GENERALI : Q1 conference call: Areas remain to outperform targets

Research evidence excerpt

GENERALI : Q1 conference call: Areas remain to outperform targets

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 conference call: Areas remain to outperform targets

21 MAY 2026 Securities Research Report Production time: 12:50* (London time)

Research Analyst & Publishing Entities

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

What happened?

A thorough call as ever from Generali with the company setting out a continued optimistic outlook with respect to the

operating performance and where the company is sitting vs. its target. There were some interesting comments on the

risk exposure growth, margin, and pricing outlook, which we discuss below. Overall, there was not much to change

views on the company.

BNPP View:

- Life inflows: The Life inflows were at a strong level in Q1. The €4.3bn achieved was the best quarter in at least

the last seven years. In the results, the company called out particularly strong traditional flows in Asia. On the call,

management also elaborated on the strength of the performance in Europe, with France seeing a 45% uplift in

flows, driven by very strong unit-linked developments and German flows doubling from the level they were few

years ago. Management highlighted some expected seasonality, however, did not indicate that there was anything

‘one-off’ in the flow numbers.

- Life new business margin: The new business margin, and thus new business value, also beat expectations in

Q1. Management indicated that they are very confident in achieving the 5.5% guidance and based on Q1, it is

reasonable to expect that Generali will land ahead of this number at full year.