Generali 1H26 First Take: solid beat with strong life new business growth and continued positive P&C pricing

研报英文原文证据摘录

J P M O R G A N

Europe Equity Research

06 August 2026

Generali

1H26 First Take: solid beat with strong life new business

growth and continued positive P&C pricing

Overweight

GASI.MI, G IM

Price (06 Aug 26):€44.83

Price Target (Dec-27):€44.00

Our Take: a solid beat that should lead to consensus upgrades. Generali’s 1H26

adjusted net result was 6% ahead of JPMe and consensus, driven mainly by a strong

result at Banca Generali. Life and P&C operating profits were closer to consensus.

In life, the insurance service result was lower than we expected, due to less positive

experience variances, offset by a higher investment result due to the timing of

private equity dividends. Life new business profits were stronger than consensus,

reflecting better margins and bodes well for the CSM growth outlook, with CSM

growth of ~5% annualised, meaningfully above guidance. In P&C, the combined

ratio of 91.5% is close to consensus and JPMe. The underlying loss ratio improved

on 1H25, but was ~0.7ppts weaker than we expected in 1H26. There were some

one-off effects in 2Q26, but even allowing for these, the improvement in

underlying loss was not as strong as we expected. P&C pricing (4.1% in 1H26) still

seems robust, helped by good motor and non-motor retail pricing effects, although

a little lower than at FY25 levels. Non-operating costs were lower than we expected

too. Overall, we would expect consensus upgrades and expect the shares to react

positively.

European Insurance

Noteworthy Areas:

(44-20) 7134-0355

2) P&C result was 1% above consensus and 1% above JPMe in 1H26,

underpinned by a better investment result with insurance service result broadly

in line. The undiscounted combined ratio of 93.8% was 0.1ppts higher than

consensus and 0.3ppts higher than JPMe, with P&C gross written premiums

1-2% higher than consensus and JPMe. The underlying loss ratio (excluding

nat cat, discounting, reserve release and man-made losses) was 63.5% vs JPMe

of 62.8% in 1H26. Looking at 1Q26 standalone, underlying loss ratio was

63.7% (or 63.2% after adjusting for one-off items) vs JPMe 62.8%. However,

the loss ratio has improved year-on-year.

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