Generali: 1Q26 First Take - A good quarter, with some flattering

Research evidence excerpt

Generali: 1Q26 First Take - A good quarter, with some flattering

Equity Research

European Insurance

21 May 2026

Generali

1Q26 First Take - A good quarter,

with some flattering

Overall a good print with all key metrics ahead of GASI.MI/G IM UNDERWEIGHT

(undemanding) expectations, if somewhat flattered by European Insurance NEUTRAL

investments (both P&C & Life) and a net benefit from PYD/nat Price Target EUR 28.50

Price (20-May-26) EUR 37.57

cat interaction. We expect a small positive reaction to the Potential Upside/Downside -24.1%

print, but difficult to see meaningful consensus revisions in Source: Bloomberg, Barclays Research

outer years.

Claudia Gaspari

Operating result at 2,235m is 9% ahead of consensus with all segments ahead of expectations. +44 (0)20 3134 6039

Life operating result at €1,090m is 6% ahead of consensus driven by both technical result and claudia.gaspari@barclays.com

investment result; CSM is 1% below driven by economic variances. New business value is Barclays, UK

strong with volumes 4% better than consensus and margins 30bps better at 5.35%. Net flows at Alessia Magni, CFA

€4.3bn are also solid, in line with what we have seen from peers/market recovery. P&C +44 (0)20 3555 7393

operating result at €1,041m is 9% ahead of consensus driven by both technical and investment alessia.magni@barclays.com

result. Headline combined ratio is 1.2ppts better at 90.5% with 80bps benefit from net impact Barclays, UK

of nat cats 1.3% higher and run-offs 2.1% higher than expectations. Undiscounted current AY Domenico Turco

loss ratio is 40bps better at 64%; Expense ratio 40bps worse at 29.3%. P&C premiums broadly in +44 (0)20 7773 3505

line at €11bn with 6% YoY growth driven c. 4% by price and 2% by volume. We note, however, domenico.turco@barclays.com