For Generali shareholders, the accounts for the first half of 2026 say something more than simple profit growth. The group beat analysts’ expectations, the stock rises on Piazza Affari and the new 500 million euro buyback will start from 10 August. On the next dividend, however, there is not yet a decided amount.
24 hours after the publication of the half-yearly report, the reading is also enriched by the indications received from the conference call of 7 August. Philippe Donnet reiterated the financial strength of the group, claimed Generali’s ability to create value as a standalone company and was open to the possibility of expanding the business with UniCredit. The next strategic step will be the Investor Day on November 18th in London.
Meanwhile, the market reacts positively. At 1.59pm on 7 August, Generali shares were trading at 45.33 euros, up 1.12%, after having reached an intraday high of 45.48 euros. Piazza Affari is positive, but the FTSE MIB advances more slowly, around 0.45% in the latest available survey.
Generali rises on the stock market after results above expectations
The positive reaction of the stock comes after results that exceeded market forecasts.
Generali closed the first half of the year with an operating result of 4.505 billion euros, up 11.2%, and a normalized net profit of 2.543 billion, +13.7%. Net profit rose by 17.9%, while normalized EPS reached 1.68 euros, +14.3%.
Analysts’ expectations indicated approximately 4.38 billion for the operating result and 2.41 billion for the normalized profit. Generali therefore exceeded both estimates.
Gross premiums also reach 53.4 billion euros, +5.8%, while overall Assets under Management rise to 944 billion, 4.9% more than at the end of 2025. All numbers are contained in the Generali consolidated results as of 30 June 2026.
It is precisely the relationship between profit growth, available capital and shareholder remuneration that represents the most interesting point of the half-year report.
Donnet: strong results and solid capital position
In the conference call with analysts Philippe Donnet underlined that the results show the “strong capital position of the group”, supported by the contribution of all segments and operational discipline.
Already commenting on the half-year report, the Group CEO had explained that the results demonstrate “the excellent progress of our plan”.
However, the comparison with the analysts on August 7th adds elements that were not available yesterday.
Donnet reiterated its desire to create value as a standalone group, explaining that Generali must continue to be agile, innovate and exploit the long-term transformations of the insurance sector: from the aging of the population to the reduced coverage of public health systems, up to extreme events linked to the climate and new needs generated by technology.
Generali and UniCredit, Donnet opens up new opportunities
The conference call also sparked another front of interest for the market.
Responding to a question about relations with UniCredit, Donnet recalled that Generali already has significant activities with the institution, both in Central and Eastern Europe and in asset management, adding that the group will be “happy to expand the business with them” or to evaluate other opportunities in Italy and abroad.
The passage is particularly relevant considering Generali’s shareholding balance. At the April meeting UniCredit presented itself with a shareholding of 8.72%.
QuiFinanza had already reconstructed the increase in UniCredit’s stake in Generali and the approval of the 2025 budget.
Donnet’s statement does not amount to the announcement of a new operation, but signals the group’s willingness to deepen industrial and commercial relations with one of the main European banking groups.
500 million Generali buyback: what happens from August 10th
For shareholders, one of the most concrete pieces of information concerns the 500 million euro buyback.
However, one point must be clarified: the program was not born with the half-yearly meeting of 6 August. It was already included in the plan and was authorized by the Shareholders’ Meeting of 23 April 2026.
The novelty is its operational start.
Generali confirmed that the purchases will start on August 10 and end by December 2026. Banco Santander will operate as an independent intermediary. The shares purchased will be destined for cancellation and the number of securities affected cannot exceed 2% of the share capital.
Generali’s official 500 million buyback program is defined by the company itself as an additional remuneration compared to the distribution of dividends.
Generali 2026 dividend, what changes after the half-yearly
It is important to avoid a misunderstanding regarding the dividend: the results of the first half of the year do not announce a new coupon.
The latest approved dividend, relating to the 2025 financial year, was equal to 1.64 euros per share, an increase of 14.7%, with payment on 20 May 2026.
What changes after the six-monthly report is rather the solidity of the economic base on which Generali will have to build future remuneration.
The “Lifetime Partner 27: Driving Excellence” plan targets compound annual EPS growth of 8-10%, more than $11 billion in cumulative net cash flows, and compound annual dividend per share growth of greater than 10%.
Over 7 billion in cumulative dividends are expected for shareholders between 2025 and 2027 and at least 1.5 billion in buybacks over the course of the plan.
Record life collection at 8.3 billion
One of the strongest signals of the half-year report comes from the Life business.
Net collection reaches 8.326 billion euros, +33.9%, the highest level ever recorded by Generali in a first half of the year. The New Business Value grew by 21.1% to 1.89 billion, while the Life operating result rose by 8.8% to 2.194 billion.
In the conference call Donnet underlined that Life is maintaining a positive trajectory thanks to strong inflows, the increase in the value of new contracts and a favorable business mix.
Natural disasters, the weak point of Generali accounts
However, the half-yearly report also presents an element to monitor.
In the Non-Life business, however, the operating result rose by 4.7% to 2.141 billion, but the Combined Ratio rose to 91.5%, up 0.5 percentage points. The undiscounted one reaches 93.8%, +0.7 points.
The main reason is the greater weight of natural disasters, the impact of which increased by 1.9 percentage points compared to the previous first half of the year.
