Generali (G) · Q2 2026 results and valuation

At 5.1% growth a year (3-year revenue growth), the model's fair value is $68.45 a share — the stock trades 36% below it. Today's price assumes −0.7% growth a year.

1. Key theme

   New business margin expanded to 5.86% thanks to more favorable new business, while value grew 21.1% to EUR 1.9 billion from higher volumes and improved profitability.

   Source quote

   “Our new business margin expanded materially to 5.86%, mainly thanks to the positive impact of a more favorable new business... New business value grew significantly by 21.1%, reaching EUR 1.9 billion, benefiting from both higher volumes and improved overall profitability. Third, the Property & Casualty operating result rose by 4.7% to over EUR 2.1 billion.”

2. Key theme

   This also explains some part of the capital put at work for the new business, which is coherent with the positive…

   Source quote

   “This also explains some part of the capital put at work for the new business, which is coherent with the positive... Clearly, depending on the mix of also this growth, when you have like we had in net inflow, especially this half year, even distribution between all the lines where traditional usually have a slightly higher capital absorption. I reconfirm that in end of...”

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“Sorry, it was just a follow-up on the Nat Cat question actually because the convective storm and hail losses, I mean, the industry reports I've seen on those seems to...”

“The standard product is a very low-cost product, but this also means a little bit low value in the sense there is not much choice in funds.”

“And of course, today, Allianz also reported Allianz, sadly for them, they lost the UniCredit franchise.”