Italian-headquartered global insurer Generali has reported an 11.2% rise in consolidated operating result to €4.5 billion for the first half of 2026, driven by solid performance across all business segments.
Generali’s adjusted net result surged 13.7% to €2.54 billion, while net result hit €2.54 billion, representing a 17.9% year-on-year increase.
Meanwhile, the firm’s gross written premiums (GWP) expanded by 5.8% to €53.4 billion in H1 2026, supported by balanced growth in both property and casualty (P&C) and life business lines.
In the P&C division, GWP rose 6.3% to €20 billion in H1 2026, propelled by widespread 5.8% growth in non-motor lines alongside a 6% gain in motor business.
The Italian firm’s P&C operating result climbed 4.7% to €2.14 billion in H1 2026, while the segment’s combined ratio deteriorated slightly by 0.5 percentage points to 91.5%, and the undiscounted combined ratio stood at 93.8%.
According to Generali, the increase in the combined ratio was primarily caused by higher undiscounted natural catastrophe losses, which added 3.6 percentage points to the loss ratio compared to 1.7 percentage points in H1 2025.
This catastrophe burden was partially offset by an improved current year attritional loss ratio of 64.3% and a 3.3 percentage point favourable contribution from prior year reserve developments.
Elsewhere, Generali’s Life segment posted robust growth, with operating result rising 8.8% to €2.19 billion.
Life net inflows reached a record first-half total of €8.3 billion, representing a 33.9% surge driven by positive contributions across traditional savings, protection and health, and unit-linked lines.
At the same time, New Business Value (NBV) increased substantially by 21.1% to €1.89 billion, underpinned by higher volumes and an expanded New Business Margin of 5.86%.
Meanwhile, the Asset & Wealth Management segment delivered notable momentum, boosting its operating result by 31.3% to €735 million, aided by higher average assets under management and strong performance fee generation at Banca Generali.
Generali Group CEO, Philippe Donnet, commented, “This excellent set of results demonstrates the very strong progress on our ‘Lifetime Partner 27: Driving Excellence’ plan, driven by the robust performance of all business segments.
“In Insurance, Life and P&C continued their trajectory of solid growth in the operating result and in terms of technical profitability, notwithstanding the higher impact of natural catastrophes.
“Our Asset Management platform further expanded its third-party portfolio, while Banca Generali once again confirmed its successful business model. This performance reflects the dedication of all our colleagues and our distribution network.
“Together, we will continue to pursue excellence in our customer relationships, core capabilities and our operations, leveraging our AI and data capabilities and strong focus on sustainability. Looking ahead, we will maintain this positive momentum thanks to our consistency, discipline and long-term vision, and we remain fully committed to our ambitious plan targets and to keep delivering value for all stakeholders.”
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