Insurance Services: profitability in Life, Pension and Protection businesses continues to grow

In Q1-26 Insurance external revenues were up 6.1% to €469m. Life Investments & Pension revenues at €423m, up 5.8% y/y, driven by a growing CSM and higher release (€367m in Q1-26 compared to €351m in Q1-25). Q1-26 positive Life Investments & Pension net inflows at €1.2bn , thanks to a significant contribution from multi-class products with more attractive yields, with an improving lapse rate  of 7.0% driven by a normalizing market environment and lower clients’ portfolio rebalancing activity. Protection revenues grew by 9.0% y/y to €46m. At the end of March 2026, the Contractual Service Margin amounted to €13.8bn providing strong visibility on the division’s sustainable profitability going forward. Poste Vita Group’s Solvency II Ratio  stood at 294% at the end of March 2026, above the managerial ambition of around 200% through the cycle.  Segment Adjusted EBIT  at €392m in Q1-26, up 3.5% y/y reflecting top-line trends.