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Investing.com -- Assicurazioni Generali (BIT:GASI) on Thursday reported an 8.9% increase in operating profit in the first quarter of 2025, reaching €2.07 billion, driven by an 18.7% rise in its property and casualty segment.
Gross written premiums totaled €26.5 billion, up 0.2% from a year earlier. P&C premiums rose 8.6% to €10.4 billion, while life premiums declined 4.5% to €16.2 billion.
The combined ratio improved to 89.7% from 91.0%. The undiscounted combined ratio fell to 92.0% from 93.7%. The loss ratio dropped to 60.8%, and the expense ratio declined to 28.9%.
Adjusted net result rose to €1.20 billion, up 7.6%. Adjusted earnings per share increased to €0.79 from €0.73.
Life net inflows grew 30.4% to €3.05 billion, with contributions from protection and health (€1.37 billion), hybrid and unit-linked (€1.18 billion), and traditional savings (€495 million). New business volumes dropped 9.3% to €17.3 billion.
New business value decreased 4.0% to €822 million, while the new business margin rose to 4.75% from 4.48%.
Life operating result increased 2.3% to €992 million. The contractual service margin for life rose 1.2% to €30.7 billion.
The P&C segment’s operating result rose to €1.03 billion. The undiscounted current year loss ratio excluding natural catastrophes declined to 65.1% from 65.9%. Non-motor premiums increased 8.9%, and motor premiums rose 7.2%.
The P&C operating insurance service result increased to €865 million from €685 million. The undiscounted figure rose 39% to €667 million.
The segment’s investment result declined to €164 million from €182 million, reflecting lower income from Argentina.
Asset and wealth management operating result rose 3.3% to €272 million. Asset management contributed €126 million, supported by the consolidation of Conning Holdings Limited. Banca Generali’s result was €146 million, down from €156 million.
Assets under management declined 0.5% to €858.3 billion, including €267 billion in third-party assets.
Holding and other businesses posted a loss of €150 million, compared to €129 million a year earlier.
Group shareholders’ equity rose to €31.1 billion. The solvency ratio remained unchanged at 210%.