Assicurazioni Generali (GASL.MI): Data update: Minor revisions ahead of 1H‘26 results

Research evidence excerpt

Assicurazioni Generali (GASL.MI): Data update: Minor revisions ahead of 1H‘26 results

Equity Research

23 July 2026 | 8:03AM BST

Assicurazioni Generali (GASI.MI): Data update: Minor revisions ahead of

1H’26 results

We update our model ahead of Generali’s 1H’26 results on August 6th. We reduce Andrew Baker, CFA

+44(20)7051-2074 |

our 2026 EPS estimate by c.0.2% as a higher 2Q man-made loss estimate is partially andrew.x.baker@gs.com

Goldman Sachs International

offset by higher Life CSM balance and Asset & Wealth Management performance

Vash Gosalia, CFA

fees. We increase our 2027 to 2030 EPS estimates by c.0.7% on average, driven by +44(20)7051-0132 |

the higher life CSM balance. We increase our price target by c.1% to €37.7 (from vash.gosalia@gs.comGoldman Sachs International

€37.2). Ankitha Giridhar

+1(332)245-7972 |

We are Neutral-rated on Generali with a 12-month price target of €37.7 based on a ankitha.giridhar@gs.comGoldman Sachs India SPL

1.0x 2027E P/ATBV multiple. Key risks to our view and price target include (1) Life Alice Palumbo

underwriting risk: Generali’s protection products are exposed to higher or lower +44(20)7051-2403alice.palumbo@gs.com|

mortality and morbidity risks. Higher or lower life lapses could also support or Goldman Sachs International

pressure the operating result. (2) P&C underwriting risks: P&C risks make up c.20% of

the solvency capital requirement. Other key risks to our view and price target include

higher or lower nat cat claims, and higher or lower attritional losses from a sustained

higher or lower inflationary environment. (3) Financial risks: Generali’s solvency

capital requirement has the greatest allocation to credit / market risk across the

multi-line names. The shares are therefore exposed to positive or negative