Assicurazioni Generali

Assicurazioni Generali: Italy’s Global Insurance and Asset Management Leader (2026 Overview)

Assicurazioni Generali S.p.A. (Generali Group) is one of the world’s largest integrated insurance and asset management groups. Headquartered in Trieste, Italy, and founded in 1831, the company serves approximately 75 million customers across more than 50 countries with over 88,000 employees and around 163,000 advisors.

In 2025, Generali reported €98.1 billion in gross written premiums (+3.6% year-over-year), a record operating result of €8.0 billion (+9.7%), and an adjusted net result of €4.3 billion (+14.5%). Total assets under management reached €900 billion. The Group maintains a strong Solvency II ratio of 219%.

Generali ranks among the top European insurers by scale and influence and operates under the strategic plan Lifetime Partner 27: Driving Excellence, focused on customer relationships, core insurance and asset management capabilities, AI and data, people, and sustainability.

Company Snapshot (2025 Full Year)

Metric	2025 Value	Change vs 2024
Gross Written Premiums	€98.1 billion	+3.6%
of which Life	€61.9 billion	+1.4%
of which P&C	€36.2 billion	+7.6%
Operating Result	€8.0 billion	+9.7%
Adjusted Net Result	€4.3 billion	+14.5%
Life Net Inflows	€13.5 billion	+42.5%
Combined Ratio (P&C)	92.6%	–1.4 p.p.
Total AUM	€900 billion	+4.3%
Solvency II Ratio	219%	+9 p.p.
Customers	~75 million	—
Employees	>88,000	—

Historical Overview

Generali was founded on December 26, 1831, in Trieste (then part of the Habsburg Empire) as the Imperial Regia Privilegiata Compagnia di Assicurazioni Generali Austro-Italiche. From the beginning it offered a broad “general” portfolio covering fire, life, hail, marine, and inland transport.

Key development phases:

• 19th century: Expansion across the Austrian Empire and Italian territories; early listing and marine growth linked to the Suez Canal.
• Early 20th century: International network under Marco Besso; presence across Europe, the Americas, Africa, and Asia.
• Post-WWII: Recovery from Eastern European expropriations and domestic consolidation.
• Late 20th–early 21st century: Creation of Europ Assistance (1963), Genertel (direct), Banca Generali, and major Italian acquisitions (INA Assitalia, Toro).
• 2010s–2020s: Formation of Generali Italia, appointment of Philippe Donnet as Group CEO (2016), acquisition of Liberty Seguros (Spain/Portugal/Ireland, 2023), and expansion of the asset management platform (including Conning).

Today Generali combines deep Italian roots with a diversified European and international footprint.

Business Segments and Products

Generali operates primarily through Life, Property & Casualty, and Asset & Wealth Management.

Life Insurance
Savings, protection, unit-linked/hybrid, and health products. Life accounted for the majority of premiums in 2025 (€61.9 billion). Protection & Health and unit-linked lines have been key growth drivers. Life net inflows reached a strong €13.5 billion.

Property & Casualty
Motor, home, commercial property, liability, and specialty covers. P&C premiums rose 7.6% to €36.2 billion in 2025, with an improved combined ratio of 92.6%. Global Corporate & Commercial (GC&C) serves larger commercial and multinational clients.

Asset & Wealth Management
Total Group AUM stood at €900 billion at year-end 2025. The platform includes Generali Investments and Conning (with significant third-party assets). Banca Generali supports wealth management in Italy.

Assistance and Specialty
Europ Assistance provides travel, roadside, and related services globally. In the United States, Generali U.S. Branch focuses on travel protection and specialty/warranty solutions.

Generali Vitality
A wellness and rewards program (in partnership with Discovery) that encourages healthy behaviors and is available in selected European markets.

U.S. Presence: Generali U.S. Branch

Generali U.S. Branch (GUSB), domiciled in New York and established in 1935, is licensed in all 50 states and territories for property & casualty and reinsurance. Its primary visible activities for American consumers and partners are:

• Travel insurance — Underwritten for Generali Global Assistance (formerly CSA Travel Protection). Plans typically cover trip cancellation/interruption, medical expenses, baggage, delays, and 24/7 assistance services. Generali is a recognized player in the U.S. travel insurance market.
• Specialty / Warranty — Since 2019 the Specialty Lines Division has focused on service contracts and warranty programs (consumer products, vehicles, home systems, electronics, etc.), acting as both obligor and liability carrier and leveraging the Group’s global network.

The U.S. Branch emphasizes broker relationships, sound capital backing from the parent, and selective growth in specialty lines rather than broad personal-lines competition with the largest domestic carriers.

Strategy: Lifetime Partner 27

The current three-year plan (2025–2027), Lifetime Partner 27: Driving Excellence, prioritizes:

• Excellence in customer relationships
• Excellence in core insurance and asset management capabilities
• Excellence in the Group operating model
• Investments in people, artificial intelligence, data, and sustainability

Financial targets include mid-to-high single-digit earnings growth, strong cash generation, rising dividends, and continued share buybacks.

Ownership and Governance

Generali is listed on the FTSE MIB. Major Italian institutional shareholders historically include Mediobanca, Delfin, and UniCredit, with overall Italian ownership remaining significant. Philippe Donnet serves as Group CEO; Andrea Sironi is Chairman.

Strengths and Considerations for U.S. Professionals

Strengths

• Large, diversified European franchise with growing international presence
• Strong capital position (Solvency II 219%)
• Record profitability and improving technical results in 2025
• Established U.S. travel insurance platform and developing specialty/warranty capability
• Long history and multi-channel distribution (agents, banks, direct, digital)

Considerations

• Primary earnings and risk profile remain European-centric
• U.S. presence is focused and specialized rather than a full-line personal or commercial competitor to the largest domestic carriers
• Exposure to geopolitical, climate, and financial-market volatility typical of a large international insurer

Frequently Asked Questions

When was Generali founded?
1831 in Trieste.

What were 2025 gross written premiums?
€98.1 billion.

How many customers and employees does the Group have?
Approximately 75 million customers and more than 88,000 employees.

What is Generali’s main U.S. activity?
Travel insurance (via Generali Global Assistance) and specialty/warranty programs through Generali U.S. Branch, licensed in all 50 states.

What is the current strategic plan?
Lifetime Partner 27: Driving Excellence (2025–2027).

Who is the Group CEO?
Philippe Donnet.

What is the Group’s Solvency II ratio?
219% at year-end 2025.

Contact Information

Global Headquarters
Assicurazioni Generali S.p.A.
Piazza Duca degli Abruzzi 2
34132 Trieste, Italy
generali.com

Investor Relations
ir@generali.com

U.S. Branch
Generali U.S. Branch
New York, NY
generaliosa.com / us.generaliglobalassistance.com (travel)

Generali remains a major European insurance and asset management group with a selective but established U.S. footprint in travel protection and specialty warranty lines. Its 2025 results demonstrated strong technical performance, robust capital, and continued execution of the Lifetime Partner strategy.

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Read more:

Car Insurance in the EU for Americans – Car Insurance in the EU for Americans

Medical Insurance in the EU – Medical Insurance in the EU

Property Insurance in the EU – Property Insurance in the EU