Generali Completes Integration of Liberty Seguros, Strengthening Leadership in European Insurance Markets

Generali Completes Integration of Liberty Seguros, Strengthening Leadership in European Insurance Markets

(IN BRIEF) Generali has completed the legal and operational integration of Liberty Seguros into its Spanish and Portuguese operations, marking the largest M&A deal for the company in the last decade. The combined entity in Spain now operates as Generali España de Seguros y Reaseguros S.A., following regulatory approvals and the transfer of Liberty’s Portuguese branch to Generali Tranquilidade. This strategic consolidation has already driven strong performance, with operating results for Generali Spain and Portugal up by 44.6% and 21.1%, respectively, in 2024. Generali Spain closed the year with €3.8 billion in premiums, while Portugal reached €1.8 billion — both markets showing continued momentum into 2025. With this acquisition, Generali reinforces its multichannel capabilities, market leadership, and long-term value commitment to customers across Southern Europe.

(PRESS RELEASE) MILAN, 18-Nov-2025 — /EuropaWire/ — Generali has successfully completed the legal integration of former Liberty Seguros operations into its Spanish and Portuguese business units, marking the culmination of the largest acquisition undertaken by the Group in over ten years. Following all necessary regulatory approvals, Generali Seguros y Reaseguros S.A.U. and Generali España S.A. de Seguros y Reaseguros have now merged under the unified name Generali España de Seguros y Reaseguros S.A. Meanwhile, the business of Liberty’s Portuguese branch was formally transferred to Generali Tranquilidade in August, completing a major cross-market consolidation.

This strategic move significantly bolsters Generali’s presence in Southern Europe, enabling greater diversification and scale across its multi-channel distribution networks. Jaime Anchùstegui, Deputy CEO Insurance of the Generali Group, highlighted the importance of the milestone:
“This is a significant milestone that demonstrates the effectiveness of our Group’s strategy and Generali’s strong ability to continue delivering growth and performance across core geographies. This transaction was a unique opportunity to further reinforce our leadership position in the European insurance sector and… marks the successful completion of a major cross-country integration involving three countries within our Group.”

The impact of the acquisition is already evident. In 2024, the combined operating result of Generali Spain and the formerly Liberty Seguros division soared by 44.6%, reaching €398 million. In Portugal, Generali’s operating performance rose 21.1% to €134 million. Both countries continued to exhibit strong growth momentum in the first half of 2025 across all business segments.

By the end of 2024, Generali Spain’s premium volume reached €3.8 billion (+7.7%), supported by a workforce of nearly 2,000 employees and a vast network of almost 10,000 intermediaries. In Portugal, the company posted €1.8 billion in premiums (+17.1%) and maintained a workforce of around 1,300 employees, supported by close to 2,000 agents.

This transaction strengthens Generali’s Lifetime Partner strategy, deepening its customer engagement and reinforcing its competitive position across key European markets.

THE GENERALI GROUP
Generali is one of the largest integrated insurance and asset management groups worldwide. Established in 1831, it is present in over 50 countries in the world, with a total premium income of € 95.2 billion and € 863 billion AUM in 2024. With around 87,000 employees serving 71 million customers, the Group has a leading position in Europe and a growing presence in Asia and Latin America. At the heart of Generali’s strategy is its Lifetime Partner commitment to customers, achieved through innovative and personalised solutions, best-in-class customer experience and its digitalised global distribution capabilities. The Group has
fully embedded sustainability into all strategic choices, with the aim to create value for all stakeholders while building a fairer and more resilient society.

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SOURCE: Assicurazioni Generali S.p.A.