Assicurazioni Generali S.p.A. Q2 2026 Earnings Recap

Generali’s H1 2026 results showed moderate gains in premiums, operating results, and net income, with a modest market reaction of +0.4%, reflecting investor neutrality amid offsetting factors including natural catastrophe claims pressure.

Key Takeaways

• Gross written premium increased 5.8% to EUR 53.4 billion, led by Life and Property & Casualty segments.
• Operating result grew 11.2% to EUR 4.5 billion, with Life up 8.8% to EUR 2.2 billion and Property & Casualty rising 4.7% to over EUR 2.1 billion despite EUR 425 million additional natural catastrophe and man-made loss claims.
• New business value in Life jumped 21.1% to EUR 1.9 billion, and the new business margin expanded to 5.86% on improved product mix and features.
• Asset & Wealth Management operating result increased 31.3%, contributing about 16% of the group’s total operating income.
• The combined ratio in Property & Casualty worsened slightly to 91.5% from 91%, impacted by a 3.6 percentage point hit from natural catastrophes and ongoing inflationary pressures expected to influence pricing going forward.