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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