Italian Insurer Generali Posts Rise in Profit — Update

By Elena Vardon

Assicurazioni Generali reported a rise in profit for 2025 on the performance of all of its business units as part of results that were broadly in line with market expectations.

The Italian insurer, which has sharpened its focus on shareholder returns, also declared a 15% increase in its dividend payout to 1.64 euros ashare and said it will launch a 500 million-euro ($578 million) share buyback program this year.

The stock rose around 2% at market open in Milan.

For the year ended Dec. 31, the group said its operating profit--a metric closely watched by analysts and investors--reached a record 8 billion euros. This represents a 9.7% increase from a year prior and was driven by double-digit growth in its property-and-casualty segment, in part due to a lighter impact from natural catastrophes, as well as a rise in life insurance inflows driven by protection, health, unit-linked and hybrid products.

Generali posted an adjusted net profit that climbed 14.5% on year to 4.315 billion euros while gross written premiums rose 3.6% to 98.12 billion euros on growth across both of businesses, it said. The group's asset management arm also reported a 4.3% rise in its client assets to 900 billion euros.

The results came close to estimates taken from a company-compiled consensus, with analysts pointing to the solid underlying quality of the print.

While Generali's adjusted results were dampened by an increase in nonoperating costs--driven by the company's decision to bring forward restructuring charges--the move sets the group up well for future profit growth, J.P. Morgan analysts said.

"The operating profit beat includes a number of reassuring details: combined ratio quality, pricing commentary, nonlife investment income, life new business margin, asset management performance fees," Keefe, Bruyette & Woods analyst William Hawkins wrote in a note to clients.

Its solvency ratio--a measure of capital strength--rose to end the year at 219%, above the previous year's and consensus estimates despite negative regulatory changes, noneconomic variances, the impact of acquisitions and capital returns.

The insurer said it is on track to deliver on the financial targets it has set for the period between 2025 and 2027.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

March 12, 2026 07:32 ET (11:32 GMT)