Milan, 12 May 2003

1

Vittoria Assicurazioni

Milan, 12 May 2003

1

Presentation to financial

analysts

2


SHAREHOLDING STRUCTURE

3


1 VITTORIA CAPITAL N.V. - Holland 15.307.200 51,0

2 YURA INTERNATIONAL HOLDING B.V. - Holland (Carlo Acutis) 1.649.500 5,5

3 FERRERO P. & C. S.p.A. - Alba 1.500.000 5,0

4 ERSEL ASSET MANAG. S.p.A.- Turin 645.000 2,1

5 BNP PARIBAS - Paris 600.000 2,0

Equal to 65,6

34,4

100,0

SHAREHOLDERS OF VITTORIA ASSICURAZIONI S.p.A.

%OF SHARE

CAPITALNR. SHARES

The floating portion is equal to

4


%

1 66,0

2 12,010,0

2,0

3 5,0

4 5,0

5 4,0

6 2,0

7 2,0

8 1,0

9 3,0

100,0

SHAREHOLDERS OF VITTORIA CAPITAL N.V.

Equal to

OF SHARE

CAPITAL

YURA INTERNATIONAL HOLDING B.V.- Holland

MUNCHENER RUCK GROUP – GermanyMünchener Rückversicherungs - GesellschaftVictoria Düsseldorf

PIRELLI & C. - Milan

MALUJA – Holland

CREDIT INDUSTRIEL – Switzerland

MARINT – Luxembourg

PFAT.I.A.R.D. (Gruppo AGF Athena) – France

BANCA PASSADORE – Genoa

OTHER

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(in millions of Euros)PREMIUMS

6


2000 2001 2003

Description

forecaston

september figures

actual

forecaston

march figures

Third party motor liability 94,8% 90,1% 77,1% 73,9% 77,4%

Total Motor business 80,3% 75,6% 66,6% 63,6% 67,1%

Other non-life business 60,0% 64,3% 64,8% 64,1% 67,3%

Total non-life business 73,6% 71,9% 66,0% 63,8% 67,2%

2002

LOSS RATIO

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Description 2000 2001 2002forecast

2003

Motor business

Premium reserve 29,9% 31,8% 32,2% 33,1%

Claims reserve 145,7% 148,7% 133,0% 127,9%

Total reserves 175,6% 180,5% 165,2% 161,0%

Other non-life business

Premium reserve 40,7% 42,7% 45,1% 42,9%

Claims reserve 70,2% 70,8% 70,6% 73,5%

Total reserves 110,9% 113,5% 115,7% 116,4%

Non-life business

Premium reserve 35,4% 37,3% 38,6% 37,8%

Claims reserve 107,6% 109,3% 102,2% 101,6%

Total reserves 143,0% 146,6% 140,8% 139,4%

TECHNICAL RESERVES AS A PERCENTAGE OF PREMIUMS

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2003

Descriptionforecast

onmarch figures

Personnel expenses 5,2% 5,2% 5,3%

Other costs 3,5% 4,0% 3,8%

Amortisation/depreciation 1,0% 1,3% 1,5%

Total costs 9,7% 10,5% 10,6%

2001 2002

OVERHEADS AS A PERCENTAGE OF PREMIUMS

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Retained insurance

2001 2002 2003

Description

forecaston

september figures

actual

forecaston

march figures

% % % %

EARNED PREMIUS 100,0 100,0 100,0 100,0

INCURRED CLAIMS -71,9 -66,0 -63,8 -67,2

COSTS -27,2 -28,8 -26,8 -27,4

TECHNICAL POSITIONS -1,2 -1,1 -1,3 -1,4

OPERATING RATIO 100,3 95,9 91,9 96,0

ORDINARY INCOME 6,4 3,5 2,4 4,3

RESULT 6,1 7,6 10,5 8,3

amount in thousands of Euros




TARGET 6% of direct insurance earned premiums 16.302 18.012 18.068

7% of direct insurance earned premiums 23.919

RESULT 12.519 17.353 24.101 21.461

DIFFERENCE -3.783 -659 6.033 -2.458

TOTAL NON-LIFE BUSINESS OPERATING RATIO

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Retained insurance

2001 2002 2003

Description

forecaston

september figures

actual

forecaston

march figures

% % % %

EARNED PREMIUS 100,0 100,0 100,0 100,0

INCURRED CLAIMS -75,6 -66,6 -63,6 -67,1

COSTS -21,9 -22,9 -19,8 -21,7


OPERATING RATIO 98,2 90,3 84,2 89,8


RESULT 8,1 12,9 17,9 14,2


amount in thousands of

Euros





RESULT 11.108 20.560 28.202 25.271

DIFFERENCE -619 7.330 14.944 7.628

TOTAL MOTOR BUSINESS OPERATING RATIO

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Retained insurance

2001 2002 2003

Description

forecaston

september figures

actual

forecaston

march figures

% % % %

EARNED PREMIUS 100,0 100,0 100,0 100,0

INCURRED CLAIMS -64,3 -64,8 -64,1 -67,3

COSTS -38,2 -42,1 -42,1 -40,3


OPERATING RATIO 104,5 108,7 108,7 109,9


RESULT 2,1 -4,5 -5,7 -4,9







RESULT 1.411 -3.207 -4.101 -3.810

DIFFERENCE -3.164 -7.990 -8.911 -10.086

OTHER NON-LIFE BUSINESS OPERATING RATIO

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Description 2000 2001 2002

Number of employees (annual average) 301 325 339

Operating units:

Agencies 186 186 194

Sub-agencies 180 182 185

Banks (bankinsurance agreements) 251 260 252

COMPANY STRUCTURE

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DESCRIPTION 2000 2001 2002

Premiums composition(in millions of Euros)Annual premiums: First-year premiums 8,3 3,2 1,8 Subsequent-year-premiums 58,6 61,0 56,8 Total annual premiums 66,9 64,2 58,6Single premiums 51,5 34,3 24,6Total life businesses 118,4 98,5 83,2PREMIUM COMPOSITION RATIOAnnual premiums 56,5 65,1 70,4Single premiums 43,5 34,9 29,6Surrenders 14,2 16,8 15,2Matured policies 27,7 43,1 45,7

Average life of the premium portfolio at 31 December 2002 (years) 14,2 Average premium excluding single premiums at 31 December 2002 (in thousands of Euros) 973

LIFE BUSINESS FIGURES

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(premiums in millions of Euros)

Description 12/2001 12/2002 3/2002 3/2003

Agencies 59,2 56,6 15,3 11,5

Bankinsurance 39,4 26,6 5,0 3,8

LIFE BUSINESS PORTFOLIO

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(policies number)

Description 12/2001 12/2002 3/2002 3/2003

Policies: Motor business 462.727 510.334 472.790 522.136

Other non-life business

235.255 249.178 235.413 252.315

Affinity Groups 130.234 155.331 131.448 163.842

NON-LIFE BUSINESS PORTFOLIO

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PORTFOLIO COMPOSITION

1990-2002

1995Life26% Third party

motor liability35%

Other Non-life39%

2001Life26%

Third party motor liability42%

Other Non-life32%

1990Life19% Third party

motor liability37%

Other Non-life44%

Life

Other Non-life

Third part

motor liability

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% % %

Description 2000 comp. 2001 comp. 2002 comp.

830,3 100,0 906,2 100,0 956,0 100,0

BUILDINGS 10,9 1,3 9,2 1,0 9,1 1,0

STRATEGIC EQUITY INVESTMENTS 27,6 3,3 46,5 5,1 53,6 5,6

SHARES 1,0 0,1 0,7 0,1 0,0 0,0

BONDS 755,1 90,9 789,7 87,2 849,7 88,9

LOANS 10,4 1,3 13,1 1,4 14,4 1,5

NET INSURANCE DEPOSITS -82,3 -9,9 -86,1 -9,5 -86,0 -9,0

LIQUID FUNDS 25,6 3,1 34,7 3,8 15,5 1,6

INVESTMENTS BENENFITING

LIFE POLICYHOLDERS

(Index-linked and unit-linked) 82,0 9,9 98,5 10,9 99,7 10,4

(in millions of Euros)

INVESTMENTS AND LIQUID FUNDS

INVESTMENT COMPOSITION

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DESCRIPTION 2000 2001 2002

SHARE CAPITAL 15,5 30,0 30,0EQUITY RESERVES 67,0 56,2 63,6NET PROFIT FOR THE YEAR 6,8 10,7 12,8SHAREHOLDERS EQUITY 89,3 96,9 106,4

NON-LIFE BUSINESS SOLVENCY MARGIN FABBISOGNO REQUIREMENT 30,7 33,4 36,3 ECCEDENZA SURPLUS 18,7 27,7 28,2

LIFE BUSINESS SOLVENCY MARGIN FABBISOGNO REQUIREMENT 20,8 22,2 22,6 ECCEDENZA SURPLUS 8,4 13,9 14,9

SHAREHOLDERS' EQUITY AND SOLVENCY MARGIN

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CALCULATION OF EMBEDDED VALUE


SHAREHOLDERS' EQUITY 96.9 106.4

COMMISIONS AND OTHER PROVISIONS (1) 11.0 12.8

LIFE BUSINESS PORTFOLIO (2) 19.4 (3) 20.8

EMBEDDED VALUE 127.3 140.0

DEFERRED TAX RATE: 35%

DEFERRED TAX RATE: 42%RETURN ON ASSETS: 5.25%DISCOUNTING RATE: 7.87%

DEFERRED TAX RATE: 42%RETURN ON ASSETS: 5%DISCOUNTING RATE: 7.50%

(2)

(3)

2001 2002

(1)

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2001 2003

forecast on september

figuresactual

forecast on march figures

11,5 12,5 12,6 13,5

2002

NET ROE - TARGET

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(in Euros)


ANNUAL AVERAGE STOCK EXCHANGE PRICE 4,76 4,05 3,91

BOOK VALUE PER SHARE (BVPS) 2,98 3,23 3,55

EARNINGS PER SHARE (EPS) 0,23 0,36 0,43

EMBEDDED VALUE PER SHARE 3,99 4,24 4,67

INDEXES

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(in Euros)


DIVIDEND PER SHARE 0,10 0,11 0,12

TOTAL DIVIDEND IN MILLIONS (PAY OUT) 3,08 3,30 3,60

DIVIDEND YIELD 2,16 2,72 3,07

PRICE/EARNING RATIO (P/E) 20,89 11,31 9,16

RETURN ON EQUITY (ROE) 7,83 11,54 12,59

PRICE/BOOK RATIO 1,60 1,25 1,10

PRICE/EMBEDDE VALUE RATIO 1,19 0,95 0,84

INDEXES

Documents

Milan, 12 May 2003