Assicurazioni Generali (G) Q3 2025 earnings summary

Executive summary

• Strong start to the Lifetime Partner 27: Driving Excellence plan, with robust P&C performance and strategic focus on scaling best practices and digitalization across business units.

• Gross written premiums rose 3.7% year-over-year to €73.1 billion, led by strong P&C growth.

• Operating result increased 10.1% to €5.9 billion, with all business segments contributing positively.

• Life net inflows exceeded €10 billion at nine months, surging 54.9% to €10.4 billion, driven by strong protection & health and hybrid & unit-linked products, and a significant reduction in surrenders.

• Solvency II Ratio improved to 214% from 210% at FY2024, reflecting a solid capital position.

Financial highlights

• Gross written premiums: €73.1 billion (+3.7% year-over-year).

• Operating result: €5,941 million (+10.1%).

• Adjusted net result: €3,283 million (+14.0%).

• Adjusted EPS: €2.16 (+16.0%).

• Group solvency ratio remains solid at 214%, already including a €500 million share buyback.

Outlook and guidance

• Confident in exceeding key financial targets of the Lifetime Partner 27 plan, with continued focus on technical excellence and digitalization.

• Strategic plan targets 8–10% EPS CAGR, >€11 billion cumulative net holding cash flow, and >10% DPS CAGR for 2025–2027.

• At least €1.5 billion share buyback planned over the plan horizon, with €500 million buyback for 2025 already launched.

• Expectation of dynamic calibration of prior year development to enhance earnings predictability and mitigate P&L volatility.

• Additional restructuring charges and possible real estate impairments anticipated in Q4, partially offset by a lower tax rate due to positive one-offs.