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

| market_timing publication_date = Post2026-05-market13

* Gross written premiums reached '''EUR 28.2bn''' (+6.8%), driven by both Life (+7.5%) and P&C (+5.8%) ^{p. 1}.

* New Business Value (NBV) grew substantially to '''EUR 977m''' (+19.1%) ^{p. 1}.

* Combined Ratio was '''90.5%''' (+0.8pts8 p.p.), and undiscounted Combined Ratio was '''93.1%''' (+1.1pts1 p.p.), both impacted by Nat Cat events ^{p. 1}.

* Solvency Ratio was '''212%''' (FY25: 219% FY25), indicating a solid capital position ^{p. 1}.

> " 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 asat of MarchQ1 2026 andvs DecemberQ4 2025. ^{p. 2}

* Changes in total AUM, Solvency Ratio, Shareholders' Equity, and CSM are calculated with reference to the corresponding figures at the end of the previous year ^{p. 2}.

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

* Life net inflows were strong at '''EUR 4.3bn''', driven by all business lines ^{p. 3}.

* The Combined Ratio was '''90.5%''' (+0.8pts8 p.p.), and the undiscounted Combined Ratio was '''93.1%''' (+1.1pts1 p.p.), reflecting a significant impact from Nat Cat events ^{p. 3}.

** This was driven by Asset Management, whichresult increased to '''EUR 142m''' (+12.7%) ^{p. 3}.

** And Wealth Management, whichresult increased to '''EUR 172m''' (+17.9%) ^{p. 3}.

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

* The adjusted net result rose by '''5.2%''' to '''EUR 1,266m''' (1Q25: EUR 1,204m 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''' (1Q25: EUR 1,195m 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 Contractual Service Margin (CSM) decreased by '''1.3%''' to '''EUR 34.2bn''' (FY25: EUR 34.6bn FY25) ^{p. 3}.

** Third- party AUM accounted for '''EUR 387bn''', of which '''EUR 277bn''' is managed by Asset Management ^{p. 3}.

** The'''EUR Group277bn''' confirmedof itsthird solidparty capitalAUM positionis withmanaged a Solvency Ratio of '''212%'''by (FY25:Asset 219%)Management ^{p. 3}.

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

* The normalizednormalised capital generation also included the full impact of the share buy-back for the Long-Term Incentive Plan (LTIP) executed in the first quarter ^{p. 3}.

* Life net inflows were very positive at '''EUR 4.3bn''', supported by all business lines ^{p. 4}.

* New Business Margin was '''5.35%''' (+0.58pts58 p.p.) ^{p. 4}.

|+ Generali Group's Life segment key figures for Q1 2026 andvs Q1 2025. ^{p. 4}

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

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

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

* Combined Ratio wasat '''90.5%''' (+0.8pts8 p.p.) and Undiscounted Combined Ratio wasat '''93.1%''' (+1.1pts1 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. 5}

* The P&C operating result increased to '''EUR 1,041m''' (1Q25: EUR 1,029m 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''' (1Q25: EUR 198m 1Q25) ^{p. 6}.

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

* The operating investment result improved by '''EUR 24m''' to '''EUR 188m''' due to higher investment income of '''EUR 371m''' (1Q25: EUR 351m in 1Q25) ^{p. 6}.

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

* The Asset Management operating result increased to '''EUR 142m''' (+12.7% compared to 1Q25), mainly driven by higher recurring fees, reflecting higher average AUM ^{p. 6}.

* The contribution from non-recurring fees was '''EUR 15m''' (1Q25: EUR 9m in 1Q25), stemming from higher transaction fees, reflecting healthy deployment activity in the infrastructure business ^{p. 6}.

* The operating result of the Banca Generali group grew to '''EUR 172m''' (+17.9%), reflecting quality, diversification, strong operating trends, and higher performance fees ^{p. 6}.

|+ Generali Group's Asset Management financialoperating performance and AUMresults for Q1 2026 andvs Q1 2025. ^{p. 6}

* AUM pertaining to the Asset Management companies reached '''EUR 717bn''' as of March 2026 (+0.8% vs FY25), with the negative market effect offset by positive FX impact and net flows ^{p. 7}.

** ThisThird wasparty dueAUM tomanaged by the negativeAsset marketManagement effectcompanies beinggrew offsetto '''EUR 277bn''' (+1.4% vs FY25), supported by positive impact from FX impactrates movements and '''EUR 1.4bn''' of positive net flowsinflows during 1Q26 ^{p. 7}.

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

* The base scenario anticipates a negotiated reopening of critical shipping routes via the Strait of Hormuz in the coming weeks, but a prolonged delay poses a risk to this outlook ^{p. 8}.

* Growth forecasts have been revised downwards: by '''0.6 percentage points''' to '''0.8%''' for the Euro Area (EA), and to '''2.8%''' for the global economy ^{p. 8}.

* The continued boom in AI is actingacts as a positive counterbalancing force ^{p. 8}.

* Major central banks are aware of inflationary pressures but have exercisedbeen cautioncautious in taking action ^{p. 8}.

* The European Central Bank (ECB) leftkept rates unchanged at its April meeting but signaled a possible rate hike in June ^{p. 8}.

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

* Generali's strategic plan, "Lifetime Partner 27: Driving Excellence," focuses on three strategic priorities: excellence in customer relationships, excellence in core capabilities, and excellence in the Group's operating model ^{p. 8}.

* In Life, Generali focuses on improving technical proficiency and simplification, offering updated and integrated solutions to adapt to evolving customer needs, leveraging its broad customer base and strong distribution footprint ^{p. 8}.

* Key focus areas in Life include protection and health products, and capital-light savings solutions, aiming to be the partner of choice for each customer ^{p. 8}.

* The Group's hybrid and unit-linked offers remain a priority to address growing customer needs for financial security, andwith becomethe objective of becoming the go-to partner for retirement and savings ^{p. 8}.

* In P&C, the Group aims to maximize profitable growth, focusing on non-motor lines, across its operating insurance markets, strengthening its position and offerings, especially in high-growth potential countries ^{p. 8}.

* GeneraliThe Group reinforces its flexible approach to tariff adjustments, considering a general increase in Nat Cat events ^{p. 8}.

* RegardingFor investment policy, the Group will continue an asset allocation strategy to ensure consistency with policyholder liabilities and improve risk-adjusted returns, focusing on increasing current income ^{p. 8}.

* In Asset & Wealth Management, Generali will expand its product offering, particularly in real and private assets, and enhance distribution channels, benefiting from investment capabilities gained through the acquisition of MGG Investment Group's capabilities ^{p. 9}.

* In Wealth Management, through the acquisition of Intermonte and the launch of insurbanking, Banca Generali group will focus on enhancing future growth and maintaining robust shareholder remuneration, partly due to the acquisition of Intermonte and the launch of insurbanking ^{p. 9}.

* Through theThe "Lifetime Partner 27: Driving Excellence" plan, the Group is committedcommits to delivering 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}.

*** Over '''EUR 7bn''' cumulative dividends (2025-2027) ^{p. 9}.

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

*** A '''EUR 500m''' share buyback executed in 2025 and a further '''EUR 500m''' to be launched in 2026 ^{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}.

* 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}.

* Generali's strategy centers on its "Lifetime Partner" commitment to customers, achieved through innovative and personalized solutions, best-in-class customer experience, and digitalized global distribution capabilities ^{p. 10}.

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