Assicurazioni Generali S.p.A.

Insurance premiums are inherently recurring: life protection policies carry multi-year terms with high renewal inertia, while P&C lines renew annually with retention driven by claims history and broker relationships. Generali's gross written premiums reached 98.1 billion euros in FY2025 and the group sustained premium growth through both the COVID-affected FY2020 period and the 2022 inflation shock.

Life gross written premiums reached 61.4 billion euros in FY2024, clearly the largest segment, while P&C and Asset and Wealth Management together account for the remainder of the group's 98.1 billion euro FY2025 total. The three business lines address distinct customer needs, but the weight of Life means overall results are significantly influenced by trends in savings demand and protection.

Generali operates in more than 50 countries, with Italy as the largest single market; France, Germany, and Central and Eastern Europe each contribute substantially, and Asia is growing. Multi-decade presence across Western and Central Europe makes this a genuinely distributed franchise, with no single country estimated to account for more than roughly one-third of group premiums.

P&C operating result grew 20.0% in FY2025 on 3.6% gross written premium growth, reflecting underwriting discipline and improving combined ratios rather than structural cost leverage. Asset and Wealth Management fees scale with AUM, but life new business remains capital-intensive and distribution networks keep the overall model more cost-dense than asset-light analogues.

Life protection and health premiums are non-discretionary and long-duration, commercial P&C covers mandatory lines, and Generali Investments earns recurring AUM-based fees. Life savings and unit-linked products introduce market-linked sensitivity, with life net inflows of 13.5 billion euros in FY2025 partly driven by unit-linked growth that can reverse in risk-off environments.