Generali, 2.2 billion operating profit in the quarter

For Generali, another quarter of growth on the back of the positive performance of all key business segments. And in a context that sees the solid capital position confirmed, albeit slightly down. Premiums, operating result and normalised net profit were close to consensus. The group's CFO, Cristiano Borean, also confirms the plan's targets, 'even in the most extreme scenarios', from a geopolitical and consequently economic point of view, announcing that an investor day will be held in London on 18 November, at which the 'state of progress of the strategic plan' will be reviewed, specifying, however, that 'there will be no updating of targets'. The stock Generali reacted positively to the quarterly report at Piazza Affari.

Specifically, gross premiums rose to EUR 28.2 billion (+6.8%) in the first three months of the year, driven by increases in both Life (+7.5%) and Non-Life (+5.8%). Life net inflows grew to EUR 4.3 billion, thanks to the contribution of all business lines with new business value jumping 19.1% to EUR 977 million. In Non-Life, on the other hand, thanks to the impact of some catastrophic events (mainly natural events in Portugal weighed in at around € 300 million), the combined ratio rose to 90.5% (+0.8 p.p.) - here we are just above the low end of the consensus - and the undiscounted combined ratio to 93.1% (+1.1 p.p.), with the expense ratio and loss ratio both up slightly. Asset & Wealth Management performed well (+15.5%), supported by both Asset Management and Banca Generali with total assets under management of € 905 billion. All this led to an operating result up to €2.2bn (+8.1%), of which €1,090m (+9.9%) came from Life, €1,041m from Non-Life and €314m (+15.5%) from Asset & Wealth Management, with the Holding and Other Assets segment losing €130m from €150m in 1Q2025. Normalised net profit was therefore 1.3 billion (+5.2% or +9.3% excluding a one-off tax component linked to the French tax on large companies) with normalised eps of 0.84 (+6.0% or +10.2% excluding the same tax component). Net profit declined by 2% to EUR 1.17bn, reflecting, in addition to the above effects, the performance of the financial markets in the first quarter. The latter also affected the Solvency Ratio, which fell slightly to 212% from 219% at the end of 2025. By mid-May, however, Solvency had risen to 214%.

"There is a strong conviction on the part of the entire group that even in the most extreme scenarios", from a geopolitical and consequently economic point of view, "the plan targets will not be at risk". Thus the Cfo of the Generali group Cristiano Borean, in a conference call with the agencies. The top manager emphasised how the group, therefore, confirms its targets, "even in severe worsening scenarios" at the global level, highlighting the "diversified" nature of a business model that has "structurally an implicit hedge".

Borean also announced that an investor day will be held on 18 November in London, at which the 'state of progress of the strategic plan' will be reviewed, specifying, however, that 'there will be no update of the plan targets'.

On the other hand, with regard to a possible strengthening of business partnerships with Unicredit, he clarified that 'we are fully focused on executing our industrial plan and we are doing so successfully. As our CEO Donnet said, we always evaluate all relevant opportunities that can accelerate growth and to achieve the goals we have set ourselves'.