Assicurazioni Generali (G) investor relations material

Executive summary

• Delivered strong financial results in H1 2026, with robust growth across all business segments and a solid capital position, reinforcing confidence in achieving strategic plan targets.

• Gross written premiums rose 5.8% year-over-year to €53.4 billion, with operating result up 11.2% to €4.5 billion and adjusted net result up 13.7% to €2.54 billion.

• Net result increased 17.9% to €2.54 billion, and adjusted EPS rose 14.3% to €1.68, reflecting broad-based business momentum.

• Total assets under management reached €944 billion, up 4.9% from FY2025.

• Strategic growth areas, including the Redion platform, are accelerating globally in Care, Protection, Health, Employee Benefits, and Assistance.

Financial highlights

• Life net inflows surged 33.9% to €8.3 billion, with New Business Value up 21.1% to €1.89 billion and new business margin at 5.86%.

• P&C operating result rose 4.7% to €2.14 billion; combined ratio increased to 91.5% (+0.5 p.p.) due to higher Nat Cat losses.

• Asset & Wealth Management operating result jumped 31.3% to €735 million, with Banca Generali up 45.8%.

• Solvency II Ratio stood at 216% at Q2 2026, reflecting strong normalized capital generation and share buyback impact.

• Shareholders’ equity stood at €32.1 billion (+0.1% from FY2025).

Outlook and guidance

• Strategic plan targets 8–10% EPS CAGR, >€11 billion cumulative net holding cash flow, and >10% DPS CAGR for 2025–2027.

• Guidance for operating investment result remains at €1.1 billion for P&C and €900 million for Life.

• Committed to at least €1.5 billion share buyback over the plan horizon, with €500 million to be executed in 2H2026.

• Expect new business value growth to exceed 5–10% target for the year, driven by Asia and product innovation.

• Solvency II review in January 2027 expected to provide a 15 percentage point uplift; capital levels to be reassessed at year-end.