Generali combined ratio improves to 89.7% in Q1 2025

By Michael Jones

May 22 - (The Insurer) - Generali has reported a 1.4 percentage point improvement in its combined ratio to 89.7% for the first quarter of 2025, the company said on Thursday.

KBW analyst William Hawkins said this "eye-catching beat" came as lighter-than-expected natural catastrophes and positive reserve development positively affected the combined ratio by 1.9 points.

Generali's P&C operating result increased by 18.7% year on year to 1.03 billion euros ($1.17 billion).

This was driven by a 39% increase in the undiscounted operating insurance service result to 667 million euros, which Generali said was enabled by robust top-line expansion and continued margin improvement.