Assicurazioni Generali (G) Q1 2026 earnings summary

Executive summary

• Delivered strong growth in operating and adjusted net results across all segments, driven by disciplined execution of strategic plans and focus on technology and AI integration.

• Gross written premiums rose 6.8% year-over-year to €28.2 billion, with growth in both Life (+7.5%) and P&C (+5.8%) segments.

• Operating result increased 8.1% to €2.2 billion, with all segments contributing positively.

• Adjusted net result grew 5.2% to €1.3 billion; excluding a one-off tax in France, growth was 9.3%.

• Maintained robust performance despite significant Nat Cat events and financial market volatility, with proactive cycle management and technical excellence.

Financial highlights

• P&C gross insurance revenue grew by EUR 575 million, nearly 7% year-on-year, with motor volumes up 1.8% and accident/health/disability up 3.4%.

• Life net inflows reached €4.3 billion (+48.8% year-over-year), with strong new business margin and 19% growth in new business value.

• Asset & Wealth Management operating result rose 15.5% to €314 million, with Banca Generali up 17.9%.

• CSM recorded 1.4% normalized growth, with €900 million economic variances mainly from bond spreads, interest rates, and equity declines.

• Solvency II ratio at 212%, up 2 percentage points as of May 15, supported by healthy capital generation and offset by market variances and capital movements.

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 new business margin in Life is at least 5.5% for 2026, with potential to exceed this level.

• Focus remains on technical excellence, customer relationships, and scaling AI and data capabilities.

• Continued emphasis on capital-light savings, protection & health in Life, and profitable growth in P&C, especially non-motor lines.

• No significant acceleration in top-line growth expected for the remainder of the year; focus remains on quality and margin over volume.