Assicurazioni Generali (G) Q3 2026 earnings summary

Executive summary

• 9M2026 operating result rose 8.5% to €6.446bn, adjusted net result increased 12.0% to €3.678bn, and net result grew 11.9% to €3.597bn.

• GWP increased 4.5% to €76.5bn, with Life net inflows of €11.7bn (+13.6%) and New Business Value of €2.563bn (+12.7%).

• Solvency Ratio was 211%, down from 219% at FY2025, while normalised capital generation remained strong across business segments.

Financial highlights

• GWP reached €76.521bn (+4.5%); operating result was €6.446bn (+8.5%), and adjusted EPS rose 12.4% to €2.43.

• Adjusted net result was €3.678bn (+12.0%); reported net result was €3.597bn (+11.9%).

• Shareholders’ equity was €32.173bn, up 0.3% from FY2025; the increase mainly reflected period net result, partly offset by dividend payment and share repurchases.

Outlook and guidance

• Lifetime Partner 27 targets 8–10% adjusted EPS CAGR, over €11bn cumulative Net Holding Cash Flow, and over 10% DPS CAGR for 2025–2027.

• Capital plan targets over €7bn cumulative dividends and at least €1.5bn of share buybacks over 2025–2027; the €500m buyback launched in August was completed in October 2026.

• Life priorities include protection and health, capital-light savings, and hybrid and unit-linked products; P&C strategy targets profitable growth, especially in non-motor, with flexible tariff adjustments.

• Asset Management plans to expand its offering, including active ETFs; Banca Generali continues organic growth and plans to leverage Intermonte integration and AI adoption.