Goldman Sachs
May 21, 2026
Assicurazioni Generali 1Q 2026 Results First Take
Sector ReportEquitiesFinancials
Assicurazioni Generali reported a 9% beat on 1Q'26 operating profit, supported by robust insurance service results and a strong combined ratio in P&C.
Key Takeaways
- 1.Generali's 1Q'26 operating profit was a 9% beat vs consensus, driven by strong results in P&C and Life segments.
- 2.Property & Casualty performance was aided by a 1.2ppts beat in the combined ratio (90.5% vs 91.7% consensus).
- 3.The Solvency II ratio of 212% came in slightly below the consensus expectation of 214%.
Table of Contents
- Property & Casualty
- Life
- 1Q'26 Results vs. company-collected consensus vs. GSe
- Disclosure Appendix
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Authors
Andrew Baker, CFAVash Gosalia, CFAAlice PalumboAnkitha Giridhar
Securities
GASI.MI
Themes
1Q26 Earnings PerformanceInsurance Combined Ratio Dynamics
Regions
EuropeAsia PacificItalyFrance
