The European capital market was dominated by the publication of annual reports from the largest players. The Polish insurance giant PZU recorded a historic net profit of PLN 6.7 billion. Similar successes were announced by Allianz and Poste Italiane, breaking previous profitability records. Against this backdrop, the European Central Bank stands out, which, despite a significant reduction in interest costs, ended 2025 with a loss exceeding one billion euros, preventing dividend payouts to eurozone central banks.

Historic Profit for the PZU Group

The Polish insurer earned a net profit of PLN 6.7 billion, representing a 25.4% increase with record gross revenues exceeding PLN 30 billion.

Continuation of Losses at the ECB

The European Central Bank recorded a €1.25 billion loss due to high interest rates, which excludes profit distribution among national central banks.

Insurance Sector Records

Allianz and AXA reported record results thanks to a smaller scale of natural disasters and higher premiums in the life segment.

Stability of Energy Giants

Italy's Eni generated nearly €5 billion in profit despite falling oil prices, thanks to a 7% increase in production in the fourth quarter.

Analysis of financial statements for 2025 indicates the exceptional condition of the insurance and service sectors in Europe. The PZU Group achieved a historic result, increasing net profit by over 25% year-on-year, which President Bogdan Benczak attributed to successful digitalization and synergies with the banking sector. Simultaneously, Germany's Allianz and Italy's Poste Italiane reported record operational levels, translating into announcements of generous dividends for shareholders. In the case of Allianz, operating profit reached €17.4 billion, while the Italian postal-financial operator announced a payout of €1.6 billion from the generated profit, while planning further technological expansion. The energy and industrial sectors also showed great resilience. The Eni conglomerate, despite unfavorable Brent crude oil prices, generated nearly €5 billion in adjusted net profit, focusing on increased production in Angola and Norway. A similar dynamic was presented by Britain's Rolls-Royce, whose strong position in the power systems segment allowed for raising forecasts for the coming years. Meanwhile, France's Veolia, after a successful integration with Suez's assets, recorded an 11% increase in net profit, indicating growing demand for global environmental services. Following the energy and inflation crisis of 2022-2023, 2025 became for many European corporations a period of monetizing implemented cost-saving and digital transformation strategies, resulting in a jump in margins. In contrast to commercial successes remains the situation of the ECB. The institution closed the year with a loss of €1.25 billion. Although this is a significantly better result than the disastrous year 2024, when the loss amounted to almost €8 billion, the negative balance sheet result is a direct consequence of high interest rates. The costs of servicing commercial deposits still exceed the income from the portfolio of fixed-interest bonds purchased during the era of quantitative easing. These losses will be covered from future profits, which in the near term freezes capital transfers to the national budgets of member states. „Nel 2025 abbiamo ottenuto risultati strutturalmente solidi in termini industriali ed economico-finanziari.” (In 2025, we achieved structurally solid results in industrial and economic-financial terms.) — Claudio Descalzi

Mentioned People

  • Bogdan Benczak — President of the PZU Group responsible for announcing the record financial results for 2025.
  • Claudio Descalzi — Chief Executive Officer of the Italian energy conglomerate Eni.
  • Matteo Del Fante — Chief Executive Officer of Poste Italiane, overseeing the record growth in operational results.
  • Estelle Brachlianoff — CEO of Veolia, leading the integration process with the company Suez.