Generali closed the first quarter of 2026 with robust and widespread growth in the main economic indicators, accompanied by a solid capital position. The quarterly performance confirms the Group’s development trajectory, supported by the positive contribution of all business segments and significantly increasing collections, despite a context made more complex by the impact of catastrophe events on the Non-Life sector.
“The Group’s first quarter 2026 results confirm the successful implementation of our strategic plan ‘Lifetime Partner 27: Driving Excellence’, with strong growth in operating profit, supported by all segments, also reflected in normalized net profit,” explained Generali’s Group CFO, Cristiano Borean, adding “armed by a solid balance sheet, thanks to diversified and high-quality cash generation sources and a solid capital position, we are fully focused on creating value sustainable for all stakeholders”.
Gross premiums and commercial dynamics
THE gross premiums they stood at 28.2 billion euros, with an increase of 6.8% compared to the same period of the previous year. The trend was driven by the Life segment, up by 7.5%, and by the Non-Life segment, up by 5.8%.
“The Life segment recorded a very robust commercial performance, thanks to the positive contribution of all business lines. – underlined Borean – In the Non-Life segment, despite a greater impact of catastrophe events, the underlying technical profitability continued its improvement. The operating result of Asset & Wealth Management benefited from the solid performance of Generali Investments Holding and Banca Generali”.
The trend of the Life net inflowswhich reached 4.3 billion euros, marking a progress of 48.8% thanks to the contribution of all business lines.
Operating profitability and net profit
The operating result it stood at 2.2 billion euros, up 8.1%, with the positive contribution of all segments.
THE’normalized net profit reached 1.3 billion euros, up 5.2%. Excluding a one-off tax component, growth rises to 9.3%, highlighting the underlying dynamic of ordinary profitability. Normalized EPS stood at 0.84 euros, an increase of 6.0% (or 10.2% net of the same tax component), confirming the creation of value for shareholders.
Combined Ratio and impact of catastrophe events
The Combined Ratio not discounted it stood at 93.1%, worsening by 1.1 percentage points compared to the first quarter of 2025. The incidence of catastrophic events had a significant impact on the indicator, rising to 4.8% from 0.6% recorded in the first quarter of 2025.
Financial solidity
On the patrimonial front, the Solvency Ratio it stood at 212%, compared to 219% at the end of financial year 2025, confirming a solid capital position of the Group.
