Generali Posts Adjusted Profit of €3.68 Billion in Nine Months, Beating Analyst Forecasts
Key Facts
Generali reported on Nov. 13 financial results for the nine months ended Sept. 30, 2026, posting adjusted net profit of €3.68 billion, above the analyst consensus of €3.56 billion. Adjusted earnings per share rose to €2.43, compared with €2.16 in the same period of 2025, an annual increase of 12.4%. The period’s figures present a mixed picture: growth in adjusted profit was offset by operating performance below some market estimates. The quarterly comparison also showed a slowdown in the pace of operating result growth in the third quarter. The results also included insurance and new business indicators that came in below consensus.
Operating result for the nine months was €6.45 billion, up 8.5% year on year, but slightly below the analyst consensus of €6.48 billion. The slowdown was clearer when comparing the third quarter with the first half of the year. Operating result growth slowed to 2.6% in the third quarter, after reaching about 11% in the first half. Operating result growth therefore remained positive for the reported period, but lost momentum in its final three months. This put operating result on a weaker footing than adjusted net profit, which beat expectations.
In the life business, new business value was €2.56 billion in the nine months, below the analyst poll average of €2.65 billion. Gross written premiums rose 4.5% to €76.52 billion, but also remained below the €76.82 billion forecast. These figures put premium growth alongside a modest shortfall against consensus, while new business value recorded another gap in life activity. The increase in premiums did not prevent the group from missing analysts’ estimate for the measure. Comparing these results with adjusted net profit shows a divergence between financial and operating indicators over the same period.
In property and casualty, Generali said underlying performance remained resilient despite an increase of more than €1 billion in the impact of natural catastrophes and large man-made events compared with the corresponding period. Chief Financial Officer Cristiano Borean said, "Underlying property and casualty performance remained resilient despite an increase of more than €1 billion in the impact of natural catastrophes and large man-made events." On insurance profitability, the undiscounted combined ratio rose 0.9 percentage point to 95.1% in the nine months. The ratio was above analysts’ 94.8% forecast. Coverage of the results linked the deterioration in the ratio to catastrophe and man-made event losses.
For the third quarter alone, adjusted net profit rose 8.5% to €1.14 billion compared with the same period of 2025, while net profit fell 0.3% to €1.06 billion. The divergence highlights the different direction of the two measures during the quarter, with adjusted profit rising as net profit declined. Adjusted earnings per share of €2.43 relate to the full nine months and are not a figure for the third quarter alone. The results published through Sept. 30 cover the period from the start of the year, alongside the quarterly figures cited in coverage of the results. The available information did not include data on Generali’s share price movement in the Nov. 13 session.
Generali said it was on track to exceed all targets in its three-year strategic plan ending in 2027. The assessment follows the nine-month results, which combined adjusted net profit above the consensus average with several operating indicators below it. Those indicators included operating result, life new business value and gross written premiums. The company’s financial calendar set Nov. 18, 2026, as its investor day. The event is scheduled five days after the results announcement, while the company’s poll showed average 2026 full-year forecasts of €8,723 million for operating result and €4,796 million for adjusted net profit.