The Italian Institute for Insurance Supervision (IVASS) published its statistical bulletin on the Italian life insurance market in 2024, providing an overview of life business, related segregated funds, premium income and the commercial offering for traditional policies (branch I) and unit-linked contracts (branch III). Total life premiums reached EUR 110.5bn in 2024, up 21.2% year on year, driven by branch I premiums of EUR 73.4bn (+10.9%) and branch III premiums of EUR 31.5bn (+59%); the trend continued in the first nine months of 2025 with increases of 5.4% (branch I) and 26.1% (branch III) versus the same period of the prior year. Branch I recorded a positive net result of EUR 5.7bn, supported by higher premium income, a 12.4% fall in surrenders and investment income broadly unchanged from 2023. Branch III posted a loss for the third consecutive year (EUR 1.6bn), reflecting elevated surrenders of EUR 31.1bn (EUR 22.7bn in 2023), despite rising investment income and distribution costs declining relative to premiums; surrenders started to ease between April and September 2025. Segregated fund assets stood at EUR 580.5bn, with an average return of 2.8%, slightly higher than 2023 but below the 10-year Italian government bond yield of 3.7%; for unit-linked, 54.2% of investments (EUR 137.7bn) were in internal funds with one-year average returns generally higher than segregated funds, consistent with higher risk. As of September 2025, Italian insurers offered 529 insurance-based investment products (IBIPs), with the mix shifting away from whole-life products towards defined-maturity products. IVASS also notes new offerings including traditional products linked to multiple segregated funds and products with guaranteed returns above 0%, while product costs were broadly unchanged.

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