45
May 13, 2011 Generali Group 1Q 2011 Results

Generali Group 1Q 2011 Results

Embed Size (px)

DESCRIPTION

 

Citation preview

Page 1: Generali Group 1Q 2011 Results

May 13, 2011

Generali Group

1Q 2011 Results

Page 2: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

2Agenda

I. Overview

II. Group financials

III. Final remarks

IV. Backup

Page 3

Page 5

Page 20

Page 22

Page 3: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

3Agenda

I. Overview

1Q 2011 results at a glance

Page 4: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

4

Operating result (Euro m)

1Q 2011 results at a glance

1,1781,256

+6.6%

I. OVERVIEW

1Q10 1Q11

Combined ratio (%)

98.0 96.1

-1.9%pts.

1Q10 1Q11

527616

+16.8%

1Q10 1Q11

Net result (Euro m)

17,490 17,725

+1.3%

FY10 1Q11

Shareholders’ equity (Euro m)

Page 5: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

5Agenda

II. Group financials

Profit & loss review

Shareholders’ equity

Life & P&C profitability

Page 6: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

6Revenue development by segment

II. GROUP FINANCIALS

(1) Including investment contracts for Euro 755 m in 1Q11

(2) For the definitions refer to the related section within the backup

-14.4%

+2.1%

-13.2%

-8.3%

∆ historical

1,311

6,792

12,340

19,131

1Q

2011

-14.5%1,532

Life annual

premium

equivalent(2)

-13.8%14,214Life(1)

-9.0%20,864

Gross written

premiums

+1.2%6,650P&C

∆ like for like

1Q

2010(Euro m)

Page 7: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

7

Consolidation

adjustments

Total

operating result

Financial services

operating result

P&C

operating result

Operating holding

expenses

Life

operating result

1Q11

881

393

115

-74

-59

1,256

866

312

98

-67

-31

1,178

-91.3%

+6.6%

+16.7%

+26.0%

-10.4%

+1.7%

1Q10

Operating result by segment (Euro m)

Operating result by segment

II. GROUP FINANCIALS

Page 8: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

8Focus on operating result

+6.6%1,2561,178Total operating

result

-91.3%(59)(31)Consolidation Adj.

-10.4%(74)(67)Op. holding expenses

+5.1%169161Germany

-6.5%142152CEE

+8.8%

-43.8%

+39.3%

+37.3%

+4.9%

67118RoW

1,3891,276Operating result(1)

248178RoE

268195France

495472Italy

1Q111Q10

(Euro m)

II. GROUP FINANCIALS

Operating result by country(1)

354

196103 58

12841

106

70

5576

71

14

35

2

118

49

11

Italy France Germany CEE RoE RoW

Life P&C Financial

Operating result breakdown(1) (Euro m)

(1) Operating result = operating result of life, P&C and financial segments, before holding expenses and consolidation adjustments

Page 9: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

9From operating result to net result

(7)24Non operating investment income

(7)(4)Income and exp. from other financial instruments

015Result from discontinued operations (Intesa Vita)

(163)(193)Non-operating holding expenses

(87)(99)Minority interests

+14.1%1,032905Consolidated result of the period before taxes

and minority interests

(330)(295)Income taxes

+18.3%(223)(273)Total non operating result

028Income and exp. from fin. assets at FV thr. P&L

+6.6%1,2561,178Total operating result

+16.8%616527Net result of the period

(54)(105)Net other non operating expenses

�1Q111Q10(Euro m)

II. GROUP FINANCIALS

(1) Including interest expenses on financial debt

(1)

Page 10: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

10Investment portfolio

Own investments(1) at 31.03.11 (% on total)

(1) For the definitions refer to the related section within the backup

II. GROUP FINANCIALS

� Maintained stable asset

allocation with active portfolio

management

� Preference for government

bonds, representing 55.8% of

total bond portfolio

� Maintained a selective

approach within corporate bond

portfolio with preference for

high credit rating and capital

efficient investments.

39.2%

31.0% 31.1%

9.0% 9.0%

8.5% 8.4%

39.3%

4.9%4.9%

7.3%7.3%

FY10 1Q11

Other

Real estate

Equity

Other fixed

income

Corporate

bonds

Government

bonds

Euro 324.2 bnEuro 321.7 bn

+0.8%

Page 11: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

11

17,72517,490

(190)

616

(169)

14

(35)

IFRS Shareholders’ equity roll forward

∆ Currency

Translation

Reserve

1Q 2011

Net Result

Other Shareholders’

Equity 1Q11

∆ Cash Flow

Hedge Reserve

∆ in AFS

Reserve

Shareholders’

Equity FY10

+1.3%

II. GROUP FINANCIALS

(Euro m)

Change in AFS reserve (Euro m)

(184) (15) (375)

89

(265)

Other AFS Reserve 1Q11

Impact Bond Investments

Impact Equity Investments

AFS Reserve

FY10

Page 12: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

12

16.9 17.0

23.6 23.9

Solvency I update

II. GROUP FINANCIALS

Required margin Available margin

FY10

140%(1)

(Euro bn)

1Q11

140%(1)

Solvency I ratio

(1) Including off balance sheet unrealized gains on real estate, 8%pts of which subject to authorities’ authorization

Page 13: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

13Life profitability – operating result

+1.7%

-1.7%

+0.3%

+2.3%

881866Operating Result

(1,363)(1,340)Expenses

644643Investment Result

1,6001,564Technical Margin

1Q111Q10(Euro m)

Resilient life operating result

Life Operating Result by driver(1)

881

(23)

2

36

866

1Q11

Exp.

Inv.R

Tech.M

1Q10

II. GROUP FINANCIALS

(1) For the definitions refer to the related section within the backup

0.28%0.29%

Life quarterly

operating ratio

on investments

Page 14: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

14Life business development

50.5262.9FY 2010

-+0.8%∆%

50.5265.01Q 2011

Life net technical reserves(2) (Euro m)Life gross written premiums (Euro m)

Life net inflows by country(3) (Euro m)

1Q11FY10 Traditional Unit Linked

-54.6%4891,062RoE

-27.3%409536RoW

-54.3%

-13.1%

-8.9%

-75.9%

-82.3%

∆(1)

2,8196,111TOTAL

116129CEE

1,0951,203Germany

5542,298France

157883Italy

1Q111Q10Country

12,34014,214

-13.8%(1)

(1) On like for like basis

(2) Including investment contracts

(3) For the definitions refer to the related section within the backup

313.3 2.1 0.0 315.5

+0.7%

II. GROUP FINANCIALS

1Q10 1Q11

Page 15: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

15Life New Business Annual Premium Equivalent

II. GROUP FINANCIALS

(Euro m) APE

1Q

2010

1Q

2011Historical

Like for like�

Italy 466 428 -8.2% -8.2%

France 413 294 -28.8% -28.8%

Germany 266 256 -3.8% -3.8%

CEE 40 40 -0.8% -0.7%

RoE 221 174 -21.1% -21.6%

RoW 125 118 -5.3% -4.7%

Total 1,532 1,311 -14.4% -14.5%

Solid APE (over 1.3 bn), with stable annual premiums and year on year downturn entirely

explained by the strong single premiums production registered in the 1st quarter 2010.

Page 16: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

16P&C profitability - operating result

����

+26.0%

-14.8%

-1.6%

+100.3%

393312Operating Result

(55)(48)Other

263267Investment Result

18592Technical Result

1Q111Q10(Euro m)

P&C Operating Result by driver(1)

393

(7)

(4)

93

312

1Q11

1Q10

Tech.R

Inv.R

Other

Restoring P&C technical profitability

II. GROUP FINANCIALS

(1) For the definitions refer to the related section within the backup

1.07%0.84%P&C quarterly operating

ratio on investments

Page 17: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

17P&C Gross Written Premiums

II. GROUP FINANCIALS

+17.6%+20.7%384319RoW

-1.0%+0.7%617613CEE

+3.3%+3.3%1,2631,223France

+2.1%

+0.8%

+2.6%

-0.9%

Historical�

+1.2%

-2.2%

+2.6%

-0.9%

Like for like�

1,5011,489RoE

6,7926,650Total

1,3251,292Germany

1,7011,715Italy

1Q111Q10(Euro m)

� In Motor, confirmation of premium recovery in Italy and France, first signs of recovery also in

Germany

� Retail Non Motor growing across the geographies

� Commercial business under competitive pressure, especially in Italy and Spain

Page 18: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

18P&C profitability (1/2)

(1.9)

0.0

1Q111Q10

Combined ratio (%)

� Expense

ratio

� Loss

ratio

-1.9%pts.

II. GROUP FINANCIALS

Combined ratio by country (%)

-4.5%pts.96.7%101.2%RoE

+0.5%pts87.6%87.1%CEE

+2.7%pts.99.3%96.6%RoW

-0.8%pts.98.2%99.0%France

-1.9%pts.

-4.2%pts.

-1.4%pts.

96.1%98.0%Total

95.3%99.5%Germany

96.2%97.6%Italy

1Q111Q10

27.8

68.3

27.8

70.2

96.198.0

Loss ratio Expense ratio

Page 19: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

19

0,00,0

21.8

6.0

21.8

6.0

P&C profitability – Net combined ratio (2/2)

70.2-3.62.371.51Q 2010

-2.7 68.30.470.61Q 2011

II. GROUP FINANCIALS

Loss ratio (%)

1Q 20111Q 2010

70.2 68.3-0.9 -1.9 +1.0

Current

year(1)

NAT

CAT

Prior

years

1Q111Q10 ∆ Admin ∆ Acq.

Acq. costs

Adm. costs

27.8

Expense ratio (%)

∆%pts

Reserving ratio (%)

1Q 20111Q 2010

-8%pts

27.8

(1) Excluding natural catastrophes

-1.9%pts

0%pts

509% 501%

� Nat cat activity particularly benign in the

Group geographies

� Improved current year loss ratio, thanks to

severe pricing discipline in Motor

� Stable trend of expense ratio

Page 20: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

20

III. Final Remarks

Agenda

Page 21: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

21Final remarks

III. FINAL REMARKS

Solid underlying development of revenues

Excellent level of life operating result confirmed

Improvement of non life technical profitability on track

Investment policy focused on sustaining current returns

Page 22: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

22

IV. Backup

P&L and Balance Sheet

Definitions

Page 23: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

23

IV. Backup

P&L and Balance Sheet

Definitions

Page 24: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

241Q11 total gross written premiums

0.9-75.3178Ireland

7.3+1.61,387RoW

Of which:

15.4-16.42,946RoE

21.9-20.34,190France

Total Gross Written Premiums(Euro m)

100.0-9.019,131Total

3.2-1.2615Switzerland

4.4+6.3839Austria

3.6+0.4688Spain

5.4-0.61,033Eastern Europe

24.4+4.84,663Germany

25.7-8.9 4,912Italy

% weight∆%(2)GWPCountry

0.9-75.3178

5.2-3.51,002

17.4+5.73,338

Gross Life Written Premiums(1)

64.6-13.812,340

1.2-4.1239

2.0+16.7375

1.4+16.7271

Of which:

7.6-27.31,446

2.2-0.1416

15.3-27.42,927

16.8-12.73,211

% weight∆%(2)GWP

---

2.0+17.6384

6.9+2.61,325

Gross P&C Written Premiums

35.41.26,792

2.0+0.7376

2.4-0.8464

2.2-7.9417

Of which:

7.8-2.21,501

3.2-1.0617

6.6+3.31,264

8.9-0.91,701

% weight∆%(2)GWP

(2) On like for like basis with constant exchange rates

(1) Including investment contracts

IV. BACK UP

Page 25: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

25Life Premiums by Country & Business Line

Life 1Q11

Of which:

4161.7%11.2%23.1%64.0%CEE

Total life gross

direct premiums

12,06613.3%9.1%16.5%61.1%

82748.4%13.2%0.8%37.7%RoW

2390.2%1.0%75.8%23.1%Switzerland

3740.0%15.7%18.9%65.5%Austria

27141.5%0.0%1.2%57.4%Spain

1,44219.2%4.7%38.6%37.5%RoE

3,3388.9%19.2%23.1%48.8%Germany

2,8747.4%8.3%17.5%66.8%France

3,17012.8%0.0%1.8%85.4%Italy

TotalGroupHealth

Unit/index

linked

Savings and

protection

(Euro m)

IV. BACK UP

Page 26: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

26P&C Premiums by Country & Business Line

P&C 1Q11

Of which:

40932.4%24.6%19.3%23.7%Spain

60727.5%14.9%10.4%47.2%CEE

21.1%

26.4%

0.4%

34.0%

24.0%

9.1%

26.1%

21.2%

Commercial

Total P&C gross

direct premiums

6,63021.4%13.9%43.5%

3714.5%7.9%61.2%RoW

37417.5%26.1%56.0%Switzerland

46019.0%8.9%38.1%Austria

1,47019.3%18.4%38.3%RoE

1,32331.8%9.7%49.4%Germany

1,18234.3%11.2%28.4%France

1,67812.1%17.9%48.9%Italy

TotalPersonal

Accident/

HealthMotor(1)

(Euro m)

(1) Including fleets

IV. BACK UP

Page 27: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

27Life & health new business: APE

(Euro m) APE Annual Premiums Single Premiums

1Q2010 1Q2011Like for like

�% 1Q2010 1Q2011Like for like

�% 1Q2010 1Q2011Like for like

�%

Italy 466 428 -8.2% 254 268 +5.7% 2,127 1,599 -24.8%

Germany 266 256 -3.8% 226 197 -12.9% 403 592 +46.9%

France 413 294 -28.8% 84 79 -6.2% 3,290 2,153 -34.6%

CEE 40 40 -0.7% 34 34 -1.8% 60 61 5.6%

RoE 221 174 -21.6% 105 121 +13.2% 1,159 536 -53.7%

Austria 28 45 +56.8% 22 35 +60.9% 67 96 +43.4%

Spain 29 32 +11.8% 16 16 +1.3% 131 163 +24.7%

Switzerland 19 17 -15.3% 17 16 -10.2% 21 10 -55.9%

Ireland 74 14 -80.8% 6 3 -56.5% 675 114 -83.0%

RoW 125 118 -4.7% 94 96 +2.6% 309 224 -26.9%

Total 1,532 1,311 -14.5% 797 794 -0.5% 7,347 5,165 -29.7%

IV. BACK UP

Page 28: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

28Life net inflows by country

IV. BACK UP

-80.3%139707Ireland

Of which:

+70.3%(31)(103)Spain

+117.5%12758Austria

-57.4%58119Switzerland

-54.0%4891,062RoE

-27.3%409536RoW

-54.3%

-13.1%

-8.9%

-75.9%

-82.3%

Like for like ∆

2,8196,111TOTAL

116129CEE

1,0951,203Germany

5542,298France

157883Italy

1Q111Q10Country

Page 29: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

29

Loss

ratio

Expense

ratio

Life – Expense ratio (%) P&C – Combined ratio (%)

Total – Expense ratio (%)

68.370.2

27.8 27.8

14.2 16.0

9.3 10.9

1Q111Q10

1Q111Q10

1Q111Q10

98.0% 96.1%

Ratios

IV. BACK UP

Page 30: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

30Ratios by country

18.7

18.5

87.1

87.6

30.0

32.6

57.2

55.0

CEE

5.6

8.3

99.0

98.2

27.1

27.0

71.9

71.2

FRA

10.920.112.14.512.49.71Q11

9.318.612.35.114.38.41Q10

Life expense ratios by country (%)

Combined ratio

Expense ratio

Loss ratio

98.0

96.1

27.8

27.8

70.2

68.3

Consolidated

93.8

97.4

22.6

25.9

71.2

71.5

SWI

97.3

96.6

31.2

30.9

66.0

65.6

AUT

99.0

92.4

25.9

26.5

73.1

65.9

SPAGER

97.6

96.2

21.8

21.0

75.8

75.2

99.51Q10

95.31Q11

28.71Q10

28.31Q11

1Q10

1Q11

70.8

67.0

ITAP&C ratios by

country (%)

IV. BACK UP

Page 31: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

31Combined ratio reconciliation

184.792.2Technical resultA-B-C-D

16.710.0Other technical itemsD

1Q111Q10

98.0

27.8

70.2

1,405.7

301.1

14.8

315.9

1,104.6

3,544.6

5,052 .5

96.1Combined ratio(B+C)/A

27.8Expense ratioC/A

68.3Loss ratioB/A

1,435.7Total acquisition and administration costsC

307.5Insurance activity related consolidated administration costs

16.8Non insurance activity related administration costs(1)

324.3Consolidated administration costs

1,128.2Consolidated acquisition costs

3,527.8Consolidated net claimsB

5,165.0Net earned premiums (net of consolidation adjustments)A

(1) Administration expenses related to service companies, real estate and other companies not belonging to P&C segment

(Euro m)

IV. BACK UP

Page 32: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

32Operating result by country

P&C operating result by market (Euro m)Life operating result by market (Euro m)

-53.0%4188RoW

+15.2%128111RoE

Of which:

-20.0%103129Germany

+51.5%196130France

+36.2%1914Austria

-0.7%5859CEE

881

42

28

354

1Q11

+46.9%28Switzerland

+1.7%866Total

+3.3%27Spain

+1.2%350Italy

�1Q10

-26.9%1419RoW

+127.7%7131RoE

Of which:

+173.6%5520Germany

+19.2%2218Austria

-13.2%7688CEE

393

10

41

70

106

1Q11

-32.0%14Switzerland

+26.0%312Total

+78.7%23Spain

+9.9%64France

+18.7%90Italy

�1Q10

IV. BACK UP

Page 33: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

33Reclassified P&L account

(7)(4)Non-operating income from other financial instruments

(394)758Of which net income from fin. assets and liabilities where the risk is borne by the policyholders

(294)1,524Operating income from financial instruments at fair value through profit or loss

015Result from discontinued operations (Intesa Vita)

(163)(193)Non-operating holding expenses

527

(99)

625

(295)

905

(105)

(8)

(185)

28

(273)

(106)

(67)

3,013

214

(2,914)

(18,286)

17,800

1,178

1Q10

616Result of the period

(87)Result of the period attributable to minority interests

703Consolidated result of the period

(330)Income taxes

1,032Earnings before taxes

(53)Net other non-operating expenses

(3)Other non-operating holding expenses

(160)Interest expenses on financial debt

0Non-operating income from financial instruments at fair value through profit or loss

(223)Non-operating result

(126)Net other operating expenses

(74)Operating holding expenses

3,326Operating income from other financial instruments

241Net fee and commission income and net income from financial service activities

(2,969)Acquisition and administration costs

(15,311)Net insurance benefits and claims

16,463Net earned premiums

1,256Operating result

1Q11

Total(Euro m)

IV. BACK UP

Page 34: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

34

28--0280Non-operating income from fin. instr.at fair value through profit or loss

(1,232)----(1,232)of which var. of provisions related to unit linked business

758----758of which net income from fin.assets and liabilities where the risk is borne by the policyholders

1,524--36141,475Operating income from fin. Instruments at fair value through profit or loss

3,013(7)-802542,686Operating income from other fin. Instruments

(260)

-

(193)

-

(193)

-

(67)

-

-

-

-

(67)

Unallocated holding expenses

(193)----Non-operating holding expenses

(67)----Operating holding expenses

905

(105)

(4)

(273)

(106)

214

(2,914)

(18,286)

17,800

1,178

Total

(31)

-

-

-

-

(24)

-

-

-

(31)

Consolidation adjustments

84

(14)

0

(14)

(20)

209

(207)

0

0

98

Financial(1)Non life

849

(34)

18

(17)

(34)

29

(1,297)

(14,741)

12,748

866

262Earnings before taxes

(57)Net other non-operating expenses

(21)Non-operating income from other fin.instr.

(50)Non-operating result

(53)Net other operating expenses

0.0Net fee and commission income and net income from financial service activities

(1,410)Acquisition and administration costs

(3,545)Net insurance benefits and claims

5,053Net earned premiums

312Operating result

Life(Euro m)

Reclassified P&L account by segment – 1Q 2010

IV. BACK UP

(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report

Page 35: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

35

0---00Non-operating income from fin. instr.at fair value through profit or loss

42----42of which var. of provisions related to unit linked business

(394)----(394)of which net income from fin.assets and liabilities where the risk is borne by the policyholders

(294)--397(340)Operating income from fin. Instruments at fair value through profit or loss

3,326(13)-802563,003Operating income from other fin. Instruments

(237)

-

(163)

-

(163)

-

(74)

-

-

-

-

(74)

Unallocated holding expenses

(163)----Non-operating holding expenses

(74)----Operating holding expenses

1,032

(53)

(7)

(223)

(126)

241

(2,969)

(15,311)

16,463

1,256

Total

(59)

-

-

-

(4)

(28)

-

(14)

-

(59)

Consolidation adjustments

107

(8)

1

(8)

(11)

233

(226)

0

0

115

Financial(1)Non life

847

(23)

(12)

(34)

(44)

36

(1,303)

(11,769)

11,298

881

375Earnings before taxes

(23)Net other non-operating expenses

4Non-operating income from other fin.instr.

(18)Non-operating result

(67)Net other operating expenses

0.0Net fee and commission income and net income from financial service activities

(1,440)Acquisition and administration costs

(3,528)Net insurance benefits and claims

5,165Net earned premiums

393Operating result

Life(Euro m)

Reclassified P&L account by segment – 1Q 2011

IV. BACK UP

(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report

Page 36: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

36

324.2

50.2

100.5

1Q11 Assets Under Management

Total

Euro 474.9 bn

Fixed income

instruments

79.3%

Other

3.7%

Real Estate

4.9%

Equity

8.4%

Available for sale

59.2%

Loans

23.8%

Real Estate

4.2%

Group

participations

0.8%

Held to maturity

1.3%Fin. Instr. at fair

value thr. P&L

7.1%

Unit Linked

Third parties AUM

“Own Investments”(1)

IV. BACK UP

Esposizioni nette a

governativi di

Grecia, Spagna,

Portogallo e Irlanda

(1) For the definitions refer to the related section within the backup

Cash & equival.

3.6%

Cash & equival.

3.6%

Page 37: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

37Investment yields(1)

0.2%

0.2%

0.4%

0.5%

0.5%

0.5%

0.3%

0.3%

0.6%

1Q11

0.5%

0.5%

0.4%

0.1%

0.1%

0.4%

0.8%

0.8%

0.5%

1Q10

Other

0.5%

1.1%

1.0%

1.0%

0.9%

1.0%

0.5%

1.2%

1.0%

1Q11

2.0%

1.3%

1.0%

1.7%

1.0%

1.0%

2.1%

1.3%

1.0%

1Q10

Total

1.7%1.4%1.6%1.6%1.1%1.3%Total P&L

1.8%1.4%1.1%0.6%0.9%1.0%Total P&L

1.6%1.4%1.5%1.8%1.1%1.4%Total P&L

Investment

properties

EquitiesBonds and Loans

TOTAL

2.0%

2.0%

1.9%

2.1%

2.1%

2.0%

1Q11

1.4%1.4%2.1%0.3%2.2%Comprehensive

LIFE

1.4%

1.9%

1.3%

2.2%

1.8%

1Q10

1.8%

0.2%

0.6%

0.3%

0.1%

1Q10

NON LIFE

0.3%1.1%1.1%Current

3.2%0.7%2.3%Comprehensive

0.4%0.9%1.0%Current

1.8%0.3%2.2%Comprehensive

0.2%1.1%1.1%Current

1Q111Q111Q10% return

(1) For the definitions refer to the related section within the backup

IV. BACK UP

Page 38: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

38Total comprehensive income(1)

270

(1,031)

1,308

(644)

1,033

(245)

794

4591,916

(178)

(1,010)

181

(505)

1Q114Q103Q101Q10 2Q104Q093Q092Q091Q094Q083Q082Q081Q08

(Euro m)

(1) For the definitions refer to the related section within the backup

270

1Q11

1,452

FY10

2,096

9M10

1,308

1Q10

1,0632,9902,532616(178)(2,365)(1,354)(1,536)(1,031)

1H10FY099M091H091Q09FY089M081H081Q08

+3,000 m

-3,000 m

IV. BACK UP

Page 39: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

39

IV. Backup

P&L and Balance Sheet

Definitions

Page 40: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

40Definitions: P&L and balance sheet (1/2)

IV. BACK UP

Operating result of life, P&C and financial segments, before holding expenses and consolidation adjustmentsOperating Result

Premiums inflows in the period less benefits paid to the policyholders. It does not include revaluation of

mathematical reserves

Life Net Inflows

calculated considering equivalent exchange rates and scope of consolidationLike for Like changes

consists of the following elements:

i) "Technical Margin" includes loadings, risk result, surrender result; it is gross of acquisition and administration costs

ii) "Investment Result" includes interests and dividends, interest expenses on operating debt, G/L on foreign currency

and investment expenses, net of policyholder benefits; it includes also operating realised and unrealised G/L, net of

policyholder benefits

iii) "Expenses" include acquisition and administration costs and other net operating items (it does not consider any

loading charged to policyholders)

“Operating ratio on Investments” is calculated as Operating result on the average of Investments at book

value

Life Operating Result

is defined as new business annualised regular premiums plus 10% of single premiums.Annual Premium

Equivalent (APE)

Page 41: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

41

Operating result of life, P&C and financial segments, after holding expenses and consolidation adjustments.

Operating result is a non-GAAP indicator and may differ from similar measure presented by other companies.

Management uses this non-GAAP measure as key indicator in assessing Generali’s performance and believes

that the presentation of these KPI provide useful and relevant information's to shareholders and users on

Generali’s performance. Please refer to the ‘Methodological note on alternative performance measures’

included in the Management Report for details on operating result methodology.”

Total Operating Result

Change in shareholders’ equity during the period related to income and expenses recognized in profit or loss

or directly in shareholders’ equity resulting from transactions and events other than transactions with equity

Owners.

Total Comprehensive

Income

consists of the following elements:

I) "Technical Result" is net of acquisition and administration costs

ii) "Investment Result" includes interests and dividends, interest expenses on operating debt and investment expenses

iii) “Other" includes other net operating items not considered in Technical Result and in Investment Result

“Operating ratio on Investments” is calculated as Operating result on the average of Investments at book

value

P&C Operating Result

does not include unit/index linked investments and consist of the following asset class (*):

i) Fixed income instruments include quoted and unquoted bonds, loans including deposits under reinsurance business

accepted, term deposits with credit institutions;

ii) Equity-like instruments include quoted and unquoted equities and alternative investments;

iii) Real estate investments excluding own used properties;

iv) Cash and cash equivalent including Repo and Reverse repo

v) Other investments include investments in non-consolidated subsidiaries, derivatives, receivables from banks or

customers

(*) Investment fund units are allocated to each asset class on a look through basis,

Own investments for life segment include bonds and loans issued by Group companies and investments in

consolidated subsidiaries backing policyholders’ liabilities. They are net of consolidation adjustments.

Own Investments

Definitions: P&L and balance sheet (2/2)

IV. BACK UP

Page 42: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

42What’s next

August 5, 2011 - 1H 2011 Results

November 11, 2011 - 9M 2011 Results

Page 43: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

43Investor Relations Team

Paola Buratti (Tel.: +39-040-671157)

Head of Investor Relations

Email: [email protected]

Stefano Burrino (Tel.: +39-040-671202)

Email: [email protected]

Emanuele Marciante (Tel.: +39-040-671347)

Email: [email protected]

Veronica Cherini (Tel.: +39-040-671488)

Email: [email protected]

Rodolfo Svara (Tel.: +39-040-671823)

Email: [email protected]

Marta Porczynska (Tel.: +39-040-671402)

IR Events

Email: [email protected]

Assicurazioni Generali

P.za Duca degli Abruzzi 2

34132 Trieste, Italy

Fax: +39 040 671338

e-mail: [email protected]

www.generali.com

Page 44: Generali Group 1Q 2011 Results

Assicurazioni Generali Group – 1Q 2011 results

44Disclaimer

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, Raffaele Agrusti,

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.

Page 45: Generali Group 1Q 2011 Results

May 13, 2011

Generali Group

1Q 2011 Results