Generali: Key takeaways from 1Q26 conference call

研报英文原文证据摘录

Generali: Key takeaways from 1Q26 conference call

Equity Research

European Insurance

21 May 2026

Generali

Key takeaways from 1Q26

conference call

Management delivered an overall confident message on the GASI.MI/G IM UNDERWEIGHT

call. Key highlights include, in our view: 1) Estimated cash European Insurance NEUTRAL

and capital position as of mid-May; 2) Further colour on P&C Price Target EUR 28.50

Price (20-May-26) EUR 37.57

underlying trends and Life inflows; 3) Breakdown of CSM Potential Upside/Downside -24.1%

economic variances and experience variances within Life ISR. Source: Bloomberg, Barclays Research

European InsuranceKey takeaways:

Claudia Gaspari

1) Further colour on P&C underlying trends: Management mentioned it was a deliberate +44 (0)20 3134 6039

claudia.gaspari@barclays.comchoice not to further accelerate growth in Motor to preserve profitability, as pricing momentum

Barclays, UK

is fading and macro uncertainty (stemming from Middle East conflict) remains. Motor volumes

grew c. 1% YoY (accounting for c. 1/3 of Motor top-line growth), with clear willingness to sacrifice Alessia Magni, CFA

growth and reprice if claims inflation emerges; no evidence yet of severity pressure from the +44 (0)20 3555 7393

alessia.magni@barclays.comMiddle East, while frequency is broadly stable YoY ex-Portugal (vs declining across the portfolio

in 2025), with regional divergence (up in CEE / Germany, likely weather-related). Outside Motor,

momentum remains strong in Non-Motor and A&H and is expected to continue broadly Domenico Turco

unchanged. +44 (0)20 7773 3505

domenico.turco@barclays.com

2) Meaningful nat cat load but still comfortable with aggregate cover on a FY Barclays, UK

basis: Portugal accounted for c. 70% of 1Q gross nat cat losses. While the 1Q cat load was