Generali/2026/Q1 earnings press release: Difference between revisions

> " The Group's first quarter 2026 results confirm the successful execution of our 'Lifetime Partner 27: Driving Excellence' strategic plan, with strong growth in the operating result supported by all segments, reflected as well in the adjusted net result. Life recorded a very strong business performance, thanks to the positive contribution from all business lines. In P&C, despite a higher impact from Nat Cat events, underlying technical profitability continued to improve. Asset & Wealth Management operating result benefitted from the strong performance of Generali Investments Holding and Banca Generali. Building on our strong balance sheet and high-quality diversified sources of cash generation, as well as a solid capital position, we remain fully focused on creating sustainable value for all our stakeholders." ^{p. 1}

|+ Generali Group's key financial figures for Q1 2026 andvs Q1 2025. ^{p. 2}

|+ Generali Group's financial position and solvency at Q1 2026 andvs Q4 2025. ^{p. 42}

* Gross written premiums rose to '''EUR 28.2bn''' (+6.8%), driven by both Life and P&C ^{p. 3}.

* The Combined Ratio was '''90.5%''' (+0.8 p.p.), and the undiscounted Combined Ratio was '''93.1%''' (+1.1 p.p.), reflecting a significant impact from Nat Cat events ^{p. 3}.

* The operating result of the Holding and other businesses improved to '''EUR -130m''' (from EUR -150m in 1Q25) ^{p. 3}.

* The adjusted net result rose by '''5.2%''' to '''EUR 1,266m''' (EUR 1,204m in 1Q25) ^{p. 3}.

** Without this one-off tax item, the Adjusted Net Result growth rate would have been '''+9.3%''' and the Adjusted EPS growth would have been '''+10.2%''' ^{p. 3}.

* The net result amounted to '''EUR 1,169m''' (EUR 1,195m in 1Q25), reflecting the impact from financial markets on investments held at fair value through profit or loss and the aforementioned tax effect ^{p. 3}.

* The Group's confirmed its solid capital position with the Solvency Ratio wasat '''212%''' (219% FY25) ^{p. 3}.

* These factors were only partially offset by the sound contribution from normalised capital generation, acrosssupported by all business segments, despite higher Nat Cat events ^{p. 3}.

|+ Generali Group's Life segment key figures for Q1 2026 andvs Q1 2025. ^{p. 54}

* The Life operating result increased to '''EUR 1,090m''' (EUR 992m in 1Q25) ^{p. 5}.

* This was driven by an improved operating insurance service result, which amounted to '''EUR 897m''' (EUR 816m in 1Q25) ^{p. 5}.

* The Operating Investment Result increased to '''EUR 193m''' (EUR 176m in 1Q25) ^{p. 5}.

* Combined Ratio wasat '''90.5%''' (+0.8 p.p.) and Undiscounted Combined Ratio wasat '''93.1%''' (+1.1 p.p.), both reflectingreflected higher Nat Cat losses ^{p. 5}.

|+ Generali Group's P&C segment key figures for Q1 2026 andvs Q1 2025. ^{p. 65}

* The P&C operating result increased to '''EUR 1,041m''' (EUR 1,029m in 1Q25) ^{p. 6}.

* The undiscounted current year operating insurance service result excluding Nat Cat increased by '''EUR 105m''' compared to 1Q25, marking a '''21%''' YoYyear-on-year improvement ^{p. 6}.

* Current year discounting increased to '''EUR 235m''' (EUR 198m in 1Q25) ^{p. 6}.

* This result was achieved despite '''EUR 64m''' of large manmade claims (EUR 35m in 1Q25) ^{p. 6}.

|+ Generali Group's Asset & Wealth Management operating results for Q1 2026 andvs Q1 2025. ^{p. 6}

|+ Generali Group's Asset Management financialoperating performanceresults andfor AUMQ1 2026 vs Q1 2025. ^{p. 76}

|-}

|<div style="textoverflow-alignx:rightauto" | 31/12/2025>

{| class="wikitable" style="text-alignwidth:right100%" | Change

|+ Generali Group's Holding and other businesses operating results for Q1 2026 vs Q1 2025. ^{p. 7}

* Growth forecasts have been revised downwards: Euro Area (EA) by '''0.6 percentage points''' to '''0.8%''', andfor the globalEuro economyArea (EA), and to '''2.8%''', withfor AIthe actingglobal as a positive counterbalancing forceeconomy ^{p. 8}.

* MajorThe centralcontinued banksboom arein awareAI ofacts inflationaryas pressuresa but have been cautious inpositive theircounterbalancing actionsforce ^{p. 8}.

* TheMajor Europeancentral Centralbanks Bankare (ECB)aware keptof ratesinflationary unchanged in Aprilpressures but signaledhave abeen possiblecautious ratein hike intaking Juneaction ^{p. 8}.

* In case of a significant EA slowdown, a single '''25 basis point''' hike in June may sufficebe sufficient, though the market is pricing three ECB hikes this year ^{p. 8}.

* The plan is builtbased on three foundations: People, AI and Data, and Sustainability ^{p. 8}.

* The Group aimsis to deependeepening Lifetime Partner relationships through seamless, personalized omni-channel experiences, accelerateaccelerating growth in preferred profit pools, increaseincreasing technical proficiency, and scalescaling AI and Group-wide assets ^{p. 8}.

* Generali will increase its focus on developing insurance solutions related to the environment and climate change, having established the Group Climate Hub to define methodologies for understanding and managing physical risks ^{p. 8}.

* The "Lifetime Partner 27: Driving Excellence" plan commits the Group to ambitious 2025-2027 targets: ^{p. 9}.

** Increasing dividend per share: >'''10%''' DPS CAGR, with a ratchet policy underpinned by a clear capital management framework, and increased focusfocusing on shareholder returns ^{p. 9}.

*** Commitment to aA minimum annual '''EUR 500m''' share buyback commitment, assessed at the beginning of each plan year (total commitment of at least '''EUR 1.5bn''' over the plan) ^{p. 9}.

* On April 27th, Generali announced anthe amendment toof the number of shares in its share capital due to the cancellation of own shares acquired for the share buy-back scheme, approved by the Shareholders' General Meeting on April 24th, 2025, as part of the 2025-27 strategic plan implementation ^{p. 9}.

* To listen tofollow the conference call in listen-only mode, dial +39 02 8020927 ^{p. 10}.

* Cristiano Borean, the Manager in charge of preparing the company's financial reports, declares that the accounting information in thethis press release corresponds to the document results, books, and accounting entries, pursuant to paragraph 2, article 154 bis of the Consolidated Law on Finance ^{p. 10}.

* It had a totalTotal premium income ofwas '''EUR 98.1bn''' and AUM was '''EUR 900bn''' AUM in 2025 ^{p. 10}.

* Established in 1831, Generali has over '''88,000''' employees and '''163,000''' advisors serving 75 million'''75m''' customers ^{p. 10}.

* The Group holdshas a leading position in Europe and has a growing presence in Asia and America ^{p. 10}.

* Sustainability is fully embedded in all strategic choices, aiming to create value for all stakeholders and build a fairer, more resilient society ^{p. 10}.