Generali 1Q26 First Take: strong operating and non-operating results across the board; expect upgrades

Research evidence excerpt

Generali 1Q26 First Take: strong operating and non-operating results across the board; expect upgrades

J P M O R G A N Europe Equity Research

21 May 2026

Generali Overweight

GASI.MI, G IM

1Q26 First Take: strong operating and non-operating Price (20 May 26):€37.57

results across the board; expect upgrades Price Target (Dec-27):€41.00

Our Take: This is a very strong set of results from Generali, in our view, and we European Insurance

ACexpect the shares to outperform with potential for consensus upgrades of ~2%-3%. Farooq Hanif

Operating profits have beaten consensus and our estimates across the board, with (44 207) 742-8091

stronger underwriting (insurance service result) as well as investment margins. farooq.hanif@jpmorgan.com

The underlying loss ratio (before discounting, man-made losses, nat cat and Bingdi Fan, CFA

reserve releases) is 0.4ppts better than we expected, speaking to the strong pricing (44-20) 7742-5336

environment supporting margins, but also Generali’s discipline in underwriting. bingdi.fan@jpmorgan.com

Life new business profits are also ahead of our forecasts, supported by margin Kamran M Hossain

expansion as well as growth.The adjusted net result is 14% ahead of consensus, and (44-20) 3493-3780

kamran.hossain@jpmorgan.com

15% ahead of JPMe, while operating profits are 9% ahead of consensus (11% ahead

Nadia Claressaof JPMe), suggesting that Generali’s progress in reducing non-operating costs is

(44-20) 7134-7613

also developing better than we expected. nadia.claressa@jpmorgan.com

J.P. Morgan Securities plc

• Noteworthy Areas:

• 1) P&C results 9% above consensus and 17% above JPMe. This is mainly Specialist Sales contact details:

driven by 1.2ppts better combined ratio than consensus (and 1.5ppts better than Gigi Sparling - Specialist Sales -

JPMe).