The Life operating result increased to EUR 1,090 million (+9.9%) and the New Business Value improved to EUR 977 million (+19.1%). P&C operating result grew to EUR 1,041 million (+1.2%) with the Combined Ratio at 90.5% (+0.8 p.p.) and the undiscounted Combined Ratio at 93.1% (+1.1 p.p.), reflecting a significant impact from Nat Cat events. The operating result of Asset & Wealth Management reached EUR 314 million (+15.5%) driven by both the Asset Management result, which increased to EUR 142 million (+12.7%), and the Wealth Management result, which increased to EUR 172 million (+17.9%). The operating result of the Holding and other businesses improved to EUR -130 million (EUR -150 million 1Q2025).
The adjusted net result rose by 5.2% to EUR 1,266 million (EUR 1,204 million 1Q2025). This reflected a tax amount of EUR 623 million, including a one-off component of around EUR 50 million in France, which increased the 1Q2026 tax rate by around 2.5 percentage points. Without this one-off tax item, the Adjusted Net Result growth rate would have been +9.3% and the Adjusted EPS growth would have been +10.2%. The net result amounted to EUR 1,169 million (EUR 1,195 million 1Q2025) reflecting the impact from financial markets on investments held at fair value through profit or loss during the first quarter as well as the aforementioned tax effect.
The Group’s shareholders’ equity increased to EUR 32.8 billion (+2.3%). The Contractual Service Margin (CSM) decreased by 1.3% to EUR 34.2 billion (EUR 34.6 billion FY2025).
The Group’s Total Assets Under Management (AUM) grew to EUR 905 billion (+0.5% compared to FY2025) with third party AUM accounting for EUR 387 billion, of which EUR 277 billion is managed by Asset Management.
The Group confirmed its solid capital position with the Solvency Ratio at 212% (219% FY2025), resulting from EUR 51.0 billion of Eligible Own Funds and EUR 24.1 billion of Solvency Capital Requirement. The change primarily reflects the effect of market variances and the end of the grandfathering period, coupled with capital movements. These factors were only partially offset by the sound contribution from normalised capital generation supported by all business segments, despite higher Nat Cat. The normalised capital generation also included the full impact of the share buy-back for the Long-Term Incentive Plan (LTIP) executed in the first quarter.
“The Group’s first quarter 2026 results confirm the successful execution of our ‘Lifetime Partner 27: Driving Excellence’ strategic plan, with strong growth in the operating result supported by all segments, reflected as well in the adjusted net result. Life recorded a very strong business performance, thanks to the positive contribution from all business lines. In P&C, despite a higher impact from Nat Cat events, underlying technical profitability continued to improve. Asset & Wealth Management operating result benefitted from the strong performance of Generali Investments Holding and Banca Generali. Building on our strong balance sheet and high-quality diversified sources of cash generation, as well as a solid capital position, we remain fully focused on creating sustainable value for all our stakeholders”, commented Generali Group CFO, Cristiano Borean.
The full report can be found here.
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