.5 -4.2
Perimeter changes (2) 154.4 4.5
Closing AUM 695 712
o/w Generali Group (1) (3) 425 439
o/w Third party 271 273
Asset management operating result build-up for fiscal years 2024 and 2025
EUR billion Pro-forma with 12 months of CHL excl. MGG
— YE 2024 YE 2025 YE 2024 YE 2025
Operating revenues 1,450 1,632 1,532 1,616
Total fees excl. performance fees 1,186 1,310 1,265 1,296
Performance fees 91 162 91 160
Other revenues (4) 173 160 176 161
Operating expenses (834) (970) (899) (959)
Operating result 616 662 633 657
Non-operating result adjusted -59 -77 — —
Taxes adjusted -130 -139 — —
Minorities adjusted (5) (6) -83 -90 — —
Adjusted net result after minorities 343 356 — —
Asset management average AUM and cost income ratio for fiscal years 2024 and 2025
EUR billion Pro-forma w/ 12 months of CHL excl. MGG
— YE 2024 YE 2025 YE 2024 YE 2025
Average AUM (euro bn) 674 701 673 696
o/w Generali Group (1) (3) 416 431 416 431
o/w Third party 258 270 257 266
Average total fees margin (bps) 18.8 19.3 18.8 18.6
o/w on Generali Group AUM (1) 17.1 16.9 17.1 16.9
o/w on Third party AUM 21.6 23.2 21.6 21.4
Cost income ratio (%) 57.5% 59.4% 58.7% 59.3%
  • (1) Including Unit-Linked
  • (2) Conning Holdings Limited (“CHL”) fully consolidated starting from April 2024
  • (3) Including equity stakes of Assicurazioni Generali in its subsidiaries held in AM funds
  • (4) Mainly including dividends, net result from participations, and interest income
  • (5) Including minorities at affiliate level
  • (6) MGG fully consolidated starting from October 2025

Capitalisation and Debt

Shareholders' equity rollforward for fiscal years 2024 and 2025
EUR million YE 2024 YE 2025
Opening shareholders' equity 28,968 30,389
Net profit 3,724 4,172
Dividends -1,987 -2,172
Other comprehensive income reserve -133 -114
Related to financial assets 2,057 -3,514
Related to insurance contracts -2,300 3,643
Defined benefit plans 34 71
Foreign exchange 31 -301
Other 45 -12
Share buybacks -500 -500
Share buybacks for long-term incentive plans -264 -333
Other items 581 622
Closing shareholders' equity 30,389 32,064
Financial debt breakdown by type for fiscal years 2024 and 2025
EUR million YE 2024 YE 2025
Subordinated debt 9,784 9,806
Senior debt 1,286 1,287
Other financial debt 90 102
Total financial debt (1) 11,160 11,194
Average maturity (FYears) (1) 4.9 4.8
Total interest cost (1) 493 460
Average cost (%) 4.16% 4.11%
Debt maturity schedule by type for fiscal year 2025
EUR million Senior Hybrid Subordinated
2026 — 406 1,000
2027 — — 1,750
2028 — — 850
2029 500 — 500
2030 — — 750
2031 — 500 600
2032 — — 1,000
2033 — — 1,000
2034 750 — —
2035 — — 1,250
2036 — — 500
  • (1) These KPIs exclude bond issuances classified as shareholders’ equities, such as RT1 bonds and AT1 bonds.

Investments Summary

Total investments breakdown by type and segment for fiscal years 2024 and 2025
EUR million Group Life o/w Life VFA o/w Life other than VFA Property & Casualty Asset & Wealth Management Holding and Other Businesses Consolidation
— YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025
Fixed income 294,154 302,571 246,376 249,096 220,801 220,843 25,575 28,253 33,498 36,270 12,249 13,703 6,302 7,656 -4,272 -4,155
Government bonds (1) 139,053 140,715 116,387 116,166 103,909 102,112 12,478 14,054 13,808 14,140 8,670 9,884 188 524 - -
Corporate bonds 105,205 107,839 88,152 88,564 81,138 80,264 7,014 8,300 15,888 17,647 2,318 2,581 461 515 -1,614 -1,468
Other fixed income 49,895 54,017 41,837 44,366 35,754 38,467 6,083 5,899 3,802 4,483 1,261 1,238 5,653 6,617 -2,657 -2,687
Equity & equity-like 27,229 27,712 23,289 23,918 21,318 21,361 1,971 2,557 3,624 3,469 75 118 241 207 - -
Real estate 26,687 26,387 23,865 23,802 22,059 21,984 1,806 1,818 2,809 2,580 1 2 12 3 - -
Cash & cash-like (2) 17,192 14,470 7,797 7,274 4,529 5,057 3,268 2,217 4,861 4,539 969 66 4,418 3,800 -852 -1,209
Other investments (3) 7,805 8,917 6,152 6,985 3,279 3,916 2,874 3,069 2,592 2,666 2,090 2,373 91 89 -3,120 -3,197
Total investments - General account 373,065 380,057 307,479 311,075 271,986 273,161 35,493 37,914 47,383 49,525 15,384 16,262 11,063 11,756 (8,244) (8,561)
Unit linked investments 123,855 136,118 — — — — — — — — — — — — — —
Total investments 496,920 516,175 — — — — — — — — — — — — — —
Third parties AUM (4) 366,084 383,755 — — — — — — — — — — — — — —
Total AUM 863,004 899,930 — — — — — — — — — — — — — —
  • (1) Directly owned exposure only (before look-through).
  • (2) Includes repurchase agreement accounted as liabilities of € 3,779 mln as at YE 2025 and of € 4,231 mln as at YE 2024.
  • (3) Includes derivative accounted as liabilities of € 2.398 mln as at YE 2025 and of € 2,718 mln as at YE 2024.
  • (4) The amount presented in the item does not include € 440 mln at YE 2025, and € 447 mln at YE 2024, attributable to minority interests related to funds consolidated using the line by line consolidation method, already included within the General Account item.
Investment income summary by group, life, and property & casualty for year end 2024 and year end 2025
EUR million Group Life o/w Life VFA o/w Life other than VFA Property & Casualty
— YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025
Current income 12,214 12,640 9,790 10,401 8,363 9,009 1,427 1,392 2,050 1,867
Of which current return on fixed income 9,618 9,713 7,882 8,130 6,968 7,243 914 887 1,401 1,191
Of which current return on equity & equity-like 815 1,028 571 741 438 572 133 169 160 197
Of which current return on real estate 1,108 1,104 950 958 852 869 98 89 160 150
Total P&L investment income 12,784 12,151 9,921 9,949 8,558 8,770 1,363 1,179 2,137 1,614
Comprehensive income 16,387 7,721 12,875 5,552 10,284 4,737 2,591 815 2,805 1,522
  • (5) In P&C, excluding Argentina on a like for like basis, Fixed Income generated current returns for 1,104 Mln (3.2%) in FY25 compared with 1,001 Mln (3.0%) in FY24, while the total portfolio generated current returns for 1,777 Mln (3.7%) in FY25 versus 1,644 Mln (3.5%) in FY24.

Investments by Acc Treatment

Investments breakdown by accounting treatment, group, life, and P&C for year end 2024 and year end 2025
EUR million Group Life o/w Life VFA o/w Life other than VFA P&C
Fair value through P&L Fair value through OCI At cost Fair value through P&L Fair value through OCI At cost Fair value through P&L Fair value through OCI Fair value through P&L Fair value through OCI At cost Fair value through P&L Fair value through OCI At cost
— YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025 YE 2024 YE 2025
Fixed income 40,516 45,797 234,529 238,155 19,109 18,618 36,763 40,619 205,802 205,343 3,811 3,134 35,705 39,271 183,315 180,045 1,058 1,348 22,487 25,298 2,030 1,607 3,033 4,302 28,570 30,433 1,896 1,535
Government bonds (1) 2,044 2,187 129,645 132,058 7,364 6,469 1,956 1,995 114,409 114,150 22 21 1,891 1,893 102,019 100,219 66 103 12,390 13,931 22 21 88 101 13,548 13,902 173 137
Corporate bonds 5,987 7,076 96,815 98,155 2,403 2,609 5,408 6,116 82,589 82,380 155 68 5,296 5,912 75,842 74,352 111 204 6,748 8,028 155 68 573 953 15,013 16,518 302 176
Other fixed income 32,485 36,534 8,068 7,942 9,341 9,540 29,399 32,508 8,804 8,813 3,634 3,046 28,518 31,467 5,455 5,473 881 1,041 3,349 3,340 1,853 1,518 2,372 3,248 8 13 1,421 1,222
Equity & equity-like 23,995 24,239 3,233 3,474 - - 21,908 22,398 1,381 1,520 - - 21,318 21,361 - - 590 1,037 1,381 1,520 - - 1,932 1,701 1,691 1,769 - -
Real estate 23,997 23,976 - - 2,689 2,411 23,559 23,535 - - 305 267 22,059 21,984 - - 1,501 1,551 - - 305 267 437 439 - - 2,371 2,141
Cash & cash-like (2) 12,466 10,246 217 122 4,509 4,102 6,670 5,332 58 47 1,069 1,894 4,765 4,140 15 8 1,905 1,192 42 39 1,321 985 1,879 1,357 74 23 2,908 3,160
Other investments (3) 3,879 4,699 - - 3,926 4,217 4,332 4,955 - - 1,820 2,030 3,279 3,911 - - 1,054 1,044 - - 1,820 2,025 269 -61 - - 2,323 2,728
Total investments - general account 104,854 108,956 237,979 241,751 30,233 29,349 93,233 96,840 207,240 206,910 7,005 7,325 87,126 90,667 183,330 180,053 6,107 6,173 23,910 26,857 5,476 4,884 7,551 7,737 30,335 32,225 9,498 9,564
Unit linked investments 123,855 136,118 — — — — — — — — — — — — — — — — — — — — — — — — — —
Total investments 228,709 245,074 — — — — — — — — — — — — — — — — — — — — — — — — — —
  • (1) Directly owned exposure only (before look-through).
  • (2) Includes repurchase agreement accounted as liabilities of € 3,779 mln as at YE 2025 and of € 4,231 mln as at YE 2024.
  • (3) Includes derivative accounted as liabilities of € 2.398 mln as at YE 2025 and of € 2,718 mln as at YE 2024.

Investments Focus Equity

Equity and equity-like investments breakdown by type and segment for fiscal year 2025
EUR million Group Life o/w Life VFA o/w Life other than VFA P&C
Financial 2,266 1,307 862 446 819
Consumer 914 761 583 178 140
Energy 792 757 291 466 30
Industrial 645 537 482 55 107
Telecommunication services 588 177 167 11 49
Other 2,320 2,281 1,916 365 388
Total direct equities 7,525 5,821 4,300 1,521 1,533
Asset allocation funds 4,630 4,488 4,193 295 139
Alternative investments (1) 15,558 13,610 12,869 741 1,798
Total equity & equity-like 27,712 23,918 21,362 2,556 3,469
  • (1) Including Private Equity.
Direct equities breakdown by geography and segment for fiscal year 2025
EUR million Group Life o/w Life VFA o/w Life other than VFA P&C
Italy 666 328 228 101 299
France 1,235 1,134 1,074 60 100
Germany 832 637 633 3 163
CEE 188 15 - 15 103
Rest of Europe 1,667 1,351 1,326 25 302
Rest of world 2,937 2,355 1,037 1,318 567
Total direct equities 7,525 5,821 4,299 1,521 1,533
Equities breakdown by amortised cost and fair value for fiscal year 2025
EUR million Amortised cost Fair value
Equities 27,078 27,712
Fair value through OCI (2) 2,839 3,474
Fair value through P&L 24,239 24,239
  • (2) Without recycling to P&L.

Investments Focus Fixed Income

Fixed income investments breakdown by rating and segment for fiscal year 2025
EUR million Group Life o/w Life VFA o/w Life other than VFA P&C
AAA 11,161 9,213 8,595 618 1,508
AA 17,982 13,739 12,213 1,526 2,918
A 56,845 48,362 43,414 4,948 5,874
BBB 44,814 35,835 33,684 2,151 2,966
Not investment grade 1,469 816 95 721 630
Not rated 8,445 8,201 4,110 4,091 244
Total 140,715 116,166 102,112 14,054 14,140
Fixed income investments breakdown by geography and segment for fiscal year 2025
EUR million Group Life o/w Life VFA o/w Life other than VFA P&C
Italy 35,462 28,573 28,023 551 982
France 19,491 16,392 15,589 803 1,494
Spain 19,947 17,891 16,018 1,873 1,660
Rest of Europe 26,420 22,932 21,502 1,430 2,771
CEE 12,266 7,732 5,685 2,047 3,943
Rest of world 19,749 17,413 10,582 6,831 2,285
Supranational 7,380 5,232 4,713 519 1,005
Total 140,715 116,166 102,112 14,054 14,140
Government bonds breakdown by amortised cost and fair value for fiscal year 2025
EUR million Amortised cost Fair value
Government bonds 162,275 140,786
Fair value through OCI 153,619 132,058
Fair value through P&L 2,187 2,187
Duration of government bonds by life and P&C for fiscal year 2025
EUR million Duration government bonds
— Life P&C
Duration 11.1 6.1
  • (1) Government bonds comprises Sovereign, Agencies, State & Local notes and other Government Guaranteed notes.
  • CORPORATE BOND
Fixed income breakdown by rating, group, life, and P&C for fiscal year 2025
EUR million Group Life o/w Life VFA o/w Life other than VFA P&C
AAA 6,129 4,520 4,333 187 606
AA 6,557 4,727 4,217 511 1,313
A 32,093 25,620 22,867 2,753 5,606
BBB 54,660 45,557 41,734 3,824 8,469
Not investment grade 6,932 5,436 4,922 513 1,449
Not rated 1,468 1,285 774 512 154
Total 107,839 87,146 78,846 8,300 17,597
Fixed income breakdown by rating, corporate financial, and corporate non financial for fiscal year 2025
EUR million Corporate Financial Corporate Non Financial
AAA 5,619 510
AA 3,350 3,207
A 15,071 17,022
BBB 14,839 39,821
Not investment grade 854 6,078
Not rated 749 719
Total 40,482 67,357
Fixed income breakdown by sector, group, life, and P&C for fiscal year 2025
EUR million Group Life o/w Life VFA o/w Life other than VFA P&C
Financials 40,482 32,721 29,682 3,039 6,513
Utilities 12,935 11,287 10,288 999 1,642
Consumer 11,694 9,281 8,337 944 2,305
Industrial 11,072 9,250 8,230 1,020 1,722
Telecommunication services 8,609 7,437 6,753 684 1,064
Health care 5,119 4,400 4,102 298 720
Other 17,928 14,189 12,873 1,317 3,682
Total 107,839 87,146 78,846 8,300 17,597
Fixed income breakdown by geography, corporate financial, and corporate non financial for fiscal year 2025
EUR million Corporate Financial Corporate Non Financial
Italy 2,386 4,663
France 6,007 10,196
Germany 3,404 6,932
CEE 703 702
Rest of Europe 19,485 22,271
Rest of world 8,497 22,594
Total 40,482 67,357
Corporate bonds by amortised cost and fair value for fiscal year 2025
EUR million Amortised Cost Fair Value
Corporate bonds 112,784 107,838
Fair value through OCI 103,100 98,155
Fair value through P&L 7,076 7,076
Duration of corporate bonds by life and P&C for fiscal year 2025
EUR million Duration corporate bonds
— Life P&C
Duration 4.9 3.6
  • OTHER FIXED INCOME
  • Split by nature
Indirect investments in fixed income by group, life, and P&C for fiscal year 2025
EUR million Group Life P&C
Indirect investments in fixed income 36,308 32,281 3,248
Mortgage loans 7,363 1,070 126
Time deposit other than cash & cash-like 2,408 2,274 537
All other loans 7,938 8,741 572
Total 54,017 44,366 4,483
Investments breakdown by accounting treatment for fiscal year 2025
EUR million Amortised cost Fair value
Total 54,080 53,977
Fair value through OCI 8,005 7,942
Fair value through P&L 36,534 36,534

Investments Focus Real Estate

Real estate investments breakdown by valuation method for fiscal year 2025
EUR million Book value Fair value
Investment properties 22,293 24,379
Indirect investments in real estate 4,094 4,094
Total general account investments 26,387 28,472
Self use properties (1) 2,955 3,697
Inventories (1) 680 680
Total 30,022 32,849
  • (1) Not included within General account investments.
Real estate investments breakdown by geography for fiscal year 2025
EUR million Fair value
Italy 7,941
France 7,059
Germany 3,189
CEE 361
Rest of Europe 5,546
Rest of world 284
Total 24,379
Real estate investments breakdown by property type for fiscal year 2025
% —
Office 59%
Retail 18%
Residential 11%
Logistics 5%
Other 8%
Total 100%

Solvency II

Solvency II ratio rollforward for fiscal years 2024 and 2025
EUR billion Group own funds Group SCR Solvency II ratio (1) (%)
Opening FY 2024 49.1 23.4 210%
Regulatory changes -0.7 — -3%
Normalized capital generation 5.5 0.3 20%
Life 3.7 0.2 14%
P&C 2.2 0.1 8%
Financial 0.7 — 3%
Holdings -1.1 — -5%
Market variances 1.7 -0.7 14%
Non-economic variances -0.2 0.7 -7%
M&A -0.4 0.2 -3%
Capital movements -2.5 — -11%
Closing YE 2025 52.6 24.0 219%
  • (1) The solvency position (Own Funds and SCR) disclosed here is based on the last available information. Differences may arise in comparison to the official values, which will be included in the 2025 Solvency and Financial Condition Report (SFCR) and Quantitative Reporting Templates (QRT).
Solvency II ratio sensitivity to market shocks for fiscal year 2025
% YE 2025
Equity market -25% -7 p.p.
Equity market +25% +6 p.p.
Interest rate -50 bps -3 p.p.
Interest rate +50 bps +2 p.p
Corporate spread +50 bps -2 p.p.
Euro area govies spread +50 bps(2) -8 p.p.
  • (2) The impact reflects the change in the Solvency Ratio implied by a 50 bps spread widening of sovereign bonds issued by Euro area countries.
Group own funds build-up for fiscal year 2025
EUR billion YE 2025
Group shareholders' equity 32.1
Net CSM 24.1
Minority interests 3.4
Intangibles -12.2
Scope -3.4
Valuation differences 6.3
Net deferred taxes & other 1.2
Excess of assets over liabilities 51.5
Subordinated debt 9.4
SII deductions & financials -5.9
Foreseeable dividends (3) -2.5
Group own funds 52.6
  • (3) The foreseeable dividend corresponds to the proposed total dividend, subject to approval by the next Annual General Meeting.
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