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

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

|+ Generali Group's financial position and solvency at Q1March 2026 and Q4December 2025. ^{p. 4}

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

** This included a tax amount of '''EUR 623m''', with a one-off component of around '''EUR 50m''' in France, which increased the 1Q26 tax rate by approximately '''2.5 percentage points''' ^{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''' (from 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 Contractual Service Margin (CSM) decreased by '''1.3%''' to '''EUR 34.2bn''' (from EUR 34.6bn FY25) ^{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 and Q1 2025. ^{p. 5}

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

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

* The Operating Investment Result increased to '''EUR 193m''' (from 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 reflecting higher Nat Cat losses ^{p. 5}.

|+ Generali Group's P&C segment key figures for Q1 2026 and Q1 2025. ^{p. 6}

* The P&C operating result increased to '''EUR 1,041m''' (from 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%''' YoY improvement ^{p. 6}.

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

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

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

* The Insurance Finance expenses improved by '''EUR 4m''' to '''EUR 184m''', driven by better unwinding of the Liability for Incurred Claims at '''EUR 142m''' ^{p. 6}.

|+ Generali Group's Asset & Wealth Management operating results for Q1 2026 and 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 feesThis was '''EURmainly 15m'''driven (EUR 9m in 1Q25), stemming fromby higher transactionrecurring fees, reflecting healthy deployment activity in thehigher infrastructureaverage businessAUM ^{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}.

* 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}.

* ThirdThe partynegative AUMmarket managedeffect byon theAUM Assetwas Management companies grew to '''EUR 277bn''' (+1.4% vs FY25), supportedoffset by positive impact from FX rates movementsimpact and '''EUR 1.4bn''' of positive net inflows during 1Q26flows ^{p. 7}.

!| style="text-align:right;euro width:6em"mln | 31/03/2026 | 31/03/2025 | Change | | | |

* 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}.

* Europe and parts of emerging Asia are more exposed to the economic effects of the situation compareddue to regions with higherlower energy self-sufficiency ^{p. 8}.

* Growth forecasts have been revised downwards: Euro Area (EA) by '''0.6 percentage points''' to '''0.8%''', and the global economy to '''2.8%''', with AI acting as a positive counterbalancing force ^{p. 8}.

* In case of a significant EA slowdown, aA single '''25 basis point''' hike in June may sufficebe sufficient if there is a more significant EA slowdown, though the market is pricingprices 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, accelerate growth in preferred profit pools, increase technical proficiency, and scale AI and Group-wide assets ^{p. 8}.

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

* In P&C, the Group's aimsobjective is 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}.

* 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}.

* 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 ^{p. 9}.

** StrongThe earnings"Lifetime perPartner share growth27: '''8-10%'''Driving EPSExcellence" CAGRplan commits 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 focus on shareholder returns ^{p. 9}.

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

* TheGiulio Terzariol (Direttore Generale - Group Deputy CEO), GiulioCristiano Terzariol, theBorean (Group CFO), Cristianoand Borean,Marco and theSesana (Group General Manager, Marco Sesana,) will host the Q&A session conference call for the consolidated results as of March 31st31, 2026, on May 21st21, 2026, at 12:00 pm CEST ^{p. 10}.

* 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}.

* Generali's strategy centers on its Lifetime Partner commitment to customers, achieveddelivered 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 all stakeholders and build a fairer, more resilient society ^{p. 10}.