Generali Group grew gross written premiums (GWP) to €28.15bn in the first quarter of 2026 (Q1 2026), a 6.8% year-on-year rise, with both its life and property & casualty (P&C) divisions contributing to the increase.
The Italian insurer’s consolidated operating result reached €2.23bn, up 8.1%, while the adjusted net result rose 5.2% to €1.26bn.
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A one-off tax item in France, worth approximately €50m, added around 2.5 percentage points to the effective tax rate during the period.
Stripping out that charge, adjusted net result growth would have stood at 9.3%, with adjusted earnings per share (EPS) growth of 10.2%.
The reported net result fell 2.2% to €1.16bn, affected by fair value movements on investments alongside the tax effect.
The life segment generated an operating result of €1.09bn, up 9.9%, supported by net inflows of €4.3bn across all business lines.
New business value climbed to €977m, a 19.1% increase, and the new business margin widened by 0.58 percentage points to 5.35%, attributed to a more favourable product mix and the higher interest rate environment.
In P&C, GWP reached €10.97bn, rising 5.8%, with both motor and non-motor lines advancing 6% and 5%, respectively.
The current year attritional loss ratio, which strips out natural catastrophe losses, improved to 64% from 65.1% in the same period last year.
The asset & wealth management division posted an operating result of €314m, a 15.5% increase, with asset management contributing €142m, up 12.7%, and Banca Generali €172m, up 17.9%.
The company said it is continuing to execute its Lifetime Partner 27: Driving Excellence strategic plan, which targets EPS compound annual growth of 8–10%, and cumulative net holding cash flow of more than €11bn.
Generali Group CFO Cristiano Borean said: “The Group’s first quarter 2026 results confirm the successful execution of our ‘Lifetime Partner 27: Driving Excellence’ strategic plan, with strong growth in the operating result supported by all segments, reflected as well in the adjusted net result.
“Life recorded a very strong business performance, thanks to the positive contribution from all business lines. In P&C, despite a higher impact from Nat Cat events, underlying technical profitability continued to improve.”
