Assicurazioni Generali S.p.a. · MIL:G
Assicurazioni Generali — H1 2026 Earnings Presentation
79 slides from Assicurazioni Generali's earnings presentation, June 2026
Slide 1: Generali Group First Half 2026 Results
GENERALI GROUP FIRST HALF 2026 RESULTS
Slide 2: Agenda
2 AGENDA 1 Strategy overview 2 3 Group financials Backup
Slide 3: Strategy Overview
STRATEGY OVERVIEW Philippe Donnet Group Chief Executive Officer
Slide 4: Strategic plan execution firmly on track at halfway mark
4 STRATEGIC PLAN EXECUTION FIRMLY ON TRACK AT HALFWAY MARK Excellent first-half results highlighting quality and resilience of Generali’s earnings profile, supported by robust contribution across business segments and continued operating discipline Life maintaining positive growth trajectory driven
Slide 5: Robust performance across all business segments
5 ROBUST PERFORMANCE ACROSS ALL BUSINESS SEGMENTS Operating Result Adjusted Net Result Adjusted Earnings per Share (€ Mn) (€ Mn) (€) +11.2% +10.4% +13.7% +14.3% 4,505 1.68 4,049 2,543 1.47 2,237 1H25 1H26 1H25 1H26 1H25 1H26 Life New Business Value P&C Operating Result Total Asset Under Management (
Slide 6: Strict underwriting discipline on Life new business confirmed
6 STRICT UNDERWRITING DISCIPLINE ON LIFE NEW BUSINESS CONFIRMED Breakdown of Life reserves Breakdown of Life New Business Premiums (NBP) Reserves w/o financial guarantee NBP w/o financial guarantee 33% Reserves with financial guarantee NBP with financial guarantee 45% 55% 67% Current return c. 3.3%
Slide 7: PH&A growth trajectory maintained
7 PH&A GROWTH TRAJECTORY MAINTAINED Half Year 2026 Gross Written Premiums (€53.4 Bn) Savings, Pension Sustained growth trajectory across all key & Unit Linked1 markets, reflecting resilient business €25.1 Bn Protection3 performance and ongoing market expansion (Life) ca. 41% Market demand still driv
Slide 8: Price and volume effects support P&C growth
8 PRICE AND VOLUME EFFECTS SUPPORT P&C GROWTH 1H26 P&C Gross Written Premiums (%) 1H26 Price and Volume effects Group GWP €20.0 Bn Price and Volume % Change Price Volume (1H26 vs 1H25) effect effect 36% Retail and SME 2,3 +4.1% +1.5% o/w Motor +3.9% +0.8% 33% o/w Non-Motor +3.8% +1.5% o/w Accident,
Slide 9: A&WM further expanding contribution to Group's growth
9 A&WM FURTHER EXPANDING CONTRIBUTION TO GROUP’S GROWTH Operating Result (€ Mn) +31.3% 735 A&WM accounting for 16% of Group’s Operating Result, 560 nearly doubling its contribution since 2016 334 Asset Management 285 Wealth 401 Wealth Management Operating Result up 45.8% driven by Management 275 hig
Slide 10: Redion – the new brand for the Generali Care platform
10 REDION – THE NEW BRAND FOR THE GENERALI CARE PLATFORM Employee Mobility & Health & Personal Travel Benefits Home Senior Care Lines A global leader bringing together Europ Assistance, Generali Employee Benefits (GEB), Generali Group Health Services and the International Embedded Insurance activiti
Slide 11: Save the date: Generali 2026 Investor Day
11 SAVE THE DATE 18 NOVEMBER 2026 Generali 2026 Investor Day Andaz Hotel, London
Slide 12: Group Financials
GROUP FINANCIALS Cristiano Borean Group Chief Financial Officer
Slide 13: First half 2026 results in a nutshell
13 FIRST HALF 2026 RESULTS IN A NUTSHELL Volumes 1H25 1H26 LFL Gross Written Premiums (€ Mn) 50,534 53,419 +5.8% Life (€ Mn) 31,762 33,449 +5.5% P&C (€ Mn) 18,772 19,971 +6.3% Life Net Inflows (€ Mn) 6,345 8,326 +33.9% Profitability 1H25 1H26 Operating Result (€ Mn) 4,049 4,505 +11.2% Adjusted N
Slide 14: First half 2026 results in a nutshell
14 FIRST HALF 2026 RESULTS IN A NUTSHELL • Gross Written Premiums grew by 5.8% with a healthy contribution from both Life and P&C • Life Net Inflows experienced a very positive trend in 1H26, also thanks to continued improvement in surrenders. All business lines contributed positively and recorded h
Slide 15: Operating result growth supported by all business segments
15 OPERATING RESULT GROWTH SUPPORTED BY ALL BUSINESS SEGMENTS (€ Mn) +11.2% 175 4 3 95 178 4,505 4,049 1H25 Life P&C A&WM Holding & Other Consolidation 1H26 businesses Adjustments 1H26 2,194 2,141 735 (276) (289) 1H25 2,016 2,046 560 (280) (292) Δ +8.8% +4.7% +31.3% -1.4% -1.2%
Slide 16: Operating result growth supported by all business segments
16 OPERATING RESULT GROWTH SUPPORTED BY ALL BUSINESS SEGMENTS • The 11.2% yoy increase in the Operating Result was supported by the positive contribution from all lines of business with a particularly strong performance of Asset & Wealth Management • Life Operating Result increased by 8.8% to almost
Slide 17: Life operating result led by growing CSM release
17 LIFE OPERATING RESULT LED BY GROWING CSM RELEASE Life Operating Result (€ Mn) 1H25 1H26 Operating Insurance Service Result 1,608 1,701 +5.8% CSM Release 1,569 1,696 +8.1% Risk Adjustment release 82 80 -2.5% Loss component (36) (26) -26.9% Experience variance and other technical result 86 72 -16
Slide 18: Life operating result led by growing CSM release
18 LIFE OPERATING RESULT LED BY GROWING CSM RELEASE • The Life Operating Insurance Service Result increased by 5.8% yoy reflecting the following trends: • The CSM release increased to 1,696 Mn (1,569 Mn in 1H25) driven by a higher CSM • The Loss Component improved slightly from -36 Mn in 1H25 to -26
Slide 19: Normalised CSM growth of 2.5% in first half 2026
19 NORMALISED CSM GROWTH OF 2.5%1 IN FIRST HALF 2026 (€ Mn)2 760 313 36,449 1,790 34,753 33,603 (17) (1,696) CSM New Business Expected Return Economic Operating CSM before CSM release CSM 2025 CSM Variances Variances release 1H26 New Business CSM 1,790 Perimeter3 130 Reinsurance -30 NBV 1,890 1. Nor
Slide 20: Normalised CSM growth of 2.5% in first half 2026
20 NORMALISED CSM GROWTH OF 2.5% IN FIRST HALF 2026 • The Life CSM increased by 3.4% to 34.8 Bn during 1H26, with New Business CSM of 1.8 Bn (1.5 Bn in 1H25) • The expected return on the CSM included the effect of unwinding of discount (0.46 Bn) and the systematic variance due to expected realizatio
Slide 21: Very strong Life net inflows thanks to all business lines
21 VERY STRONG LIFE NET INFLOWS THANKS TO ALL BUSINESS LINES Net Inflows mix by Line of Business in 1H26 Net Inflows mix by Country (€ Mn) (€ Mn) 1H25 1H26 Total 6,345 8,326 o/w Italy 350 (476) o/w France 1,657 2,235 o/w Germany 753 1,310 2,905 o/w Austria 63 58 2,795 o/w Switzerland (10) (51) o/w C
Slide 22: Very strong Life net inflows thanks to all business lines
22 VERY STRONG LIFE NET INFLOWS THANKS TO ALL BUSINESS LINES • Life Net Inflows were very strong, reaching 8.3 Bn in 1H26 up from 6.3 Bn in 1H25. The increase was driven by all lines of business, with a particularly strong performance in Traditional Saving • Hybrid & Unit Linked business increased b
Slide 23: Double-digit new business value growth
23 DOUBLE-DIGIT NEW BUSINESS VALUE GROWTH PVNBP New Business Margin = NBV * (€ Mn) (on PVNBP) (€ Mn) 30,421 +6.3% 32,271 5.12% +0.72 p.p. 5.86% 1,559 +21.1% 1,890 Traditional +22.6% 9,430 564 7,643 5.98% Saving 3.61% +2.38 p.p. 276 +103.3% Protection 8,204 -2.0% 7,941 534 +6.5% 568 & Health 6.51% +0
Slide 24: Double-digit new business value growth
24 DOUBLE-DIGIT NEW BUSINESS VALUE GROWTH • PVNBP reached 32.3 Bn, up 6.3% yoy. This result was supported by the strong performance of Traditional Saving, particularly in Asia and Germany, and of Hybrid & Unit Linked, with a very robust production in France. The trend in Protection & Health was most
Slide 25: New business development by country
25 NEW BUSINESS DEVELOPMENT BY COUNTRY PVNBP NBV New Business Margin (€ Mn) (€ Mn) (on PVNBP) 1H25 1H26 1H25 1H26 1H25 1H26 Total 30,421 32,271 1,559 1,890 5.12% 5.86% o/w Italy 9,666 8,845 545 573 5.64% 6.48% o/w France 9,384 10,511 341 383 3.63% 3.65% o/w Germany 4,831 4,505 208 172 4.31% 3.81% o/
Slide 26: New business development by country
26 NEW BUSINESS DEVELOPMENT BY COUNTRY • In Italy, NBV increased by 5.2% despite lower PVNBP (-8.5%, mainly in Traditional Saving), with NBM up 84 bps to 6.48%, reflecting a more favorable distribution mix, with a lower incidence of Banca Generali and of the bancassurance channel, and the continued
Slide 27: Life current return increasing
27 LIFE CURRENT RETURN INCREASING Life segment General Account (%) 311 Bn 318 Bn Current return¹ € Mn % 2.2% Other 2.7% 1H25 3,995 1.6% 2.3% Liquidity 2.2% Fixed income 7.4% Real estate 7.2% 1H26 4,090 1.6% 7.7% Equity 8.2% 1H25 304 1.3% Equity 1H26 357 1.4% 14.5% Other fixed income 14.9% 1H25 463 2
Slide 28: Life current return increasing
28 LIFE CURRENT RETURN INCREASING • Current income in Life increased by around +4.6% yoy in 1H26, supported by a higher volume of investments and the implementation of the investment strategy aimed at improving current yields. The increase was led by a higher contribution from government and corpora
Slide 29: Sound top line development in both P&C business lines
29 SOUND TOP LINE DEVELOPMENT IN BOTH P&C BUSINESS LINES Top Line (€ Mn) 1H25 1H26 LFL¹ Gross Written Premiums 18,772 19,971 +6.3% o/w Direct Premiums Motor 6,659 7,020 +6.0% o/w Direct Premiums Non-Motor 11,354 12,024 +5.8% Gross Insurance Revenues 17,146 18,351 +7.0% Profitability 1H25 1H26 Co
Slide 30: Sound top line development in both P&C business lines
30 SOUND TOP LINE DEVELOPMENT IN BOTH P&C BUSINESS LINES • P&C premiums grew by 6.3% in 1H26. Excluding Argentina, P&C premiums would have increased by 5.8%. The P&C Gross Insurance Revenues were 18,351 Mn (17,146 Mn in 1H25), of which 11,901 Mn in Non-Motor and 6,450 Mn in Motor • Motor direct prem
Slide 31: P&C top line growth by country
31 P&C TOP LINE GROWTH BY COUNTRY Non-Motor Direct P&C Direct Premiums Motor Direct Premiums Premiums (€ Mn) (€ Mn) (€ Mn) 1H26 ∆ LFL1 1H26 ∆ LFL1 1H26 ∆ LFL1 Total 19,044 +5.9% 7,020 +6.0% 12,024 +5.8% o/w Italy 4,585 +3.6% 1,622 +1.3% 2,963 +4.9% o/w France 2,274 +5.2% 711 +3.6% 1,563 +5.9% o/w Ge
Slide 32: P&C top line growth by country
32 P&C TOP LINE GROWTH BY COUNTRY • Italy’s top line growth was driven by robust growth in Non-Motor (+4.9%), also supported by the ongoing expansion in the profitable health segment • In France, Non-Motor grew by 5.9%, mainly thanks to the increase of partnership in health, and Motor (+3.6%) driven
Slide 33: Combined ratio impacted by higher Nat Cat and Man Made
33 COMBINED RATIO IMPACTED BY HIGHER NAT CAT AND MAN MADE (%) +0.5 p.p. +1.9 91.0 +0.1 91.5 (0.2) (0.9) 29.0 (0.4) 29.1 62.0 62.4 1H25 CY LR undisc. Nat Cat CY Previous Expense 1H26 (excl. Nat Cat) undiscounted discounting years Ratio Expense ratio 1H26 64.3% 3.6% -2.3% -3.3% 29.1% Loss ratio 1H25 6
Slide 34: Combined ratio impacted by higher Nat Cat and Man Made
34 COMBINED RATIO IMPACTED BY HIGHER NAT CAT AND MAN MADE • The Undiscounted COR rose by +0.7 p.p. to 93.8%, reflecting a 1.9 p.p. increase in Nat Cat claims. In addition: • The Attritional CY Loss Ratio improved by -0.4 p.p. to 64.3%, notwithstanding higher Man Made at 158 Mn (98 Mn in 1H25), with
Slide 35: Focus on 2Q 2026 current year attritional loss ratio
35 FOCUS ON 2Q 2026 CURRENT YEAR ATTRITIONAL LOSS RATIO 2Q26 vs 2Q25 A- CY Undiscounted Attritional Loss Ratio excluding Nat Cat +0.4 p.p. B- Impact of Man Made +0.3 p.p. C- Impact of Reinstatement Premium following Storm Kristin +0.2 p.p. D- Impact of Agro claims reclassification in CEE +0.1 p.p. E
Slide 36: Focus on 2Q 2026 current year attritional loss ratio
36 FOCUS ON 2Q 2026 CURRENT YEAR ATTRITIONAL LOSS RATIO • The reported Undiscounted CY Attritional Loss Ratio at 2Q26 shows a +0.4 p.p. increase compared to 2Q25. This increase reflects volatile and one-off items that should be taken into consideration when comparing the two periods, namely: • 2Q26
Slide 37: Combined ratio trends by geography
37 COMBINED RATIO TRENDS BY GEOGRAPHY Discounted Undiscounted 1H26 ∆ 1H26 ∆ Italy 92.2% -0.7 p.p. 94.3% -0.2 p.p. France 91.6% +0.1 p.p. 95.3% 0.0 p.p. Germany 89.3% +0.8 p.p. 90.8% +1.0 p.p. Austria 88.5% -0.4 p.p. 90.6% -0.2 p.p. Switzerland 97.4% -6.2 p.p. 97.6% -6.1 p.p. CEE 86.1% -2.4 p.p. 88.0
Slide 38: Combined ratio trends by geography
38 COMBINED RATIO TRENDS BY GEOGRAPHY • The Undiscounted COR in Italy improved by -0.2 p.p. mainly thanks to a better Attritional CY Loss Ratio in Motor, while Non- Motor was impacted by higher Nat Cat claims. The Undiscounted CY COR excluding Nat Cat improved by -2.0 p.p. compared to 1H25 • The Und
Slide 39: Continued growth in P&C operating result
39 CONTINUED GROWTH IN P&C OPERATING RESULT (€ Mn) +4.7% 3 72 63 (42) 2,141 2,046 1H25 Undiscounted Operating Current Year Insurance Finance Operating Investment 1H26 Insurance Service Result Discounting Expenses Income 1H26 1,141 416 (347) 931 1H25 1,183 354 (350) 860 -3.5% +17.7% -0.9% +8.3%
Slide 40: Continued growth in P&C operating result
40 CONTINUED GROWTH IN P&C OPERATING RESULT • The Undiscounted Operating Insurance Service Result decreased by 42 Mn yoy due to higher Nat Cat claims (-662 Mn vs -296 Mn in 1H25), partly compensated by the positive performance of Current Year attritional profitability and higher Prior Year developme
Slide 41: P&C current return increasing
41 P&C CURRENT RETURN INCREASING P&C segment General Account (%) 50 Bn 51 Bn Current return¹ € Mn % 1H25 564 1.7% 5.4% Other 5.1% Fixed income Liquidity 1H26 682 1.8% 9.2% 8.0% 5.2% Real estate 5.0% 1H25 101 2.8% Equity 7.0% Equity 7.4% 1H26 87 2.4% 9.1% Other fixed income 9.8% 1H25 78 2.8% Real Est
Slide 42: P&C current return increasing
42 P&C CURRENT RETURN INCREASING • Current income in P&C increased by 10.2% yoy in 1H26 compared to the same period of last year, mainly thanks to the implementation of the investment strategy aimed at improving current yield. Without Argentina, the P&C current income increased by 8.5% compared to 1
Slide 43: Very strong Asset & Wealth Management first half 2026
43 VERY STRONG ASSET & WEALTH MANAGEMENT FIRST HALF 2026 Asset & Wealth Management (€ Mn) 1H25 1H26 Operating Result 560 735 +31.3% o/w Asset Management 285 334 +17.3% o/w Wealth Management (Banca Generali Group)1 275 401 +45.8% Asset Management (€ Mn) 1H251 1H262 AUM and margins Operating Reven
Slide 44: Very strong Asset & Wealth Management first half 2026
44 VERY STRONG ASSET & WEALTH MANAGEMENT FIRST HALF 2026 • The A&WM Operating Result was sustained by the very strong contribution of Banca Generali (+45.8% yoy) reflecting higher performance fees of 126 Mn as compared to 42 Mn in 1H25. The Asset Management (“AM”) operating result increased substant
Slide 45: Holding & other businesses and consolidation adjustments
45 HOLDING & OTHER BUSINESSES AND CONSOLIDATION ADJUSTMENTS Holding & Other Businesses (€ Mn) 1H25 1H26 Other Businesses¹ 81 114 +41.3% Operating Holding Expenses (361) (390) +8.1% Total (280) (276) -1.4% Consolidation Adjustments (€ Mn) 1H25 1H26 Total (292) (289) -1.2% 1. It includes companies
Slide 46: Holding & other businesses and consolidation adjustments
46 HOLDING & OTHER BUSINESSES AND CONSOLIDATION ADJUSTMENTS • Other businesses improved also thanks to the comparison with the same period of last year, when a one-off exit tax payment related to the closure of a foreign entity was paid in 1Q25. In 2Q26 Other Businesses posted a 75 Mn Operating Resu
Slide 47: From operating to net result
47 FROM OPERATING TO NET RESULT (€ Mn) Components: Components: Interest expenses on financial Investment result from FVTPL and foreign currency: -15 Mn Components: debt: -219 Mn Restructuring costs: -42 Mn Net realized gains and losses: 2 Mn Other Non-Operating Holding Net ECL and impairment losses:
Slide 48: From operating to net result
48 FROM OPERATING TO NET RESULT • The yoy improvement in the Non-Operating Investment Result from -49 Mn in 1H25 to -30 Mn in 1H26 was driven by two factors. First, better net realized gains for 2 Mn (-12 Mn in 1H25): these stemmed from the combination of a positive one-off capital gain from a busin
Slide 49: From reported to adjusted net result
49 FROM REPORTED TO ADJUSTED NET RESULT (€ Mn) 26 8 (20) (9) 2,538 2,543 Net Net gains Amortisation P&L on Hyperinflation Adjusted Result from of intangibles assets effect³ Net Result disposals¹ related to M&A at FVTPL² 1H26 2,538 (20) 26 (9) 8 2,543 1H25 2,152 1 25 51 7 2,237 1. Almost entirely rel
Slide 50: From reported to adjusted net result
50 FROM REPORTED TO ADJUSTED NET RESULT • The Adjusted Net Result neutralizes these 4 elements: • The volatility stemming from the Mark to Market of investment and other financial instruments at Fair Value Through Profit and Loss (FVTPL) held in non-participating business and shareholder funds. This
Slide 51: Shareholders' equity rollforward
51 SHAREHOLDERS’ EQUITY ROLLFORWARD (€ Mn) 239 +0.1% 2,538 (7) (252) (2,480) 32,064 32,101 Shareholders' Δ in OCI Dividend 1H26 LTIP Share Other Shareholders' Equity FY25 Result Buyback Equity 1H26 Changes in OCI (€ Mn) 1H26 Other Comprehensive Income Reserve 2025 (2,111) Related to financial assets
Slide 52: Shareholders' equity rollforward
52 SHAREHOLDERS’ EQUITY ROLLFORWARD • The Shareholders Equity increased by 0.1% in 1H26 from FY25 • The increase benefitted from the reported net result for the period, offsetting the dividend payment and the LTIP-related share buyback • The changes in Other Comprehensive Income were not material •
Slide 53: Solvency supported by sound capital generation
53 SOLVENCY SUPPORTED BY SOUND CAPITAL GENERATION (€ Bn) Own Excess Funds SCR Own Funds1 Solvency 2 ratio (%) FY 2025 52.6 24.0 28.5 219% Regulatory changes (1.1) (0.0) (1.0) (4 p.p.) Normalised Capital Generation 2.7 0.3 2.4 +9 p.p. Market Variances (0.2) 0.1 (0.3) (2 p.p.) Non-economic Variances 0
Slide 54: Solvency supported by sound capital generation
54 SOLVENCY SUPPORTED BY SOUND CAPITAL GENERATION • The normalised capital generation (+9 p.p.) was supported by the positive contribution of all business segments notwithstanding higher Nat Cat compared to 1H25. The normalised capital generation reflected the full impact of the shares buyback for L
Slide 55: 1H 2026 capital generation at 2.4 billion
55 1H 2026 CAPITAL GENERATION AT 2.4 BILLION (€ Bn) Total Normalised Own Funds SCR¹ Capital Generation Life 1.0 0.9 (0.9) 0.6 1.7 P&C 1.0 (0.1) 0.9 Financials 0.4 0.0 0.4 Holdings (0.6) 0.0 (0.6) Total Normalised 2.7 (0.3) 2.4 Capital Generation Life New Business Other Capital Generation drivers 1.
Slide 56: 1H 2026 capital generation at 2.4 billion
56 1H 2026 CAPITAL GENERATION AT 2.4 BILLION • Own Funds Capital Generation amounted to 2.7 Bn at 1H26 with an increase of 0.2 Bn in comparison with 1H25, including: • The increase of Life contribution, thanks to S2 Value of New Production supported by higher volumes, especially in Asia, and improve
Slide 57: Final remarks
57 FINAL REMARKS Operating Result rose to € 4.5 Bn (+11.2%), thanks to the contribution of all business segments Very strong Life Net Inflows at € 8.3 Bn driven by all business lines Undiscounted COR at 93.8% (+0.7 p.p.) impacted by Man Made and significantly higher Nat Cat claims Asset & Wealth Man
Slide 58: Backup
ios. GENERALI BACKUP
Slide 59: Quarterly results (1/3)
59 QUARTERLY RESULTS (1/3) (€ Mn) 2Q25 2Q26 1 Gross Written Premiums 23,992 25,264 +4.7%1 Life 15,588 16,265 +3.6%1 P&C 8,404 9,000 +6.9%1 o/w Direct Motor 2,934 3,109 +5.9%1 o/w Direct Non-Motor 5,090 5,425 +6.8%1 Life Net Inflows 3,300 4,027 +20.2%1 Total Operating Result 1,983 2,270 +14.5% Life
Slide 60: Quarterly results (2/3)
60 QUARTERLY RESULTS (2/3) (€ Mn, %) 2Q25 2Q26 P&C Operating Result 1,017 1,100 +8.2% Combined Ratio 92.4% 92.5% +0.2 p.p. Loss Ratio 63.3% 63.5% +0.3 p.p. Current year Loss Ratio 65.4% 65.3% -0.1 p.p. Current year Loss Ratio Undiscounted (ex Nat Cat) 64.4% 64.7% +0.4 p.p. of which: Man Made losse
Slide 61: Quarterly results (3/3)
61 QUARTERLY RESULTS (3/3) (€ Mn) 2Q25 2Q26 Asset & Wealth Management Operating Result 288 421 +46.2% o/w Asset Management 159 192 +20.9% o/w Wealth Management (Banca Generali Group) 129 229 +77.4% Holding & Other Businesses Operating Result (130) (146) +12.4% o/w Other Businesses 69 75 +8.4% o/w
Slide 62: P&C efficiency ratio improving in line with the LTP27 target
62 P&C EFFICIENCY RATIO IMPROVING IN LINE WITH THE LTP27 TARGET P&C efficiency ratio: GEX / GIR 1 -0.4 p.p. P&C General Expenses (GEX) 1H26 €2.5 Bn2 (+3.9% yoy) Allocated to: ▪ Expense ratio ca. 2.0 Bn 13.8% ▪ Loss ratio ca. 0.5 Bn 13.4% 1H25 1H26 P&C Gross Insurance Revenues (GIR) 1H26 €18.4 Bn2 (+
Slide 63: Reconciliation between IFRS equity and Solvency 2 own funds
63 RECONCILIATION BETWEEN IFRS EQUITY AND SOLVENCY 2 OWN FUNDS (€ Bn) 3.6 (12.1) 9.5 (5.7) 24.9 (1.7) 5.2 1.4 (3.7) XAL Adjustment: €2.1 Bn 53.4 51.4 32.1 Group Net CSM Minority Intangibles Scope Valuation Net Excess of Subordinated Deductions & Foreseeable Group Shareholders’ interests differences
Slide 64: Assets under management
64 ASSETS UNDER MANAGEMENT Total Portfolio: €944 Bn Breakdown of General Account (%) 9 Italy 32 20 France Germany By Owner (%) CEE 2 Rest of Europe 41 18 19 Rest of World 43 4 3 8 7 Equity & equity-like Fixed income investments By Asset Class (%) Real estate investments 15 Cash & cash like Other 79
Slide 65: Fixed income portfolio by rating
65 FIXED INCOME PORTFOLIO BY RATING Total Portfolio: €309 Bn Corporate Fin.: €41 Bn Corporate Non Fin.: €71 Bn Government: €139 Bn (%) (%) (%) (%) 1 1 19 11 4 8 8 Other fixed Income 22 14 1 8 8 26 34 23 32 Corporate Non Fin. 43 13 40 57 Corporate Fin. AAA AA A BBB Not Investment Grade Not Rated 45 G
Slide 66: Fixed income portfolio by country
66 FIXED INCOME PORTFOLIO BY COUNTRY Total Portfolio: €309 Bn Corporate Fin.: €41 Bn Corporate Non Fin.: €71 Bn Government: €139 Bn (%) (%) (%) (%) 10 7 19 Other fixed Income 8 6 21 24 14 14 15 1 24 8 23 Corporate Non Fin. 10 12 2 1 31 2 9 13 Corporate Fin. 48 33 Italy France Germany CEE RoE USA RoW
Slide 67: Equity & equity-like
67 EQUITY & EQUITY-LIKE Alternative Funds: €16 Bn Listed and Unlisted Total Portfolio: €30 Bn 11 1 (%) (%) 51 (%) 49 27 88 Life P&C Other Listed Unlisted Direct Equity and Asset 55 Allocation Funds: €14 Bn Split by country1 2 8 6 15 19 8 6 33 (%) (%) 27 84 Direct Equity Asset Allocation Funds Altern
Slide 68: Asset allocation: real estate
68 ASSET ALLOCATION: REAL ESTATE Total Portfolio: €32 Bn1 Breakdown by Country3 (%) 0 • Leverage: approximately 30% on RE funds 22 Italy 33 • Occupancy rate: Net vacancy rate <6%2 France Germany 4 (%) CEE Breakdown By Utilisation4 RoE 13 RoW 16% 84% 28 Breakdown by Property Type3 Investment properti
Slide 69: Private debt
69 PRIVATE DEBT Split by geography2 Split by seniority1,3 Total Portfolio2: €20.6 Bn 12 (%) 6 2 (%) (%) 28 3 21 60 20 92 Europe USA Other 49 Senior secured Junior/Medium Blend Split by rating2, 3, 5 Split by currency2, 3, 4 25 5 13 25 26 11 (%) Direct Lending Infrastructure Debt (%) Real Estate Asse
Slide 70: Reconciliation with Group disclosure on external clients
70 RECONCILIATION WITH GROUP DISCLOSURE ON EXTERNAL CLIENTS (€ Bn) 36 86 408 287 AM External Wealth Pension Funds Group External Clients Client Assets Management & Others Assets
Slide 71: Focus on Asset Management – AUM
71 FOCUS ON ASSET MANAGEMENT – AUM (€ Bn) 19 740 5.5 712 3.9 Of which ca. +8 Bn€ FX Effect 2025 AUM Group Net Third Parties Market Effect, FX & Other 1H26 AUM Flows1 Net Flows 1. Including Unit Linked
Slide 72: Focus on financial debt
72 FOCUS ON FINANCIAL DEBT Average cost, maturity and Total financial debt interest expenses on financial debt (€ Mn) 2025 1H26 11,194 11,053 Average cost (%) 4.11% 4.04% 102 2 Subordinated/Hybrid 4.19% 4.11% Senior 3.51% 3.51% 9,806 9,785 Average maturity (years) 4.8 5.7 Interest expenses 460 219 o
Slide 73: Debt maturity profile and financial leverage
73 DEBT MATURITY PROFILE AND FINANCIAL LEVERAGE (€ Mn) €1.25 Bn limit 1,250 500 600 500 500 1,000 850 750 750 750 750 5001 500 500 1,150 500 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Green bonds Sustainability bonds Green bonds Subordinated Refinanced Hybrid Refinanced Subordinated Hybr
Slide 74: Focus on solvency capital requirement
74 FOCUS ON SOLVENCY CAPITAL REQUIREMENT (€ Bn) Pre-diversification SCR by region 1H26 SCR before diversification 39.0 10% AG & Holdings 32% 27% Italy (%) Germany Diversification (10.1) France, EA and GBL CEE 5% 11% Rest of the World Taxes (5.6) 15% 1H26 SCR excl. 23.3 Pre-diversification SCR by typ
Slide 75: What's next in 2H26
75 WHAT’S NEXT IN 2H26 Corporate Events November 13 November 18 LONDON 9M26 RESULTS INVESTOR DAY RELEASE KEPLER BANK OF AMERICA JP MORGAN AUTUMN CONFERENCE CONFERENCE CONFERENCE PARIS LONDON LONDON September 8 September 22-23 November 19 Meet our Management
Slide 76: Contacts
76 CONTACTS Assicurazioni Generali Piazza Duca degli Abruzzi 2 34132 Trieste, Italy Landline number: +39 040 671402 e-mail: ir@generali.com generali.com Fabio Cleva Emanuele Marciante Valeria Godi Group Head of Investor Credit & Rating Agency Relations Investor Relations & Rating Agency Relations fa
Slide 77: Methodological notes
77 METHODOLOGICAL NOTES Group holdings and other companies comprise Assicurazioni Changes in premiums, Life Net Inflows and new business were Generali SpA (including Group Reinsurance), Global Business presented on equivalent terms (at constant exchange rates and Activities (including Redion Employe
Slide 78: Disclaimer
78 DISCLAIMER Certain of the statements contained herein are statements of The manager in charge of preparing the Company’s financial future expectations and other forward-looking statements. reports, Cristiano Borean, declares, pursuant to paragraph 2, article 154 bis of the Consolidated Law on Fin
Slide 79: Generali
GENERALI
Assicurazioni Generali — H1 2026 Earnings Presentation on 6ix