Assicurazioni Generali S.p.A.

Assicurazioni Generali S.p.A. Earnings Recaps

G.MI Financials 2 recaps
Q1 2026 May 22, 2026

Generali’s shares rose 3.6% post-earnings, reflecting investor approval of strong top-line growth across segments and disciplined underwriting, particularly in Life insurance and P&C improvements despite significant natural catastrophe losses.

Key takeaways
  • P&C gross insurance revenue grew nearly 7% year-on-year, driven by pricing and accelerating volume growth, with motor volumes rising 1.8% and Accident, Health, and Disability volumes up 3.4%.
  • Natural catastrophe losses were elevated this quarter, primarily due to storms in the Iberian Peninsula, impacting loss reserves but underlying attritional loss ratios improved by approximately 1 percentage point excluding manmade losses.
  • Expense ratio increased slightly to 29.3%, mainly due to acquisition costs and business mix, although underlying expense ratios ex-Europ Assistance remained stable.
  • Life insurance net inflows reached EUR 4.3 billion, supported by a 75% weighting in non-guaranteed business and a stable guarantee rate of 0.73%, reinforcing profitable growth without compromising underwriting discipline.
  • Asset & Wealth Management benefited from a EUR 50 million contribution in nonrecurring fees related to infrastructure business, highlighting successful positioning in that segment.
Full recap
Q3 2025 Nov 13, 2025

Generali Group delivered robust growth in its P&C segment and maintained strong margins in Q3 2025, confirming progress on its Lifetime Partner 27 strategy amidst an evolving market.

Key takeaways
  • P&C top line increased by over 7% year-to-date, with an undiscounted combined ratio improving by more than 2 percentage points.
  • Life net inflows surpassed €10 billion, driven by effective distribution and reduced surrenders in key markets.
  • New business margin improved to 5.74%, with over 73% of new production carrying no guarantees, emphasizing ongoing underwriting discipline.
  • Continued investment in automation and digitalization is poised to enhance efficiency and profitability in the P&C value chain.
  • Generali is committed to scaling successful initiatives across countries, leveraging machine learning and advanced analytics in claims processing.
Full recap