Generali archives the first six months of 2026 with a double-digit growth profitability, supported by the positive contribution of all the main business segments. Consolidated operating profit rose to 4,5 billion euros, increasing by11,2 % compared to the same period last year, while the net profit normalized reaches 2,54 billion, with an increase of 13,7%.
Net profit grew even more markedly, reaching €2,54 billion, 17,9% higher than in the first half of 2025. Adjusted earnings per share, on the other hand, rose from €1,47 to €1,68, an increase of 14,3%.
Generali: premiums over 53 billion, life insurance premiums at record highs
I total gross premiums of the Lion reach 53,4 billion euros, with growth of 5,8%, thanks to the advancement of both the Life and P&C segments. In the Life segment, premiums rose 5,5% to €33,45 billion, while net inflows jumped 33,9% to €8,33 billion, marking the highest level ever recorded by the Group in the first half of the year.
All major business lines supported inflows. Traditional savings products benefited primarily from growth in Asia, while the pure risk and health segment recorded positive performance in Germany, Asia, and Italy. Inflows into hybrid and unit-linked products were supported by performance in France.
The value of new production increases by 21,1% to €1,89 billion, accompanied by a New Business Margin that rose from 5,12% to 5,86%. The improvement reflects a more favorable product mix, improved technical conditions, and the contribution of higher interest rates.
Generali: Damages rise despite natural disasters
The operating result of the Damage segment increases by 4,7% At €2,14 billion, with gross premiums up 6,3% to nearly €20 billion. The expansion encompasses both the auto and non-auto lines, with widespread contributions from the Group's main geographic areas.
The Combined Ratio stands at 91,5%, down half a percentage point from the first half of 2025. This figure is impacted by the greater impact of natural disasters, which rose to 3,6% from 1,7% the previous year. Excluding this factor, the current loss ratio shows an improvement.
The undiscounted combined ratio reached 93,8%, while the expense ratio remained essentially stable at 29,1%. The increase in acquisition costs was offset by the reduction in administrative expenses.
Generali: Asset and Wealth Management accelerate, Solvency at 216%
Il more dynamic contribution comes from Asset & Wealth Management, whose operating profit rose 31,3% to €735 million. Asset Management recorded growth of 17,3% to €334 million, driven by the increase in average assets under management and improved commission margins.
The group's progress is even more marked General Bank, with operating profit up 45,8% to €401 million. This performance also benefited from higher performance fees, which rose from €42 million to €126 million, while Banca Generali's total net inflows reached €4,4 billion.
- total assets under management The Group's assets under management rose to 944 billion euros, 4,9% more than at the end of 2025. Assets managed by asset management companies reached 740 billion, supported by positive net flows, favorable market trends, and the effect of exchange rates.
The capital position also remains solid. Solvency Ratio stands at 216%, compared to 219% at the end of 2025, while normalized capital generation rises to €2,4 billion, despite the greater impact of catastrophic claims.
Donnet: "Very solid performance in all segments"
The Group CEO Philippe Donnet underlined the solidity of results and progress made in the implementation of the business plan. "The Group's excellent results demonstrate the excellent progress of our 'Lifetime Partner 27: Driving Excellence' plan, thanks to the very solid performance across all segments," he stated. Commenting on the performance of the various businesses, Donnet highlighted that "in the insurance business, Life and Property & Casualty continued their solid growth trajectory in operating profit and technical profitability, despite a greater impact from natural disasters."
The CEO also highlighted the contribution of the Group's financial activities. "Our Asset Management platform continues to expand its portfolio of third-party clients, while Banca Generali once again confirms the success of its business model," he added.
Generali intends to continue in thestrategy implementation Focusing on customer relationships, core competencies, and the evolution of the operating model. "We will continue to pursue excellence in customer relationships, core competencies, and the Group's operating model, leveraging AI and data, and with a strong focus on sustainability," Donnet explained, reiterating the focus on the plan's objectives and long-term value creation.
"Generali," Donnet reiterated, "is an independent, international company, an Italian success story," and the goal is to "continue to successfully pursue the company's mission, resolutely protecting the group's integrity."
Generali launches a buyback of up to €500 million
In parallel with the half-year results, Generali announced thestarting from August 10, 2026 of a share buyback program for a maximum amount of €500 million. The transaction, authorized by the shareholders' meeting on April 23, may involve a maximum of 2% of the share capital and must be completed by December.
The purchased shares will subsequently be cancelled, possibly in multiple phases, without reducing the share capital. The goal is to provide shareholders with additional remuneration beyond dividends, using a portion of available liquidity and implementing the capital management policy set forth in the "Lifetime Partner 27: Driving Excellence" plan.
The program will be managed by Banco Santander in full independence, and purchases will be made exclusively on Euronext Milan. The maximum price cannot exceed 5% of the reference price recorded by the stock in the trading session preceding each transaction. Generali and its subsidiaries currently hold 22.750.066 treasury shares, equal to 1,48% of the capital. 500 million buyback It is part of the Group's commitment to buy back at least €1,5 billion of its own shares over the course of the 2025-2027 strategic plan.
Donnet: "We create value as a standalone group." Opening to UniCredit
In the conference call with analysts, Philippe Donnet reiterated the solidity of the results and Generali's ability to achieve its plan objectives. "The excellent first-half results once again highlight the group's strength, profitability, and strong capital position," the CEO stated. Donnet emphasized the growth in the Life business and the "solid technical profitability" of the P&C business, despite the increased impact of natural disasters. The manager also emphasized the Lion's strategic autonomy: "We must be agile, innovate, and think outside the box to deliver value to customers and our stakeholders as a standalone group."
On the relationship with UniCreditDonnet noted that "significant business" already exists between the two groups, adding: "We will be happy to expand the business with them or explore any other business opportunities in Italy and abroad." Further updates on the plan will be presented at the Investor Day in London on November 18.
Last update 13,57am
