GamaLife ends 2025 with a profit of 32.6 million euros and a solvency ratio of 270%, after proposed 70 million euros dividend

Lisbon, 26th May 2026. GamaLife, the pan-European life insurer based in Portugal, published its 2025 annual report, including an anticipated solvency ratio of 270% ¹ (compared to 246% in 2024), highlighting the company’s robust financial health.

GamaLife reported a net profit of 32.6 million euros for 2025, the fifth consecutive financial year with positive results (62.9 million euros in 2024). The profit of the year was impacted by a one-off non-cash increase in taxes linked to a reduction in deferred tax assets following the reduction in the Portuguese corporate tax rates. On a pre-tax basis profits were 65.1 million euros, slightly down from 72.0 million euros in 2024. The Company’s normalised pre-tax result was 56.4 million euros in 2025, broadly in line with 60.5 million euros in 2024.

GamaLife had a total production of 475 million euros in 2025, which reflected a marginal reduction of 3% in retirement savings in Portugal and stable premiums in Italy. Investment contracts in Portugal increased by 44% to 218 million euros, partially offset by the decrease of 40% to 125 million euros in insurance contracts. In Italy, total production increased marginally by 1 million euros in 2025, to 132 million euros, with new business now fully offsetting the impact on premiums from the portfolio run-off.

In July 2025, GamaLife successfully issued 125 million euros of new unrated 10.25-year Tier 2 bonds through Euronext Dublin carrying a coupon of 5.25%, replacing its legacy issue of 45 million euros of perpetual subordinated bonds, redeemed in June.

GamaLife continues to expand its footprint in Italy, having strengthened its partnership with Banca Macerata, as announced in October 2025 and adding Banca Popolare del Cassinate as a new bank distributor through a strategic cooperation.

“2025 was a year of capital generation and an increase in solvency for GamaLife, culminating in our highly successful return to the international capital markets. On the strategic side, we continue to deliver on our plans both in Portugal and Italy,and I believe we are well-positioned for a positive 2026.” says Matteo Castelvetri, CEO of GamaLife.

Total assets as of 31 December 2025 were 7.5 billion euros, a decrease of 3.7% on the previous year. This decrease is mainly due to net outflows in Italy, a trend experienced by most of our competitors in the Italian market.

¹ Unaudited as at date of release

Find HERE the Report & Accounts 2025

About GamaLife

GamaLife is a pan-European life insurance and wealth management platform, operating primarily in the areas of technology and sustainability.

GamaLife operates in the Portuguese market since 1992 and entered the Italian market in 2022.

As of December 2025, the company’s assets under management totalled 7.5 billion euros in Portugal and Italy.

GamaLife’s mission is to serve the end customer in their protection and savings concerns, to serve the distribution channels with levels of service excellence, and to consolidate the business and its organisational structure, adding value for shareholders and employees.

For more information see www.gamalife.pt or contact:

Hugo Real | hugo.real@h-advisors.global | 927 997 948 (Press) 

Lourenço Galvão | lourenco.galvao@h-advisors.global | 910 127 228 (Press)

investors@gamalife.pt (Investors)