Investments: - 39%

Costs: - 50%

Rome, February 5th 2004

DUOMO RESTRUCTURINGIn 2 years alignment of COMBINED RATIO with Cattolica

Grafico1

1.04612419211.1570888564

0.98441121811.1785294997

0.97153809261.009962058

1.00580734371.0059754663

Cattolica

Duomo

Foglio2

Combined ratio

1999200020012002

Cattolica104.6%98.4%97.2%100.6%

Duomo115.7%117.9%101.0%100.6%

Premi competenza

Cattolica348,938422,355567,144683,445

Il Duomo Ass.ni164,499184,435164,725262,741

Saldo Tecnico

Cattolica-16,0956,58416,142-3,969

Il Duomo Ass.ni-25,841-32,927-1,641-1,570

Duomo restructuring: allignment of combined ratio

Foglio2

00

00

00

00

Cattolica

Duomo

Foglio3

Rome, February 5th 2004

RESTRUCTURING DURING GROWTHRestructuring of DuomoReal estate spin off Transfer to Parent Companys divisions of 3 subsidiaries:Cattolica on line division Verona Assicurazioni divisionCattolica Aziende division (ongoing)

Exploitation by the Parent Company of know-how already developed and achievement of economies of scale and scope Use of the 3 companies vehicles to develop strategic business areas with the acquisition of new know-how

Rome, February 5th 2004

TUA: AN INNOVATIVE GROWTH DRIVER TUA Assicurazioni is the First insurer in Italy which INNOVATES the sales model in the AGENT CHANNEL and CUSTOMER RELATIONSHIPS with new products created through deep market research (e.g. focus groups) readdressing the role of agents, focusing solely on commercial activities based on a FRANCHISING logic Targets in 2006Agencies 200Clients90.000 Non-life premiums 140 mn /euro

Rome, February 5th 2004

Rome, February 5th 2004UBS Italian Financial Services Conference 2004AGENDAA history of growthGrowth after restructuringDrivers for sustainable growthTargets

Rome, February 5th 2004

NEW SCENARIO: PATENTE A PUNTIJuly 2003 Introduction in Italy of the penalty points system for driving licences

An opportunity for our clients or a driver to increase profitability of the insurance system??We havent enough statistical information.We need at least one year to provide an answer to this question

Rome, February 5th 2004

Since 1994 driver-customised tariffs: UNIQUE in Italy

In 9M2003 Motor premium growth +16,67% with 1,835,000 policies and 1,150,000 clients Duomos Motor TPL portfolio entirely renewed and aligned with that of Cattolica: 487,000 new Motor policies at September 30th 2003

Significant savings in terms of costs for XL reinsurance following a major decline in the frequency of the most significant motor TPL claims19981999200020012002228291447651827CAGR 38%MOTOR A SUCCESSFUL STRATEGYFigures in mln/euro20022003Claims frequencyChange %9.6%9.8%- 2.0%Market*Cattolica Group20022003*Change %9.0%9.0% -%Claims payed avg cost3,5203,268+7.7%3,3073,120+6.0%*Cattolica estimate

Rome, February 5th 2004

LIFE DRIVERS OF GROWTH AND PROFITABILITY*Other administrative expenses/average life technical reserves, not annualized as at September 2003

Rome, February 5th 2004

Market share no. ofbranchesBANCASSURANCEBancassurance premiumsCAGR 98-0347.3%Figures in mln/euroBancassurance Agencies and other channels~3,050 branches as at 31.12.2003

Rome, February 5th 2004

LIFE BUSINESSIndex: 27.3%Traditional: 48.9%Index and Unit: 41.6%Traditional: 58.4%Market al 30.09.2003Cattolica Group 30.09.2003L I FE *Figures in mln/euroBank branches (no.)19981999Premiums*20002,0667761,517 3562,6531,789200120022,7482,1692,7172,043Premiums/branch(000) 376 2356747897522003E3,0532,468808Unit: 23.8%

Rome, February 5th 2004

Rome, February 5th 2004UBS Italian Financial Services Conference 2004AGENDAA history of growthGrowth after restructuringDrivers for sustainable growthTargets

Rome, February 5th 2004

TARGETS 2003-20052005E2004E2003E Non-life net premiums1,3881,5621,719264153CAGR11.3%42.8%Underwriting result Non-Life businessLife net premiumsUnderwriting result Life business2,7272,9653,1796674921551742198.0%18.1%18.9%Pre-tax profit10811714917.5%Consolidated net income9610313317.7% Group net income

Rome, February 5th 2004

ADJUSTED ROE

Grafico1

0.05110082980.0668159562

0.06319862730.081367855

0.1020.125962261

0.1030.1275732776

0.1230.1507989665

Business plan ROE (1)

Adjusted ROE (2)

RATIOS

Indicatori Gruppo Cattolica

Indicatori danniFonte (codice voce del bilancio consolidato annuale)31.12.200130.09.200231.12.200230.09.2003

1Premi di competenza dannivoce 5 C.E.783,092695,603971,782818,278

2Sinistri di competenzavoce 15 C.E.585,367542,482778,201627,041

3Altre spese di amministrazione dannivoce 22 C.E.53,75041,81959,44945,596

4Spese di acquisizione e incasso dannivoci (18+19-20+21-23) del C.E.118,48391,576123,055111,100

5Spese di gestione dannivoce 24 C.E.172,233133,395182,504156,696

6Saldo tecnico dannivoce 27 C.E.11,8044,468-5,55718,345

7Riserve tecniche danni nette della riass.voce 68-33 di S.P.1,271,6871,441,5371,567,6771,769,602

Claims ratioSinistri comp.(2) / Premi comp. (1)74.75%77.99%80.08%76.63%

G&A ratioAltre sp. Amm.ne (3) / Premi comp. (1)6.86%6.01%6.12%5.57%

Commission ratioSp. Acq. (4) / Premi comp. (1)15.13%13.16%12.66%13.58%

Total Expense ratioSpese gest. (5) / Premi comp. (1)21.99%19.18%18.78%19.15%

Combined ratio1- (6/1)98.49%99.36%100.57%97.76%

Rapporto Rt/Premi (netti della riassicurazione) (^)Riserve tecniche (7) / Premi di comp. (1)162.39%207.24%161.32%216.26%

Indicatori vitaFonte (codice voce del bilancio consolidato annuale)31.12.200130.09.200231.12.200230.09.2003

1Premi di competenza vitavoce 30 C.E.2,291,5431,634,2242,456,4782,063,669

2Altre spese di amministrazione vitavoce 68 C.E.22,53716,14619,76815,482

3Spese di acquisizione e incasso vitavoci (64+65-66+67-69) del C.E.89,29662,77995,38275,398

4Spese di gestione vitavoce 70 C.E.111,83378,925115,15090,880

5Saldo tecnico vitavoce 78 C.E.35,65328,12339,79842,850

6Riserve tecniche lorde(voci 72+ 74 del S.P.)7,001,4748,179,8319,141,81910,809,017

Riserve classe Cvoce 72 S.P.3,200,6483,458,2593,921,4514,632,073

Riserva classe Dvoce 74 S.P.3,800,8264,721,5725,220,3686,176,944

G&A ratioAltre sp. Amm.ne (2) / Premi comp. (1)0.98%0.99%0.80%0.75%

Commission ratioSp. Acq. (3) / Premi comp. (1)3.90%3.84%3.88%3.65%

Total Expense ratioSpese gest. (4) / Premi comp. (1)4.88%4.83%4.69%4.40%

Saldo tecn. Vita (5) / Premi comp.1.56%1.72%1.62%2.08%

Altre sp. Amm.ne (2) / Riserve tecn. Medie (6)0.37%0.21%0.24%0.16%

(^): non annualizzato nei periodi infrannuali

R.O.E.Fonte (codice voce del bilancio consolidato annuale)31.12.200130.09.200231.12.200230.09.2003

1Risultato di periodo di Gruppovoce 57 di S.P.45,50045,35256,99965,122

2Patrimonio Netto dell'esercizio prec.voce 158 di S.P.884,684896,109896,109907,696

3Patrimonio Netto a fine periodovoce 58 di S.P.896,109871,011907,696928,001

4R.O.E. contabile di Gruppo (^)Ris.(1) / media(P.N. es (3) + P.N. es. prec (2))5.1%5.1%6.3%7.1%

5R.O.E. contabile di Gruppo senza risultati nel P.N.(^)5.4%5.4%6.7%7.6%

Elementi da rettificare per il calcolo del R.O.E. adjusted

Ammortamento della differenza da consolidamento5,8844,7286,7705,724

Ammortamento del portafoglio PAV8,6876,8379,1166,607

Altre voci: condono4,726

Effetto fiscale-3,583-2,752-3,669-2,527

6Totale10,9888,81312,2179,804

7Risultato rettificatoRisultato di periodo (1) + altri el. (6)56,48854,16569,21674,926

8R.O.E. adjusted di Gruppo senza risultati nel P.N.(^)6.7%6.5%8.1%8.7%

(^): non annualizzato nei periodi infrannuali

In azzurro dati non forniti nella trimestrale depositata (P.N. trimestrale)

R.O.E. da Piano StrategicoFonte (codice voce del bilancio consolidato annuale)31.12.200231.12.200331.12.200431.12.2005

1Risultato di GruppoPiano Strategico96,400103,400133,400

2Elementi da rettificare (amm.ti)elaborazione interna15,88615,88615,886

3Effetto fiscaleelaborazione interna-3,373-3,373-3,373

4Totale elementi da rettificareelaborazione interna12,51312,51312,513

5Risultato di Gruppo rettificatoPiano Strategico108,913115,913145,913

6P.N. di GruppoPiano Strategico975,0001,042,0001,130,000

7P.N. di Gruppo senza risultato nel P.N.Piano Strategico (media dei P.N.)864,649908,600967,600

9R.O.E. adjusted da Piano senza ris. nel P.N. (5/8)12.60%12.76%15.08%

&R&"Garamond,Antiqua"(dati in migliaia di euro)

&C&F - &A&R&D - &T

Foglio1

2001A2002A2003E2004E2005E

Business plan ROE (1)5.11%6.32%10.20%10.30%12.30%

Adjusted ROE (2)6.68%8.14%12.60%12.76%15.08%

Foglio1

00

00

00

00

00

Business plan ROE (1)

Adjusted ROE (2)

Foglio2

20012002H1-03H1-029M039M02200320042005

Lordi1,053.01,267.4705.0600.0982.0871.01,454.01,617.01,782.0

Netti comp783.0971.8553.0471.0818.0696.01,144.01,296.51,455.5

% conservazione74.4%76.7%78.4%78.5%83.3%79.9%78.7%80.2%81.7%

input

Combined ratio2001A2002A2003E2004E2005E

Underwriting result left sc)11.80-5.5625.9041.3053.10

Premi netti comp783.09971.781,144.01,296.51,455.5

Combined ratio (right sc)98.49%100.57%97.74%96.81%96.35%

Foglio2

00

00

00

00

00

&A

Page &P

46% CAGR

Underwriting result left sc)

Combined ratio (right sc)

Rome, February 5th 2004

This document has been prepared by Cattolica Assicurazioni based on data from internal sources (year-end financial statements, consolidated group financial statements, internal reporting and other company documentation, etc.) for the sole purpose of providing information on the groups results and future operating strategies. Given this, it can in no way be used as a basis for possible investment decisions. It is not a solicitation to buy or sell shares. No part of the document can be taken to be the cause of or reason for agreements or commitments of any type or kind whatsoever, nor can it be relied upon for agreements and commitments.Information contained in the document concerning forecasts has been prepared according to various assumptions and/or elements that might ultimately materialise differently to present expectations. Results might therefore change. Cattolica therefore in no way provides any guarantee, either explicit or tacit, as regards the integrity or accuracy of the information or opinions contained in the document, nor can any degree of reliability be attributed to the same, inasmuch as it has not been subjected to independent verification. Responsibility for use of the information and opinions contained in the document lies solely with the user. In any case Cattolica, within legally admissible limits, will not consider itself liable for any damages, direct or indirect, that third parties might claim due to utilisation of incomplete or inaccurate information. For any further information concerning Cattolica Assicurazioni and its related group, reference must be made exclusively to the information given in the annual, quarterly, and interim reports and financial statements. The full versions of these documents, which constitute the factual basis and proof for all legal purposes, are lodged at the companys registered offices and are available to anyone requesting them. Reproduction or full or partial publication and distribution of the information contained herein to third parties is prohibited. Acceptance of the present document automatically signifies recognition of the aforesaid constraints.

DISCLAIMER

Rome, February 5th 2004

UBS Italian Financial Services Conference 2004

Growth after restructuring Rome, February 5th 2004

Andrea BattistaChief of Bancassurance Department

Giorgio ZampieriChief Financial Officer

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