Q2 2026 Assicurazioni Generali SpA Earnings Call Transcript

Aug 7, 2026 / 10:30 AM GMT

Release Date Price: €45.05 (-0.44%)

Transcript

Key Points

Positve

Generali (ARZGF) reported strong financial results for H1 2026, with gross written premiums up 5.8% to EUR53.4 billion and operating result up 11.2% to EUR4.5 billion.
The adjusted net result grew 13.7% to EUR2.5 billion, with adjusted EPS up 14.3%, reflecting robust profitability across all segments.
Life business showed record net inflows of EUR8.3 billion and new business value surged 21.1% to EUR1.9 billion, with margin expansion to 5.86%.
Asset and wealth management operating result grew 31.3%, contributing 16% of group operating result, highlighting the benefits of diversification.
Solvency ratio remained strong at 216%, despite a EUR500 million buyback and the end of subordinated bond grandfathering, with plans to deploy capital for growth and shareholder returns.
The launch of Radion, a global care platform, positions Generali (ARZGF) to capitalize on structural growth drivers in employee benefits, travel insurance, and embedded insurance.

Negative

Property and casualty combined ratio deteriorated to 91.5% from 91%, impacted by an additional EUR425 million in natural catastrophe and man-made claims.
Natural catastrophes, including wildfires in Spain and France, caused an estimated EUR300 million impact in July 2026 alone, with additional man-made losses of EUR60 million.
Inflationary trends, particularly in non-motor lines in Germany, are pressuring pricing, requiring rate increases to maintain margins.
New business value growth is not expected to be linear, with H1 results boosted by one-off factors like the Chinese New Year and fire sales, making annualization unreliable.
The German pension reform has caused a slowdown in production as customers wait for the new standard product, creating short-term uncertainty.
Net other non-operating expenses remain volatile, with potential restructuring charges and amortization of intangibles from acquisitions like MGG, which could weigh on future results.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

GASI.MI - Assicurazioni Generali SpA
Q2 2026 Assicurazioni Generali SpA Earnings Call
Aug 07, 2026 / 10:30AM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon. This is the Korus Call conference operator. Welcome and thank you for joining the Generali Group Half Year 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 stimulate operator by pressing star and zero 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.

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Unidentified_2 [2]
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