Global insurance company Generali reported operating results for the first quarter of 2026 of 2.2 billion euros, an increase of 8.1% year-on-year, driven by strong performance in all business areas, especially life insurance, which increased by 9.9% to 1.1 billion euros, and property and casualty (P&C) which increased by 1.2% to 1.04 billion euros.
In addition, asset and wealth management operating results increased by 15.5% to 324 million euros, driven by a 12.7% increase in assets to 142 million euros and a 17.9% increase in wealth management results to 172 million euros.
Generali Banking Group’s operating results increased to 172 million euros, up 17.9% in the first quarter of 2026, reflecting quality, diversification, strong operating trends and higher performance fees, while its net inflows totaled 1.9 billion euros, the company said.
In addition, due to natural disasters, the combined ratio increased by 0.8 percentage points to 90.5% from 89.7% in the first quarter of 2025, and the value of new business improved to 977 million euros, an increase of 19.1%.
Groupwide, gross written premiums (GWP) increased 6.8% to €28.2 billion, up from €26.5 billion in Q1’25, driven by strong performance from both divisions. During the quarter, life insurance GWP increased by 7.5% to 17.2 billion euros from 16.2 billion euros in the first quarter of 2025, and property and casualty insurance increased by 5.8% from 10.4 billion euros in the first quarter of 2025 to nearly 11 billion euros.
As mentioned earlier, Generali Insurance’s property and casualty insurance business achieved solid operating results in the quarter; at the same time, operating insurance services results were 854 million euros. Current year discounts increased to €235 million in Q1’26 from €198 million in Q1’25, despite large artificial claims of €64 million, compared to €35 million in Q1’25.
Property and Casualty GWP was driven by non-motor vehicle growth of 5% and motor vehicle growth of 6% in 1Q26; this growth occurred across all major areas of Generali Group’s operations.
The combined ratio increased from 89.7% in 1Q25 to 90.5% in 1Q26, reflecting an undiscounted organic loss of 4.8 percentage points equivalent to €426 million compared to €48 million in 1Q25, particularly due to a very significant event in Portugal. This was partially offset by a 4.9 percentage point development last year compared with 2.5 percentage points in the first quarter of 2025.
Life operating results were driven by improved operating insurance services performance, with results in Q1’26 reaching €897 million compared to €816 million in Q1’25, while operating investment results increased to €193 million in Q1’26.
Meanwhile, net life inflows continued their strong upward trend in Q1’26, reaching €4.3 billion, compared to €3.0 billion in Q1’25. New business volumes (expressed as the current value of new business premium PVNBP) increased by 6.3% to €18.3 billion, driven by solid hybrid and unit-linked production in France and traditional savings in Asia.
The group’s overall net profit for Q1’26 was €1.2 billion, which was stable year-on-year, reflecting the impact of financial markets on investments measured at fair value through profit or loss in the first quarter, as well as the tax impact mentioned above.
Generali Group’s total assets under management (AUM) increased to 905 billion euros in the quarter, of which third-party AUM reached 387 billion euros, of which 277 billion euros were managed by asset management companies.
Cristiano Borean, Chief Financial Officer of Generali Group, commented: “The Group’s results for the first quarter of 2026 confirm the successful execution of our ‘Partners for Life 27: Driving Excellence’ strategic plan, with strong growth in operating results, supported by all business units, which is also reflected in adjusted net profit. The Life business recorded a very strong business performance, thanks to positive contributions from all business lines.”
“In Property & Casualty, underlying technical profitability continued to improve despite the greater impact of the Nat Cat incident. The operating results of the Asset & Wealth Management business benefited from the strong performance of Generali Investment Holding and Generali Bank. With our strong balance sheet, high-quality, diversified sources of cash generation and solid capital position, we remain fully focused on creating sustainable value for all stakeholders.”
