Assicurazioni Generali (G) investor relations material

Executive summary

• Gross written premiums rose 5.8% year-over-year to €53.4 billion, with growth in both Life (+5.5%) and P&C (+6.3%) segments, and robust contributions across all business lines.

• Operating result increased 11.2% to €4.5 billion, with all segments contributing positively.

• Adjusted net result grew 13.7% to €2.54 billion; adjusted EPS rose 14.3% to €1.68.

• Solvency II Ratio remained strong at 216%, reflecting solid capital generation and share buyback impact.

• Strategic initiatives include the launch of Redion, global expansion in Care and Health, and continued focus on sustainability and digital innovation.

Financial highlights

• Life net inflows surged 33.9% to €8.3 billion; New Business Value up 21.1% to €1.89 billion; new business margin improved to 5.86%.

• P&C operating result rose 4.7% to €2.14 billion; combined ratio increased to 91.5% (+0.5 p.p.) due to higher Nat Cat losses.

• Asset & Wealth Management operating result up 31.3% to €735 million, with Banca Generali up 45.8%.

• Total assets under management reached €944 billion, up 4.9% from FY2025.

• Shareholders’ equity stood at €32.1 billion (+0.1% from FY2025).

Outlook and guidance

• Strategic plan targets 8–10% EPS CAGR, >€11 billion cumulative net holding cash flow, and >10% DPS CAGR for 2025–2027.

• Life CSM release ratio in line with FY26 guidance (8.5%-9.5%); normalised CSM growth at 2.5% in 1H26, below >3.5% FY26 guidance.

• Commitment to annual €500 million share buyback and over €7 billion cumulative dividends over the plan period.

• Focus on technical excellence in Life, profitable growth in P&C, and expanding modular solutions.

• New business value growth expected to exceed 5-10% target, driven by Asia and product innovation.