2014 Generali Full Year Results

GENERALI GROUP 2014 Results The power of Discipline, Simplicity and Focus

Please note that prior year’s figures have been restated throughout the whole presentation to reflect the new perimeter of the Group.

Net income, Shareholders’ Equity, Solvency I, Life Value KPIs, Embedded Value, Economic Solvency are not adjusted for disposed entities.

The like for like change of written premiums, life net inflows, APE and NBV is on equivalent terms (on equivalent exchange rates and consolidation area).

© Generali

March 12, 2014 Results 2014

Agenda

I. Business Overview Page 3 Mario Greco – Group CEO

II. 2014 Group Financials Page 12 Alberto Minali – Group CFO

Backup Page 37

2

© Generali


Agenda

I. Business Overview

3

Mario Greco – Group CEO

© Generali


Key messages

CEO – Business Overview 4

Financial turnaround achieved with key solvency and

profitability targets delivered one year ahead of schedule

Excellent operating results in 2014 in both life and P&C.

Core markets performing well.

Our discipline, simplicity and focus gives us confidence in

the future, driving a +33% increase in dividend to Euro 0.60

per share

Completion of financial turnaround enables us to close

this period of internal focus: next phase of our development

to be presented in May

© Generali


We delivered against our 2013-15 financial priorities

CEO – Business Overview 5

Operating RoE (%)

Net profit (Euro bn, Continuing operations before mins.)

Improve

profitability

Operating RoE exceeded the

target level of 13% one year

ahead of plan

Very strong performances from

both Life and P&C contributed to

an early achievement of target

Net-tax profit from continuing

operations rose +22%

Our focus on core insurance

business delivering results in

profit growth

Net profit excluding identified

extraordinary one offs(1) amounts

to Euro 2.1 bn

9.6 10.9 11.7

13.2

2011 2012 2013 2014

0.5

-0.1

1.4 1.7

2011 2012 2013 2014

(1) Ingosstrakh impairment, Liability Management , Poland, discontinued operations

© Generali


We delivered against our 2013-15 financial priorities

CEO – Business Overview

6

Solvency I Ratio

(%)

Interest cover ratio

(x)

Restore

solvency

Pro-forma Solvency I exceeded

160% target more than one year

ahead of plan

Much optimisation work still to be

done on Solvency II preparations,

but applying full effort of discipline

and focus to this task

Reduce

Leverage

Interest cover improved to 5.3x,

due to profitability improvements

and debt reduction

Debt leverage ratio improved

1.1%pts. to 38.5%

(1)

(1) Pro-forma for agreed BSI disposal

117

145 141 164

2011 2012 2013 2014

4.0 3.6

4.2

5.3

2011 2012 2013 2014

© Generali


Operating performance highlights


7

Italy Operating profit

Life +31%

P&C +21%

Integration program ahead of initial plan

Outstanding results despite restructuring focus

Combined ratio further improved by 3.2%pts to

89.2% in P&C;

Very strong life net inflows, almost triple the level of

the previous year, with improving mix

Germany Operating profit

Life +11%

P&C +25%

Excellent performance in P&C, with combined ratio

3.1%pts lower at 92.6%, and volumes up 3.3%

Life operating result has outperformed

expectations, despite the very challenging interest

rate environment

New CEO brings extensive experience from across

our group to help accelerate the transformation of

our German business

© Generali


Operating performance highlights


8

France Operating profit

Life +6%

P&C n/m

Leading the way in fostering a more client centric

model and improved segmentation

Life business returning to growth – net flows

returned to positive territory in 2014

P&C result still impacted by portfolio pruning and

restructuring; Improved results expected in 2015

CEE Operating profit

Life -16%

P&C +1%

Final tranche acquired January 2015 – now at

100% ownership

We continue to reap the benefits of our strong

regional position in P&C – Combined ratio excellent

once again at 87.7%

Life result impacted by one-off adjustment for

surrender fees in Poland

© Generali


Costs development

CEO – Business overview 9

Group operating expense development, relative to 2012 baseline (OpEx view) (Euro bn)

Gross savings reached Euro 501 m at FY2014 (in line with forecasts, and on track to achieve Euro

750 m planned by FY15)

Net costs show 0.9% increase vs. 2012 baseline, with savings in mature markets offsetting

investments in growth and competencies

5.0

5.2

5.4

5.6

5.8

6.0

6.2

6.4

Cost baseFY 2012

Mature markets Growth markets Headoffice

Cost baseFY 2014

+0.9%

© Generali


Dividend increased +33%


10

Dividend per share

(Euro)

Strong operational performance reflected

in increasing dividend

Euro 0.60 per share proposed in respect of

2014 (2013: Euro 0.45)

Proposed dividend equates to a payout

ratio of 56% (45% excluding identified one

off extraordinary items(1)) 0.20 0.20

0.45

0.60

2011 2012 2013 2014

(1) Ingosstrakh impairment, Liability Management , Poland, discontinued operations

© Generali


Conclusion and looking ahead

We bring to a close a period of internal transformation. We will apply the same discipline, simplicity and focus as we define a new strategic vision for the future Generali


We have instilled the principles of Discipline, Simplicity and Focus within the organisation

We will turn our attention to applying this approach outside: to business, markets and

products

We will leverage a distinctive brand positioning and a consistent product and service

proposition to nurture, retain and grow our client base

We will instil a culture of excellence, efficiency and innovation across our group; and

We will consequently grow and deliver sustainable and progressive shareholder

remuneration.

11

We have created a strong base to build on for future growth and profitability

© Generali


Agenda

II. 2014 Group Financials

12

Alberto Minali – Group CFO

Profit & Loss and Balance Sheet Page 13

Business review Page 24

© Generali


Operating Result: Strong positive development (+10.8%) thanks to both Life and P&C business

Operating RoE: Up 150bp; Exceeded target of 13% for the first time

Net Result: Increasing (+21.6%) excluding the one-off effects from discontinued operations, thanks to

the operating performance of the period, lower non-operating items and lower minority interest

Solvency I: Significant improvement of Solvency capital position thanks to successful placement of

subordinated bond and financial market development, despite higher dividend and buy-out of GPH.

164% pro-forma for disposal of BSI.

Key 2014 financials at a glance

CFO – Profit & Loss 13

FY13 FY14 LFL D 4Q13 4Q14 LFL D

Operating result (Euro m) 4,071 4,508 +10.8% 832 840 +1.0%

Operating RoE 11.7% 13.2% +1.5%pts. 2.2% 2.3% +0.1%pts.

Net result (Euro m) 1,915 1,670 -12.8% 324 81 -74.8%

Net result from continuing oper. (Euro m) 1,429 1,739 +21.6% 1 143 n.m.

EPS (Euro) 1.24 1.07 -13.2% 0.21 0.05 -75.0%

Net operating EPS (Euro) 1.31 1.52 +16.0% 0.25 0.27 +7.5%

Shareholders’ equity 19,778 23,204 +17.3%

Solvency I 141% 156% +15%pts.

© Generali


(33)

4,071

392

211

(133)

4,508

FY13 Life P&C Holding & Otherbusinesses

Cons. Adj FY14

Operating result by segment

CFO – Profit & Loss

14

+10.8%

(Euro m)

FY 14 2,978 1,831 -5 -295

FY 13 2,585 1,619 128 -262

D +15.2% +13.1% n.m. +12.8%

© Generali


New segment reporting

CFO – Profit & Loss 15

(Euro m)

2013 as

reported

last year

Four steps to get from operating result published last year, to new segments

Step 1: Adjust for disposals, i.e. take out BSI and Argentina which are now in discontinued operations

Step 2: Add together the old "Financial" and "Holding" segments, into one new one, "Holding and Other“

Step 3: Some entities have been moved out of the Life and P&C segments, into the "Holding and Other" category

(e.g. pure holding companies, intermediate service companies, etc. are moved into Holding & Other).

Step 3 shows the relevant adjustments.

Step 4: We amend intercompany consolidation rules. In particular: Interest income and dividends earned by Life, P&C

and Financial operating entities are presented in the relative segment operating result, and eliminated in the

consolidation adjustments (if the transaction involves companies from different segments and countries)

-182 Cons

-354 Hold

483 FIN

2,645 LH

1,616 P&C

4,207 Total

Adjustments

for disposals

(BSI, Argentina)

-1

5

-96

-50

0

-142

2013 current

perimeter,

old segments

-183

-349

387

2,595

1,616

4,065

Step 1

H&O

2013 current pe-

rimeter, Financial

& Holding merged

-183

38

2,595

1,616

4,065

Step 2

Differences

due to scope (1)

0

90

-10

-76

5

Step 3

Differences due

to IC consoli-

dation (2)

-79

0

0

79

0

Step 4

New

-262

128

2,585

1,619

4,071

© Generali


From operating result to net profit

CFO – Profit & Loss

16

4,508

(203)

(819)

(441)

(1,124) (69) (182)

1,670

Operating

Result

Non Oper.

Investment

Income

Non Oper.

Holding

Expenses

Net Other

Non Oper.

Expenses

Taxes Disc.

Operations

Minorities Net

Result

Including: -€ 741 m: Interest costs

Including: -€ 182 m: Restructuring costs

-€ 139 m: VOBA amortisation

FY 14 4,508 (203) (819) (441) (1,124) (69) (182) 1,670

FY 13 4,071 19 (802) (795) (835) 485 (227) 1,915

D +10.8% n.m. +2.1% -44.5% +34.5% n.m. -19.8% -12.8%

(Euro m) Including: -€ 79 m: Liability Management

-€ 249 m: Ingosstrakh impairment

© Generali


2014 Group Free Cash Flow

Focus on 2014 cash generation by country

CFO – Cash Flow 17

(Euro bn) Gross expected

free surplus

Remitted cash

Holding & int.

expenses

Net free cash flow

before dividend

Gross Free Surplus in line with 2013

results despite high new business

volumes

Significant and stable dividend

capability in Italy

As previously indicated, no dividend

from France this year

Scope for CEE to expand following

our full ownership

Remain on track to reach

ambition of €1.5bn net fee cash

flow before dividend in 2015

Life Expected free surplus

P&C & Financial surplus

+

+

+

+

+

0.8 1.2 - =

0.4 0.4

0.3 0.7 +

EMEA and

Other

0.3 0.3 Reinsurance

0.1 0.1

0.2 0.3 CEE +

0 0.2

0 0.2 France +

0.3 0.2

0.3 0.5 Germany +

0.9 0.3

0.5 0.8 Italy +

+

+

+

+

+

2.0 2.8 Total

=

73%

=

Group remittance ratio

© Generali


Shareholders’ equity rollforward (Euro m)

19,778

3,997 1,670

(701)

(1,540)

23,204

Shareholders'Equity FY13

Δ in AFS Reserve

FY 2014 NetResults

Dividend Other Shareholders'Equity FY14

Shareholders’ equity

CFO – Balance Sheet 18

Change in AFS reserve (Euro m)

+17.3%

2,501

4,005

(486) 479

6,498

AFS Reserve FY13 Impact BondInvestment

Impact EquityInvestments

Other AFS Reserve FY14

Shareholders’ equity sensitivities (Euro bn)

Equities

-30bps

Interest rate

+100bps

Interest rate

-100bps

Credit spread

+100bps

-1.8

-2.8

2.3

-0.9

Including: -€ 648 m: GPH buyout

-€ 149 m: GDH squeeze out

-€ 733 m: defined benefit plan

© Generali


Solvency I

CFO – Capital 19

+15%pts

152

151

168

140

146

156

Real estate -10%

Credit spread + 100bps

Interest rate -100bps

Interest rate +100bps

Equities -30%

Total ratio 31.12.2014

164%

141%

(5%pts) (8%pts)

10%pts

(6%pts)

6%pts

18%pts 156%

Solvency IFY13

RequiredMarginGrowth

M&A (2) ConsolidatedResult

Proposeddividend2014 (3)

SubordinatedDebt

FinancialMarkets

and Other

Solvency IFY14

Solvency I proformaFY14

Solvency ratio pro forma for BSI reaches 164%(1) net of

proposed dividend

Substantial strengthening of Solvency Capital position despite

the GPH full ownership acquisition, thanks to:

Result of the period

Subordinated debt

Financial markets development

Solvency I rollforward (%) Solvency I ratio sensitivities (%)

(1) At FY14, the estimated positive impact of BSI disposal amounts to 8% pts (2) Including disposal of Fata Danni (+1%pts), acquisition of the 24% minorities of GPH (-7%pts) and 4% minorities squeeze out of GDH (-1% pts) (3) Proposed dividend for Shareholders: Euro 0.9 bn; proposed dividend for Minorities: Euro 0.1 bn

© Generali


Leverage

CFO – Leverage 20

Reduction of Senior debt stock by Euro 1 bn secured

Euro 0.5 bn senior debt maturing in 2015 already

pre-financed with subordinated, improving debt structure

Successful Liability Management transaction completed in

November 2014 for an amount of Euro 1.5 bn, aiming at

efficiently manage the debt maturities

Lower amount of interest expenses(1) due to debt reduction,

and refinancing at lower rates

(1) Around Euro 32 m of interests saving considering the double accounting for the refinanced bonds

Debt leverage (%)

3.6 4.2 5.3 Interest

Coverage

Ratio

Targets achieved:

Debt reduction by Euro 1 bn

Rebalancing of debt structure

40.4

39.6

38.5

39.5

2012 2013 2014

1.0%pts. pre-financing

of 2015 maturities

© Generali


28,830

2,922

26,390 (537)

(4,125) (701)

EV FY13 Change in Perimeter Normalised EVearnings

Investment, Tax andother Variances

2013 Dividend EV FY14

21

Group embedded value rollforward

CFO – Balance sheet & capital

Return on Embedded Value

RoEV Normalised RoEV

Group Embedded Value

Group EV per share

Group EV FY14

10.3% -4.3%

17.0 €

Mainly driven by the impact of low

interest rate curves and higher

volatilities of the market

Robust return on embedded

value, mainly driven by Life

NBV at € 1,239 m and a

positive combined ratio at

93.8%

(Euro m)

© Generali


184%

151% 157%

(5%) (0%)

(24%) (4%)

ESR FY13 Change inperimeter

Change in AC Change in RAC Proposed dividend2014

ESR FY14 Proforma ESRFY14

Economic solvency

Economic solvency rollforward (%)

CFO – Balance sheet & capital

New placement of eligible subordinated bonds offsets the impact of negative economic variances on

the Available Capital

Financial and credit risk drive up capital requirement

Lower interest rates led to reduced loss absorbing capacity with Germany being the biggest driver

Economic solvency ratio pro forma for BSI reaches 157%

22

-33%pts.

© Generali


Agenda

II. 2014 Group Financials

23

Alberto Minali – Group CFO

Profit & Loss and Balance Sheet Page 13

Business review Page 24

© Generali



Gross written premiums 44,941 49,813 +11.2% 12,280 14,202 +15.9%

Net inflows 8,557 12,747 +49.7% 2,160 3,727 +73.0%

Life operating result 2,585 2,978 +15.2% 574 727 +26.6%

Life operating ratio on

investments (bps) 78 81 +3 17 19 +2

APE 4,470 5,163 +14.2% 1,259 1,497 +18.2%

New Business Value 937 1,239 +33.7% 267 305 +13.3%

Margin on APE (%) 21.0% 24.0% +3.5%pts. 21.2% 20.4% -0.9%pts.

Life key financial indicators

CFO – Life Insurance 24

(Euro m)

© Generali


2,585

(165)

506 52 2,978

FY13 Technical Margin Investment result Expenses FY14

Life Operating result by driver


Strong improvement driven by the investment result and decreasing expense ratio

Technical margin lower due to policyholder share of lower expenses, and lower risk result

Large part of the improvement driven by Italy (+30.7%) +15.2%

(Euro m)

FY 14 5,532 2,240 (4,795)

FY 13 5,697 1,734 (4,846)

D % -2.9% +29.2% -1.1%

© Generali


Life inflows and technical reserves(1)


(1) Including liabilities related to investment contracts

FY13 FY14

Italy 1,972 5,699

France -184 615

Germany 4,377 2,958

CEE 541 425

EMEA 1,436 2,703

Lat. Am. 122 118

Asia 275 197

International 18 32

TOTAL 8,557 12,747

Sharp increase in net inflows (+49.7%)

- Continued very strong performance in Italy and EMEA

- Positive trend in France, favoured by positive 4th quarter

- Decrease in Germany mainly due to contraction of cash-in

following planned reduction of single premiums

Overall growth in reserves of 6.9% from end 2013 (of which

+14.5% increase in unit linked)

+6.9%

265.9

1.7

279.7

58.9 67.5

324.8 12.7

(5.5)

13.4

1.7

347.2

FY13Restated

NetInflows

Loadings,Risk &

Surrender Result

Policyh. Shareof Invest. Result

ExchangeRate & Other

FY14

+14.5%

+5.2%

Unit linked

Traditional

(Euro m)

© Generali


Life investment performance


Euro 280 bn Euro 321 bn

(1) Net of depreciation expenses

43.7 47.0

34.9 34.5

8.0 7.7

4.7 4.0

3.4 3.1

3.7 2.1 1.6 1.6

FY13 FY14

Other

Cash & cashequivalent

Real estate

Equity

Other fixedincome

Corporatebonds

Governmentbonds

Euro m %

Fixed income

FY13 9,251 3.9

FY14 9,588 3.6

Equity

FY13 388 3.1

FY14 449 3.5

Real Estate(1)

FY13 555 5.9

FY14 547 5.6

Total(1)

FY13 10,517 3.8

FY14 10,907 3.6

Life segment general account (%)

Current returns

© Generali


Life new business analysis


APE NBV MARGIN ON APE

FY13 FY14 LFL D FY13 FY14 LFL D FY13 FY14 LFL D

Italy 1,845 2,492 +35.1% 336 641 +91.1% 18.2% 25.7% +7.5%pts.

France 752 817 +9.0% 96 89 -6.8% 12.7% 10.9% -1.8%pts.

Germany 938 862 -12.6% 248 265 +1.6% 26.5% 30.7% +4.3%pts.

CEE 191 148 -13.2% 73 49 -18.6% 38.5% 32.8% -2.2%pts.

EMEA 598 684 +9.7% 156 177 +11.2% 26.1% 25.9% +0.4%pts.

Lat. Am.&Asia 146 159 +16.0% 28 19 +49.0% 19.0% 11.8% +2.7%pts.

TOTAL 4,470 5,163 +14.2% 937 1,239 +33.7% 21.0% 24.0% +3.5%pts.

APE development (+14.2%) driven by the good growth of annual premiums (+5.9%) and the excellent

single premium increase (+27.2%)

NBM improves (+3.5%pts.) thanks to the higher weight of the profitable unit linked business and to the

reduction of the guarantees (in Euro area from 1.17% at FY13 to 0.91% at FY14)

Higher volumes and improved profitability lead the NBV to Euro 1,239 m (+33.7%)

(Euro m)

© Generali


P&C key financial Indicators

CFO – P&C Insurance

29


Gross written premiums, of which: 20,940 20,617 +0.2% 5,024 5,053 +2.5%

Primary Motor 8,282 8,062 +0.8% 1,732 1,743 +4.9%

Primary Non Motor 11,955 11,859 +0.0% 3,128 3,111 +0.2%

Combined ratio (%) 95.6% 93.8% -1.9%pts. 97.9% 94.8% -3.1%pts.

Nat Cat impact (%) 2.3% 1.2% -1.1% 1.7% 1.3% -0.5%pts.

P&C operating result 1,619 1,831 +13.1% 285 300 +5.3%

(Euro m)

© Generali


P&C Operating result by driver


30

1,619

287

(5) (71)

1,831

FY13 Technical Margin Investment result Other FY14

Significant improvement in technical margin, due to 1.9%pts reduction in combined ratio. Improvements

in all major markets

Investment return stable despite low interest rate environment

Increase in Other due to write-off of legacy IT systems in Italy, and reallocation of pension related items

between segments +13.1%

(Euro m)

FY 14 1,082 1,007 (258)

FY 13 794 1,012 (187)

D % +36.2% -0.5% +37.7%

© Generali


FY13 FY14 LFL

Italy 6,316 6,132 -2.9%

France 2,722 2,545 -6.5%

Germany 3,436 3,547 +3.3%

CEE 1,924 1,884 +1.3%

EMEA 4,218 4,246 +0.6%

Lat Am 1,112 1,057 +22.9%

Asia 92 103 +12.6%

International 1,118 1,102 -1.5%

Total 20,940 20,617 +0.2%

P&C gross written premiums trends


31

Overall stable premium development:

Decline in Italy both in Motor (decrease in average

premium but stable number of contracts) and Non-Motor

(increase in Personal lines partially mitigates decrease in

Accident & Health, stable Commercial lines)

Decline in France reflecting economic and competitive

market environment, in addition to portfolio restructuring

activities. 4Q14 shows decreasing premiums decline

Improvement in Germany thanks both to Motor and Non-

Motor (Personal and Commercial lines more than offset a

reduction in Accident & Health)

Sharp increase in Latin America (on like for like basis),

mainly driven by Argentina (reflecting inflation effect) and

Brazil (strong growth in corporate business)

(Euro m)

© Generali


68.5 66.7

27.1 27.1

(1.8) (0.1)

95.6 93.8

FY13 Δ Expense ratio Δ Loss ratio FY14

21.3 21.2

5.9 5.9

27.1

(0.1)

27.1

FY13 Δ Admin Δ Acq. FY14

Combined ratio analysis


32

Loss ratio

Expense ratio

68.5

(0.3) (1.1) (0.4)

66.7

FY13 Current year NATCAT Prior years FY14

Combined ratio (%)

-1.9%pts.

FY 14 69.3 1.2 -3.8 66.7

FY 13 69.5 2.3 -3.4 68.5

Expense ratio (%)

Loss ratio (%)

Acquisition costs

Administr. costs

-0.1%pts.

-1.8%pts.

© Generali


Combined ratio by country

CFO – P&C Insurance 33

FY13 FY14 LFL

Italy 92.4% 89.2% -3.2%pts.

France 105.5% 104.9% -0.6%pts.

Germany 95.7% 92.6% -3.1%pts.

CEE 88.8% 87.7% -1.0%pts.

EMEA 95.8% 95.5% -0.3%pts.

Lat Am 100.9% 113.3% +12.4%pts.

Asia 120.0% 97.6% -22.4%pts.

International

Operations 90.6% 83.8% -6.9%pts.

Total 95.6% 93.8% -1.9%pts.

Combined ratio still improving in Italy, despite heavier

Nat Cat impact (+1.2%pts. compared to FY13)

Slight improvement in France thanks to loss ratio

(favoured by lower impact of NAT CAT), stable expense

ratio

Lower NAT CAT events benefit combined ratio both in

Germany and CEE

In LatAm, strong impacts on loss ratio from restructuring

in motor business (Brazil) and large fire claims (Panama)

In Asia, strong contraction of loss ratio from FY13 levels,

which were impacted by large claims in Thailand and

earthquake in Japan

(%)

© Generali


P&C investment performance

CFO – P&C Insurance 34

Euro 36 bn Euro 39 bn

(1) Net of depreciation expenses

30.2 26.0

31.3 35.4

5.1 5.9

9.3 8.7

12.9 11.1

8.2 9.8

3.0 3.1

FY13 FY14

Other

Cash & cashequivalent

Real estate

Equity

Other fixedincome

Corporatebonds

Governmentbonds

Euro m %

Fixed income

FY13 863 3.5

FY14 861 3.4

Equity

FY13 94 3.6

FY14 121 3.6

Real Estate(1)

FY13 283 5.9

FY14 268 5.9

Total(1)

FY13 1,356 3.9

FY14 1,307 3.5

P&C segment general account (%)

Current returns

© Generali


FY13 FY14 LFL 4Q13 4Q14 LFL

Financial 343 374 +8.9% 95 82 -13.8%

of which Banca Generali(1) 198 221 +11.7% 56 44 -21.3%

Operating holding expenses (349) (418) +19.8% (86) (128) +49.2%

Other businesses(2) 134 40 -70.3% 39 (47) n.m.

Total 128 (5) n.m. 49 (92) n.m.

Focus on Holding & Other businesses segment CFO – Holding & Other businesses

35

(Euro m)

(1) Banca Generali’s operating contribution as per Generali’s view

(2) Including pure financial holdings, international service activities and any other non-core businesses

© Generali


Final remarks

CFO – Final remarks 36

Operating RoE above 13% for first time

Strong operational performance in both main

segments

Solvency I target achieved; All focus on Solvency II

preparations

© Generali


Agenda

III. Backup

37

Costs Page 38

Investments Page 40

Financial debt Page 46

Life EV Page 49

Capital Page 54

Definitions Page 57

© Generali


FY 2014 Cost development

Back up: Focus on costs 38

Group operating expense development (OpEx view) (Euro bn)

Reconciliation of general expenses from IFRS view to OpEx view (FY 2014, Euro bn)

Overall costs broadly in line with ambition of remaining

flat at 2012 baseline (+0.9% deviation)

Slight increase in FY14 reflects higher HO costs

(Competency build-out, including C&C) and increased

investment in Asia, offsetting lower costs in mature

markets

Acquisition & Admin costs, accounting view

(per segmental operating profit analysis)

Adjustments from accounting view

Adjusted general expense base

5.3

4.8

0.8

(5.9)

1.0 0.4 6.4

IFRS Admin & Acquisition

costs

Commissions & DAC

Claims settlemement

costs (included

in claims & benefits)

Other items & adjustments

Total general expenses

(OpEx view)

Holding & other

Life

P&C

2012 2013 2014

+0.9% Costs relative

to 2012 baseline: -1.0%

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

© Generali


Agenda

III. Backup

39

Costs Page 38

Investments Page 40


Life EV Page 49

Capital Page 54

Definitions Page 57

© Generali


40

Assets under management

Backup: Investments

76.1

14.1

9.7 Generalaccount

Unit Linked

Third partyinvestments

5

87

4 3

1

Equity

Fixed income

Real estate

Cash & Cash Equivalent

Other

By Asset Class

By Region

31

23

29

3

10 4 Italy

France

Germany

CEE

EMEA

RoW and other operations

Total Portfolio: Euro 480 bn (%)

Breakdown by region and asset class (%)

© Generali


4 6

36

40

12 2

AAA AA A BBB Not Investment Grade Not Rated

73

6

12

8 1

0 14

35

4

44

2 0

Fixed Income Portfolio

Backup: Investments 41

(1) Italian government bond exposure is 83% of BBB (2) Duration gap = duration of fixed income assets – duration of liabilities x (Best estimate liabilities/Market Value of fixed income assets)

Bond duration FY13 FY14

Life 7.3 8.2

P&C 4.1 4.6

Life duration Gap(2) FY13 FY14

-0.6 -1.0

51.7

12.8

17.5

9.1

8.9

Other fixedIncome

Covered

Corporate nonfin.

Corporate fin.

Government

Total Portfolio Euro 319 bn (%)

Covered Euro 29 bn (%)

Corporate Euro 97 bn (%)

Government Euro 165 bn(1) (%)

© Generali


16

13

19 3 12

38

Italy Germany France CEE USA Other

8

16

27

1

1

47 37

5 22

6

3

28

Fixed Income Portfolio by country

Backup: Investments 42

51.7

12.8

17.5

9.1

8.9

Other fixedIncome

Covered

Corporate nonfin.

Corporate fin.

Government

Total Portfolio Euro 319 bn (%)

Covered Euro 29 bn (%)

Corporate Euro 97 bn (%)

Government Euro 165 bn (%)

© Generali


76

20

3

Life

P&C

H&O

83

17

Quoted

Unquoted

60

8

32

Life

P&C

H&O

76

23 0

Life

P&C

H&O

56 27

17

Equity Equity Funds Alternatives

Equity & Equity-like

Backup: Investments

43

Life, P&C and

Financial

Life, P&C and

Financial

Life, P&C and

Financial

Listed and

Unlisted

Total Portfolio: Euro 18 bn (%)

Alternative funds: Euro 3 bn (%)

Equity: Euro 10 bn (%)

Equity funds: Euro 5 bn (%)

© Generali


85

15

Investmentproperties

Own use

65

16

11 3 4

Office

Residential

Retail

Logistic

Other/Mixed

Asset Allocation: Real Estate1

Backup: Investments

44

35

16

25

2

20

2 Italy

Germany

France

CEE

RoE

RoW

1 Data, at fair value, includes own use assets and property inventory 2 Detail referred to direct investments in real estate only

FY13 FY14

Gross Unrealised Gains and

Losses (UGL)

5,532 5,437

Shareholders’ share of UGL

(after P/H share, tax &

minorities)

3,610 3,444

Total Portfolio: Euro 25 bn1

Breakdown by use2 (%)

Breakdown by country2 (%)

Breakdown by utilization2 (%)

Off balance sheet gains (Euro m)

© Generali


Agenda

45

III. Backup

Costs Page 38

Investments Page 40


Life EV Page 49

Capital Page 54

Definitions Page 57

© Generali


Focus on financial debt

Backup: Financial debt 46

4,468 3,477

7,539 8,315

678 460

FY13 FY14

Senior Sub/Hybrid Other

FY13 FY14

Average cost (%) 5.93% 5.62%

Subordinated/Hybrid 6.54% 6.21%

Senior 4.81% 4.13%

Average maturity

(years) 5.27 6.87

Euro 12,685 m Euro 12,253 m (1)

Total financial debt (Euro bn)

Average cost & maturity of financial debt (%)

(1) The amount of financial debt as of December, 31, includes the subordinated bond issued in May 2014 for a nominal amount of Euro 1 bn partly to refinance 2015

maturities

© Generali


500(1)

1,199

887

250

770

1,250

2,638

1,750

1,500 1,451

2015 2016 2017 2018 2019 2020 2022 2024 2025 2026

Senior Hybrid Subordinated

Financial debt breakdown by expiry date/call date

Backup: Financial debt

47

(Euro m)

(1) The senior bond due in 2015 was already refinanced

© Generali


Agenda

III. Backup

48

Costs Page 38

Investments Page 40


Life EV Page 49

Capital Page 54

Definitions Page 57

© Generali


26,136 310 26,446 1,239 1,248

25,082 (315) (1,905)

(62) (1,568)

EV FY13 Perimeter, FX Adjusted EVFY13

NBV Expectedcontribution

Operatingvariance

Economicvariance

Othervariance

Capital Flow EV FY14

Including the VIF impacts due to:

- reference rates drop (-2.9 bn)

- the narrowing of spreads (+1.4 bn)

- increased volatility (-1.2 bn)

49 Back up: Life EV

Life embedded value earnings (Euro m) Return on Life embedded value

RoEV

Normalised RoEV

Adjusted embedded value FY13 26,446

Embedded value earnings 204

Normalised EV earnings(3) 2,172

0.8%

8.2%

Life EV(1) roll-forward

(Euro m)

(1) Calculated with methodology and assumptions compliant with “Market Consistent Embedded Value Principles” as defined by CFO Forum

(2) “ Other variance ” includes model changes, extraordinary expenses and residual variance

(3) “Normalised EV earnings” defined as NBV + Expected contribution + Operating variance

(2)

© Generali


50

FY14 Life Embedded Value sensitivities

Back up: Life EV

-2.5

-1.5

-5.1

-3.5

3.5

-15.9

6.8

Euro m 25,082 Life Embedded Value

Risk Free Rate +100bps

Risk Free Rate -100bps

Equity +10%

Equity -10%

Zero Liquidity Premium

Equity Implied Volatility +25%

Swaption Implied Volatility +25%

(%)

© Generali


51

Expected Life cash flow generation

Back up: Life EV

2,204

1,392

709

(860)

(661)

Existing Run Off 2013 New Business 2013 Free Cashflow 2013

2,277

1,408

657

(926)

(600)

Existing Run Off 2014 New Business 2014 Free Cashflow 2014

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Years1-5

Years6-10

Years11-15

Years16-20

Years21-25

Years26-30

Years31+

-2,000

-1,500

-1,000

-500

-

500

1,000

1,500

Year 0 Years1-5

Years6-10

Years11-15

Years16-20

Years21-25

Years26-30

Years31+

Life expected free cash flows (Euro m)

2014 In-force – Expected undiscounted cash flows 2014 New Business – Expected undiscounted cash flows

Profit

Capital

© Generali


Update on Guarantees

Back up: Focus on guarantees

46.6% 47.3% 46.9% 47.8% 51.1%

52.7%

53.4% 52.7% 53.1% 52.2% 48.9% 47.3%

2.37%

2.04% 2.02%

1.21%

0.86%

0.65%

1.56%

1.23%

1.00%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

2009 2010 2011 2012 2013 2014

Low capital intensity guarantees (1) (% of portfolio) High capital intensity guarantees (% of portfolio)

Existing Portfolio Guarantee Average new business guarantee (premiums)

Average new business guarantee (APE)

Portfolio guarantee profile continues to improve in terms of type (52.7% of reserves is made of low capital

intensity guarantees) and average guarantee (currently 2.02%)

Improvements driven by new business: in 2014, 78.0% of total new business APE is made of low capital

intensity guarantees and the average guarantee is 1.00% (0.65% on new business premiums)

52

(1) Low capital intensity guarantees = no guarantees, matched, at maturity guarantees and yearly 0% guarantees

© Generali


Agenda

III. Backup

53

Costs Page 38

Investments Page 40


Life EV Page 49

Capital Page 54

Definitions Page 57

© Generali


2.1 2.1

1.5 1.6 0.8 0.8 0.8 0.9

5.5

8.4

8.9

9.4

19.6

23.1

FY13 FY14

Financial

Credit

Life UW

Non Life UW

Operational

Not under IM

36

21

19

24

Italy

France

Germany

Other

FY14 Group RAC breakdown by segment (%)

54

Group Risk Capital (RAC)

Backup: Capital

(6%)

(52%)

(11%)

(-2%)

(5%)

(0%)

(1) Not under IM refers to top down approach for minor insurance entities and to regulatory capital requirements for financial segment

(1)

Group RAC at 99.5% after diversification (Euro m)

FY14 Group RAC geographical breakdown (%)

67

26

6

Life

Non Life

Financial

© Generali


55

Reconciliation of IFRS equity to Group Embedded Value

Backup: Capital

1 Includes subordinated and senior bonds issued 2 Mainly VIF AuM, CoC and DTL on subordinated debt

(Euro m)

Life Other Financial

MCEV operations Debt1

IFRS Equity 18.359 17.113 -12.268 23.204

Goodwill, DAC, VoBA and other intangibles -5.563 -4.399 0 -9.962

Mark to market of assets non backing 2.071 1.735 0 3.806

Double counting on life AFS reserves and on other investments -3.039 0 0 -3.039

Adjustment on debt 0 0 -1.088 -1.088

Other adjustments 284 -732 0 -448

Adjusted Net Asset Value 12.113 13.717 -13.357 12.473

In-force value (Life & AuM) 12.969 948 13.917

Embedded value 25.082 14.665 -13.357 26.390

Adjustments -550

Subordinated debt 9.767

Available Capital 25.082 14.665 -13.357 35.606

Group

© Generali


Agenda

III. Backup

56

Costs Page 38

Investments Page 40


Life EV Page 49

Capital Page 54

Definitions Page 57

© Generali


Definitions

Backup: Definitions 57

Total Operating Result Total operating result represents earnings before taxes, gross of interest expense on liabilities linked to financing activit ies,

specific net income from investments and non-recurring income and expenses

Adjusted Shareholders’

Equity

Shareholders’ Equity gross of minorities excluding gains and losses included in Other Comprehensive Income (OCI)

Operating RoE Operating Return on Equity indicates the return in terms of Operating Result on Group Shareholders’ Equity. It is calculated

according to the following ratio:

Total Operating Result adjusted to include:

- interest expenses on financial debt

˗ income taxes based on a mid-term expected tax rate as assumed in 2015 Target

- minorities interests

Adjusted Shareholders’ Equity

Financial Leverage Financial Debt / Financial Debt + Adjusted Shareholders’ Equity

Fixed Charge Coverage EBIT (net of disposals gains) / interest expenses on financial debt

Gross/Net Expected

Surplus

For Life segment it is calculated as the sum of Earnings and capital release from existing business and New Business

Strain

For Non Life and Financial segments it is calculated as operating result net of taxes, minorities and change in capital

requirements (S1)

Net Free Surplus is calculated as Gross Expected Surplus minus holding expenses net of taxes and minorities

Gross Remitted Cash The percentage of Gross Free Surplus actually remitted or passed up to the parent company

© Generali


Disclaimer

Certain of the statements contained herein are statements of future expectations and other forward-looking

statements.

These expectations are based on management's current views and assumptions and involve known and

unknown risks and uncertainties.

The user of such information should recognise that actual results, performance or events may differ

materially from such expectations because they relate to future events and circumstances which are

beyond our control including, among other things, general economic and sector conditions.

Neither Assicurazioni Generali S.p.A. nor any of its affiliates, directors, officers employees or agents owe

any duty of care towards any user of the information provided herein nor any obligation to update any

forward-looking information contained in this document.

The manager charged with preparing the company’s financial reports, Alberto Minali, declares, pursuant to

paragraph 2 of article 154-bis of the Consolidated Law on Financial Intermediation, that the accounting

information contained in this presentation corresponds to document results, books and accounts records.

58

© Generali


Next events

30 April 2015

Annual General Meeting

14 May 2015

1Q 2015 results reporting

27 May 2015

2015 Investor Day

30 July 2015

1H 2015 results reporting

5 November 2015

9M 2015 results reporting

59

© Generali


Team

Marta Porczynska

Team Assistant & Event Manager

[email protected]

+39 040 671402

Martina Vono

Team Assistant & Event Manager

[email protected]

+39 040 671548

Assicurazioni Generali

P.za Duca degli Abruzzi 2

34132 Trieste, Italy

Fax: +39 040 671338

e-mail: [email protected]

www.generali.com

Spencer Horgan

Head of Investor & Rating Agency Relations

[email protected]

+44 20 7265 6480

Stefano Burrino

Senior IR Manager

[email protected]

+39 040 671202

Emanuele Marciante

Senior IR Manager – Credit & Rating Agency Relations

[email protected]

+39 040 671347

Veronica Cherini

IR Manager

[email protected]

+39 040 671488

Rodolfo Svara

IR Manager

[email protected]

+39 040 671823

60

Thank you

61

GENERALI GROUP 2014 Results