Assicurazioni Generali SpA (GASI.MI): 2Q results first take: All divisions progressing well

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06 Aug 2026 13:41:01 ET │ 11 pages

Assicurazioni Generali SpA (GASI.MI)

2Q results first take: All divisions progressing well

CITI'S TAKE

A small beat at the operating profit level but with lots of positives

underlying that we think should be taken well. The P&C loss ratio

(adjusted) improved 40bps y-o-y, with non-motor growth accelerating led

by the newly-formed Redion (Europ Assistance and friends). Life net flows

were strong in the discrete quarter with Asia and Germany key highlights.

Italy saw outflows on product focus and lapses improved. The Q2 NBM

improved 90bps y-o-y. A&WM drove most of the headline beat with

higher revenue margins a key driver. Solvency was in-line. Overall all

divisions appear healthy and progressing well with no particular negatives

to call out. Shares should respond well tomorrow.

Buy

Price (06 Aug 26 17:35)

Target price

Expected share price return

Expected dividend yield

Expected total return

Market Cap

Earnings summary — Q2 Operating Profit is a 6% beat on consensus mainly due to

A&WM (+25%). Net income was a 15% beat. In P&C, results were in-line, but there

were a number of moving parts with the underlying Loss Ratio continuing to

improve. The COR of 92.5% was 10bps higher than consensus with higher Nat Cats

(+60bps) offset by higher PYD (-70bps). The undiscounted CY loss ratio ex Nat Cat

rose 40bps due to higher Man Made losses (+30bps) and reinstatement premiums

(+20bps) as well as some other items (+30bps). Excluding these, the Q2 underlying

loss ratio improved by 40bps y-o-y. Price effects moderated a little at 1H with Motor

increases slowing from 5.0% at FY to 3.9% at 1H, non-motor from to 4.1% to 3.8%,

and A&H from 5.3% to 5.0% Non-motor premium growth (ex Argentina) accelerated

from 5.0% at Q1 to 6.8% in Q2 supported by the newly formed Redion (including

Europ Assistance) +23% at 1H. L&H was broadly in-line also absorbing a €30m oneoff experience variance. Lapse experience improved and net flows of €4.0bn in 2Q

were ahead of our €3.0bn estimate, with Asia and Germany seeing strong flows

partly offset by outflows in Italy – said to be due to a focus on higher value products.

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