Insurance services external revenues were up 11.3% y/y to €1.8bn in FY-2025 (€473m in Q4-25, +14.3% y/y). Life, Investments & Pension revenues at €1.6bn, up 10.8% y/y (€434m in Q4-25, +12.5% y/y) with CSM release of €1.6bn, +8.3% y/y, (€449m in Q4-25, +9.2%).
Life Investments & Pension net inflows of €1.2bn (-€0.02bn in Q4-25) with a lapse rate[8] of 8.3% (+7.2% in Q4-25).
Protection revenues at €187m, up 15.8% y/y (€39m in Q4-25, +38.8% y/y), supported by higher volumes.
Total Protection gross written premiums were at €1.2bn, +20.5% y/y (€254m in Q4-25, +4.6% y/y).
At the end of December 2025, the Contractual Service Margin amounted to €13.7bn, after the release of €1.6bn in the full year and providing strong visibility on the division’s sustainable profitability going forward.
Poste Vita Group’s Solvency II Ratio stood at 304% at the end of 2025, well ahead of the managerial ambition of around 200% through the cycle.
Adjusted EBIT[9] was at €1.6bn, up 10.9% y/y (€413m Q4-25, +15.4% y/y), reflecting top-line trends.
2026 Strategy Update
2026 Financial Targets
- External Revenues: €1.9bn (2025: €1,825m) thanks to resilient growth in Life Investment & Pension and significant growth in Protection business, contributing over 10% to Insurance Services profitability in 2026.
- Adjusted EBIT: €1.6bn (2025: €1,585m) and Net Profit: €1.1bn (2025: €1,077m).
2026 Operational Targets
- Leverage Group’s large unpenetrated client base in the Protection business to generate above market growth
- Cross-selling opportunities with Investment products.
