Assicurazioni Generali S.p.A.

For the first half of 2026, gross written premium reached EUR 53.4 billion, up 5.8% year over year. Operating result came in at EUR 4.5 billion, up 11.2%, while adjusted net result was EUR 2.5 billion, up 13.7%, and adjusted EPS increased 14.3%. Life operating result rose to EUR 2.2 billion (+8.8%) with net inflows above EUR 8.3 billion, new business value of EUR 1.9 billion (+21.1%), and new business margin of 5.86%. P&C operating result increased 4.7% to over EUR 2.1 billion, with a combined ratio of 91.5% versus 91.0% in H1 2025 and a 3.6 percentage point Nat Cat impact. Solvency II ratio was 216% at quarter-end, despite the EUR 500 million buyback and the end of subordinated bond grandfathering. On guidance, management reaffirmed the Life operating investment result target of EUR 900 million and the P&C investment result guidance of EUR 1.1 billion, and said it remains confident it will overachieve its EPS target.

Philippe Donnet framed the half-year as evidence that Generali’s strategy is working, emphasizing strength in profitability, capital, and execution. He highlighted growth across all segments, the expansion of the global care platform Redion, and the company’s focus on structural themes such as aging, health-care gaps, climate risk, and embedded insurance. His tone was confident and forward-looking, with repeated references to disciplined execution and confidence in delivering the fourth strategic plan in a row.

Cristiano Borean focused on capital, investment income, and expenses. He said the group closed at a 216% Solvency II ratio, that the review would add a 15 percentage point uplift when it takes effect, and that Generali still sees about 2 points per quarter of SAA optimization, plus a 0.5 percentage point hit from the Belgium downgrade. He reaffirmed the EUR 900 million Life operating investment result and EUR 1.1 billion P&C investment result guidance, noted a 4.24% reinvestment yield in the core Life portfolio and 4.01% in P&C, and said this is adding about 1.5 percentage points of return on risk capital. He also reiterated the other net nonoperating expense range of EUR 200 million to EUR 300 million and said the group had already collected almost 95% of expected cash remittances, totaling EUR 4.6 billion, including the first remittance from Switzerland in July.

Analysts pressed on whether Generali could pick up business from UniCredit-related changes, on inflation and P&C pricing, on whether new business value and margin could beat guidance, on Nat Cat losses and capital levels, and on whether agent incentives should be reworked to prioritize new business. Management said it already does significant business with UniCredit and would welcome more, but declined to comment on rumors or deal speculation. It said motor pricing is holding up well versus risk premium, inflation is around 4% to 5% and stable versus last year, and volume growth is improving across most geographies except places where pruning is deliberate; it also said new business value growth should exceed the 5% to 10% expectation and that the 6% margin is a target but not the only priority. On capital, management said it will keep deploying capital into growth, investments, debt mix optimization, and returns to shareholders, while on agents it said there are no plans to change the remuneration structure fundamentally.