Life net inflows were very strong, exceeding EUR 8.3 billion, a record figure for a first half. This was thanks to a positive contribution from all business lines.
The operating result grew strongly to EUR 4,505 million (+11.2%) driven by all segments. The Life operating result increased to EUR 2,194 million (+8.8%) while the New Business Value rose to EUR 1,890 million (+21.1%). The P&C operating result grew to EUR 2,141 million (+4.7%) with the Combined Ratio at 91.5% (+0.5 p.p.) reflecting the higher impact of natural catastrophes. The Asset & Wealth Management operating result recorded very strong growth at EUR 735 million (+31.3%) driven by the robust underlying performance of both, Asset Management at EUR 334 million (+17.3%) and Wealth Management at EUR 401 million (+45.8%). The Holding and other businesses operating result was EUR -276 million (EUR -280 million 1H2025).
The adjusted net result increased strongly to EUR 2,543 million (+13.7%) thanks to the Group’s excellent operating performance. The net result grew significantly to EUR 2,538 million (+17.9%). Adjusted EPS rose to EUR 1.68, with a 14.3% increase compared to 1H2025.
The Group’s shareholders' equity was EUR 32.1 billion (+0.1%), reflecting the net result for the period, the 2025 dividend payment and the share buyback related to the Long-Term Incentive Plan implemented during 1H 2026.
The Contractual Service Margin (CSM) rose to EUR 35.8 billion (EUR 34.6 billion FY2025). The Group’s Total Assets Under Management (AUM) reached EUR 944 billion (+4.9% FY2025).
The Group confirms its very solid capital position, with the Solvency Ratio at 216% (219% FY2025) underpinned by sound capital generation and reflecting the launch of the EUR 500 million buy-back, as well as the end of the subordinated bond grandfathering regime.
“This excellent set of results demonstrates the very strong progress on our ‘Lifetime Partner 27: Driving Excellence’ plan, driven by the robust performance of all business segments. In Insurance, Life and P&C continued their trajectory of solid growth in the operating result and in terms of technical profitability, notwithstanding the higher impact of natural catastrophes. Our Asset Management platform further expanded its third-party portfolio, while Banca Generali once again confirmed its successful business model. This performance reflects the dedication of all our colleagues and our distribution network. Together, we will continue to pursue excellence in our customer relationships, core capabilities and our operations, leveraging our AI and data capabilities and strong focus on sustainability. Looking ahead, we will maintain this positive momentum thanks to our consistency, discipline and long-term vision, and we remain fully committed to our ambitious plan targets and to keep delivering value for all stakeholders”, commented Generali Group CEO, Philippe Donnet.
The full report can be found here.
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