Generali has disclosed that gross written premiums reached € 73.1 billion in the first nine months of 2025, up 3.7% from the same period of 2024, driven by a 7.2% increase in P&C.
Notably, the P&C operating result increased 23.9% to €2.737 billion in 9M 2025, with the undiscounted combined ratio improving to 94.2%.
“In light of the benign Nat Cat experience at 9M 2025, the Group opted to record a lower benefit from previous years compared to 9M 2024. This will allow a further strengthening of the balance sheet and increase the probability of exceeding the key financial targets of the “Lifetime Partner 27: Driving Excellence” plan,” Generali explained.
A closer examination of the firm’s segment performances in 9M 2025 shows that life gross written premiums increased by 1.8% to €46.2 billion.
Generali said that this development was achieved despite the comparison with a strong 9M 2024, during which targeted commercial actions were implemented to sustain net inflows in Italy and France and extraordinary new production was recorded in Asia during Q1 2024.
9M 2025 life net inflows increased a considerable 54.9% to €10.370 billion, thanks to positive inflows across all key geographies as well as lower surrenders.
At the same time, the 9M 2025 Life operating result grew to €3.091 billion, due to the increase in the operating insurance service result to €2.443 billion.
Turning to the P&C segment, 9M 2025 gross written premiums grew 7.2% to €26.8 billion, driven by the positive performance of both business lines.
According to Generali, non-motor increased by 7.6%, achieving widespread growth across all main areas. Including also the accepted business of Europ Assistance, non-motor top-line growth was 8.0%. The motor line rose by 7.1% across all main areas, with particularly positive business dynamics in Germany.
As mentioned, the P&C combined ratio improved substantially to 92.3%, driven by the positive development of the loss ratio at 63.3%.
Generali explained that the main positive drivers of the loss ratio were the strong improvement in the undiscounted current year attritional loss ratio and the lower impact from natural catastrophes of €573 million.
Generali Group CFO, Cristiano Borean, commented, “The first nine months of 2025 confirm the very strong start of the Group’s new strategic cycle. All business segments contributed positively to the double-digit growth of the operating result. Life recorded sustained net inflows, driven by preferred business lines.
“P&C enjoyed healthy top-line growth and confirmed our technical excellence, with a further improvement in the undiscounted combined ratio. After two years of significant Nat Cat experience, 2025 was benign so far, with nine month Nat Cat claims of €573 million, just over half of the full year Nat Cat budget.
“With continued strong focus on the implementation of our ‘Lifetime Partner 27: Driving Excellence’ strategic plan, we opted to take advantage of this positive Nat Cat development to further strengthen our balance sheet and to increase our confidence of exceeding the targets of our three-year plan.
“We will continue delivering value for the benefit of all our stakeholders, building on this positive momentum, with the adjusted EPS up 16% year-on-year, and enjoying the benefit of a strong balance sheet, diversified sources of cash generation as well as a solid capital position.”
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