Generali has reported a consolidated operating result of €2.1bn in the first quarter of 2025 (Q1 2025), up 8.9% from €1.9bn reported in Q1 2024, driven by strong performance in the property and casualty (P&C) segment.
The P&C operating result surged by 18.7% to more than €1bn, with the Life operating result increasing by 2.3% to €992m.
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The Italian insurer’s adjusted net result stood at €1.2bn for the quarter, a 7.6% increase from Q1 2024.
Its adjusted earnings per share rose 9.4%, reaching €0.79 in Q1 2025 from €0.73 a year earlier.
Gross written premiums (GWP) were €26.5bn for the quarter ended 31 March 2025, a rise of 0.2% from the previous year.
The group’s Life GWP contributed €16.2bn, a 4.5% year-on-year decline, while P&C GWP grew by 8.6% to €10.4bn.
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By GlobalDataIts combined ratio improved to 89.7% for the quarter, a decrease of 1.4 percentage points from the previous year.
Generali Group CFO Cristiano Borean said: “In this first quarter, Generali achieved continued strong growth in both operating and adjusted net result, showing a very positive start to our new strategic plan, ‘Lifetime Partner 27: Driving Excellence’, thanks to the contribution of all business segments.
“Our diversified profit sources and solid capital position driven by excellent cash generation will allow the Group to successfully implement the new strategic plan and create value for all our stakeholders.”
Generali’s outlook plan, “Lifetime Partner 27: Driving Excellence,” aims to accelerate profitable growth in the Life business by leveraging its extensive customer base and distribution network. It also focuses on enhancing technical proficiency, profitability and effectiveness by scaling assets across the value chain.
The company has outlined a clear capital management framework, with a commitment to shareholder returns that includes more than €7bn in cumulative dividends (2025–27), a €1.5bn share buyback over the plan horizon and a €500m buyback.
Last month, Philippe Donnet was reappointed as CEO of Generali for a further three years following a shareholder vote.
