GENERALI : Q1 2026: Good, but not that good

Research evidence excerpt

GENERALI : Q1 2026: Good, but not that good

EQUITIES

INSURANCE

GENERALI UNDERPERFORMPRICE* EUR37.6  TARGET PRICE EUR32.5 (DOWNSIDE 13%)

GENERALI ADR UNDERPERFORMPRICE* USD21.9  TARGET PRICE USD18 (DOWNSIDE 18%)

FLASH NOTE

Q1 2026: Good, but not that good

21 MAY 2026 Securities Research Report Production time: 07:04* (London time)

Research Analyst & Publishing Entities

Iain Pearce BNP Paribas London Branch +44 7435 660 628 iain.pearce@uk.bnpparibas.com

What happened?

Overall, it is another solid quarter for Generali, even if there is a bit more to unpick in this quarter than there has been

in previous results. There is a material Operating Profit beat of 9% with the beat being pretty evenly spread across all

of the segments. The P&C result was heavily impacted by Nat Cat but benefitted significantly more than expected from

PYD. The underlying was a small beat vs. cons & BNPP. Life similarly showed stronger new business but missed on

CSM. Traditional savings carried the growth as well. AM also beat expectations, even if this was more Banca Generali,

that Generali Investment Holdings. In conclusion, we would class these results as strong although perhaps not as strong

as the headline beat suggests.

BNPP View:

Operating result: The headline operating result beat was very significant, +9% vs cons and +15% vs BNPP. This was

supported by all the segments, with the three operating units beating cons by 6%, 9% and 8% whilst Holding was also

an 11% beat. This strength across the board is a pleasing feature given with performance strengthening and growth

less reliant on the P&C tailwinds.

EPS: Adjusted EPS was +6% yoy, or +10.2% yoy after accounting for a one-off tax item. This 10% figure is at the top