Assicurazioni Generali (G) Q2 2026 earnings summary

Executive summary

• Delivered strong financial results in H1 2026, with operating result up 11.2% to €4.5 billion and net result up 17.9% to €2.54 billion, supported by robust growth across all business segments and a solid capital position.

• Gross written premiums rose 5.8% year-over-year to €53.4 billion, with Life up 5.5% and P&C up 6.3%.

• Adjusted net result grew 13.7% to €2.54 billion; adjusted EPS increased 14.3% to €1.68, reflecting broad-based business momentum.

• Solvency II ratio stood at 216% after a €500 million buyback and regulatory changes.

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

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 increased 4.7% to €2.14 billion, with combined ratio at 91.5% (+0.5 p.p.) due to higher Nat Cat losses.

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

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

• Normalised capital generation at €2.4 billion (+4% year-over-year), supporting capital strength.

Outlook and guidance

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

• Confident in overachieving EPS and value of new business growth targets for 2026, with momentum expected to continue.

• Guidance for operating investment result maintained 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.

• Solvency II review in January 2027 expected to provide a 15 percentage point uplift; capital deployment to focus on business growth, investments, debt mix, and shareholder returns.