Asia has emerged as the fastest-growing engine for Generali’s business in 2025. The region’s life segment in Asia delivered a stellar 68.7% growth in new business value (NBV) while life savings business posted a 46.3% premium increase in 2025, more than four times the pace of the group’s overall life growth, even while the region’s P&C segment saw a deterioration in combined ratio last year.
The NBV for the life segment in Asia rose by 68.7% to €535m in 2025 compared with €317m in 2024. In comparison, the group’s NBV from Italy and Germany contracted by 9.6% and 1%, respectively, according to the update. Another major highlight was savings products, which registered a 10.7% jump, driven heavily by Asia’s 46.3% spike.
Group-wide gross written premiums (GWP) rose 3.6% to €98.1bn (approx. US$113.3bn), with life business inching up 1.4% to €61.9bn.
New business volumes, measured in present value of new business premiums, rose 1.5% to €55.6bn as solid production in France, Germany, and Asia drove the gains, the company said. NBV grew 6.2% to €3.1bn while the new business margin widened 25 basis points to 5.66%, reflecting both higher volumes and improving profitability on new policies written.
Life net inflows for the group continued their strong upward trend. At €13.5bn, they were 39.5% ahead of the prior year, driven by protection and health products as well as unit-linked and hybrid solutions. Net inflows in savings reached €2.4bn, with Asia alongside Italy and Germany among the key contributors. The life contractual service margin (CSM) rose 10.8% to €33.6bn.
Property & Casualty delivers standout profit
For the P&C segment, GWP for the group climbed 7.6% to €36.2bn, growing across both motor and non-motor lines in every major market. The combined ratio (CoR) across all regions improved significantly to 92.6%, down 1.4 percentage points, as natural catastrophe losses fell sharply to 1.7% of premiums on an undiscounted basis, compared with 3.6% the prior year.
However, CoR for Asia deteriorated to 100.3% from 99% the previous year. In line with this, the operating result for the region fell by 6.8% to 68m in 2025.
Nonetheless, the group’s P&C operating profit jumped 20% to €3.7bn, the standout segment result across the group.
“The focus on excellence in core capabilities is reflected in the outstanding P&C performance, with strong underlying technical profitability, and in the best-in-class life net inflows, which highlight Generali’s European leadership in this segment,” said group CEO Philippe Donnet.
The group’s operating result rose 9.7% to a record €8bn, with every segment contributing positively. Adjusted net profit climbed 14.5% to €4.3bn. Total assets under management reached €900bn, with third-party AUM at a record €273bn, supported by €9.6bn in net inflows into the asset management business.
The solvency ratio rose to 219% from 210% a year earlier, supported by €5.2bn in normalised capital generation. The board will propose a dividend of €1.64 per share, up 14.7%, and has confirmed a further €500m share buyback for 2026, pending regulatory and shareholder approval.
Donnet credited the results to the first year of the group’s “Lifetime Partner 27: Driving Excellence” plan, under which Generali has identified Asia as a priority growth market alongside protection, health, and capital-light savings solutions. The group is also accelerating deployment of AI and automation across its operating model, a push it says is progressing ahead of schedule.
Looking ahead, Generali flagged the recent US and Israeli strike on Iran as the primary macro risk, projecting a 0.2 to 0.3 percentage point drag on euro area GDP in a limited-escalation scenario. A prolonged conflict, it warned, could produce stagflationary conditions that constrain central bank flexibility.
In February, Generali Group and Swiss Life Global Solutions struck a long-term partnership under which Generali Employee Benefits will acquire Swiss Life Network, creating what the firms describe as the world’s largest employee benefits network.
