Generali increased its operating result by 8.5% to €6.45 billion in the first nine months of 2026, as growth across its business segments helped offset the impact of significantly higher natural catastrophe and large man-made losses in its Property and Casualty (P&C) segment.
The Italy-headquartered insurer’s gross written premiums rose 4.5% to €76.5 billion for the first nine months of 2026, driven by growth in both P&C, where premiums rose 6.3% to €28.6 billion, and Life, which grew 3.5% to €47.9 billion.
Meanwhile, the firm’s adjusted net result increased 12% to €3.68 billion for the period, while net profit rose 11.9% to €3.60 billion.
Generali’s combined ratio deteriorated by 0.5 percentage points to 92.8%, reflecting the aforementioned higher claims from natural catastrophes and large man-made events.
Within the P&C segment, the operating result increased by 4.5% to €2.86 billion for the first nine months of 2026, despite the substantially heavier claims burden.
Natural catastrophe losses amounted to €1.47 billion for the period, equivalent to 5.2 percentage points of the combined ratio, compared with 2.2 points in the same period of 2025.
Man-made losses totalled €323 million for the period, accounting for a further 1.2 points of the ratio, against 0.5 points a year earlier.
In total, the impact of natural catastrophes and large man-made events was €1.08 billion higher than in the first nine months of 2025. This pushed the segment’s loss ratio up 0.7 percentage points to 64%, while the expense ratio improved by 0.2 points to 28.8%.
The higher claims burden also outweighed the increased benefit from current-year discounting and more favourable prior-year loss development, contributing to the deterioration in the combined ratio.
Turning to the Life segment, the operating result rose 7.4% to €3.32 billion in the first nine months of 2026, supported by higher business volumes and improved profitability.
As mentioned, gross written premiums in the segment increased to €47.94 billion, despite comparison with a strong prior-year period that included exceptional new production in Asia.
Growth was recorded across all three main business lines: traditional savings premiums increased by 5.9%, protection and health by 2.3%, and hybrid and unit-linked by 2.6%.
At the same time, Life net inflows grew 13.6% to €11.73 billion in the first nine months of 2026, also reflecting lower surrenders.
Traditional savings reportedly accounted for much of the increase in the period, with net inflows rising 59.8% to €3.32 billion, driven by Asia and Germany.
Hybrid and unit-linked inflows increased 5.3% to €4.92 billion, supported by France, while protection and health inflows fell 2.1% to €3.49 billion.
The value of new business in the Life segment also increased 12.7% to €2.56 billion in the first nine months of 2026, while the new business margin expanded by 0.58 percentage points to 5.89%
Generali attributed the improvement to a more favourable product mix and product features, as well as higher interest rates. Present value of new business premiums rose 1.6% to €43.48 billion for the period, with growth in Asia and France offsetting weaker production in some other markets.
Generali Group CFO, Cristiano Borean, commented on the figures, “The excellent results for the first nine months reflect the successful implementation of our strategic plan, continuing the Group’s strong growth supported by all business segments.
“In Insurance, Life continued to deliver best-in-class net inflows, with new business value growth and strong profitability. P&C demonstrated resilient underlying performance despite over one billion Euro higher impact from natural catastrophe and large man-made events.
“Asset & Wealth Management continued to produce significant result growth. This performance demonstrates the strength of our diversified business model, the quality and resilience of our earnings, and our disciplined approach to capital management.
“This further reinforces the Group’s competitive position and provides us with great confidence to exceed all the targets of our ‘Lifetime Partner 27: Driving Excellence’ strategic plan.”
