Italy’s Generali Aims to Exceed 2027 Growth Targets After Strong Profit Surge
Generali reports double-digit profit growth and improved insurance margins, strengthening confidence in surpassing its long-term financial goals.
Italy’s largest insurer, Generali, announced it expects to exceed its 2027 financial targets after reporting strong double-digit profit growth for the first nine months of the year. The company credited its performance to solid results in its non-life business segment and a notable reduction in natural catastrophe claims, which bolstered its financial resilience.
Generali’s Chief Financial Officer, Cristiano Borean, said that the insurer’s operating profit rose by 10.1% to €5.9 billion, while adjusted net profit grew by 14% to €3.3 billion. The results were largely in line with analysts’ expectations and reflected efficient management of underwriting operations and expenses.
The decline in natural catastrophe claims, totaling €573 million, accounted for just over half of the company’s annual allocation. This provided additional room to reinforce reserves and support long-term financial stability. Borean emphasized that the company’s current momentum gives it greater confidence to exceed its strategic targets ahead of schedule.
Under its 2027 plan, Generali aims for earnings per share growth of 8–10% annually, cumulative dividends exceeding €7 billion, and share buybacks worth at least €1.5 billion. The insurer’s consistent performance positions it favorably to meet these milestones while maintaining robust capital buffers.
The strong quarterly results come amid renewed investor attention following a shift in Generali’s shareholder landscape. State-backed Banca Monte dei Paschi di Siena, supported by Italian business magnates Francesco Gaetano Caltagirone and the Delfin group, gained control of Mediobanca earlier this year—Generali’s largest investor.
Both Caltagirone and Delfin have significant stakes in Generali and previously criticized CEO Philippe Donnet for not accelerating growth. While they have not revealed new plans since their influence increased, the board recently appointed Giulio Terzariol, head of insurance operations, as deputy CEO. Industry observers view Terzariol as a potential internal successor should leadership changes occur.
Generali’s shares rose 1.7% following the results, outperforming European insurance peers. Analysts at JPMorgan described the outcome as solid, noting the company’s strong reserves and balanced underwriting performance.
The insurer’s non-life segment recorded an improved combined ratio—a key profitability metric—of 94.2% at the end of September, compared with 96.3% a year earlier. A ratio below 100 indicates a profit on underwriting, highlighting Generali’s operational strength and effective risk management.
With stable revenue streams and disciplined capital allocation, Generali continues to build on its European leadership position. The company’s focus on sustainable growth, technological innovation, and disciplined expense control remains central to its 2027 vision.
As Generali looks ahead, its ability to maintain steady profit margins and enhance shareholder returns will be key to solidifying its long-term growth trajectory and delivering on its strategic commitments.
