Europe Insurance Earnings Tracker 80 of our coverage has now reported

Equity Research 17 August 2026 | 12:25PM BST

Europe Insurance: Earnings Tracker: >80% of our coverage has now reported

Andrew Baker, CFA | Goldman Sachs International

Vash Gosalia, CFA | Source: Goldman Sachs International

18 of our 22 companies under coverage (excluding restrictions) have now reported Ankitha Giridhar | 1H’26 earnings, including all the Multi-lines, Reinsurers, Retail P&C and London Goldman Sachs India SPL Market stocks. This third edition of our 1H’26 earnings tracker tool summarises: 1) Alice Palumbo reported results vs. company-collected consensus; 2) yoy KPI development; and 3) | stock performance on the day of the results. Goldman Sachs International

To date, the average share price reaction on results days has been 0.9% vs. the Stoxx 600, underpinned by an average operating profit, P&C COR and Solvency II beat of 1.2% / -0.8 ppts / 1.7 ppts, respectively. However, P&C Insurance Revenue has been slightly weaker than expected to date at -0.4%. This upcoming week is a quieter results period, with only ASR (preview) under our coverage reporting. Ageas, M&G, and Standard Life round out our coverage over the coming weeks.

Download the latest earnings tracker here.

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Goldman Sachs Europe Insurance

August 17, 2026 Reporting Stats Based on the sample of European Insurance companies tracked

0.9% 18 82% 95% Price reaction relative to # companies reported companies reported market cap reported Stoxx 600*

Key Metrics For the latest half-yearly period for all tracked companies that have reported to date

Operating Profit Net Income DPS Solvency II

+1.2% vs. Consensus +0.9% vs. Consensus -1.8% vs. Consensus +1.7pp vs. Consensus +4.5% YoY +35.7% YoY +1.5% YoY +2.9pp YoY

P&C Insurance Revenue P&C Combined Ratio Life & Health CSM Life & Health NBM

-0.4% vs. Consensus -0.8pp vs. Consensus +1.3% vs. Consensus +0.1pp vs. Consensus +3.8% YoY -1.4pp YoY +4.6% YoY -0.0pp YoY

Consensus aggregates exclude companies that do not provide company-collected consensus Operating Profit and Net Income figures exclude Mandatum

Source: Company data, Goldman Sachs Global Investment Research