Generali/2026/Q1 earnings press release
| Document info | |
|---|---|
| Organization | Generali |
| Year | 2026 |
| Period | Q1 |
| Period label | 1Q26 |
| Document type | Earnings press release |
| Publication date | 2026-05-13 |
| Market timing | Pre-market |
| Language | English |
| Pages | 10 |
| Source | Original URL |
This article summarizes Generali's Q1 2026 earnings press release.
- Gross written premiums reached EUR 28.2bn (+6.8%), driven by both Life (+7.5%) and P&C (+5.8%) p. 1.
- Life net inflows were positive at EUR 4.3bn, across all business lines p. 1.
- New Business Value grew substantially to EUR 977m (+19.1%) p. 1.
- 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.
- Asset & Wealth Management increased strongly (+15.5%) due to both Asset Management and Banca Generali p. 1.
- Operating result grew significantly to EUR 2.2bn (+8.1%), with positive contributions from all segments p. 1.
- Adjusted net result increased to EUR 1.3bn (+5.2% or +9.3% excluding a one-off tax component) p. 1.
- Adjusted EPS rose to EUR 0.84 (+6.0% or +10.2% excluding the same one-off tax component) p. 1.
- Solvency Ratio was 212% (219% FY25) p. 1.
- Generali Group CFO, Cristiano Borean, stated:
> " 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
Executive summary
Key figures
| EUR m | 31/03/2026 | 31/03/2025 | Change |
|---|---|---|---|
| Gross Written Premiums (€ mln) | 28,155 | 26,541 | 6.8% |
| Consolidated Operating Result (€ mln) | 2,235 | 2,067 | 8.1% |
| Life Operating Result | 1,090 | 992 | 9.9% |
| P&C Operating Result | 1,041 | 1,029 | 1.2% |
| Asset & Wealth Management Operating Result | 314 | 272 | 15.5% |
| Holding and other businesses Operating Result | -130 | -150 | -13.4% |
| Consolidation adjustments | -80 | -75 | 7.1% |
| New Business Margin (% PVNBP) | 5.35% | 4.75% | 0.58 p.p. |
| Combined Ratio (%) | 90.5% | 89.7% | 0.8 p.p. |
| Adjusted Net Result (2) (€ mln) | 1,266 | 1,204 | 5.2% |
| Net Result (€ mln) | 1,169 | 1,195 | -2.2% |
| Adjusted EPS (2) (€) | 0.84 | 0.79 | 6.0% |
| EUR m | 31/03/2026 | 31/12/2025 | Change |
|---|---|---|---|
| Group's shareholders' equity (€ mln) | 32,789 | 32,064 | 2.3% |
| Contractual Service Margin (€ mln) | 34,168 | 34,610 | -1.3% |
| Total Assets under Management (€ mln) | 904,789 | 858,265 | 0.5% |
| Solvency II Ratio (%) | 212% | 219% | -7 p.p. |
- Changes in premiums, Life net inflows, and new business are on a like-for-like basis (constant exchange rates and scope of consolidation) 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.
- The Generali Board of Directors, chaired by Andrea Sironi, approved the Financial Information of the Generali Group at March 31st, 2026 p. 3.
- Gross written premiums rose to EUR 28.2bn (+6.8%), driven by Life and P&C p. 3.
- Life net inflows were EUR 4.3bn, driven by all business lines p. 3.
- The operating result grew to EUR 2,235m (+8.1%), due to positive performance across all segments p. 3.
- The Life operating result increased to EUR 1,090m (+9.9%) p. 3.
- New Business Value improved to EUR 977m (+19.1%) p. 3.
- P&C operating result grew to EUR 1,041m (+1.2%) 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 Asset & Wealth Management reached EUR 314m (+15.5%) p. 3.
- Asset Management result increased to EUR 142m (+12.7%) p. 3.
- Wealth Management result increased to EUR 172m (+17.9%) p. 3.
- The operating result of the Holding and other businesses improved to EUR -130m (EUR -150m 1Q25) p. 3.
- The adjusted net result rose by 5.2% to EUR 1,266m (EUR 1,204m 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 (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 Group's shareholders' equity increased to EUR 32.8bn (+2.3%) p. 3.
- The Contractual Service Margin (CSM) decreased by 1.3% to EUR 34.2bn (EUR 34.6bn FY25) p. 3.
- The Group's Total Assets Under Management (AUM) grew to EUR 905bn (+0.5% compared to FY25) p. 3.
- Third party AUM accounted for EUR 387bn p. 3.
- EUR 277bn of third party AUM is managed by Asset Management p. 3.
- The Group confirmed its solid capital position with the Solvency Ratio at 212% (219% FY25) p. 3.
- This resulted from EUR 51.0bn of Eligible Own Funds and EUR 24.1bn of Solvency Capital Requirement p. 3.
- The change in Solvency Ratio primarily reflects the effect of market variances and the end of the grandfathering period, coupled with capital movements p. 3.
- These factors were only partially offset by the sound contribution from normalised capital generation, supported by all business segments, despite higher Nat Cat events p. 3.
- The normalised 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
- Operating result rose to EUR 1,090m (+9.9%) p. 4.
- Life net inflows were EUR 4.3bn, supported by all business lines p. 4.
- New Business Margin was 5.35% (+0.58 p.p.) p. 4.
- New Business Value (NBV) grew to EUR 977m (+19.1%) p. 4.
Life key figures
| EUR m | 31/03/2026 | 31/03/2025 | Change |
|---|---|---|---|
| VOLUMES | — | — | — |
| Gross Written Premiums (2) | 17,184 | 16,174 | 7.5% |
| Net inflows | 4,298 | 3,045 | 48.8% |
| PVNBP | 18,275 | 17,304 | 6.3% |
| PROFITABILITY | — | — | — |
| New Business Value | 977 | 822 | 19.1% |
| New Business Margin (% PVNBP) | 5.35% | 4.75% | 0.58 p.p. |
| Life Contractual Service Margin (3) | 33,172 | 33,603 | -1.3% |
| Life Operating Result | 1,090 | 992 | 9.9% |
Gross written premiums in Life increased to € 17.2 billion (+7.5%) driven by traditional saving. Specifically, traditional saving recorded a strong increase (+21.8%), especially driven by Asia. Protection & health (+2.6%) grew in most countries in which the Group operates. Hybrid and unit-linked grew by 1.5%, with particularly strong performance in France.
Life Net inflows continued their strong upward trend, reaching € 4,298 million ( € 3,045 million 1Q25), thanks to the positive contribution of all business segments. Traditional saving grew strongly by around 1.1 billion thanks to robust collection in Asia. Hybrid & unit-linked (+10.9%) grew mainly thanks to France. Protection & health products recorded a 1.9% increase, particularly in Italy, CEE and Spain.
New Business Volumes (expressed in terms of present value of new business premiums - PVNBP) rose to € 18.3 billion (+6.3%), mainly thanks to the solid hybrid & unit-linked production in France and traditional saving in Asia. New Business Value (NBV) grew significantly to € 977 million (+19.1%), supported by higher volumes and improved profitability. New Business Margin (NBM) increased to 5.35% (+0.58 p.p.) mainly thanks to the positive impact of a more favorable product mix and features as well as higher interest rates.
The Life Contractual Service Margin (Life CSM) stood at € 33 ,172 m illion (€ 33 ,603 million FY25). The combination of New Business CSM of € 922 million and of the expected return of € 380 million more than offset the release of Life CSM for € 828 million.
- The Life operating result increased to EUR 1,090m (EUR 992m 1Q25) p. 5.
- This was driven by an improved operating insurance service result, which amounted to EUR 897m (EUR 816m 1Q25) p. 5.
- The Operating Investment Result increased to EUR 193m (EUR 176m 1Q25) p. 5.
P&C
- Premiums increased to EUR 11bn (+5.8%) p. 5.
- Operating result grew to EUR 1,041m (+1.2%) p. 5.
- Combined Ratio at 90.5% (+0.8 p.p.) and Undiscounted Combined Ratio at 93.1% (+1.1 p.p.) both reflected higher Nat Cat losses p. 5.
P&C key figures
| EUR m | 31/03/2026 | 31/03/2025 | Change |
|---|---|---|---|
| VOLUMES | — | — | — |
| Gross Written Premiums | 10,971 | 10,367 | 5.8% |
| PROFITABILITY | — | — | — |
| Combined Ratio (%) | 90.5% | 89.7% | 0.8 p.p. |
| Loss Ratio (%) | 61.2% | 60.8% | 0.4 p.p. |
| Current Year loss ratio undiscounted excluding Nat Cat (%) | 64.0% | 65.1% | -1.1 p.p. |
| Natural catastrophe losses undiscounted (%) | 4.8% | 0.6% | 4.2 p.p. |
| Current year discounting (%) | -2.6% | -2.4% | -0.3 p.p. |
| Prior year loss ratio (%) | -4.9% | -2.5% | -2.3 p.p. |
| Expense Ratio (%) | 29.3% | 28.9% | 0.4 p.p. |
| Undiscounted Combined Ratio (%) | 93.1% | 92.0% | 1.1 p.p. |
| P&C Operating Result | 1,041 | 1,029 | 1.2% |
P&C gross written premiums grew to € 11 billion (+5.8%) thanks to the performance of both business lines. Non-motor was up 5.0% while motor rose by 6.0%. The growth was recorded across all main areas in which the Group operates. Considering also the accepted business underwritten by Europ Assistance, non-motor premiums grew by 5.3%. Excluding the contribution from Argentina, motor premiums increased by 4.5%.
The Combined Ratio increased to 90.5% (89.7% 1Q25), reflecting undiscounted Nat Cat losses of 4.8 p.p., corresponding to € 426 million (0.6 p.p. 1Q25, corresponding to € 48 million) in particular due to a very significant event in Portugal. This was partially offset by prior year development of 4.9 p.p. (2.5 p.p. 1Q25). The current year attritional loss ratio (excluding Nat Cat) recorded a strong improvement, moving to 64.0% (65.1% 1Q25). Current year discounting was equal to -2.6% (-0.3 p.p.). The expense ratio increased to 29.3% (+0.4 p.p.) driven primarily by higher acquisition costs, while the administrative component improved by 50 basis points year-on-year.
The Undiscounted combined ratio was 93.1% (92.0% 1Q25).
- The P&C operating result increased to EUR 1,041m (EUR 1,029m 1Q25) p. 6.
- The operating insurance service result was EUR 854m p. 6.
- The undiscounted current year operating insurance service result excluding Nat Cat increased by EUR 105m compared to 1Q25, marking a 21% year-on-year improvement p. 6.
- Current year discounting increased to EUR 235m (EUR 198m 1Q25) p. 6.
- This result was achieved despite EUR 64m of large manmade claims (EUR 35m 1Q25) p. 6.
- The operating investment result improved by EUR 24m to EUR 188m due to higher investment income of EUR 371m (EUR 351m in 1Q25) p. 6.
- 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.
Asset & Wealth Management
- Asset & Wealth Management operating result rose to EUR 314m (+15.5%) p. 6.
- Banca Generali group operating result increased to EUR 172m (+17.9%) p. 6.
| EUR m | 1Q26 | 1Q25 | Change |
|---|---|---|---|
| OPERATING RESULT | 314 | 272 | 15.5% |
| Asset Management | 142 | 126 | 12.7% |
| Banca Generali group (2) | 172 | 146 | 17.9% |
- 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 (EUR 9m in 1Q25), stemming from higher transaction fees, reflecting healthy deployment activity in the infrastructure business p. 6.
- Performance fees were EUR 2m, in line with 1Q25 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.
- Total net inflows at Banca Generali in the period were EUR 1.9bn p. 6.
Asset Management
| EUR m | 31/03/2026 | 31/03/2025 | Change |
|---|---|---|---|
| Operating revenues | 369 | 338 | 9.0% |
| Operating expenses | -227 | -213 | 6.8% |
| Adjusted net result (1) | 85 | 69 | 23.0% |
| EUR bn | 31/03/2026 | 31/12/2025 | Change |
|---|---|---|---|
| Assets Under Management | 717 | 712 | 0.8% |
| of which third-party Assets Under Management | 277 | 273 | 1.4% |
- Operating revenues rose to EUR 369m (+9.0% vs 1Q2025), benefiting from the consolidation of MGG Investment Group p. 7.
- Operating expenses increased to EUR 227m (+6.8% vs 1Q2025), mainly due to the inclusion of MGG Investment Group and higher personnel costs p. 7.
- The adjusted net result of Asset Management increased to EUR 85m (+23.0%), also due to lower non-operating expenses compared to 1Q25 p. 7.
- 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.
- Third party AUM managed by the Asset Management companies grew to EUR 277bn (+1.4% vs FY25), supported by positive impact from FX rates movements and EUR 1.4bn of positive net inflows during 1Q26 p. 7.
Holding and other businesses
- Operating result was EUR -130m p. 7.
| EUR m | 31/03/2026 | 31/03/2025 | Change |
|---|---|---|---|
| OPERATING RESULT | -130 | -150 | -13.4% |
| Other businesses (1) | 39 | 12 | n.m. |
| Holding operating expenses | -169 | -162 | 4.5% |
Operating result of the Holding and other businesses segment was € -130 million (€ -150 million 1Q25).
The operating result of Other businesses was € 39 million (€ 12 million 1Q25), with the prior year impacted by a one-off exit tax payment related to the closure of a foreign entity. Holding operating expenses increased by 4.5%, also due to costs related to share-based payments.
www.generali.com
Outlook
- The global macroeconomic environment is affected by the uncertain outcome of US-Iran negotiations and their impact on energy supply and inflation p. 8.
- 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 compared to regions with higher energy self-sufficiency 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 acts as a positive counterbalancing force p. 8.
- Major central banks are aware of inflationary pressures but have been cautious in taking action p. 8.
- The European Central Bank (ECB) kept rates unchanged at its April meeting but signaled a possible rate hike in June p. 8.
- Labor markets are less tight than in 2022, and monetary policy starts from broadly neutral conditions p. 8.
- In case of a significant EA slowdown, a single 25 basis point hike in June may be sufficient, though the market is pricing three ECB hikes this year p. 8.
- In the US, the Federal Reserve is expected to overlook the price shock due to growing risks to employment and economic growth 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.
- The plan is based on three foundations: People, AI and Data, and Sustainability p. 8.
- The Group is deepening Lifetime Partner relationships through seamless, personalized omni-channel experiences, accelerating growth in preferred profit pools, increasing technical proficiency, and scaling AI and Group-wide assets 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, with the 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.
- The Group reinforces its flexible approach to tariff adjustments, considering a general increase in Nat Cat events p. 8.
- The non-motor offer will be enhanced with modular solutions for specific customer needs p. 8.
- Generali will increase its focus on developing insurance solutions related to the environment and climate change p. 8.
- The Group Climate Hub has been established to define methodologies and approaches for understanding and managing physical risks p. 8.
- For 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.
- Investments in private and real assets will be pursued gradually to enhance portfolio diversification and capture opportunities, with a prudent approach considering lower liquidity and higher complexity p. 8.
- In real estate, the Group will pursue geographical and sectorial diversification, monitoring market opportunities and asset quality 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.
- 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 p. 9.
- The "Lifetime Partner 27: Driving Excellence" plan commits to ambitious 2025-2027 targets: p. 9.
- Strong earnings per share growth: 8-10% EPS CAGR p. 9.
- Solid cash generation: > EUR 11bn cumulative Net Holding Cash Flow p. 9.
- Increasing dividend per share: >10% DPS CAGR, with a ratchet policy underpinned by a clear capital management framework, focusing on shareholder returns p. 9.
- Over EUR 7bn cumulative dividends (2025-2027) p. 9.
- A 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.
- A EUR 500m share buyback executed in 2025 and a further EUR 500m to be launched in 2026 p. 9.
Significant events after 31 March 2026
- On April 23rd, the 2026 Annual General Meeting approved the 2025 financial statements, dividend distribution, appointed the new Board of Statutory Auditors, and approved the EUR 500m share buyback p. 9.
- On April 27th, Generali announced the amendment of 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.
- On May 4th, Generali was confirmed for the eighth consecutive year in the Dow Jones Best-in-Class World Index and for the seventh consecutive year in the Dow Jones Best-in-Class Europe Index (formerly DJSI) p. 9.
- Other significant events after the period end are available on the website p. 9.
Q&A conference call
- The Direttore Generale - Group Deputy CEO, Giulio Terzariol, the Group CFO, Cristiano Borean, and the Group General Manager, Marco Sesana, will host the Q&A session conference call for the consolidated results as of March 31st, 2026, on May 21st, 2026, at 12:00 pm CEST p. 10.
- To follow 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 this 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.
The Generali Group
- Generali is one of the largest integrated insurance and asset management groups worldwide p. 10.
- Total premium income was EUR 98.1bn and AUM was EUR 900bn in 2025 p. 10.
- Established in 1831, Generali has over 88,000 employees and 163,000 advisors serving 75m customers p. 10.
- The Group has a leading position in Europe and a growing presence in Asia and America 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 to create value for stakeholders and build a fairer, more resilient society p. 10.
Glossary
- AI: Artificial Intelligence
- AUM: Assets Under Management
- CEE: Central and Eastern Europe
- CSM: Contractual Service Margin
- DJSI: Dow Jones Sustainability Index
- DPS CAGR: Dividend Per Share Compound Annual Growth Rate
- EA: Euro Area
- ECB: European Central Bank
- EPS CAGR: Earnings Per Share Compound Annual Growth Rate
- EPS: Earnings Per Share
- FX: Foreign Exchange
- II: Solvency II
- LTIP: Long-Term Incentive Plan
- MGG: MGG Investment Group
- NBM: New Business Margin
- NBV: New Business Value
- PVNBP: Present Value of New Business Premiums