The European financial and energy sectors have summarized 2025, demonstrating remarkable resilience to macroeconomic turbulence. Market leaders in insurance, such as Allianz, Axa, and Munich Re, reported historically high operating profits, supported by a lower scale of natural catastrophe payouts. Simultaneously, energy and industrial conglomerates, including Eni and Rolls-Royce, managed to improve operational efficiency despite falling commodity prices, translating into announcements of high dividends and extensive share buyback programs.

Record Insurance Results

Allianz and Axa announced historic profits, supported by fewer natural catastrophe claims and increased investment income.

Energy Sector Despite Price Drops

Eni and Rolls-Royce improved operational efficiency, allowing for increased dividends despite cheaper oil and gas.

Poste Italiane Transformation

The Italian national insurer and postal operator achieved record revenues thanks to the dynamic development of courier services.

Analysis of the 2025 financial results indicates the dominance of the reinsurance and insurance sectors. Germany's Allianz achieved a record operating profit of €17.4 billion, representing an 8.4% year-on-year increase. Swiss Re showed similar dynamism; after a more difficult 2024 burdened by reserves for the US market, it generated a net profit of $4.8 billion. This result allowed the management to propose a dividend of $8 per share and announce a buyback program worth $1.5 billion. Reinsurers emphasize that 2025 was characterized by relatively low natural catastrophe activity, which directly translated into improved technical profitability in the property segment. The European insurance sector has been undergoing a process of consolidation and digitalization for a decade, which, combined with the strict capital requirements of Solvency II, has made it one of the most stable pillars of the EU economy.In the energy sector, Italy's Eni demonstrated high operational efficiency despite a 14% drop in oil prices and a 25% drop in gas prices. The company generated an adjusted net profit of nearly €5 billion, significantly reducing debt and increasing hydrocarbon production by 4%. British Rolls-Royce also recorded successes, with its net profit rising 37% to £2.75 billion. The company, undergoing a deep transformation under its current leadership, was dubbed a „money-making machine” by analysts. Meanwhile, in the logistics industry, Poste Italiane achieved its highest-ever revenues, exceeding €13 billion, a result of successfully shifting its business model from traditional mail to e-commerce and courier parcel services. „La performance del 2025 conferma l'efficacia della nostra strategia. Un modello di business resiliente ha permesso di generare flussi di cassa solidi nonostante uno scenario meno favorevole.” (The 2025 performance confirms the effectiveness of our strategy. A resilient business model has allowed us to generate solid cash flows despite a less favorable scenario.) — Claudio DescalziLess optimistic signals came from the construction sector. The Holcim conglomerate recorded a drastic 73.4% drop in profit, resulting from one-off foreign exchange losses related to its withdrawal from the Nigerian market. Excluding this effect, however, the company recorded an increase in operating profit, showing the strength of its core business. In Germany, the chemical conglomerate BASF returned to profitability in the fourth quarter, a result of rigorous cost-saving programs. The overall picture of European listed companies at the beginning of 2026 suggests that these firms have successfully adapted to higher interest rates and an unstable geopolitical situation, focusing on cost discipline and maximizing returns for shareholders. Net Profit of Selected Giants for 2025: Allianz: 11.1, Axa: 9.79, Munich Re: 6.12, Eni: 4.98, Swiss Re: 4.8

Mentioned People

  • Claudio Descalzi — CEO of Eni, commenting on the company's results and dividend strategy.
  • Matteo Del Fante — CEO of Poste Italiane, highlighting record results in the financial and logistics areas.
  • Christoph Jurecka — CFO of Munich Re, responsible for implementing the Ambition 2025 program.