Global insurer Generali has reported a first quarter 2026 operating result of €2.2 billion, a hike of 8.1% year on year, driven by strong performance in all segments, notably in Life, which grew 9.9% to €1.1 billion, and property and casualty (P&C), which rose 1.2% to €1.04 billion.
Alongside this, the Asset & Wealth Management operating result increased 15.5% to €324 million, driven by asset growth of 12.7% to €142 million, and the Wealth Management result, which increased 17.9% to €172 million.
The operating result of the Banca Generali group grew to €172 million, a rise of 17.9% in Q1’26, reflecting quality, diversification, and strong operating trends coupled with higher performance fees, while its total net inflows were €1.9 billion, says the firm.
Additionally, new business value improved to €977 million, a 19.1% increase, as the combined ratio rose by 0.8 percentage points to 90.5% from 89.7% in Q1’25, due to natural catastrophes.
Group-wide, gross written premiums (GWP) rose 6.8% to €28.2 billion, up from €26.5 billion in Q1’25, driven by strong performance across both segments. For the quarter, Life GWP grew 7.5% to €17.2 billion from €16.2 billion in Q1’25, while P&C rose 5.8% to almost €11 billion from €10.4 billion in Q1’25.
As mentioned earlier, Generali’s P&C business reported a solid operating result for this quarter; meanwhile, the operating insurance service result was €854 million. In Q1’26, current year discounting increased to €235 million from €198 million in Q1’25, achieved despite €64 million of large man-made claims, compared to €35 million in Q1’25.
In Q1’26, P&C GWP was driven by increases in non-motor of 5% and motor of 6%; this growth was recorded across all main areas in which Generali operates.
The combined ratio increased to 90.5% in Q1’26, from 89.7% in Q1’25, reflecting undiscounted nat cat losses of 4.8 p.p., corresponding to €426 million as compared to €48 million in Q1’25, in particular due to a very significant event in Portugal. This was partially offset by prior year development of 4.9 p.p. as compared to 2.5 p.p. in Q1’25.
The Life operation results were driven by the improved operating insurance service result, which amounted to €897 million for Q1’26, compared to €816 million in Q1’25, while the operating investment result increased to €193 million in Q1’26.
Meanwhile, in Q1’26, Life net inflows continued a strong upward trend, reaching €4.3 billion, compared to €3 billion in Q1’25. New Business Volumes (expressed in terms of present value of new business premiums PVNBP) rose by 6.3% to €18.3 billion, mainly due to the solid hybrid & unit-linked production in France and traditional savings in Asia.
The group’s overall net result for Q1’26 was €1.2 billion, remaining steady year on year, reflecting the impact from financial markets on investments held at fair value through profit or loss during the first quarter as well as the aforementioned tax effect.
Generali’s total Assets Under Management (AUM) for this quarter grew to €905 billion, with third-party AUM accounting for €387 billion, of which €277 billion is managed by Asset Management.
Cristiano Borean, Group Chief Financial Officer, Generali, commented, “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. Asset & Wealth Management operating result benefited from the strong performance of Generali Investments Holding and Banca Generali. Building on our strong balance sheet and high-quality diversified sources of cash generation, as well as a solid capital position, we remain fully focused on creating sustainable value for all our stakeholders.”
