Generali raises adjusted net profit 12% to €3.678 billion in nine months
Key Facts
Generali reported on November 13 consolidated results for the nine months ended September 30, 2026, posting adjusted net profit of €3.678 billion, up 12.0% year on year. Net profit rose 11.9% to €3.597 billion compared with the same period in 2025. Adjusted profit exceeded the analyst consensus of €3.560 billion, according to estimates published by the company on November 6. By contrast, consolidated operating result was €6.446 billion, up 8.5% from a year earlier but below the average forecast of €6.481 billion. The results reflect growth in operating and bottom-line profit alongside mounting pressure on the property and casualty business.
The life segment recorded an operating result of €3.321 billion, up 7.4% from the first nine months of 2025, while property and casualty operating result reached €2.861 billion, an increase of 4.5%. Chief Financial Officer Cristiano Borean said the segment’s underlying performance remained resilient despite a greater impact from natural catastrophes and large man-made events, which increased by more than €1 billion year on year. That put segment growth below the pace of the life business, despite its bearing those additional losses. At group level, operating-result growth slowed to 2.6% in the third quarter, after reaching about 11% in the first half, according to data reported by Reuters via Investing.com. The slowdown points to a loss of operating-growth momentum in the final quarter of the reporting period, even as adjusted profit continued to rise over the nine months.
Compared with its first-half results, the company had then reported an operating result of €4.5 billion, up 11.2%, and adjusted net profit of €2.5 billion, an increase of 13.7%. In the latest results, adjusted net profit for the nine months grew 12.0%, while operating growth slowed to 2.6% in the third quarter from a pace of about 11% in the first half. The solvency ratio stood at 216% on June 30, compared with 219% at the end of 2025, including the impact of a €500 million share buyback. The €500 million share buyback program was completed in October after starting on August 10. These figures show the capital and buyback trajectory in the context of the period’s results, alongside higher catastrophe losses.
The company affirmed its confidence in exceeding all targets in its strategic plan, “Lifetime Partner 27: Driving Excellence,” according to the CFO’s statement in the results release. Generali is due to host an Investor Day in London on November 18, when senior management will provide an update on the plan’s execution. The event follows the nine-month results announcement on November 13 and the completion of the buyback program in October. The investor session will provide an opportunity to present the execution update announced by the company, while the period’s results and comparison of segment growth remain the main points in its release. The results question-and-answer call was scheduled for November 13 at 14:30 Central European Time.