Assicurazioni Generali reported higher H1 2025 earnings driven by growth across all business units. The Italian insurer is reviewing a proposed €6.3 bn sale of its banking arm, CEO Philippe Donnet said.
- In the first half, Generali’s net profit rose to €2.15 bn from €2.05 bn a year earlier. Gross written premiums increased to €50.53 bn from €50.14 bn.
- Second-quarter net profit climbed to €957 mn from €797 mn. The combined ratio improved to 91 from 92.4.
All three business segments — property/casualty, life, and asset management — contributed to the earnings growth.
Property/casualty GWP rose 7.6%, supported by nonmotor and motor lines. Motor premiums were up 7.3%, with strong performance in Germany, Italy, and Central and Eastern Europe. Excluding Argentina, motor growth stood at 5.2%.
Generali noted that the P/C operating investment result declined in the first half due entirely to Argentina, where a sharp drop in the local inflation rate affected returns. Donnet said the property/casualty segment’s momentum reflects a two-year action plan to improve technical performance.
Generali is assessing a potential agreement with Mediobanca Group, which has offered to acquire Banca Generali in a €6.3 bn all-share deal.
Mediobanca aims to strengthen its position in Italy’s wealth management sector and expand its capital-light product portfolio. The bid covers 100% of Banca Generali shares and would be settled entirely with Generali stock.
Mediobanca CEO Alberto Nagel described the transaction as a strategic move to consolidate operations under a unified brand, positioning the group as a leader in wealth management and protection products. Generali currently holds 50.17% of Banca Generali.
Donnet said Generali’s management is preparing a detailed evaluation for the board of directors. He stressed that any acquisition must meet strict financial and strategic criteria defined under the group’s existing M&A framework.
