Generali

Gross written premiums rose 6.8% to €28.2bn, 1.5% ahead of consensus, with the beat driven primarily by the Life business.

The operating result came in at €2.2bn, up 8.1% y/y and 9.4% above consensus, with outperformance across all divisions.

In P&C, the combined ratio was 90.5%, a 0.8pp deterioration vs. 1Q25 but 1.2pp better than consensus — partly reflecting a favourable prior-year development in a quarter marked by elevated nat cat losses, consistent with the company's approach of using prior-year development to offset nat cat volatility. The undiscounted current-year loss ratio excluding nat cats improved by 1.1pp y/y to 64.0%.

In Life, new business value came in at €977m, 11.7% above consensus.

Net income was €1,169m, down 2.2% y/y, weighed down by a negative non-operating investment result of €144m and a higher tax rate — yet still 6.8% ahead of consensus. The adjusted net result grew 5.2% to €1,266m.

The Solvency II ratio stood at 212%, down 7pp vs. year-end 2025 and 2pp below consensus, affected by adverse market movements (-5pp).

Expert Opinion:
Generali still offers an attractive profile in the insurance sector. Despite the strong share price rise over the last couple of years, the rerating was only marginal and the stock still trades at level that are very reasonable. In a sector that could now be toppish, we like insurance better than reinsurance (Scor being the exception) and within insurance, Generali is a stock we like with strong momentum, notably in pricing. 

Note that Swiss Life (life insurance, Reduce, CHF24.2bn mkt cap, 4% upside) also relased its Q1 key indicators showing better results than expected, with fee income notably coming in up 6% lfl, an improvement vs the 5% recorded in 2025. They  also announced the acquisition of Tellis Group in Germany. 

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