The ratings reflect Generali's very strong capitalisation and low leverage, robust performance, and its very strong company profile.
According to the report, Generali is the third-largest European insurance group by premiums and has a leading position in major western European countries and a large presence in central and eastern Europe and Asia. The group's business profile benefits from its large size and broad diversification across geographies, products, client groups and distribution channels.
Generali's capitalisation is 'Very Strong', as measured by a Solvency II (S2) ratio of 212% at end-3M26 (end-2025: 219%, end-2024: 210%). Its Prism score improved to 'Very Strong' at end-2025 (end-2024: 'Strong'), supported by strong retained earnings. Fitch expects Generali to maintain its capital strength over the medium term, and the Prism score to remain 'Very Strong' at end-2026.
The company's end-2025 Fitch-calculated financial leverage ratio (FLR) was low at 15.7% on a pro-forma basis allowing for Generali's 1H26 debt management actions, broadly unchanged from end-2025, which compares favourably with peers'. Fitch expects the FLR to remain broadly stable in 2026 and 2027.
Generali reported a growing operating result, of EUR 2.2 billion in 1Q2026 (1Q2025: EUR 2.1 billion), supported by better performance across all business segments. However, in non-life, the reported combined ratio slightly increased to 90.5% (1Q2025: 89.7%), mainly due to the negative contribution of nat cat losses, in particular following a significant event in Portugal. Life net inflows were very strong at EUR 4.3 billion. Fitch expects the company to maintain a very strong operating performance in 2026 and 2027.
The insurer's operating profit improved to EUR 8 billion in 2025 (2024: EUR 7.3 billion), with a very strong performance in non-life (up by 20%). The Fitch-calculated combined ratio was stable at 91.7% in 2025 (92% in 2024), due to volume growth and an improved attritional loss ratio, despite a lower benefit from discounting. Generali's Fitch-calculated return on equity (ROE) was 13.3% in 2025 (2024: 15.3%), which is very strong. The rating agency expects a similar ROE in 2026.
The full report can be found here.
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