Generali Group 2011 Results

March 2006

Generali Group

2011 Results

Milan, March xxx, 2010March 21, 2012

Assicurazioni Generali Group – FY 2011 results

2Agenda

IV. Backup

III. Group financials

Raffaele Agrusti - CFO

II. Insurance operations

Sergio Balbinot - Managing Director

I. FY 2011 results overview

Giovanni Perissinotto - Group CEO

Page 3

Page 8

Page 12

Page 36


3Agenda

I. FY 2011 results overview

Giovanni Perissinotto - Group CEO


4

Life operating result (Euro m)

Financial services operating result (Euro m) Net result (Euro m)

2011: at the bottom of the crisis

I. FY 2011 RESULTS OVERVIEW

P&C operating result (Euro m)

FY11FY10

-16.0%� Large impairments on

Greek government

bonds affecting Life

operating result

� Top market Life net

inflows (Euro 5.8 bn),

despite a difficult

environment FY11FY10

+38.3%� Strong P&C

operating result

driven by improved

technical profitability

� Combined ratio at

96.5%; almost

reached 96% mid

term target

342354

-3.3%

� Resilient financial

services operating

result

� Third parties AuM

increase (+3.4%)(1)

during 2011

1,702

856

FY11FY10

-49.7%

� Net result strongly

affected by

impairments on

Greek government

bonds, Telco and

equity portfolio

(1) On like for like basis

FY11FY10

1,128

1,561

3,0262,542


5

141%160%

126% 124%

Restoring capital adequacy

118%132%

117%132%

(1) Calculation based on new ISVAP’s rule

2011(1)2010 March 01

2012


� Solvency ratios recovery during first months of 2012 mainly thanks to narrowing spreads on

Italian government debt

20112010 March 01

2012

Regulatory solvency I ratio (%) Economic solvency ratio (%)

9M11 9M11


62011 proposed cash dividend

Cash dividend per share (Euro)

0.20

0.450.35

0.430.33

0.15

0.54

0.28

0.75

0.90

200620042002 20052003 20082007 2009

(1) 2008 dividend included also Euro 0.63=dividend in shares, corresponding to 1/25 of the share, at the official price of 21 May 2009 (dividend payment date), leading to a total

dividend per share of Euro 0.78

(1)


2010

Payout ratio

36.4%41.1%41.6%

24.6%

41.8%39.7%35.9%

41.7%41.5%

2011


7Outlook on operating result


Outlook 2011

Outlook 2012

Life and total

operating result

affected by additional

impairment on Greek

bonds in the last part

of the year

10% average growth

on like for like

Mid term

operating result

ambition

> Euro 5 bn

Min. Max. Actual

Life 2.7 3.2 2.5

P&C 1.3 1.7 1.6

Total 4.0 4.7 3.9

Min. Max.

Life 2.4 2.8

P&C 1.5 1.9

Total 3.9 4.5

(Euro bn)


8Agenda

II. Insurance operations

Sergio Balbinot - Managing Director


9Main industrial results

Net Inflows(Euro bn)

GWP(Euro bn)

Loss ratio(%)

16.1

Life P&C

(1) Including investment contracts

Combined ratio(%)

II. INSURANCE OPERATIONS

GWP(1)

(Euro bn)

5.8

51.1 46.4

NBM(%)

FY10 FY11

FY10 FY11

FY10 FY11

19.7 20.4

FY10 FY11

FY10 FY11

FY10 FY11

22.822.1

69.071.3

96.598.8


10

Germany

Non Life� Motor profitability improvement:

� GWP +3.4%

� Current year loss ratio -4.7%pts

� Strong performance of

Non-Motor retail business: GWP +3.2%

Strategic overview: focus on core European markets

Italy

Life� Single premiums drop (APE -20.0%) but

positive annual premiums performance

(APE +7.7%)

� More favourable product mix drives

NBM increase

� Confirmed positive Life net inflows:

Euro 1,085 m

NBM

�

Premiums

�

COR�

Operational efficiency� Strict cost management: stable administration

expense ratio

Life� Market outperformance in a tough

environment:

Pure Life: -2.2% vs. mkt -4.8%

� Strong Net Inflows: Euro 3,433 m

� high performance multichannel

distribution

Non Life� Confirmed market outperformance:

CoR -4.0%pts better than the market

� Good GWP development:

Motor (+1.2%) and Non-Motor (+2.7%)

�

�

Net Inflows

NBM

�

�Premiums

COR

Operational efficiency� Further general expenses reduction: Euro -11 m


�Net Inflows


11

France CEE

Non Life� Tariffs increases:

� Motor >5%

� Household +10%

� Health +6%

� Corporate + 5%

Strategic overview: focus on core European markets

�

NBM

�

Net inflows

Operational efficiency

� Claims factory set up and industrialization complete; enlarged network of external experts (Non Life)

� Reduction in Non Life acquisition and administration expense ratios

Life

� APE: Czech Republic +2.1%,

Hungary -0.3%

� NBM among the highest in the

area: 35.8%

Non Life� Net loss ratio among the lowest in the

market: 54.5%

� MTPL initiatives and innovations in

Ceska, selective underwriting approach

for fleets in Slovakia and Czech

Republic

�

Net Inflows

NBM

Operational efficiency� General expense reduction (4% in Ceska)

� Strong focus on claims fraud detection


Premiums

COR�

� �Premiums

COR�

�

Life� On-going product mix improvement:

UL share at 17%(1) (mkt 14%);Individual Protection +4%;Individual Pensions +9%

� NBM among highest in the market: 13.7%

� Leadership via Internet (> Euro 1 bn) and IFAs

(1) UL share on individual savings


12Agenda

III. Group Financials

Raffaele Agrusti - CFO

Profit & loss review

Life, P&C and financial segment profitability

Balance sheet and capital


13Revenue development by segment

III. GROUP FINANCIALS

(1) Including investment contracts for Euro 3,187 m in FY11

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


FY10 FY11 ∆ historical∆ like

for like

Gross written

premiums73,188 69,159 -5.5% -5.5%

Life(1) 51,098 46,394 -9.2% -9.3%

P&C 22,090 22,765 +3.1% +3.2%

Life APE(2) 5,333 4,787 -10.2% -9.0%

FY11FY10

-5.5%(3)

-9.0%(3)

Gross written premiums (Euro m)

Life APE (Euro m)

(Euro m)

FY11FY10


14

Consolidation

adjustments

Total

operating result

Financial services

operating result

P&C

operating result

Operating holding

expenses

Life

operating result

2,542

1,561

342

-294

-222

3,928

3,026

1,128

354

-288

-143

4,077

FY11 total operating result (Euro m)

Operating result by segment

FY11

FY10

-55.6%

-3.7%

-3.4%

+38.3%

-2.0%

-16.0%

�


(1) For details, please see slide n. 63 in the back up

Net impact from impairments of:

•Greek gov. bonds: ~Euro 378 m(1)

•Telco: ~Euro 30 m


15Focus on non operating result

FY10 FY11 �

Non operating

investment income6 (941) n.m.

Non operating

holding expenses(726) (680) +6.4%

Net other

Non operating

expenses

(479) (392) +18.2%

Total

Non operating

result

(1,200) (2,013) -67.8%

(1)


(941)

6

(71)(575)

(300)

Non operating investment income (Euro m)

FY11FY10

∆ Euro m

Net realised

gains

Net impair-ments

Fair Value thr.

P&L

FY 11 180 (1,087) (34)

FY 10 480 (512) 37

∆ % -62.5% +112.3% n.m.

(1) Including interest expenses on financial debt

(2) For details, please see slide n. 63 in the back up

(Euro m)

Net impact from impairments of:




16

(Euro m) FY10 FY11 �

Total operating result 4,077 3,928 -3.7%

Non operating result (1,200) (2,013) -67.8%

Consolidated result before

taxes and minorities

2,877 1,914 -33.5%

Income taxes (909) (762) +16.2%

Result for discontinued

operations (Intesa Vita)

51 0 n.m.

Minorities (316) (297) +6.0%

Net result 1,702 856 -49.7%


Net income (Euro m)

Impact from impairments of:



• AFS equities: ~Euro 239 m

(1) For details, please see slides n. 63 in the back up

856

1,702

-49.7%

FY11FY10

From operating result to net result


17Agenda






18


Life gross written premiums (Euro m)

46,39451,098

FY11FY10

Life net inflows by country(2) (Euro m)

-9.3%(1)Country FY10 FY11

Italy 1,790 1,085

France 4,444 (2,061)

Germany 4,923 3,433

CEE 534 475

RoE 2,823 1,473

RoW 1,619 1,441

TOTAL 16,133 5,846(1) On like for like basis


Life business development

�

��

��

��


19Life profitability - Operating result

(Euro m) FY10 FY11 �

Technical Margin 5,996 6,225 +3.8%

Investment Result 2,382 1,715 -28.0%

Expenses (5,352) (5,398) -0.9%

Operating Result 3,026 2,542 -16.0%

Life operating profitability affected by financial environment

Life Operating Result by driver(1)

Life operating

ratio on

Investments

0.97% 0.80%

2,542

229

(46)

(667)

3,026

FY11

Exp.

Inv.R

Tech.M

FY10



0.93%

0.68%

0.89%0.97%

0.80%

FY10FY08 FY09 FY11FY07


20Life net technical provisions(1)


(Euro bn)

+5.3% CAGR

257.4 261.4286.4

313.3 316.6

FY09 FY10 FY11FY08

(2.7)

5.9313.3 316.6

FY11FY10 Traditional UnitLinked

FY 2011 258.3 58.3

FY 2010 252.4 61.0

∆% +2.3% -4.4%

FY07

(Euro bn)

316.6313.3

(1.1)

4.85.8

(6.2)

Life net

technical

provisions

FY11

+1.0%

Life net

technical

provisions

FY10

Policyh.

share of

invest.

result

Loadings, risk

and surrender

result

(to P&L)

Net

inflows

Exchange

rates

and other

(19.7)

44.6

5.8

(19.1)

Ratios on life net technical provisions (average of the year) of:

Net inflows Surrenders

FY 2011 1.9% 6.2%

FY 2010 5.4% 4.6%

Cash in Cash out Net inflows

Surrenders

(1) Life net technical provisions including investment contracts and excluding Intesa Vita; starting from 9M 2011 Israeli participating portfolio has been reclassified in unit-

linked business. Comparative figures have been restated accordingly.

(38.8)


21Life investment strategy and yields(1)

Current

return(1)

Fixed

income

Equity Real

Estate(2)

FY10 FY11 FY10 FY11 FY10 FY11

Euro m 9,483 9,736 617 628 603 696

% 4.4 4.5 3.2 3.8 7.3 7.3

43.7%39.6%

32.8%33.5%

7.5%8.6%

7.3%5.3%

3.3%3.9%

2.7% 6.8%

2.7% 2.4%

FY10 FY11

Other

Cash & cash

equivalent

Real estate

Equity

Other fixed income

Corporate bonds

Government

bonds

Life segment own investments(1) (%)

Euro 258.7 bn Euro 254.6 bn

(1) For the definitions refer to the related section in the backup; starting from 9M 2011 Israeli participating portfolio has been reclassified in unit-linked business.

Comparative figures have been restated accordingly.

(2) Real estate current returns are gross of related expenses


� Reduced cross-border exposure to peripheral

European government bonds

� Preference for covered bonds within corporate

bonds segment

� Further gradual strategic increase of real estate

exposure

� Tactical increase of liquidity buffer to face market

volatility and to catch investment opportunities


22


Life new business value and profitability


(Euro m) APE Margins on APE NBV

FY10 FY11Historical

�

Like for like �

FY10 FY11 ∆ %pts FY10 FY11Historical

�

Like for like �

Italy 1,766 1,715 -2.9% -2.9% 18.4% 21.8% +3.3% 326 374 +14.7% +14.8%

France 1,172 939 -19.8% -19.8% 12.5% 13.7% +1.2% 146 128 -12.4% -12.4%

Germany 976 908 -7.0% -7.0% 17.7% 18.3% +0.6% 173 166 -3.9% -3.9%

CEE 172 147 -14.5% -8.9% 32.3% 35.8% +3.4% 56 52 -5.5% +0.0%

RoE 792 657 -17.1% -17.4% 24.9% 20.4% -4.5% 197 134 -32.1% -32.5%

RoW 455 421 -7.4% +7.0% 33.5% 28.8% -4.7% 153 121 -20.4% -11.9%

Total 5,333 4,787 -10.2% -9.0% 19.7% 20.4% +0.7% 1,050 976 -7.1% -5.6%

� APE slowdown (-9.0%) driven by single premiums drop (-24.8% vs. high 2010 production), partly offset

by positive annual premiums performance (+2.7%)

� Solid NBM (20.4%) thanks to improved product/business mix and rigorous pricing

� NBV resilient at Euro 976 m


23Focus on new business guarantees

Total APE by type of guarantee

NIL

29%

Matched

3%

At maturity

21%

Yearly basis >0

34%

YE 2010

Eurozone Average Guarantee(2): 1.5%

� Yearly basis: 1.4%

� At maturity: 1.9%

NIL

26%

Matched

3%

At maturity

22%

Yearly basis >0

33%

YE 2011

Eurozone Average Guarantee(2): 1.5%

� Yearly basis: 1.4%

� At maturity: 1.9%


Yearly basis =0

14%

Yearly basis =0

17%

� Stable average guarantee, with an increased weight of low-capital intensive types of guarantee(1)

(1) Excluding yearly basis guarantee > 0

(2) Weighted on APE


24P&C gross written premiums

(Euro m) FY10 FY11Historical

�

Like for like�

Italy 7,440 7,501 +0.8% +0.8%

France 3,892 4,057 +4.2% +4.2%

Germany 2,998 3,062 +2.2% +2.2%

CEE 2,246 2,261 +0.7% +1.3%

RoE 4,203 4,330 +3.0% +1.6%

RoW 1,312 1,555 +18.6% +23.8%

Total 22,090 22,765 +3.1% +3.2%


� Motor and Non Motor retail are driving the very positive premium development, boosted by selected

pricing policy

� Motor is growing in Italy, France and Germany thanks to the increase in average portfolio premium

� Commercial suffers from economic environment, mainly in Italy and Spain, while CEE over

performing

P&C gross written premiums (Euro m)

22,76522,090

FY11FY10

+3.2%(1)



25P&C profitability - Operating result

(Euro m) FY10 FY11 ��

Technical Result 184 669 +263.2%

Investment Result 1,196 1,120 -6.3%

Other (252) (229) +9.2%

Operating Result 1,128 1,561 +38.3%

P&C Operating Result by driver(1)

P&C operating ratio on

Investments3.07% 4.32%

1,561

485

(76)

23

1,128

FY11

FY10

Tech.R

Inv.R

Other

Strong increase of P&C operating result driven by technical profitability




26

(2.3)

0.1

P&C profitability - Net combined ratio (1/2)

FY11FY10

Combined ratio (%) Combined ratio by country (%)

96.598.8

Loss ratio Expense ratio

FY10 FY11 ∆

Italy 99.6% 96.8% -2.8%pts.

France 101.3% 98.7% -2.6%pts.

Germany 95.2% 94.4% -0.8%pts.

CEE 93.2% 89.5% -3.7%pts.

RoE 99.3% 96.4% -2.9%pts.

RoW 101.6% 104.2% +2.6%pts.

Total 98.8% 96.5% -2.3%pts.

-2.3%pts.

� Expense

ratio

� Loss

ratio

27.6

69.0

27.5

71.3



27

+0.10.0

21.5

6.0

21.6

6.0

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

FY11 71.6 0.9 -3.5 69.0

FY10 73.3 1.9 -3.9 71.3


Loss ratio (%)

FY11FY10

71.369.0

-1.7-1.0 +0.4

Current

year(1)

NAT

CAT

Prior

years

FY11FY10 ∆ Admin. ∆ Acq.

Acq. costs

Adm. costs

27.6

Expense ratio (%)

Reserving ratio (%)

FY11FY10

-2.6%pts

27.5

(1) Excluding natural catastrophes

-2.3%pts

+0.1%pts

148.8% 146.2%

� Remarkable improvement of current

year loss ratio driven by strict pricing

and underwriting discipline in Motor,

especially in Italy

� 2011 nat cat impact more benign in the

Group geographies than 2010

� Confirmed positive prior years

development and prudent reserving

policy


28P&C investment strategy and yields(1)

P&C segment own investments(1) (%)

Euro 36.4 bn Euro 35.0 bn

Current

return(1)

Fixed

income

Equity Real

Estate(2)

FY10 FY11 FY10 FY11 FY10 FY11

Euro m 846 887 118 104 533 497

% 3.8 3.9 2.6 2.8 8.7 8.6

25.9% 27.6%

26.9%27.3%

7.3%8.6%

11.0%9.2%

1.8%

17.5% 15.7%

8.7% 9.9%

2.6%

FY10 FY11

Other

Cash & cash

equivalent

Real estate

Equity

Other fixed income

Corporate bonds

Government

bonds


� Continuing gradual strategic de-risking of portfolios

by reducing exposure to equity and real estate

� Accurate selection of sovereign risk in the portfolio

management

� Maintained strong current profitability despite

challenging market conditions

� Focus on liquidity of assets

(1) For the definitions refer to the related section in the backup; starting from 9M 2011 Israeli participating portfolio has been reclassified in unit-linked business.

Comparative figures have been restated accordingly.

(2) Real estate current returns are gross of related expenses


29

73.2%70.5%

Financial segment

Operating result (Euro m)

Third party AUM(1) (Euro bn)

Net fees and commissions (Euro m)

342354

FY11FY10

-3.4%

859894

FY11FY10

-3.9%

88.293.0

FY11FY10

+3.4%(2) +2.7%pts

FY11FY10

Cost/income ratio (%)


(1) Including only third party AUM related to financial segment companies

(2) On like for like basis. On historical basis, the variation is -5.1%


30Agenda






31

0.9

1.0

(0.1)

1.9

1.3

(0.7)

1.0

1.2

(0.1)

Total expected cash flow generation 2011

(1) Expected profit based on EV calculations (see slide 89)

(2) P&C and Financial Segment Operating Result net of taxes and minorities

(3) Holding expenses (incl. int. on financial debt) net of taxes and minorities

P&C and Financial

Life Group total

(Euro bn)

Profit(1)

Var. Req

Capital

Free Cash

Flow

Profit(2)

Var. Req

CapitalFree Cash Flow

before dividend

Holding exp.(3)

Free Cash Flow


Free Cash

Flow


32

17,490

15,486

(1,971)

856 58

(109)(699) (139)

IFRS Shareholders’ equity roll forward

Shareholders’

Equity FY10

∆ in AFS

Reserve

FY 2011

Net Result

∆ Currency

Translation

Reserve

∆ Cash Flow

Hedge

Reserve

Dividend Other Shareholders’

Equity FY11

-11.5%


(Euro m)

Change in AFS reserve (Euro m)

(184)

(94) (2,156)

(659)

(1,218)

AFS Reserve

FY10

Impact Equity Investments

Impact Bond Investments

Other AFS Reserve FY11


33

16.9 17.820.8

22.3

Solvency I according to Italian regulation


Required margin Available margin

FY11FY10

132% 117%

(Euro bn)

Main drivers of change

(1) Proposed dividend for Shareholders: Euro 0.3 bn; proposed dividend for Minorities: Euro 0.2 bn

(2) The new rule allows the exclusion of AFS losses related to government bonds in the calculation of the cap on locally admitted unrealized gains on real estate

Available margin

� Consolidated result:

� Proposed dividends(1):

� Financial markets and other elements:

� Cap on locally admitted unrealized

gains on real estate(2):

Required Margin

� Growth of life technical provisions and

financial sector capital requirements:

+ 1.2

- 0.5

- 1.6

- 0.5

+ 0.9


34

3,576

26,968

(7,414)(699)

22,431

EV FY 10 EV earnings Investment and Tax

Variances

2010 Cash Dividend EV FY 11

Group Embedded Value roll-forward



Return on Embedded Value

RoEV (1)13.3% Normalised RoEV (1) -14.2%

Group Embedded Value

14.6€ Group EV per share

Group EV FY11

Including:

� 4.5 bn due to spread widening and drop of stock market

� 2.4 bn due to the decrease in interest rates

Robust return on embedded value,

driven by positive combined ratio at

96.5% and Life NBV of Euro 976 m

(Euro m)


35Economic Solvency

� Economic Solvency Ratio based on Group Internal Model calibrated on 1year VAR at 99.95% confidence level

� The ratio based on a 99.5% confidence level (consistent with a BBB rating) would be about 159%

Available

Capital

Group

Risk Capital

33.6

(Euro bn)

Available

Capital

Group

Risk Capital

Sub.

Debt

Group

AC

Group

RAC

Group

RAC

29.0

23.2(3)

20.6

Economic Solvency Ratio

ESR = 124%(2)(3)ESR = 160%(1)

(1) ESR FY10 = AC FY10 (net of dividend 2010 equal to 0.7bn) divided by Risk Capital FY10

(2) ESR FY11 = AC FY11 (net of dividend 2011 equal to 0.3bn) divided by Risk Capital FY11

(3) Preliminary figures


FY10 FY11

99,5%

Conf. Level

Group

RAC 15.7

ESR 210%

99,5%

Conf. Level

Group

RAC 18.0

ESR 159%

Group

AC


36

IV. Backup

Agenda

P&L

Balance sheet

Life

Capital

Sustainability

Definitions


37

IV. Backup

Agenda

P&L

Balance sheet

Life

Capital

Sustainability

Definitions


38FY11 Total gross written premiums

IV. BACK UP

Euro (m) Total gross written premiums Gross life written premiums(1) Gross P&C written premiums

Country GWP

YoY

% increase

Weight on

consoli-

dated GWP

YoY

% increase

Weight on

consoli-

dated GWP

YoY

% increase

Weight on

consoli-

dated

(2) (2) (2)

Italy 20,212 -4.8% 29.2% 12,711 -7.9% 18.4% 7,501 +0.8% 10.8%

France 13,064 -14.5% 18.9% 9,007 -20.9% 13.0% 4,057 +4.2% 5.9%

Germany 16,597 -0.9% 24.0% 13,534 -1.6% 19.6% 3,062 +2.2% 4.4%

CEE 3,938 -2.0% 5.7% 1,678 -6.2% 2.4% 2,261 +1.3% 3.3%

RoE 9,916 -10.4% 14.3% 5,587 -18.0% 8.1% 4,330 +1.6% 6.3%

Of which:

Spain 2,426 +5.8% 3.5% 1,052 +14.3% 1.5% 1,374 +0.2% 2.0%

Austria 2,538 +1.1% 3.7% 1,194 +2.5% 1.7% 1,344 -0.1% 1.9%

Switzerland 1,760 +0.8% 2.5% 1,102 +0.5% 1.6% 658 +1.2% 1.0%

RoW 5,433 +11.2% 7.9% 3,877 +6.8% 5.6% 1,555 +23.8% 2.2%

Total 69,159 -5.5% 100.0% 46,394 -9.3% 67.1% 22,765 +3.2% 32.9%


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


39Life premiums by country & business line

Life FY11

(Euro m)

Savings and

protection

Unit/index

linked Health Group Total

Italy 85.2% 2.0% 0.0% 12.8% 12,324

France 68.0% 14.3% 10.2% 7.5% 8,795

Germany 51.6% 24.0% 17.7% 6.6% 13,533

CEE 60.8% 26.7% 11.2% 1.3% 1,677

RoE 35.4% 46.1% 4.8% 13.7% 5,558

Of which:

Spain 65.0% 1.3% 0.0% 33.8% 1,051

Austria 57.0% 23.5% 19.6% 0.0% 1,177

Switzerland 24.7% 74.3% 0.8% 0.2% 1,102

RoW 28.8% 14.6% 4.8% 51.8% 3,114

Total life gross

direct premiums

60.8% 18.3% 8.7% 12.3% 45,002

IV. BACK UP


40P&C premiums by country & business line

P&C FY11

(Euro m) Motor(1)Accident/

Health Personal Commercial Total

Italy 44.4% 17.9% 11.7% 26.1% 7,356

France 29.4% 12.6% 38.0% 20.0% 3,785

Germany 35.7% 15.4% 39.6% 9.2% 3,059

CEE 45.5% 13.9% 15.7% 24.9% 2,220

RoE 37.2% 15.6% 23.8% 23.4% 4,174

Of which:

Spain 27.5% 12.8% 28.9% 30.8% 1,338

Austria 39.7% 10.8% 23.5% 26.0% 1,325

Switzerland 48.1% 22.9% 28.5% 0.5% 656

RoW 58.1% 7.6% 3.7% 30.5% 1,499

Total P&C gross

direct premiums

40.3% 15.1% 22.2% 22.4% 22,092

IV. BACK UP

(1) Including fleets


41

Loss

ratio

Expense

ratio

P&C – Combined ratio (%)

Total – Expense ratio (%)

71.3 69.0

27.5 27.6

15.3 16.6

10.4 11.6

FY11FY10

FY11FY10

FY11FY10

98.8 96.5

Ratios

IV. BACK UP

Life – Expense ratio (%)


42FY11 combined ratio reconciliation

A Net earned premiums (net of consolidation adjustments) 20,662.5

B Consolidated net insurance benefits and claims 14,247.4

Consolidated acquisition costs 4,461.9

Consolidated administration costs 1,303.4

Non insurance related administration costs(1) 65.4

Insurance related consolidated administration costs 1,238.0

C Total acquisition and insurance related administration costs 5,699.9

B/A Loss ratio 69.0%

C/A Expense ratio 27.6%

(B+C)/A Combined ratio 96.5%

D Other technical items 45.8

A-B-C-D Technical result 669.4

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

(Euro m)

IV. BACK UP


43Ratios by country

(%) ITA FRA GER CEE RoE SPA AUT SWI RoW Consolidated

P&C Loss ratio

FY11 74.7 71.2 65.1 54.5 68.3 68.0 68.2 69.0 65.4 69.0

FY10 77.5 73.3 65.1 60.2 71.4 71.2 68.3 69.0 64.3 71.3

P&C Expense ratio

FY11 22.0 27.5 29.4 35.0 28.1 26.8 27.1 26.5 38.8 27.6

FY10 22.1 28.1 30.1 33.0 28.0 26.8 26.9 26.9 37.2 27.5

P&C Combined ratio

FY11 96.8 98.7 94.4 89.5 96.4 94.8 95.3 95.5 104.2 96.5

FY10 99.6 101.3 95.2 93.2 99.3 98.1 95.2 95.9 101.6 98.8

Life expense ratio by country

FY11 9.7 9.5 12.8 19.8 12.1 4.4 18.6 16.3 16.3 11.6

FY10 8.7 8.2 12.4 17.3 9.8 6.7 19.6 15.2 15.2 10.4

IV. BACK UP


44Focus on operating result

(Euro m)

FY10 FY11 ∆

Italy 1,537 1,499 -2.5%

France 754 557 -26.2%

Germany 713 684 -4.1%

CEE 419 503 +20.1%

RoE 697 878 +26.0%

RoW 387 322 -16.8%

Operating result(1) 4,508 4,444 -1.4%

Op. holding expenses (288) (294) -2.0%

Consolidation Adj. (143) (222) -55.8%

Total operating

result

4,077 3,928 -3.7%

Operating result by country(1)

969

295378

195

444259

399

252259

286

335

29

131

10

46

22

98

35

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

1,499

557684

503

878

322

IV. BACK UP


45

3,026

2,542

Life operating result

Life operating result (Euro m)

FY11FY10

-16.0%

Life Operating result by country (Euro m)

IV. BACK UP

(Euro m)

FY10 FY11 �

Italy 1,188 970 -18.4%

France 596 295 -50.5%

Germany 354 379 +6.9%

CEE 177 195 +10.3%

RoE 417 444 +6.5%

Of which:

Spain 110 114 +3.5%

Austria 64 61 -4.9%

Switzerland 128 116 -9.1%

RoW 293 259 -11.7%

Total 3,026 2,542 -16.0%


46Life net inflows by country

IV. BACK UP

Country FY10 FY11 Like for like ∆

Italy 1,790 1,085 -39.4%

France 4,444 (2,061) n.m.

Germany 4,923 3,433 -30.3%

CEE 534 475 -12.0%

RoE 2,823 1,473 -49.9%

Of which:

Spain (522) (253) +51.6%

Austria 163 171 +4.8%

Switzerland 545 549 +0.7%

RoW 1,619 1,441 -8.9%

TOTAL 16,133 5,846 -64.0%


47

1,128

1,560

P&C operating result

FY11FY10

+38.3%

IV. BACK UP

(Euro m)

FY10 FY11 �

Italy 206 399 +94.4%

France 149 252 +69.1%

Germany 308 259 -15.8%

CEE 218 286 +30.9%

RoE 199 335 +68.4%

Of which:

Spain 105 139 +32.0%

Austria 102 107 +5.5%

Switzerland 46 51 +11.3%

RoW 48 28 +40.6%

Total 1,128 1,561 +38.3%

P&C operating result (Euro m) P&C Operating result by country (Euro m)


48Other operating and non operating costs by segment

Life Non Life Financial

(Euro m) FY10 FY11 FY10 FY11 FY10 FY11

TOTAL NET OPERATING EXPENSES (74.6) (47.3) (288.7) (259.3) (28.7) (39.7)

Restructuring costs (26.2) (32.6) (63.0) (39.0) (19.8) (12.9)

Other net non operating expenses(1) (84.1) (132.2) (244.1) (123.4) (36.7) (52.1)

TOTAL NET NON OPERATING EXPENSES (110.3) (164.9) (307.2) (162.4) (56.5) (64.9)

(1) Other non operating expenses include mainly amortization of VOBA

IV. BACK UP


49

(Euro m) Life P&C Financial Total

FY10 FY11 FY10 FY11 FY10 FY11 FY10 FY11

Net impairments

Equity instruments 447 637 133 178 2 1 581 816

Fixed income 12 2,115 38 242 15 3 64 2,359

Real estate 20 16 (1) 8 - - 19 25

Other investments(2) 17 635 212 225 19 1 248 862

Total net impairments 496 3,403 381 653 35 6 913 4,062

Of which

Operating net

impairments366 2,967 - - 35 6 401 2,975

Non operating net

impairments130 436 381 653 - - 512 1,087

IV. BACK UP

Focus on impairments(1)

(1) Net of reverse impairments

(2) Including subsidiaries and associated companies, and receivables


50

(Euro m) Life P&C Financial Total

FY10 FY11 FY10 FY11 FY10 FY11 FY10 FY11

Net realized gains

Equity instruments 473 119 157 (15) 1 1 631 105

Fixed income 1,322 1,419 131 18 14 3 1,468 1,440

Real estate 90 178 141 151 - - 231 329

Other investments(2) 10 160 (16) 90 (2) 79 (9) 329

Total net realized gains 1,896 1,876 412 244 13 83 2,321 2,203

Of which

Operating net realized

gains1,839 2,019 - - 15 4 1,854 2,023

Non operating net

realized gains57 (143) 412 244 (2) 79 467 180

IV. BACK UP

Focus on realised gains(1)

(1) Excluding financial instruments at fair value through profit and loss

(2) Including subsidiaries and associated companies, and receivables


51Focus on non operating items: interest expenses on financial debt

645 646

59

FY10 FY11

Average cost (%) 5.36% 5.37%

Average maturity (years) 6.87 5.88

Total financial debt (Euro m)Interest expenses on financial debt (Euro m)

FY11FY10

Average cost & maturity of financial debt (%)

646704

(1)

36.5%36.1%

54.1%53.0%

9.5%10.9%

FY10 FY11

Senior Sub/Hybrid Other

12,21812,272

IV. BACK UP

(1) Net of interest expenses related to Euro 1,750 m senior bond repaid on 20/07/2010


52Reclassified P&L account

(Euro m) Total

FY10 FY11

Total Operating result 4,077 3,928

Net earned premiums 65,727 62,739

Net insurance benefits and claims (67,720) (55,036)

Acquisition and administration costs (11,638) (11,807)

Net fee and commission income and net income from financial service activities 868 933

Operating income from other financial instruments 12,638 10,658

Operating income from financial instruments at fair value through profit or loss 4,880 (2,905)

of which net income from fin. assets and liabilities where the risk is borne by the policyholders 3,824 (3,158)

Operating holding expenses (288) (294)

Net other operating expenses (389) (360)

Non-operating result (1,200) (2,013)

Non-operating income from other financial instruments (32) (907)

Non-operating income from financial instruments at fair value through profit or loss 37 (34)

Non-operating holding expenses (726) (680)

Interest expenses on financial debt (704) (646)

Other non-operating holding expenses (22) (34)

Net other non-operating expenses (479) (392)

Earnings before taxes 2,877 1914

Income taxes (909) (762)

Result from discontinued operations (Intesa Vita) 51 -

Consolidated result of the period 2,018 1,153

Result of the period attributable to minority interests (316) (297)

Result of the period 1,702 856

IV. BACK UP


53

(Euro m) Life Non life Financial(1)

Unallocated holding expenses

Consolidation adjustments Total

Total Operating result 3,026 1,128 354 (288) (143) 4,077

Net earned premiums 45,453 20,274 - - - 65,727

Net insurance benefits and claims (53,265) (14,451) - - (4) (67,720)

of which var. of provisions related to unit linked business (6,158) - - - - (6,158)

Acquisition and administration costs (5,137) (5,602) (900) - - (11,638)

Net fee and commission income and net income from financial service activities 109 - 894 - (135) 868

Operating income from other fin. Instruments 11,212 1,152 280 - (6) 12,638

Operating income from fin. Instruments at fair value through profit or loss 4,728 44 108 - - 4,880

of which net income from fin.assets and liabilities where the risk is borne by the policyholders 3,824 - - - - 3,824

Operating holding expenses - - - (288) - (288)

Net other operating expenses (75) (289) (28) - 3 (389)

Non-operating result (183) (239) (59) (726) 7 (1,200)

Non-operating income from other fin.instr. (73) 31 (3) - 13 (32)

Non-operating income from fin. instr.at fair value through profit or loss - 37 - - - 37

Non-operating holding expenses - - - (726) - (726)

Net other non-operating expenses (110) (307) (56) - (5) (479)

Earnings before taxes 2,843 889 295 (1,014) (136) 2,877

Reclassified P&L account by segment - FY 2010

IV. BACK UP

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


54

(Euro m) Life Non life Financial(1)Unallocated holding

expensesConsolidation

adjustments Total

Total Operating result 2,542 1,561 342 (294) (222) 3,928

Net earned premiums 42,076 20,662 - - - 62,739

Net insurance benefits and claims (40,770) (14,247) - - (19) (55,036)

of which var. of provisions related to unit linked business 2,132 - - - - 2,132

Acquisition and administration costs (5,176) (5,715) (915) - (1) (11,807)

Net fee and commission income and net income from financial service activities 178 - 859 - (104) 933

Operating income from other fin. Instruments 9,336 1,080 328 - (85) 10,658

Operating income from fin. Instruments at fair value through profit or loss (3,055) 41 109 - - (2,905)

of which net income from fin.assets and liabilities where the risk is borne by the policyholders (3,158) - - - - (3,158)

Operating holding expenses - - - (294) - (294)

Net other operating expenses (47) (259) (40) - (14) (360)

Non-operating result (744) (606) 16 (680) - (2,013)

Non-operating income from other fin.instr. (579) (409) 81 - - (907)

Non-operating income from fin. instr.at fair value through profit or loss - (34) - - - (34)

Non-operating holding expenses - - - (680) - (680)

Net other non-operating expenses (165) (162) (65) - - (392)

Earnings before taxes 1,798 955 357 (974) (222) 1,914

Reclassified P&L account by segment - FY 2011

IV. BACK UP

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


55

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11��4Q11/

��4Q10

Life premiums(1) 14,214 12,137 10,921 13,826 12,340 11,503 10,543 12,009 -13.0%(2)

P&C premiums 6,650 5,128 4,780 5,532 6,792 5,219 4,931 5,823 +6.1%(2)

Total premiums 20,864 17,265 15,700 19,359 19,131 16,722 15,474 17,832 -7.6%(2)

Life operating

result866 702 734 724 881 782 315 564 -22.2%

P&C operating

result312 274 296 246 393 406 405 356 +44.7%

Financial

operating result98 105 74 77 115 96 69 63 -17.9%

Other(3) (98) (123) (108) (103) (133) (131) (96) (156) -51.5%

Total operating

result1,178 958 997 944 1,256 1,153 693 826 -12.5%

Net result 527 346 440 389 616 190 20 31 -92.0%

IV. BACK UP

Focus on 4Q11 results



(3) Including operating holding expenses and consolidation adjustments

(Euro m)


56

IV. Backup

Agenda

P&L

Balance sheet

Life

Capital

Sustainability

Definitions


57Consolidated balance sheet

(1) Including reinsurance amounts of technical reserve, deferred tax assets, deferred acquisition costs and other assets

Assets Liabilities

(Euro bn) FY10 FY11

Intangible assets 10.7 10.4

Investments

Cash

364.3

11.0

346.7

25.6

Other credits 11.5 11.3

Tangible assets 3.8 4.9

Other assets (1) 21.2 24.2

Total Assets 422.4 423.1

12.212.3Financial debt

(Euro bn) FY10 FY11

Shareholders’ Equity

(Group share) 17.5 15.5

Minority interests 2.6 2.6

Shareholders’ Equity 20.0 18.1

Operating debt 41.6 46.9

Technical reserves 329.6 325.0

Payables and other

provisions 9.1 9.0

Other liabilities 9.7 11.8

Total Liabilities and

Shareholders’ Equity 422.4 423.1

IV. BACK UP


58

310.8

58.3

97.5

FY11 Assets Under Management

Total

Euro 466.6 bn

Fixed income

instruments

77.6%

Other

4.0%

Real Estate

4.9%

Equity

5.5%

Available for sale

56.5%

Loans

24.7%

Real Estate

4.2%

Group

participations

0.6%

Held to maturity

1.7%Fin. Instr. at fair

value thr. P&L

4.3%

Unit Linked

Third parties AUM

“Own Investments”(1)

IV. BACK UP

Esposizioni nette a

governativi di

Grecia, Spagna,

Portogallo e Irlanda


Cash & equival.

7.9%

Cash & equival.

7.9%


59

97.2

189.0

24.7

Total

Euro 310.8 bn

Fixed income instruments

75.5%

Of which bonds 53.0%

Of which loans 22.5%

Real estate

13.5%

Other

9.1%

Subs, ass. & JVs

2.0%

IV. BACK UP

FY11 Own Investments at amortized cost and fair value(1)

Fixed income instruments

88.9%

Of which bonds 84.6%

Equity

9.0%

Other

2.1%

Investments at amortized cost

Investments at fair value

(1) Excluding unit linked and third parties

Cash & equivalents


60

(Euro m) Life P&C Financial Total(2)

Asset classes BV MV BV MV BV MV BV MV

Equity 13,415 13.415 3,218 3,218 465 465 17,098 17,098

Fixed income instruments 208,088 209,689 22,194 22,134 13,038 13,229 241,278 243,008

Government 100,784 102,388 9,642 9,678 3,329 3,306 113,755 115,372

Corporate 85,329 85,132 9,552 9,457 3,189 3,144 97,682 97,346

Other fixed income 21,976 22,169 3,000 2,998 6,520 6,779 29,841 30,291

Real estate 9,824 12,169 5,474 8,626 24 36 15,322 20,830

FY11 book value & market value of Own Investments(1)

IV. BACK UP

(1) Excluding unit linked and third parties

(2) Net of consolidation adjustments


61Quality of FY11 fixed income portfolio

% Current return

by segment

% Comprehensive

return by segment

Life 4.5 0.8

P&C 3.9 1.2

By issuer (%)

Fixed income portfolio composition (Euro 241.3 bn)

48.4 43.425.5

47.1

41.0 43.0

24.5

40.5

12.4

50.0

13.510.6

Life P&C Financials Total

Government Corporate Other fixed income

IV. BACK UP

Bond portfolio by rating (%)

32.2% 15.1% 39.0%10.1%

2.6%

1.0%

AAA AA A BBB NIG NR

Average bond portfolio

duration by segment (years) Life P&C

Government 7.0 5.3

Corporate 5.0 3.2


62Focus on FY11 government bond portfolio

% Split by rating Total

AAA 32.1

AA 18.7

A 42.6

BBB 3.6

Not investment grade 2.9

Not rated 0.1

% Split by country Total

Of which

domestic

Italy 40.3 34.9

Germany 10.8 8.3

France 11.9 9.1

CEE 6.2 4.5

RoE 21.6 7.1

RoW 9.2 5.7

40%28%

12%

Life P&C Financial

(Euro 113.8 bn, 47.1% of total fixed income portfolio)

IV. BACK UP

% of segmental own investments% Split by accounting treatment

16.583.5

Amortized cost Fair Value


63Focus on Greece Sovereign exposure

IV. BACK UP

� 1H11: Impairment of government bonds with maturities ≤ 2020 based on market values as of 30

June 2011

� 9M11: All Greek government bonds have been impaired based on market values at 30

September 2011

� FY11: All Greek government bonds have been impaired based on market values at 31 December

2011

(1) Haircut on nominal value of Greek bonds

(2) Net of policyholders’ participation and taxes

Period

Gross book

value

(A)

Gross

market

value

(B)

Gross

unrealised

losses

(C) = (A) - (B)

Net

unrealised

losses(2)

(D) = (E) + (F)

Operating Non

operating

Net impact (2)

(E)

June 2011 2,974 1,539 -1,435 -208 46.4% -1,002 -53,4 -142,1 -140 -68

September 2011 2,954 1,143 -1,812 -329 60.8% -1,812 -191,3 -273,6 -329 0

December 2011 2,954 675 -2,279 -686 76.1% -2,279 -378 -309 -472 0

BS before impairment

Gross

Impairment

BS after

impairment (2)

(F)

P&L impact

Haircut

% (1)


64Peripheral government bond portfolio: focus on country exposure

IV. BACK UP

40.5%52.4%

3.4%3.7%

Italy

Germany

France

RoE

68.7%

3.1%7.4%

20.8%

Spain

Germany

France

RoE

64.9%

23.3%

0.4%

11.4% Italy

Germany

France

RoE

6.5%

86.7%

4.5% 2.3%

Italy

Germany

France

RoE

Italian government bonds (Euro 45.9 bn) Spanish government bonds (Euro 5.5 bn)

Portuguese government bonds (Euro 1.6 bn) Irish government bonds (Euro 1.6 bn)


65Focus on FY11 corporate bond portfolio


AAA 32.3

AA 10.9

A 34.8

BBB 17.7


Not rated 2.1

% Split by industry Life P&C

Financials 36.5 49.3

Covered bonds 32.7 23.2

Utilities 6.9 4.9

ABS 2.5 4.2

Telecom 4.3 3.7

Industrial 5.0 4.5

Other 12.1 10.2

(Euro 97.7 bn, 40.5% of total fixed income portfolio)

33.666.4

Amortized cost Fair Value

34% 27%12%

Life P&C Financial

% of segmental own investments% Split by accounting treatment

IV. BACK UP


66Focus on FY11 covered bond & financial corporate bond portfolios


AAA 87.3

AA 8.3

A 3.8

BBB 0.3


Not rated 0.0

(Covered bonds: Euro 30.1 bn)

IV. BACK UP


Italy 3.7

Germany 34.5

France 21.8

CEE 1.1

RoE 38.2

RoW 0.7


AAA 9.1

AA 13.0

A 52.7

BBB 20.5


Not rated 1.1

(Financial corporate bonds: Euro 38.4 bn)


Italy 13.6

Germany 20.7

France 12.7

CEE 1.8

RoE 31.9

RoW 19.3


67

Assicurazioni Generali Group – FY 2011 results Assicurazioni Generali Group – FY 2011 results

5.4

17.1

(0.3)(0.6)(10.8)

0.0

Focus on FY11 equity portfolio

% split by industry Life P&C

Financials 16.5 27.4

Consumer 10.3 7.8

Utilities 6.9 5.4

Industrial 6.0 7.1

Other 16.2 19.5

Funds 44.2 32.7

5% 9% 2%

Life P&C Financial

% Current return

by segment

% Comprehensive

return by segment

Life 3.8 -12.5

P&C 2.8 -7.9

(Euro 17.1 bn)

IV. BACK UP

% of total own investments

FY11 Group net equity exposure

Gross

equity

exposure

Hedging Policyholders’

interests

Taxes Minorities Net

equity

exposure


68FY11 Group real estate assets (1/2)

100%24.4100%18.4Total

2%0.42%0.4RoW(2)

18%4.517%3.1RoE(1)

1%0.21%0.2CEE

16%4.022%4.0Germany

23%5.523%4.2France

40%9.835%6.5Italy

% of

the total

Total MV

(Euro bn)

% of

the total

Total BV

(Euro bn)Country

Investment properties vs self use Yield on investment properties

Self Use

14.5 %

Investment

properties

85.5 %

IV. BACK UP

(1) RoE includes Austria, Spain, Switzerland, Belgium and Netherlands

(2) RoW includes Israel, Latin America, Far East and US

7.3%Life

8.6%

Total

P&C

% Current return by segment


69FY11 Group real estate assets (2/2)

IV. BACK UP

100%22.1100%6.9Total

2%0.41%0.1RoW

20%4.519%1.3RoE

1%0.22%0.1CEE

15%3.218%1.3Germany

24%5.323%1.6France

38%8.537%2.5Italy

% of

Total MV

MV

(Euro bn)

% of

total area

Area

(sqm m)Country

Residential 10%

Retail 15%

Logistic 3%

Other 7%Office 65%

Direct Investments in leader countries


70Investment yields(1)

Bonds and Loans Equities Investment

properties

Other Total

% return FY10 FY11 FY10 FY11 FY10 FY11 FY10 FY11 FY10 FY11

LIFE

Current 4.4 4.5 3.2 3.8 7.3 7.3 2.1 2.8 4.3 4.5

Total P&L 5.0 4.0 4.6 -0.4 8.2 9.0 1.6 -0.3 5.0 3.7

Comprehensive 2.6 0.8 3.7 -12.5 8.6 8.7 1.6 -0.3 2.8 0.2

NON LIFE

Current 3.8 3.9 2.6 2.8 8.7 8.6 2.9 1.9 4.4 4.3

Total P&L 4.6 3.0 2.4 -3.2 11.0 11.1 1.9 3.5 5.3 3.8

Comprehensive 3.2 1.2 0.8 -7.9 11.2 11.1 1.9 3.5 4.3 2.2

TOTAL

Current 4.3 4.4 3.1 3.6 7.8 7.7 1.8 2.0 4.2 4.3

Total P&L 4.9 3.9 4.3 -0.7 9.3 9.7 1.2 0.5 4.9 3.7

Comprehensive 2.6 0.9 3.2 -11.2 9.6 9.5 1.2 0.5 3.0 0.6


IV. BACK UP


714Q11 IFRS Shareholders’ equity roll forward

15.48615,846

17,490

(54)(48)

2931

(319)

-2.3%

IFRS Shareholders’ equity roll forward (Euro m)

Shareholders’

Equity FY10

Shareholders‘

Equity 9M11

∆ in AFS

Reserve

4Q 2011

Net Result

∆ Currency

Translation

Reserve

∆ Cash Flow

Hedge

Reserve

Other Shareholders’

Equity FY11

IV. BACK UP

Change in AFS reserve (Euro m)

(19)(1.836)

(2.156)

182

(482)

AFS Reserve

9M11

Impact Equity Investments

Impact Bond Investments

Other AFS Reserve FY11


72

16.9 17.8

23.6 23.8

Pro forma Solvency I update


FY11FY10

140%(1) 134%(2)

(Euro bn)


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

Available margin


� Proposed dividends(3):

� Financial markets and other elements:

� Impact from the potential application of

the “anti crisis regulation”

Required Margin

� Growth of life technical provisions and

financial sector capital requirements:

+ 1.2

- 0.5

- 1.6

+ 1.1

+ 0.9

Pro forma Solvency I update without cap on locally admitted unrealized gains on real estate and

with Italian “anti crisis regulation”

(2) Including off balance sheet unrealized gains on real estate (7%pts of which subject to local authorities’ authorization; 3%pts of which already locally admitted but capped) and

6%pts positive impact from the potential application of the “anti crisis regulation” only related to European Union Government bonds held by Italian companies as durable

investment

(3) Proposed dividend for Shareholders: Euro 0.3 bn; proposed dividend for Minorities: Euro 0.2 bn

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73

17.3 17.820.4 20.8

Regulatory Solvency I development in 4Q11


FY119M11

118% 117%

(Euro bn)


Available margin

� Change in rules on cap on locally

admitted unrealized gains on real

estate(1):


� Proposed dividends:

Required Margin

� Growth of financial sector capital

requirements:

+ 0.8

+ 0.1

- 0.5

+ 0.5

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(1) The rule allows the exclusion of AFS losses related to government bonds in the calculation of the cap on locally admitted unrealized gains on real estate. With the current

rule, Solvency I ratio as at 9M11 would have been 122%


74

132

122

123

141

137

128

Stress tests on Solvency I and Shareholders’ equity

Impact on regulatory solvency I ratio (%) Impact on Shareholders’ equity (Euro bn)

Total ratio 01.03.2012

Equities -30%

Interest rate +100bps

Interest rate -100bps

Credit spread +100bps

Real estate -10%

(1.6)

(1.9)

1.9

(0.8)

Equities -30%

Interest rate +100bps

Interest rate -100bps

Credit spread +100bps

(1) (1)

(1) Before hedging impact

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75Total comprehensive income(1)

1,308

(1,031)

270

(306)(1,326)

196

(505)

181

(1,010)

(178)

1,916

459

794 (245)

1,033

(644)

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

(Euro m)


1Q08 1H08 9M08 FY08 1Q09 1H09 9M09 FY09 1Q10 1H10 9M10 FY10 1Q11 1H11 9M11 FY11

(1,031) (1,536) (1,354) (2,365) (178) 616 2,532 2,990 1,308 1,063 2,096 1,452 270 466 (860) (1.166)

+3,000 m

-3,000 m

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76AFS reserve breakdown

(Euro m) FY09 FY10 FY11

Fixed income instruments 225 (562) (1,780)

Government 281 (396) (1,216)

Corporate (56) (166) (564)

Equity 475 277 (382)

Investment funds and other 29 101 7

TOTAL 730 (184) (2,156)

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77Financial debt schedule

0

500

1,000

1,500

2,000

2,500

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2024 2026

Hybrid Subordinated Senior Loans

Bonds

Financial debt breakdown by expiry date/call date (Euro m)

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78FY11 technical reserves

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(Euro m) Traditional Linked TOTAL

Life net technical reserves(1)

Italy 79,863 5,692 85,555

France 66,401 13,115 79,516

Germany 74,897 12,051 86,948

CEE 5,505 1,259 6,764

GROUP TOTAL 258,311 58,253 316,564

(1) Including investment contracts for Euro 15,670 million

(Euro m) Motor Non Motor TOTAL

P&C net technical reserves

Italy 4,910 6,862 11,772

France 2,165 3,306 5,472

Germany 1,797 2,285 4,082

CEE 1,203 838 2,041

GROUP TOTAL 13,602 17,002 30,604


79Operating ratio on investments(1)

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FY10 (%) FY11 (%) �(%pts.)

Italy 1.44 1.21 -0.23

France 0.74 0.36 -0.38

Germany 0.43 0.44 +0.01

CEE 2.51 2.63 +0.12

GROUP TOTAL 0.97 0.80 -0.17

Life operating ratio on investments (%)

P&C operating ratio on investments (%)

FY10 (%) FY11 (%) �(%pts.)

Italy 1.63 3.34 +1.70

France 2.78 4.73 +1.95

Germany 5.01 4.45 -0.56

CEE 6.82 8.53 +1.71

GROUP TOTAL 3.07 4.32 +1.25



80Number of shares(1)

Ordinary

Shares issued

(1)

Own

shares

(2)

Shares

outstanding

(1-2)

Weighted number of shares outstanding in year ending

12.31.2010 1,540,850,443

shares outstanding at 12.31.2010 1,556,873,283 15,999,446 1,540,873,837

Capital increase - - -

Stock grant plan - - -

Exercise of stock options - - -

Generali shares purchase - (1,976) 1,976

Change in scope - - -

shares outstanding at 12.31.2011 1,556,873,283 15,997,470 1,540,875,813


12.31.2011 1,540,875,154

Potential (dilutive) shares:

Stock options - - -


12.31.2011 adjusted for the effects of all dilutive

potential ordinary shares. 1,540,875,154


12.31.2010 adjusted for the effects of all dilutive

potential ordinary shares. 1,540,850,443

(1) Calculation based on IAS 33

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81Per share(1) indicators

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(Euro) FY11

Earnings per share(1) 0.55

Dividend per share 0.20

Book Value per share(2) 10.1

ANAV per share(2) 8.5

Embedded Value per share(2) 14.6

(1) Calculated on the basis of weighted shares outstanding during 2011 (1.540.875.154)

(2) Calculated on the basis of shares outstanding at 31.12.2011 (1.540.875.813)


82

IV. Backup

Agenda

P&L

Balance sheet

Life

Capital

Sustainability

Definitions


83

7,224

23,927 24,341

19,372561

2601,580

194976609

Life & health EV roll-forward

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

Life & health RoEV

Life & health Normalised RoEV

-18.1%Adjusted embedded value FY10 24,341

Embedded value earnings -4,408

Normalised EV earnings (1) 2,858

(Euro m)

Perimeter,

FX

Adjusted

EV FY10NBV

Expected

contributionOperating

variance

Economic

varianceCapital

flow

EV FY11Model

changesEV FY10

11.7%

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( )

Including:

-2.3 bn due to interest rate decrease

-4.3 bn due to spread widening and

equity market drop

(1) Life normalised EV earnings defined as NBV + Expected contribution + Operating variance excluding extraordinary expenses (-43 m)

( )

( )


84FY11 Life Embedded Value sensitivity

(%)

Equity Implied Volatility +25%

Risk Free Rate +100bps

Risk Free Rate -100bps

Equity +10%

Equity -10%

Zero Liquidity Premium

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Swaption Implied Volatility +25%

Life Embedded Value Euro 19,372 m

-1.2

-35.1

-4.8

+4.8

-17.2

+12.2

-3.8


85Life new business: APE

(Euro m) APE Annual Premiums Single Premiums

2010 2011Like for like

� 2010 2011Like for like

� 2010 2011Like for like

�

Italy 1,766 1,715 -2.9% 1,091 1,175 +7.7% 6,753 5,404 -20.0%

France 1,172 939 -19.8% 307 320 +4.5% 8,649 6,187 -28.5%

Germany 976 908 -7.0% 709 675 -4.8% 2,665 2,324 -12.8%

CEE 172 147 -8.9% 139 126 -3.8% 330 210 -30.5%

RoE 792 657 -17.4% 442 432 -2.9% 3,506 2,254 -35.7%

Austria 97 104 +7.0% 72 81 +12.1% 252 232 -7.9%

Spain 118 126 +6.2% 55 56 +2.1% 636 698 +9.7%

Switzerland 96 85 -13.5% 89 78 -14.1% 69 67 -5.4%

RoW 455 421 +7.0% 364 366 +10.7% 908 553 -12.3%

Total 5,333 4,787 -9.0% 3,052 3,094 +2.7% 22,810 16,933 -24.8%

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86Life new business: value and margins

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(Euro m) NBV

2010 2011Historical

�

Like for like �

Italy 326 374 +14.7% +14.8%

France 146 128 -12.4% -12.4%

Germany 173 166 -3.9% -3.9%

CEE 56 52 -5.5% +0.0%

RoE 197 134 -32.1% -32.5%

Austria 23 15 -36.0% -36.0%

Spain 28 21 -24.5% -24.5%

Switzerland 41 16 -60.6% -61.8%

RoW 153 121 -20.4% -11.9%

Total 1,050 976 -7.1% -5.6%

Margins on APE

2010 2011 ∆ %pts

18.4% 21.8% +3.3%

12.5% 13.7% +1.2%

17.7% 18.3% +0.6%

32.3% 35.8% +3.4%

24.9% 20.4% -4.5%

23.3% 14.0% -9.4%

23.3% 16.6% -6.8%

42.8% 18.9% -23.9%

33.5% 28.8% -4.7%

19.7% 20.4% +0.7%

Margins on PVNBP

2010 2011 ∆ %pts

2.2% 2.6% +0.4%

1.3% 1.4% +0.1%

1.7% 1.7% +0.0%

4.3% 5.0% +0.6%

3.0% 2.6% -0.5%

2.3% 1.3% -1.1%

2.8% 2.0% -0.9%

4.0% 1.7% -2.3%

3.6% 3.0% -0.6%

2.2% 2.3% +0.1%


87Value of asset gathering

Value of In-force business (Euro m) Value of new business (Euro m)

20112010

+3.9%

20112010

+28.3%

2010 2011 %

New inflows

(Euro bn) 17.2 24.3 +41.6%

Value of new business

in % of New inflows 0.94 0.85 -9bps

2010 2011 %

Assets under

management (Euro bn) 62.7 65.3 +4.2%

Value of business In-

force in % of AUM 1.72 1.71 -1bp

Retail asset gathering business relates to the group's two primary asset gatherers, BSI and Banca Generali. The value of in-force asset gathering business in BSI is the

present value of the projected stream of future after-tax profits that are expected to be generated by the private banking arrangements which are in force at the valuation date.

For Banca Generali, the value of in-force business is the present value of the projected stream of distribution margins and fee income, net of costs, that are expected to arise

in Banca Generali and in the group’s asset management companies, which is associated with the retail asset management products in force at the valuation date. Note that

from 2008, the value arising in Banca Generali relating to insurance business has been considered as a look through in the Life Embedded Value. New asset management

business comprises the amount of new money collected, net of switches within different classes of asset management products. The value added by new business allows for

the actual acquisition costs incurred, using end-year assumptions, including projected future investment returns in the year of sale. Valuation according to traditional EV

methodology and reviewed by Towers Watson.

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1,117

1,075161

206


88Investment in life new business

1st year P&L impact

In % of NBP

-1.0

3.8%

Capital absorption

In % of NBP

-0.7

2.8%

1st year strain

In % of NBP

-1.7

6.6%

New Business Value

NBM

1.05

19.7%

Internal Rate of Return 13.9%

Payback period 6.5 years

New Business Value

NBM

0.98

20.4%

Internal Rate of Return 12.6%

Payback period 7.4 years

2010 2011

1st year P&L impact

In % of NBP

-1.0

4.9%

Capital absorption

In % of NBP

-0.8

3.8%

1st year strain

In % of NBP

-1.7

8.7%

(Euro bn)

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89Expected Life cash flow generation

Life & Savings expected free cash flows (Euro m)

2,151

1,034 879

629 459

(990)(987)

2,130

(720)(760)

Existing Run Off

2011

New Business

2011

Free Cashflow

2011

Existing Run Off

2010

New Business

2010

Free Cashflow

2010

Capital

Profit

2011 Inforce

Expected undiscounted cash flows

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Years

1-5

Years

6-10

Years

11-15

Years

16-20

Years

21-25

Years

26-30

Years

31+

2011 New Business

Expected undiscounted cash flows

-2,000

-1,500

-1,000

-500

0

500

1,000

1,500

2,000

Year 0 Years

1-5

Years

6-10

Years

11-15

Years

16-20

Years

21-25

Years

26-30

Years

31+

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90

IV. Backup

P&L

Balance sheet

Life

Capital

Sustainability

Definitions


91

Group Risk

Capital

€23.2 bn

EBS results: risk capital diversification and capital allocation

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Total diversification benefits at 23%

(1) Not under Internal Model refers to entities currently based on previous top-down model

(2) Based on preliminary figures

(Euro bn)

(6.9) (2)

30.1(2)

23%

Group RAC at 99.95%

before diversification

Not under IM(1) 2.1

Operational

Non-Life U/W

Life U/W

Credit &

Currency

Interest rate

Real estate

Equity

7%

2.1 / 7%

/

2.6 / 8%

3.3 / 11%

7.0 / 23%

4.4 / 15%

2.9 / 10%

5.9 / 19%

23.2(2)

Group RAC

at 99.95%

Group

diversification

Geographic breakdown

Breakdown of Group risk capital

after diversification

Property & Casualty: Resulting at

34.0% of Net Earned Premiums

Life & Health: Resulting at 4.9%

of Net Technical Provisions

Financial: Resulting at 1.6% of

AuM

Italy

41%

Germany

12%

France

22%

Other

25%


92FY11 reconciliation of life & health MCEV with group EV (EBS basis)

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(Euro m)Life & Health

MCEV Other GROUP

IFRS equity 11,107 4,379 15,486

MTM of Assets 3,386 2,876 6,262

Goodwill (633) (6,761) (7,394)

Life DAC, VoBA and other adjustments (2,652) (840) (3,491)

MTM of Debt and Employee Benefit Plans (87) 1,021 934

Fair Value adj, of P&C Liabilities - 1,268 1,268

Unrealised Gains included in L&H VIF 17 0 17

Adjusted Net Asset Value 11,138 1,943 13,081

In-force value (Life & AuM) 8,233 1,117 9,350

Embedded Value (EBS basis) 19,372 3,060 22,431


93

6,262

12,401

5,767

15,486(10,886)

29,030

IFRS equity MtM of Assets MtM of Liab. GW & Oth. Intang. Sub.Debt incl. AC Available Capital

From IFRS Equity to Available Capital

(Euro m)

(Euro m)

Increase of 13,544 due to:

�+ 18,663 impact of unrealised gains and losses on

Assets and Financial Liabilities and Fair Value

adjustments on Technical Provisions;

�- 10,886 elimination of Goodwill and Intangible

Assets;

�+ 5,767 inclusion of Fair Value of Subordinated

Debt.

+ 13,544

29,030

(6,313) (1,402)

1,117 22,431

Available

Capital

Adj. For

Sub. Debt

CoC AuM VIF Group EV

FY11

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94

IV. Backup

P&L

Balance sheet

Life

Capital

Sustainability

Definitions


95Generali in the ethical indices

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96Global Added Value (GAV)

GAV (Euro m) 2011 GAV breakdown (%)

20112009 2010

-6.6%

12,63513,633

12,737

Employees

33.5%

State

5.1%

Shareholders

4.8%

Agents & FAs

42.1%

Credit capital

providers(1)

9.8%

Group

4.3%

Community

0.4%

(1) Total interest expense (including operating debt)

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97Number of employees

Number of employees 2011 number of employees by area (%)

20112009 2010

-3.9%

85,322 85,36881,997

France

10.8%

CEE

16.5%

Rest of World

15.6%

Germany

18.4%

Rest of

Europe 17.9%

Italy

20.7%

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98Training

Hours of per capita training 2011 hours of per capita training by area

-2.5%

20112009 2010

31.7

41.1 40.1

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99Allocation to the community

Allocation to the community (Euro m) 2011 allocation to the community by area (%)

20112009 2010

+7.9%

41.2

45.5 49.1

France

3.7%

CEE

12.2%

Rest of World

5.3%

Germany

17.7%

Rest of

Europe 20.6%

Italy

40.5%

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100

2010 2011 Change

Per capita electrical energy consumption (kWh) 5,192 4,831 -7.0%

Renewable sources quota 56.9% 69.0% -

Paper consumption (quintals) 71,288 71,314 0.0%

Environmentally friendly paper quota 47.5% 65.8% -

Per capita water consumption

(cubic meters)21 19 -8.7%

Selective waste collection quota 78.0% 75.4% -

Environmental data(1)

(1) Data refers to the Environmental Management System (EMS) of the Generali Group. A set of buildings in six countries (Italy, Austria, France, Germany, Spain and

Switzerland) is currently included in the EMS

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101

2010 2011 Change

Total emissions of CO2 equivalent97,739 92,273 -5.6%

Total emissions of CO2 equivalent - Scope 1

(Direct emissions produced by heating systems

and the corporate fleet of cars)

20,342 18,216 -10.5%


(Indirect emissions from energy consumption,

associated with the use of electrical energy and

district heating)

55,201 51,944 -5.9%


(Indirect emissions not from energy consumption,

connected to the employee work journeys)

22,195 22,113 -0.4%

Environmental data(1)

(1) Data refers to the Environmental Management System (EMS) of the Generali Group

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102

IV. Backup

P&L

Balance sheet

Life

Capital

Sustainability

Definitions


103Definitions: P&L and balance sheet (1/2)

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Investments Returns are calculated on quarterly average asset base at IFRS book value and are defined as follows:

Current return: interests, dividends and similar income

Total P&L return: = current return + harvesting return (net realized gains, net impairments and net unrealized

gains reported in P&L)

Comprehensive return:

i) for fair value investment (AFS, FVthPL) = current return + total change in fair value;

ii) for investment at amortised cost (Real estates, loans, HtM) = Total P&L return

Investment returns for Life segment income from bonds and loans issued by Group companies and

investments in consolidated subsidiaries backing policyholders’ liabilities

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

mathematical reserves

Life Operating Result 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

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

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


104

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

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

accepted and term deposits with credit institutions

ii) Equity-like instruments as 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 as 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.

P&C Operating Result 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

Total Comprehensive

Income

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 Operating Result 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.”

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

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105Definitions: Life EV (1/2)

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Adjusted Net Asset

Value (ANAV)

corresponds to the consolidated market value of the assets backing the shareholders’ funds, net of taxes and

policyholder interests on any unrealised capital gains and losses, after the elimination of goodwill and DAC, net

of other adjustments required to maintain consistency with the valuation of the in-force business, and before

the payment of dividends from profits of the year.

Annual Premium

Equivalent (APE)

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

Embedded Value

Earnings

correspond to the difference between the closing and the opening EV, excluding adjustments to opening EV

and capital movements.

Internal Rate of Return

(IRR)

is defined as the rate that makes equal to zero the present value of new business distributable profits

(therefore allowing for new business first year strain and required capital absorption) calculated using “real-

world” best estimate assumptions.

Life Embedded Value

(EV)

is an actuarially determined estimate of the value of a company, excluding any value attributable to future new

business. With reference to the covered business, and to the relevant consolidation perimeter (i.e. the

operating life, health and pension companies of the group), the EV is equal to the sum of the Adjusted Net

Asset Value and the Value In-Force.


106Definitions: Life EV (2/2)

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New Business Value

(NBV)

is the present value, at the point of sale, of the projected stream of after tax industrial profits expected to be

generated by the covered new business written in the year, taking into account the actual acquisition costs

incurred in the year of sale, after allowance for:

� the cost of financial guarantees and options granted to policyholders

� the frictional costs of setting up and holding the required capital

� the cost of non hedgeable risks

NBV is calculated according to year-end economic and operating assumptions

Normalised Embedded

Value Earnings

correspond to Embedded Value Earnings, net of economic variances and extraordinary expenses.

Payback Period is the period of time (in years, from issue date) required to recover the cost of the initial investment in new

business (i.e. new business first year strain and required capital absorption) calculated by means of a

deterministic projection based on “real-world” best estimate assumptions

Present Value of New

Business Premiums

(PVNBP)

is defined as the present value of the future new business premiums, calculated using year-end assumptions

for lapses and other exits and discounted to point of sale using the reference rates

Value In-Force (VIF) is the present value of the projected stream of after tax industrial profits that are expected to be generated by

the covered business in force at the valuation date, after allowance for:

� the cost of financial guarantees and options granted to policyholders

� the frictional costs of holding the required capital

� the cost of non hedgeable risks


107Definitions: Group EV (1/2)

IV. BACK UP

Available Capital (AC) It is internally defined as the sum of:

� the excess of market value of assets over market value of liabilities

� subordinated liabilities

Economic Balance

Sheet (EBS)

I) General definition: Balance sheet statement based on one of those accounting approaches using market-

consistent values for all current assets and current obligations relating to in-force business, including off-

balance sheet items

II) Within the Generali Group: common Group framework (methodology, models and tools) to assess and

report market (or fair) value of all assets and liabilities, of available capital and risk capital, both at entity and

Group level.

Embedded Value (EV) An estimate of the value to shareholders of a book of insurance business at a given date, consisting of the

following components:

� Free surplus allocated to the covered business

� Required capital, less the cost of holding required capital

� Value of future shareholder cash flows from in-force covered business

The embedded value concept is applicable to general insurance, although it is more commonly encountered in

the life and health context. The value of renewals of existing contracts is included, but the value of future new

contracts is excluded.

Normalised RoEV Annualised and normalised earnings on opening Embedded Value

Risk Capital or Risk

adjusted capital (RAC)

Within the EBS framework of the Generali Group, it is the capital necessary to absorb the maximum loss of

available capital, identified according to a 1-year value-at-risk approach, at a specified confidence level

consistent with the risk appetite (defined at 99,5% for Solvency II purposes and at higher level for Group

internal and rating purposes). It corresponds to the SCR calculated with the internal model.

RoEV Embedded Value earnings on opening Embedded Value


108What’s next

April 28, 2012 - General Shareholders’ Meeting

May 11, 2012 - 1Q 2012 Results

August 2, 2012 - 1H 2012 Results

November 9, 2012 - 9M 2012 Results


109Investor Relations Team

Salvatore Colotti (Tel.: +39-040-671317)

Head of Investor Relations & Head of Life Technical Department

Email: [email protected]

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


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


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


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


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

IR Events


Assicurazioni Generali

P.za Duca degli Abruzzi 2

34132 Trieste, Italy

Fax: +39 040 671338

e-mail: [email protected]

www.generali.com


110Disclaimer

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 in charge of 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.

March 2006

Generali Group

2011 Results

Milan, March xxx, 2010March 21, 2012

Economy & Finance

Generali Group 2011 Results