Assicurazioni Generali S.p.A. Q1 2026 Earnings Recap

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.