Informazione
Regolamentata n.
0018-96-2026Data/Ora Inizio Diffusione 6 Agosto 2026 17:42:16Euronext Milan
Societa' :ASSICURAZIONI GENERALI
Utenza - referente :ASSGENERN06 - Catalano Giuseppe Tipologia :2.2; 1.2 Data/Ora Ricezione :6 Agosto 2026 17:42:16 Data/Ora Inizio Diffusione :6 Agosto 2026 17:42:16 Oggetto :Generali Group Consolidated Results As At 30
June 2026
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GENERALI GROUP CONSOLIDATED RESULTS AS AT 30 JUNE 202 6
Generali achieves excellent growth in operating and adjusted net result thanks to all business segments • GWP grew to € 53.4 billion ( +5.8%), driven by both P&C (+ 6.3%) and Life (+5.5%) • Very strong Life net inflows at € 8.3 billion . New Business Value increased substantially to € 1.9 billion (+21.1%) • Combined Ratio was 91.5% ( +0.5 p.p.); undiscounted Combined Ratio was 93.8% (+0.7 p.p.) both reflecting the impact of Nat Cat (+1.9 p.p.) • Excellent growth in operating result to € 4.5 billion (+ 11.2%) thanks to all business
segments
• Asset & Wealth Management achieved healthy operating result growth (+31.3% ) thanks to the robust underlying performance of both businesses • Adjusted net result grew significantly to € 2.5 billion (+13.7% ) underpinned by the Group’s excellent operating performance; adjusted EPS rose to € 1.68 (+14.3%) • Group’s total AUM reached € 944 billion (+ 4.9% FY2025) • Very solid capital position with Solvency Ratio at 216% ( 219% FY2025 ) thanks to sound capital generation and accounting for the € 500 million buy -back Generali Group CEO, Philippe Donnet, said: “This excellent set of results demonstrates the very strong progress on our ‘Lifetime Partner 27: Driving Excellence’ plan, driven by the robust performance of all business segments. In Insurance, Life and P&C continued their trajectory of solid growth in the operating result and in terms of technical profitability, notwithstanding the higher impact of natural catastrophes. Our Asset Management platform further expanded its third- party portfolio, while Banca Generali once again confirmed its successful business model. This performance reflects the dedication of all our colleagues and our distribution network. Together, we will continue to pursue excellence in our customer relationships, core capabilities and our operations, leveraging our AI and data capabilities and strong focus on sustainability. Looking ahead, we will maintain thi s positive momentum thanks to our consistency, discipline and long- term vision, and we remain fully committed to our ambitious plan targets and to keep delivering value for all stakeholders.” 06/08/202 6
PRESS RELEASE
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EXECUTIVE SUMMARY
Key Figures
30/06/202 6 30/06/202 5(1) Change(1) Gross Written Premiums (€ mln) 53,419 50,534 5.8% Consolidated Operating Result (€ mln) 4,505 4,049 11.2% Life Operating Result 2,194 2,016 8.8% P&C Operating Result 2,141 2,046 4.7% Asset & Wealth Management Operating Result 735 560 31.3% Holding and other businesses Operating Result -276 -280 -1.4% Consolidation adjustments -289 -292 -1.2% New Business Margin (% PVNBP) 5.86% 5.12% 0.72 p.p.
Combined Ratio (%) 91.5% 91.0% 0.5 p.p.
Adjusted Net Result(2) (€ mln) 2,543 2,237 13.7% Net Result (€ mln) 2,538 2,152 17.9% Adjusted EPS(2) (€) 1.68 1.47 14.3% 30/06/ 2026 31/12/202 5 Change Group’s shareholders’ equity (€ mln) 32,101 32,064 0.1% Contractual Service Margin (€ mln) 35,758 34,610 3.3% Total Asset s under Management (€ mln) 944,038 899,930 4.9% Solvency II Ratio (%)(3) 216% 219% -3 p.p.
(1) Please refer to note 1 on page 3.
(2) Adjusted net result includes adjustments for 1) volatility effects deriving from the valuation at fair value through profit or loss (FVTPL) of investments not backing portfolios with direct profit participation and the free assets; 2) hyperinflation effect under IAS 29; 3) amortisation of intangibles from M&A transactions, if material; 4) impact of gains and losses from acquisitions and disposals , including possible restructuring costs incurred during the first year from the acquisi tion, if material. The EPS calculation is based on a weighted average number of 1,503, 684,206 shares outstanding and is excluding weighted average treasury shares equal to 40, 654,204. The Adjusted EPS includes the adjustment for the interest expense of Restricted Tier 1 debt classified as shareholders’ equity.
(3) For quarterly disclosure purposes, the disclosed Solvency Ratio is reported net of accrued pro- rata dividend.
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Milan – At a meeting chaired by Andrea Sironi , the Generali Board of Directors approved the 2026 Consolidated Half -Year Financial Report of the Generali Group1.
Gross written premiums grew to € 53.4 billion (+5.8%), driven by both P&C ( +6.3%) and Life ( +5.5%).
Life net inflows were very strong, exceeding € 8.3 billion , a record figure for a first half. This was thanks to a positive contribution from all business lines.
The operating result grew strongly to € 4,505 million (+ 11.2%) driven by all segments.
The Life operating result increased to € 2,194 million (+ 8.8%) while the New Business Value rose to € 1,890 million (+21.1%).
The P&C operating result grew to € 2,141 million ( +4.7%) with the Combined Ratio at 91.5% ( +0.5 p.p.) reflecting the higher impact of natural catastrophes .
The Asset & Wealth Management operating result recorded very strong growth at € 735 million ( +31.3 %) driven by the robust underlying performance of both, Asset Management at € 334 million (+17.3%) and Wealth Management at € 401 million (+45.8%).
The Holding and other businesses operating result was € -276 million (€ -280 million 1H202 5).
The adjusted net result 2 increased strongly to € 2,543 million (+13.7% ) thanks to the Group’s excellent operating performance. The net result grew significantly to € 2,538 million (+17.9%).
Adjusted EPS rose to € 1.68, with a 14.3% increase compared to 1H202 5.
The Group’s shareholders' equity was € 32.1 billion ( +0.1%) , reflecting the net result for the period , the 2025 dividend payment and the share buyback related to the Long- Term Incentive Plan implemented during 1H 2026 .
The Contractual Service Margin (CSM) rose to € 35.8 billion (€ 34.6 billion FY2025 ).
The Group’s Total Asset s Under Management (AUM) reached € 944 billion ( +4.9% FY202 5).
The Group confirms its very solid capital position, with the Solvency Ratio at 216% (219% FY202 5) underpinned by sound capital generation and reflecting the launch of the € 500 million buy -back, as well as the end of the subordinated bond grandfathering regime.
1 Changes in premiums, Life net inflows and new business are presented on a like- for-like basis (i.e. assuming constant exchange rates and scope of consolidation). Changes in total AUM and the Solvency Ratio are calculated by comparing them with the corresponding figures at the end of the previous year. Amounts are rounded to one decimal place; consequently, the sum of the rounded amounts may not, in all cases, equal the rounded total. The same may apply to variances.
2 For definition of the adjusted net result, please refer to note 2 on page 2 .
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LIFE SEGMENT
• Very strong Life net inflows at € 8.3 billion (+33.9%) • Operating result rose to € 2.2 billion ( +8.8%) • New Business Margin was 5.86% ( +0.72 p.p.); New Business Value grew to € 1,890 million (+21.1%)
Life Key Figures
euro mln 30/06/202 6 30/06/202 5 Change(1)
VOLUMES
Gross Written Premiums(2) 33,449 31,762 5.5% Net inflows 8,326 6,345 33.9%
PVNBP 32,271 30,421 6.3%
PROFITABILITY
New Business Value 1,890 1,559 21.1% New Business Margin (% PVNBP) 5.86% 5.12% 0.72 p.p.
Life Contractual Service Margin(3) 34,753 33,603(3) 3.4%(3) Life Operating Result 2,194 2,016 8.8% (1) Please refer to note 1 on page 3 .
(2) Including premiums f rom investment contracts equal to € 1,291 million (€ 824 million 1H 2025).
(3) The figure refers to the comparison with the Life CSM data as at 31/12/2025 .
Life g ross written premiums grew to € 33,449 million ( +5.5%). Growth was recorded in both, traditional savings (+15.8%), driven primarily by Asia (+57.8%) and Germany (+59.8%), and protection and health (+2.8%), supported by the positive performance in Germany (+4.4%), Asia (+7.4%), and CEE (+12.6%). The hybrid and unit -linked line was stable (+0.7%), driven by double digit growth in France (+14.4%).
Life Net inflows increased sharply to € 8,326 million (+33.9%) driven mainly by growth in traditional savings , which reached € 2,905 million, led by Asia. Protection & health grew to € 2,626 million thanks to the solid performance in Germany, Asia and Italy. Meanwhile hybrid & unit-linked net inflows rose to € 2,795 million , driven by the growth seen in France.
New business volumes (expressed in terms of present value of new business premiums - PVNBP) grew to € 32.3 billion (+6.3%) , primarily thanks to the strong performance of traditional saving s (+22.6%) in Asia and Germany and the performance of hybrid and unit -linked in France.
New Business Value (NBV) increased substantially to € 1,890 million ( +21.1%) , supported by both higher profitability and volumes . The New Business Margin on PVNBP (NBM) expanded to 5.86% (+ 0.72 p.p.) mainly thanks to the positive impact of a more favou rable product mix and features, as well as higher interest rates.
The Life Contractual Service Margin (Life CSM) increased to € 34.8 billion (€ 33.6 billion FY202 5). The positive development was mainly driven by the contribution of the Life New Business CSM of € 1,790 million, which, coupled with the expected return of € 760 million, more than offset the Life CSM release of € 1,696
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million. The latter also represented the main driver ( around 77%) of the operating result, which increased to € 2,194 million (€ 2,016 million 1H2025 ). The operating investment result increased to € 493 million ( € 408 million 1H 2025).
P&C SEGMENT
• Premiums increased to € 20 billion (+ 6.3%) • Operating result grew to € 2,141 million ( +4.7%) • Combined Ratio at 91.5 % (+0.5 p.p.) and Undiscounted Combined Ratio at 93.8% ( +0.7 p.p.) both reflecting higher Nat Cat
P&C Key Figures
euro mln 30/06/202 6 30/06/20 25 Change(1)
VOLUMES
Gross Written Premiums 19,971 18,772 6.3%
PROFITABILITY(2)
Combined Ratio (%) 91.5% 91.0% 0.5 p.p.
Loss Ratio (%) 62.4% 62.0% 0.4 p.p.
Current Year loss ratio undiscounted excluding Nat Cat (%) 64.3% 64.7% -0.4 p.p.
Natural catastrophe losses undiscounted (%) 3.6% 1.7% 1.9 p.p.
Current year discounting (%) -2.3% -2.1% -0.2 p.p.
Prior year loss ratio (%) -3.3% -2.3% -0.9 p.p.
Expense Ratio (%) 29.1% 29.0% 0.1 p.p.
Undiscounted Combined Ratio (%) 93.8% 93.1% 0.7 p.p.
P&C Operating Result 2,141 2,046 4.7% (1) Please refer to note 1 on page 3 .
(2) Insurance contract revenues: € 18,351 million in 1H2026 ; € 17 ,146 million in 1H2025.
P&C gross written premiums grew to € 20 billion (+6.3%) thanks to the performance of both business lines.
Non- motor achieved widespread growth (+5.8%) across all main areas .
The motor line rose by 6.0 % with particularly positive performances recorded in Germany and CEE . Excluding the contribution from Argentina , motor line premiums increased by 4.6%.
Redion direct premiums3 increased by 22.8% driven mainly by the US travel business and France as well as new partnerships.
The Combined Ratio was 91.5% (91.0% 1H2025 ). The improvement of the current year attritional loss ratio at 64 .3% (-0.4 p.p.) and the higher benefit from discounting at - 2.3% ( -0.2 p.p.) w ere more than offset by higher Nat Cat losses , which accounted for 3.6% (1.7% 1H2025) . The contribution from prior year loss ratio was
3 These refer to the former Europ Assistance direct premiums.
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-3.3% ( -2.3% 1H2025) . The expense ratio was broadly stable at 29.1% (+0.1 p.p.) with lower administrative costs compensating higher acquisition costs.
The Undiscounted combined ratio was 93.8% (93.1% 1H2025).
The operating result grew to € 2,141 million (€ 2,046 million 1H2025 ). The operating insurance service result increased to € 1,557 million (€ 1,536 million 1 H2025). The operating investment result improved to € 585 million (€ 510 million 1 H2025 ) thanks to higher volumes and investment yields.
ASSET & WEALTH MANAGEMENT SEGMENT
• Asset & Wealth Management operating result increased to € 735 million ( +31.3%) • Banca Generali group operating result grew significantly to € 401 million ( +45.8%) • Asset Management operating result rose to € 334 million (+ 17.3%)
Asset & Wealth Management Key Figures
euro mln 30/06/202 6 30/06/202 5 Change(1)
OPERATING RESULT 735 560 31.3%
Asset Management 334 285 17.3% Banca Generali group(2) 401 275 45.8% (1) Please refer to note 1 on page 3 .
(2) Operating contribution from Banca Generali group as per Generali’s view.
Asset Management operating result grew to € 334 million ( +17.3%) thanks to higher average AUM and higher margins.
Operating revenues improved to € 808 million (+13.7%) thanks to the higher average value of AUM and an increase in the average fee margin. Operating expenses (+11.3%) also reflected the consolidation of MGG Investments and increased personnel costs .
The operating result of the Banca Generali group rose to € 401 million ( +45.8%) also thanks to higher performance fees amounting to € 126 million (€ 42 million 1H202 5). Total net inflows at Banca Generali in 1H2026 were € 4.4 billion.
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Focus on Asset Management
euro mln 30/06/202 6 30/06/202 5 Change Operating revenues 808 710 13.7% Operating expenses -473 -425 11.3% Adjusted net result(1) 212 163 30.5%
euro bln 30/06/202 6 31/12/2025 Change Assets Under Management 740 712 3.9% of which third -party Assets Under Management 287 273 5.2% (1) After minorities.
The Asset Management adjusted net result rose to € 212 million ( +30.5%) thanks to higher operating result and lower non-operating expenses related to integration and M&A costs.
The AUM pertaining to the Asset Management companies were € 740 billion (+3.9% FY202 5) benefitting from positive net flows, favourable market effect and FX impact.
Third -party AUM reached € 287 billion reflecting positive net inflows of € 5.5 billion and favourable market conditions, including FX.
HOLDING AND OTHER BUSINESSES SEGMENT
• Operating result stood at € -276 million
Holding and Other Businesses Key Figures
euro mln 30/06/202 6 30/06/202 5 Change
OPERATING RESULT -276 -280 -1.4%
Other businesses(1) 114 81 41.3% Holding operating expenses -390 -361 8.1% (1) Including other financial businesses, pure financial holdings , international service activities and any other non- core business.
The Holding and other businesses operating result was € -276 million (€ -280 million 1H2025 ).
The operating result of Other businesses was € 114 million compared to € 81 million in 1H202 5, which was impacted by a one- off exit tax payment related to the closure of a foreign entity . Operating expenses grew by 8.1% also due to higher personnel costs.
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BALANCE SHE ET AND CAPITAL POSITION
• Very s olid capital position with the Solvency Ratio at 216% ( 219% FY202 5) • Continued healthy normalised capital generation at € 2.4 billion
Solvency and Capital Position
30/06/202 6 31/12/2025 Change SOLVENCY II RATIO (%) 216% 219% -3 p.p.
euro b ln 30/06/202 6 30/06/202 5 Change Normalised capital generation 2.4 2.3 4%
The Group confirmed a very solid capital position with a Solvency Ratio at 216% (219% FY2025), underpinned by sound contribution from normalised capital generation (+9 p.p.). This reflected the impact of regulatory changes ( -4 p.p. ), market variances ( -2 p.p. ), non- economic variances ( -2 p.p. ) and capital movements ( -3 p.p.).
The normalised capital generation , which includes the full impact from the share buy -back for the Long-
Term Incentive Plan (LTIP) fully executed in the first quarter, was supported by the performance of all business segments and increased to € 2.4 billion (€ 2.3 billion 1H2025) notwithstanding higher Nat Cat impact .
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OUTLOOK
On a global macroeconomic level, the transition from concerns over an energy shock to a more constructive recovery scenario has been halted temporarily by the breakdown of the truce previously agreed between the US and Iran. After a temporary soft patch, the Euro Area economy is expected to regain momentum in the second half of the year, while the US should remain a key engine of global growth, supported by robust investment in AI, a broader -based recovery in corporate spending and a stabilising labour market. While questions around the eventual monetisation of AI -related investment remain, capital ex penditure continues to provide a meaningful tailwind to global activity for now.
Provided geopolitical tensions remain contained, the normalisation of energy prices should help decrease headline inflation. However, persistent underlying inflationary pressures still warrant a cautious approach from central banks, particularly in the US , where the economy continues to operate close to full capacity. The Federal Reserve’s hawkish tone at its June meeting suggests a rate increase later this year. In July, the European Central Bank (ECB) left its key policy rate unchanged at 2.25%, in line with market expectations, noting that energy prices remain broadly consistent with the baseline scenario underpinning its June projections. The ECB’s Governing Council still reiterated that uncertainty remains exceptionally elevated, given that the full ef fects of the energy shock have yet to unfold, particularly in regard to its persistence and possible second- round inflationary effects. Markets are pricing two more possible hikes this year, but a more subdued path now depends on diplomatic progress in Iran. Given the looming uncertainty regarding the oil prices, growth is expected to decrease by 0.1 p.p. in 2026 for both the Euro Area and the world economy, bringing growth forecasts to 0.7% and 2.7% respectively.
Halfway into the Lifetime Partner 27: Driving Excellence strategic plan, Generali continues to execute its strategic priorities successfully, with underlying market trends staying in line with the plan’s assumptions and supporting continued business development. In addition, the rapid acceleration of AI adoption is creating new opportunities to enhance customer experience, productivity and innovation, reinforcing the importance of execution excellence and adaptability. The Group also remains deeply committed to the strategic plan’s people and sustainability foundations, continuing to invest in skills, leadership, culture and sustainable value creation as key enablers of long- term success.
In Life, capitalising on Generali’s broad global customer base and strong distribution footprint, Generali’s focus remains on improving technical proficiency and on simplification, offering updated and integrated solutions to adapt to evolving customer needs throughout their lifetime. The main areas of focus include protection and health products, as well as capital -light savings solutions, with the goal of becoming the partner of choice for each customer. The Group’s hybrid and unit -linked offers continue to be a priority to address growing customer needs for financial security with the objective to become the go- to partner for retirement and savings.
In P&C, the Group’s objective is to maximise profitable growth - with a focus on non- motor lines - across the insurance markets where it operates, strengthening its position and offering, especially in countries with high growth potential. The Group confirms and reinforces its flexible approach to tariff adjustments, also considering a general increase in Nat Cat events. The non- motor offer will continue to be enhanced through the addition of modular solutions designed to address specific customer needs. Generali will continue to increase its focus on developing insurance solutions related to the environment and climate change. The Group Climate Hub plays a key role in the delivery of these efforts with the enhancement of methodologies and approaches to understand and manage physical risks.
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With reference to investment policy , the Group continues to pursue an asset allocation strategy aimed at ensuring consistency with policyholder liabilities and improving risk -adjusted returns with a focus on increasing current income. Investments in private and real assets will continue to be pursued gradually to enhance portfolio diversification and capture opportunities, with a prudent approach that takes into account the lower liquidity and higher complexity of these instruments. In real estate, the Group pursues a policy of geographical and sectorial diversification, closely monitoring and evaluating market opportunities and asset quality.
Within Asset & Wealth Management , Asset Management continues to expand its product offering, such as entering the active ETF segment, while maintaining a strong focus on private and real assets, strengthening its distribution network and further improving the quality of service provided to clients. In Wealth Management , Banca Generali group continues to pursue its organic growth strategy, while also leveraging the opportunities arising from the integration of Intermonte, the partnership with Alleanza in the insurbanking segment, and the adoption of AI as a key driver of innovation and productivity. The Group remains committed to delivering a solid level of shareholder remuneration.
The Group is committed to delivering - through the Lifetime Partner 27: Driving Excellence plan - ambitious 2025- 2027 growth targets:
• strong earnings growth: 8- 10% EPS CAGR 4;
• solid cash generation: > € 11 billion Cumulative Net Holding Cash Flow5;
• increasing dividend per share6: > 10% DPS CAGR7 with ratchet policy;
with a clear capital management framework with increased focus on shareholder returns:
• more than € 7 billion in cumulative dividends8 (2025- 2027);
• committed to at least € 1.5 billion share buyback9 over the plan horizon;
• € 500 million buyback that is going to be executed starting 10 August 202 6 and will be completed during 2H2026 .
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4 3-year CAGR based on the Group’s adjusted EPS.
5 Expressed on cash basis.
6 Subject to all relevant approvals.
7 3-year CAGR with 2024 baseline at € 1.28 per share.
8 Subject to all relevant approvals.
9 Subject to all relevant approvals.
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SIGNIFICANT EVENTS AFTER 30 JUNE 202 6
Significant events that occurred following the end of the period will be available in the Half-Yearly Consolidated Financial Report 202 6.
The Report also contains the description of the alternative performance indicators and the Glossary .
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Q&A CONFERENCE CALL
The Group CEO , Philippe Donnet, Direttore Generale - Group Deputy CEO , Giulio Terzariol , the Group CFO , Cristiano Borean and the Group General Manager , Marco Sesana will host the Q&A session conference call for the consolidated results of the Generali Group as of 30 June 2026 , which will be held on 7 August 2026 , at 12.30 pm CEST .
To follow the conference call, in a listen only mode, please dial +39 02 8020927.
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The Manager in charge of preparing the company’s financial reports, Cristiano Borean, declares, pursuant to paragraph 2, article 154 bis of the Consolidated Law on Finance, that the accounting information in this press release corresponds to the document r esults, books and accounting entries.
THE GENERALI GROUP
Generali is one of the largest integrated insurance and asset management groups worldwide, with a total premium income of € 98.1 billion and € 900 billion AUM in 2025. Established in 1831, with over 88,000 employees and 163,000 advisors serving 75 million customers, the Group has a leading position in Europe and a growing presence in Asia and America. At the heart of Generali’s strategy is its Lifetime Partner commitment to customers, achieved through innovative and personalised solutions, best-in-class customer experience and its digitalised global distribution capabilities. The Group has fully embedded sustainability into all strategic choices, with the aim to create value for all stakeholders while building a fairer and more resilient society.
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GENERALI 2Q2026 RESULTS
Key Figures
euro mln 2Q202 6 2Q202 5 Change Consolidated operating result 2,270 1,983 14.5% Life operating result 1,103 1,025 7.6% P&C operating result 1,100 1,017 8.2% Asset & Wealth Management operating result 421 288 46.2% Holding and other businesses operating result -146 -130 12.4% Consolidation adjustments -208 -217 -4.1% Adjusted net result 1,277 1,033 23.6% Net result 1,369 957 43.1%
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FURTHER INFORMATION BY SEGMENT
Life segment
OPERATING RESULT NBV
euro mln 30/06/202 6 30/06/202 5 30/06/202 6 30/06/202 5 Group 2,194 2,016 1,890 1,559 Italy 854 821 573 545 France 477 431 383 341 Germany 290 257 172 208 Austria 57 49 36 40 Switzerland 73 47 21 29
CEE 182 151 95 89
Spain 116 101 85 85 Portugal 18 10 16 13 Asia 183 134 503 204 Group Holding and other companies (*) -57 15 6 5 (*) The data relating to operating result also includes country adjustments.
P&C segment
OPERATING RESULT COMBINED RATIO (**)
euro mln 30/06/202 6 30/06/202 5 30/06/202 6 30/06/202 5 Group 2,141 2,046 91.5% 91.0% Italy 551 472 92.2% 92.9% France 251 235 91.6% 91.5% Germany 321 326 89.3% 88.4% Austria 174 155 88.5% 88.9% Switzerland 19 -4 97.4% 103.6%
CEE 354 271 86.1% 88.4%
Spain 159 105 91.7% 95.1% Portugal 63 69 94.9% 93.6% Asia 28 37 101.1 % 99.2% Redion Assistance & Insurance 142 124 92.5% 92.2% Group Holding and other companies (*) 80 255 97.7% 90.3% (*) The data relating to operating result also include country adjustments.
(**) Nat Cat losses undiscounted impact on Group combined ratio of 3.6 p.p., of which 3.6 p.p. in Italy, 2.3 p.p. in France, 0. 6 p.p. in Germany, 0.3 p.p. in Austria, 0.0 p.p. in Switzerland, 1.8 p.p. in CEE, 1.4 p.p. in Spain, 2.3 p.p. in Portugal, 0.0 p.p. in Asia, 0.0 p.p. in Redion Assistance & Insurance and 15.3 p.p. in Group Holding and other companies (as at 30 June 2025 the impact on Group combined ratio was 1. 7 p.p., of which 1.6 p.p. in Italy, 4.1 p.p. in France, 0.8 p.p. in Germany, 2.0 p.p.
in Austria, 0 .0 p.p. in Switzerland, 2 .9 p.p. in CEE, 0.3 p.p. in Spain, 0. 5 p.p. in Portugal, 0.0 p.p. in Asia, 0.0. p.p. Redion Assistance & Insurance and 1. 8 p.p. in Group Holding and other companies).
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BALANCE SHEET
BALANCE SHEET - ASSETS
(€ million)
Items of assets 30/06/2026 31/12/2025
Note
1. INTANGIBLE ASSETS 12,107 12,200
of which: goodwill 9,299 9,348
2. TANGIBLE ASSETS 4,206 4,099
3. INSURANCE ASSETS 4,876 4,729
3.1 Insurance contracts that are assets 393 317 3.2 Reinsurance contracts that are assets 4,483 4,412
4. INVESTMENTS 535,344 514,328
4.1 Land and buildings (investment properties) 22,263 22,293 4.2 Investments in subsidiaries, associated companies and joint ventures 3,105 3,026 4.3 Financial assets measured at amortised cost 23,752 21,490 4.4 Financial assets measured at fair value through other comprehensive income 243,696 241,751 4.5 Financial assets measured at fair value through profit or loss 242,527 225,767 a) financial assets held for trading 642 637 b) financial assets designated at fair value 146,607 136,526 c) financial assets mandatorily measured at fair value through profit or loss 95,278 88,604
5. OTHER FINANCIAL ASSETS 8,001 7,395
6. OTHER ASSETS 9,612 8,470
6.1 Non-current assets or disposal groups classified as held for sale 710 0 6.2 Tax receivables 5,328 5,462 a) current 4,062 4,080 b) deferred 1,267 1,382 6.3 Other assets 3,573 3,008
7 CASH AND CASH EQUIVALENTS 7,045 7,308
TOTAL ASSETS 581,192 558,529
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BALANCE SHEET - EQUITY AND LIABILITIES
(€ million)
Items of shareholders' equity and liabilities 30/06/2026 31/12/2025
Note
1. SHAREHOLDERS' EQUITY 34,882 34,788
of which: attributable to the Group 32,101 32,064 of which: attributable to minority interests 2,781 2,724 1.1 Share capital 1,603 1,603 1.2 Other equity instruments 501 506 1.3 Capital reserves 5,631 6,087 1.4 Revenue reserves and other reserves 24,597 23,038 1.5 (Own shares) -651 -1,231 1.6 Valuation reserves -2,118 -2,111 1.7 Shareholders' equity attributable to minority interests 2,487 2,233 1.8 Result of the period attributable to the Group 2,538 4,172 1.9 Result of the period attributable to minority interests 295 491
2. OTHER PROVISIONS 2,208 2,229
3. INSURANCE PROVISIONS 471,943 452,432
3.1 Insurance contracts that are liabilities 471,907 452,396 3.2 Reinsurance contracts that are liabilities 36 35
4. FINANCIAL LIABILITIES 50,801 48,843
4.1 Financial liabilities measured at fair value through profit or loss 9,316 9,272 a) financial liabilities held for trading 588 552 b) financial liabilities designated at fair value 8,728 8,721 4.2 Financial liabilities measured at amortised cost 41,485 39,570
5. PAYABLES 10,402 10,212
6. OTHER LIABILITIES 10,957 10,027
6.1 Liabilities associated with non -current assets and disposal groups classified as held for sale 460 0 6.2 Tax payables 5,378 4,890 a) current 3,044 2,585 b) deferred 2,334 2,306 6.3 Other liabilities 5,119 5,136
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 581,192 558,529
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INCOME STATEMENT
(€ million)
Items 30/06/2026 30/06/2025 Note 1. Insurance revenue from insurance contracts issued 28,974 27,623 2. Insurance service expenses from insurance contracts issued -24,761 -23,176 3. Insurance revenue from reinsurance contracts held 1,588 1,308 4. Insurance service expenses from reinsurance contracts held -1,955 -2,066 5. Insurance service result 3,846 3,688 6. Income/expenses from financial assets and liabilities measured at fair value through profit or loss 9,983 1,753 7. Income/expenses from investments in subsidiaries, associated companies and joint ventures 158 119 8. Income/expenses from other financial assets, liabilities and investment properties 4,566 4,705 8.1 - Interest income calculated using the effective Interest rate method 4,186 3,908 8.2 - Interest expenses -406 -422 8.3 - Other income/expenses 1,270 1,245 8.4 - Realised gains/losses -323 3 8.5 - Unrealised gains/losses -161 -29 of which: linked to credit impaired financial assets -5 -4 9. Result of investments 14,707 6,577 10. Net finance income/expenses related to insurance contracts issued -13,763 -5,542 11. Net finance income/expenses related to reinsurance contracts held 45 51 12. Net finance result 989 1,087 13. Other income/expenses 1,267 1,069 14. Acquisition and administration costs: -847 -777 14.1 - Investment management expenses -37 -23 14.2 - Other administrative costs -810 -754 15. Net provisions for risks and charges -147 -165 16. Net impairment and depreciation of tangible assets -86 -73 17. Net impairment and amortisation of intangible assets -124 -118 of which: impairment on goodwill -0 0 18. Other revenue/charges -861 -1,249 19. Profit (Loss) before tax 4,038 3,462 20. Income tax -1,205 -1,066 21. Profit (Loss) after tax 2,832 2,396 22. Profit (Loss) from discontinued operations 0 -1 23. Consolidated result of the period 2,832 2,394 of which attributable to the Group 2,538 2,152 of which attributable to minority interests 295 242
Fine Comunicato n.0018-96-2026 Numero di Pagine: 18