Assicurazioni Generali S.p.A. (G) Earnings Call Transcripts

Assicurazioni Generali S.p.A.'s Latest Earnings Call - Q1 FY2026

Assicurazioni Generali S.p.A. reported strong Q1 2026 results, demonstrating robust growth across all segments, driven by strategic execution of their Lifetime Partner 2027 plan. Gross insurance revenue in P&C increased by EUR 575 million, or nearly 7% YoY, while Life net inflows reached EUR 4.3 billion. The company maintained a focus on profitability, with a combined ratio below 94%. Management highlighted a disciplined approach to pricing, particularly in the motor segment, to preserve margins amid potential inflationary pressures. The Solvency II ratio improved by 2 percentage points as of mid-May. Guidance for the full year remains optimistic, with expectations to exceed the 5.5% new business margin target.

Reported metrics

Guidance from management

Management expects to exceed the 5.5% new business margin target for the year, with continued focus on profitable growth across segments. Solvency II ratio is expected to be impacted by a share buyback and regulatory changes.

What management said

Hello, everyone, and thank you for joining our first quarter 2026 results call. Here with us today, we have the Deputy Group CEO, Giulio Terzariol; the Group General Manager, Marco Sesana; and the group's CFO, Cristiano Borean. Before opening for Q&A, let me hand over to Giulio and Cristiano for some opening remarks.

And to your question, whether there is an offset in the loss ratio, [indiscernible] you look at the numbers, including Europe persistence. In that case, you see an increase in the expense ratio, and there is an offset in the loss ratio. When we remove Europe as it stands, actually, the expense ratio is relative at -- in that case, I will say there is not much of an offset. So it depends how you look at the numbers. .

What analysts pressed on

Analysts questioned the impact of acquisition costs on P&C margins and sought clarity on the sustainability of Life inflows amid rising interest rates. Concerns were also raised about the potential inflationary impact on claims and pricing strategies.

Main topics on the call

• P&C Revenue Growth — Gross insurance revenue in P&C grew by EUR 575 million or almost 7% year-on-year, driven by price effects in both motor and non-motor segments. Management emphasized a strategic focus on cycle management and disciplined ...
• Life Segment Performance — Life net inflows were strong at EUR 4.3 billion, with a significant contribution from traditional savings and a new business margin of 19%. Management cautioned against extrapolating these numbers due to positive seasona...
• Expense Management — The GEX ratio improved by 60 basis points to 13.7%, indicating productivity improvements. However, the reported expense ratio increased by 40 basis points due to higher acquisition costs.
• Solvency and Capital Management — The Solvency II ratio increased by 2 percentage points as of May 15, supported by healthy capital generation and market variances. A EUR 500 million share buyback is expected to impact solvency by 2 percentage points.

Read the full Assicurazioni Generali S.p.A. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 76 Assicurazioni Generali S.p.A. earnings call transcripts on record, spanning February 6, 2020 to May 21, 2026. Based on this history, Assicurazioni Generali S.p.A. reports quarterly. The most recent call on file is dated May 21, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

G

Exchange

BIT

Country

IT

Sector

Financials

Industry

Insurance

Calls on record

76

First call

February 6, 2020

Most recent

May 21, 2026

Reporting cadence

quarterly