Q1 2026 Assicurazioni Generali SpA Earnings Call Transcript
Key Points
- Generali (ARZGF) reported strong growth in both operating and adjusted net results, driven by contributions from all segments.
- Gross insurance revenue in the P&C segment grew by $575 million, or almost 7% year-on-year, with significant growth in accident, health, and disability lines.
- Europe Assistance increased its consolidated gross turnover to $1.2 billion in the first quarter, marking almost 15% year-on-year growth.
- The company achieved very strong net inflows of $4.3 billion in the life segment, driven by contributions from all lines of business.
- Generali (ARZGF) is making significant progress in deploying AI agents to automate workflows, improve service quality, and drive operational efficiency.
- The net cat load was significant this quarter, primarily due to heavy storms in the Iberian Peninsula, particularly Portugal.
- Man-made losses were almost double that of last year, amounting to around $65 million, impacting the loss ratio.
- The reported expense ratio increased by 40 basis points, reflecting higher acquisition costs and business mix.
- The first quarter saw significant net cat events, leading to a higher contribution from prior year development in the numbers.
- The company is facing challenges in maintaining profitability in the motor segment due to slowing price increases and unclear implications of mid-year claim costs.
Good afternoon.
This is the Corosco Conference operator. Welcome and thank you for joining the Generali Group first quarter 2026 results presentation.
As a reminder, all participants are in listen-only mode.
After the presentation, there will be an opportunity to ask questions.
Should anyone need assistance during the conference call, they may signal an operator by pressing *0 on their telephone.
At this time, I would like to turn the conference over to Mr. Fabio Kleva, Head of Investor and Rating Agencies Relations. Please go ahead, sir.
Hello, everyone, and thank you for joining our first quarter 2026 results call. Here with us today we have the Deputy Group CEO, Giulio Terceriol, the Group General Manager, Marco Sesana and the Group CFO, Cristiano Borian. Before opening for Q&A, let me hand over to Giulio and Cristiano for some opening remarks.
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