Generali Group 9M 2013 Results

November 7, 2013

Generali Group

9M 2013 Results

2

Assicurazioni Generali Group – 9M 2013 results

Agenda

I. Overview

II. Group financials

III. Final remarks

IV. Backup

Page 3

Page 5

Page 24

Page 26

3 Agenda

I. 9M 2013 results overview

9M 2013 results at a glance


Following the announcement of the sale of related stake, Generali Banorte and Generali US Life RE qualified as a “non-current asset held for

sale and discontinued operations”.

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

The like for like change of operating results and own investments is calculated excluding Generali Banorte and Generali US Life RE from the

comparative period.

4


Operating result (Euro m)

3,292 3,361

+6.2%(1)

9M12 9M13

9M 2013 results at a glance

I. OVERVIEW

01/01/13(2) 9M13

Solvency I ratio (%)

145 143

(1) On like for like basis

Net result (Euro m)

1,591

1,133

+40.4%

9M12 9M13

Shareholders’ equity (Euro m)

9M13 01/01/13(2)

19,013 19,223

(2) FY12 shareholders’ equity was restated including the effects of revised IAS 19

+1.1%

-2%pts.

152% at October 24

5


Agenda


Profit & loss review

Life and P&C segment profitability

Balance sheet and solvency I

6


Revenue development by segment

II. GROUP FINANCIALS

(1) Including investment contracts (Euro 2,549 m in 9M13, Euro 2,669 m in 9M12)


9M12

9M12

excluding

Mexico & US

Life Re

9M13 Like for

like ∆

Gross written

premiums 50,945 49,393 49,053 +0.6%

Life(1) 33,500 32,354 32,808 +0.9%

P&C 17,444 17,039 16,245 +0.1%

(Euro m)

50,945 49,053

9M13 9M12

+0.6%(2)

Gross written premiums (Euro m)

49,393

1,552

Contribution from US

Life Reassurance and

Mexican operations

7


Consolidation

adjustments

Total

operating result

Financial services

operating result

P&C

operating result

Operating holding

expenses

Life

operating result

367

-268

-149

320

-221

-161

3,361

1,339

2,071

3,292

1,158

2,196

9M13 total operating result (Euro m)

Operating result by segment

9M13

9M12

-7.9%

+6.2%

+14.8%

+20.3%

+21.0%

-2.0%

Like for like


Contribution from US

Life Reassurance and

Mexican operations(1)

(1) The contribution for 9M12 life operating result was Euro 82 m, for 9M12 P&C operating result was Euro 45 m and for total operating result was Euro 128 m

1,113

2,114

3,164

8


Focus on non operating result

9M12 9M13 Like for

like

Non operating

investment income (304) 26 n.m.

Non operating

holding expenses (496) (597) +20.4%

Of which: interest costs (493) (564) +14.4%

Net other

Non operating

expenses

(246) (318) +29.3%

Of which: VOBA

amortization (138) (132) -4.4%%

Total

Non operating

result

(1,046) (889) -14.9%


(Euro m)

(304)

26333

92

(95)

Non operating investment income (Euro m)

9M13 9M12

(Euro m)

Net realised

gains

Net impair-ments

Fair Value thr. P&L

9M 13 381 (280) (75)

9M 12 48 (372) 20

Δ(1) n.m. -24.7% n.m.


9


9M12 9M13

Total operating result 3,292 3,361 +6.2%(1)

Non operating result (1,046) (889) -14.9%(1)

Consolidated result before

taxes and minorities

2,246 2,473 +16.7%(1)

Income taxes (869) (738) -15.1%

Result for discontinued

operations

(22) 60 n.m.

Minorities (222) (205) -8.0%

Net result 1,133 1,591 +40.4%


Net income (Euro m)

1,133

1,591

+40.4%

9M13 9M12

From operating result to net result

(Euro m)


10


Agenda





11


Life business development


33,500 32,808

+0.9%(1)


9M12 9M13


(2) Including liabilities related to investment contracts

Net technical reserves(2) (Euro bn)

Country 9M12 9M13

Italy (535) 787

France (1,949) 67

Germany 3,333 3,635

CEE 282 424

RoE (611) 1,163

RoW 623 400

TOTAL 1,142 6,477

Net inflows by country (Euro m)

Italy: Positive development thanks to significant

decrease of outflows, in particular maturities

France: Positive trend due the significant drop

in surrenders

Germany: Confirms good development thanks

to the positive development of volumes

Rest of Europe: 9M12 negatively influenced by

the decision not to renew a large Group contract

with low profitability

9M13 FY12 Traditional Unit

Linked

+3.4%(1)

Traditional Unit linked

260.2 264.3

53.6 56.6

7.5

(3.4)

3.0313.8 320.9

Change in perimeter

12


Life profitability – Operating result

(Euro m) 9M12 9M13 Like for like

Technical Margin 4,365 4,264 +0.4%

Investment Result 1,498 1,443 -1.2%

Expenses (3,667) (3,636) +1.2%

Operating Result 2,196 2,071 -2.0%

Life operating profitability hit by low interest rate environment

Life Operating Result by driver

Life operating ratio on

Investments 0.70% 0.62%


Life operating

result 9M12

Δ Technical margin Δ Investment result Δ Expenses Life operating

result 9M13

2,196 2,071 31

(101) (55)

13


Life investment strategy and yields

Current

return

Fixed

income

Equity Real

Estate

9M12 9M13 9M12 9M13 9M12 9M13

Euro m 7,006 6,929 372 343 544 538

% 3.2 2.9 2.9 2.7 5.6 5.4

43.0% 42.9%

33.9% 35.0%

8.4% 8.4%

4.5% 4.8% 3.5% 3.6% 4.7% 3.4% 2.1% 2.0%

FY12 9M13

Other

Cash & cashequivalent

Real estate

Equity

Other fixedincome

Corporatebonds

Governmentbonds

Life segment own investments (%)

Euro 277.0 bn Euro 278.6 bn


Current profitability remains affected by a low

reinvestment yield environment

Reduction in Cash and cash equivalents, that have been

deployed in more profitable investments

Increased exposure to corporate bonds to improve the

overall return and diversification of the investment

portfolio

+1.9%(1)


14 Life new business value and profitability


APE increases (+1.1%), with positive development of unit linked (+11.3%) and protection

business (+7.7%);

Profitability improves to 20.9% thanks to the improved product mix and to the lower

guarantees offered on saving business

(Euro m) APEMargin on APE

(NBM)NBV

9M12 9M13Like for like

9M12 9M13 9M12 9M13

Like for like

Italy 1,106 1,235 11.6% 21.2% 17.8% 234 219 -5.3%

France 742 573 -22.7% 12.4% 13.2% 92 76 -17.8%

Germany 621 724 15.6% 19.8% 24.9% 123 181 45.7%

CEE 108 126 -14.1% 35.2% 44.5% 38 56 6.6%

RoE 447 440 -1.2% 22.6% 25.7% 101 113 12.9%

RoW 159 113 2.3% 40.7% 22.6% 65 25 -10.4%

Total 3,184 3,211 1.1% 20.5% 20.9% 653 670 7.3%

9M13 amounts include the contributions from USA and MEXICO only for 1Q13. Such contributions, as well as other perimeter and FX rates changes, are neutralized in the like for like variation.


15


P&C gross written premiums

(Euro m) 9M12 9M13 Like for like

Italy 4,963 4,690 -5.6%

France 3,231 2,752 -5.6%

Germany 2,687 2,804 +4.4%

CEE 1,820 1,465 -1.1%

RoE 3,542 3,541 +0.6%

RoW 1,202 993 +42.4%

Total 17,444 16,245 +0.1%




17.444 16.245

9M13 9M12

+0.1%(1)

Slightly positive performance of Motor lines, thanks in particular to the excellent performance in Germany

Non Motor lines remained stable, despite negative trends in Italy and France that offset the good

performance in Germany

Commercial under pressure mainly in Spain, Italy and France, due to the difficult economic environment

16


P&C profitability – Operating result

(Euro m) 9M12 9M13 like for like

Technical Result 490 699 +52.0%

Investment Result 798 789 +0.7%

Other (130) (149) +14.9%

Operating Result 1,158 1,339 +20.3%

P&C Operating Result by driver

P&C operating ratio on Investments 3.24% 3.57%

Confirmed strong P&C operating profitability driven by excellent technical results


P&C operating

result 9M12

Δ Technical result Δ Investment result Δ Other P&C Operating

result 9M13

1,158 1,339

(9) (19)

209

17


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

(0.4) (1.1)

9M13 9M12

Combined ratio (%)

Expense

ratio

Loss

ratio

-1.6%pts.


Combined ratio by country

9M12

9M13

Italy 97.6% 91.5% -6.1%pts.

France 98.5% 98.4% -0.1%pts.

Germany 94.9% 95.9% +1.0%pts.

CEE 90.4% 89.3% -1.1%pts.

RoE 96.3% 95.8% -0.5%pts.

RoW 97.7% 105.7% +8.0%pts.

Total 96.6% 95.1% -1.6%pts.

26.7

68.3

27.2

69.5

95.1% 96.6%

Loss ratio Expense ratio

18

Assicurazioni Generali Group – FY 2009 results

5.9

21.3

0.0 -0,55.9

20.9

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

9M13 69.9 2.5 -4.1 68.3

9M12 70.8 2.0 -3.3 69.5

60

62

64

66

68

70

72


Loss ratio (%)

9M13 9M12

69.5 68.3 -0.8 +0.5 -0.8

Current

year

NAT

CAT

Prior

years

9M13 9M12 Δ Admin Δ Acq.

Acq. costs

Adm. costs

26.7

Expense ratio (%)

Δ%pts

27.2

-1.1%pts.

-0.4%pts.


Current loss ratio still improving,

both in Motor and non-Motor

Positive development of prior years

confirmed, returning to more normal

level in Q3

Nat Cat affecting Q2 and Q3 2013

19


P&C investment strategy and yields

P&C segment own investments (%)

Euro 38.0 bn Euro 37.2 bn

Current

return

Fixed

income

Equity Real

Estate

9M12 9M13 9M12 9M13 9M12 9M13

Euro m 685 661 63 68 330 276

% 2.9 2.6 2.1 2.4 6.1 5.3

29.7% 30.2%

29.2% 31.3%

10.7% 6.8%

6.9% 9.0%

13.9% 13.9%

8.0% 7.5%

1.6% 1.4%

FY12 9M13

Other

Cash & cashequivalent

Real estate

Equity

Other fixed income

Corporate bonds

Government bonds


Higher incidence of Equities mainly due to positive

market performance and tactical acquisitions

Increased exposure to corporate bonds to improve the

overall return and diversification of the investment

portfolio

Current profitability remains affected by a low

reinvestment yield environment

+1.9%(1)


20


67.9 66.0

Financial segment


Third party AUM(1) (Euro bn)

Net fees and commissions (Euro m)

320 367

9M13 9M12

+14.8%

621 641

9M13 9M12

+3.3%

96.4 99.9

9M13 FY12

+3.7% -1.9%pts.

9M13 9M12

Cost/income ratio (%)


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

21


Agenda





22

19,828

(815)

19,01319,223

(440)

1,591

(128) 60(563)(311)

IFRS Shareholders’ equity roll forward

Shareholders’

Equity FY12

Impact from

revised IAS 19

01/01/2013 Δ in AFS

Reserve

9M 2013

Net Result

Δ Currency

Translation

Reserve

Δ Cash Flow

Hedge

Reserve

Dividend

paid

Other

(including

Euro 477 m

GPH 25%

minorities

buyout)

Shareholders’

Equity 9M13

+1.1%

(Euro m)

Change in AFS reserve (Euro m)

2,151

19

2,591

(732)272

AFS Reserve

FY12

Impact Equity Investments

Impact Bond Investments

Other AFS Reserve 9M13



23


17.9 17.9 18.2

26.9 26.1 26.0

Solvency I update


Required margin Available margin

01/01/13 FY12

145%(1)

(Euro bn)

9M13

143%

Solvency I ratio

(1) FY12 shareholders’ equity was restated including the effects of revised IAS 19

(2) Banca Generali and own shares placement, GDH 3% minorities buyout

Main drivers of change Main drivers of change

Available margin:

Consolidated result: +1.8

GPH 25% minorities buyout: - 1.3

Other M&A transactions(2) + 0.2

Eligible debt: - 0.2

Financial markets and other elements: - 0.6

Required Margin: + 0.2

150%

152% at October 24

24


III. Final Remarks

Agenda

25


Final remarks

III. FINAL REMARKS

Excellent underlying P&C performance

Resilient Life profitability in a challenging market environment

Progressing reinvestment of excess cash

26

IV. Backup

Agenda

P&L

Balance sheet

Life

Definitions


27

IV. Backup

Agenda

P&L

Balance sheet

Life

Definitions


28 9M13 Total gross written premiums

IV. BACK UP

(1) Including investment contracts

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

(Euro m)

YoY YoY YoY

% increase % increase % increase

(2) (2) (2)

Italy 13,910 +2.0% 28.4% 9,220 +6.4% 28.1% 4,690 -5.6% 28.9%

France 8,635 -18.0% 17.6% 5,883 -22.8% 17.9% 2,752 -5.6% 16.9%

Germany 14,082 +10.0% 28.7% 11,278 +11.5% 34.4% 2,804 +4.4% 17.3%

CEE 2,637 -1.3% 5.4% 1,172 -1.6% 3.6% 1,465 -1.1% 9.0%

RoE 7,801 +2.3% 15.9% 4,260 +3.8% 13.0% 3,541 +0.6% 21.8%

Of which:

Spain 1,700 -6.0% 3.5% 724 -1.9% 2.2% 976 -8.8% 6.0%

Austria 1,966 +0.8% 4.0% 845 -1.2% 2.6% 1,121 +2.3% 6.9%

Switzerland 1,373 -4.2% 2.8% 745 -7.9% 2.3% 628 +0.6% 3.9%

RoW 1,988 +29.4% 4.1% 995 +18.0% 3.0% 993 +42.4% 6.1%

Total 49,053 +0.6% 100.0% 32,808 +0.9% 100.0% 16,245 +0.1% 100.0%

Total gross written premiums Gross life written premiums(1)

Gross P&C written premiums

Country GWP

Weight on

total GWP GWP

Weight on

total GWP GWP

Weight on

total GWP


29 9M13 Life premiums by country and business line(1)

IV. BACK UP



GDPYoY %

increase(2) GDP

YoY %

increase(2) GDP

YoY %

increase(2) GDP

YoY %

increase(2)

Italy 8,423 +7.1% 159 -7.8% 373 -4.0% 8,955 +6.3%

France 3,468 -36.5% 1,287 -3.8% 913 +46.7% 5,668 -23.7%

Germany 5,698 +23.2% 3,077 +1.6% 2,503 +1.9% 11,278 +11.5%

CEE 636 -11.1% 185 +8.6% 350 +15.5% 1,172 -1.5%

RoE 1,514 -3.3% 672 +3.5% 2,054 +9.7% 4,241 +3.8%

Of which:

Spain 573 -1.8% 144 -3.3% 7 +17.7% 724 -1.9%

Austria 454 -2.0% 197 +4.9% 180 -6.2% 831 -1.4%

Switzerland 117 -14.8% 97 +3.4% 531 -8.1% 745 -7.9%

RoW 575 +14.6% 350 +13.3% 69 +150.6% 994 +18.7%

Total Life gross

direct premiums 20,315 -2.0% 5,730 +1.1% 6,262 +10.5% 32,307 +0.7%

(Euro mln)

Protection Unit/Index linkedSavings and pension Total


30 9M13 P&C premiums by country and business line

IV. BACK UP

(1) Including fleets


GDPYoY %

increase(2) GDP

YoY %

increase(2) GDP

YoY %

increase(2) GDP

YoY %

increase(2) GDP

YoY %

increase(2)

Italy 2,151 -9.6% 604 +1.6% 1,045 -4.4% 772 -5.1% 4,571 -6.3%

France 779 -8.6% 1,189 -4.2% 601 -5.8% 0 n.a. 2,569 -6.0%

Germany 1,141 +7.9% 1,033 +2.5% 223 +2.2% 402 +1.0% 2,800 +4.4%

CEE 695 -2.6% 265 +1.9% 392 -0.3% 80 -0.3% 1,432 -1.1%

RoE 1,304 +0.7% 814 +3.4% 720 -6.3% 568 +3.3% 3,405 +0.2%

Of which:

Spain 267 -8.4% 315 +1.8% 241 -20.1% 137 -1.7% 960 -7.9%

Austria 430 +1.0% 251 +2.1% 304 +2.9% 118 +3.3% 1,102 +2.0%

Switzerland 316 -1.9% 154 +3.5% 3 -7.1% 155 +4.3% 627 +0.9%

RoW 655 +49.9% 33 +145.7% 194 +27.2% 46 +92.4% 928 +48.0%

Total P&C gross

direct premiums 6,725 +0.4% 3,938 +0.9% 3,175 -2.5% 1,868 +0.2% 15,706 -0.1%

TotalAccident/Health

(Euro mln)

Motor (1) Personal Commercial


31 Life net inflows by country

IV. BACK UP

Country 9M12 9M13 Like for like Δ

Italy (535) 787 n.a.

France (1,949) 67 n.a.

Germany 3,333 3,635 +9.1%

CEE 282 424 +68.1%

RoE (611) 1,163 n.a.

Of which:

Spain (1,709) (141) -91.8%

Austria 114 133 +15.8%

Switzerland 476 410 -11.9%

RoW 623 400 +36.2%

TOTAL 1,142 6,477 +605.6%


32

Loss

ratio

Expense

ratio

P&C - Combined ratio (%)

Total - Expense ratio (%)

69.5 68.3

27.2 26.7

9M13 9M12

9M13 9M12

9M13 9M12

96.6 95.1

9M13 technical ratios

IV. BACK UP

Life - Expense ratio (%)

16.4 16.1

11.111.2


33 9M13 combined ratio reconciliation

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

(Euro m)

IV. BACK UP

9M12 9M13

A Net earned premiums (net of consolidation adjustments) 15,763 15,173

B Consolidated net claims 10,949 10,369

Consolidated acquisition costs 3,358 3,164

Consolidated administration costs 983 926

Non insurance activity related administration costs(1) 56 33

Insurance activity related consolidated administration costs 927 893

C Total acquisition and administration costs 4,284 4,057

B/A Loss ratio 69.5% 68.3%

C/A Expense ratio 27.2% 26.7%

(B+C)/A Combined ratio 96.6% 95.1%

D Other technical items 40 48

A-B-C-D Technical result 490 699


34 9M13 technical ratios by country

IV. BACK UP

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

9M13 71.3% 71.1% 67.5% 57.5% 67.8% 65.9% 67.8% 70.6% 65.1% 68.3%

9M12 77.4% 71.8% 66.5% 52.6% 67.8% 65.9% 69.1% 70.0% 59.3% 69.5%

9M13 20.2% 27.3% 28.4% 31.8% 28.0% 27.9% 27.2% 24.5% 40.6% 26.7%

9M12 20.2% 26.7% 28.4% 37.8% 28.5% 28.1% 27.5% 26.0% 38.5% 27.2%

9M13 91.5% 98.4% 95.9% 89.3% 95.8% 93.8% 95.0% 95.1% 105.7% 95.1%

9M12 97.6% 98.5% 94.9% 90.4% 96.3% 94.0% 96.6% 96.0% 97.7% 96.6%

9M13 9.8% 12.8% 10.1% 18.0% 12.3% 4.9% 14.6% 19.2% 23.2% 11.1%

9M12 10.3% 9.0% 11.5% 19.9% 12.8% 4.8% 14.6% 18.8% 15.1% 11.2%

P&C Loss ratio

P&C Expense ratio

P&C Combined ratio

Life expense ratio by country


35 Focus on operating result

9M12

9M13 Like for

like ∆

Italy 1,432 1,590 11.0%

France 529 560 5.8%

Germany 463 490 6.0%

CEE 349 307 -12.1%

RoE 700 733 4.7%

RoW 201 98 33.4%

Operating result(1) 3,674 3,778 6.5%

Op. holding expenses (221) (268) +21.0%

Consolidation Adj. (161) (149) -7.9%

Total operating

result

3,292 3,361 +6.2%

Operating result by country(1) (Euro m)

883

405 248

129 333

74

517

155

208

159

274

26

190

34

19

127

-2 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

1,590

560 490 307

733

98

IV. BACK UP


36

9M 2013(1) FY 2012 FY 2011 FY 2010

Consolidated Operating result 3,361 4,219 3,928 4,077

Interest expenses on financial debt (564) (668) (646) (704)

Operating taxes(2) (965) (1,225) (1,132) (1,163)

Minority interest (123) (287) (278) (258)

Net IFRS Total Operating result 1,710 2,040 1,872 1,951

Average shareholder's equity (excluding

OCI(3)) 17,268 17,131 17,252 16,699

Operating RoE 9.9% 11.9% 10.8% 11.7%

Operating Return on Equity: calculation

(1) 9M13 Operating RoE not annualised

(2) Taxes based on mid-point of long term expected range of 33-36%

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

(Euro m)


IV. BACK UP

37

2,196 2,071

Life operating result


9M13 9M12

-2.0%(1)

Operating result by country (Euro m)

IV. BACK UP

9M12 9M13 Like for

like

Italy 991 883 -10.9%

France 348 405 +16.3%

Germany 236 248 +5.1%

CEE 136 129 -5.0%

RoE 335 333 -0.7%

Of which: %

Spain 88 82 -6.8%

Austria 51 57 +12.7%

Switzerland 90 103 +15.0%

RoW 150 74 +9.2%

Total 2,196 2,071 -2.0%



38 P&C operating result

9M13 9M12

+20.3%(1)

IV. BACK UP

9M12 9M13 Like for

like

Italy 275 517 +87.9%

France 181 155 -14.5%

Germany 187 208 +11.0%

CEE 195 159 -18.7%

RoE 267 274 +2.6%

Of which: %

Spain 114 117 +2.6%

Austria 67 83 +24.9%

Switzerland 38 40 +5.6%

RoW 53 26 +249.5%

Total 1,158 1,339 +20.3%

Operating result (Euro m) Operating result by country (Euro m)



1,158

1,339

39 Focus on impairments(1)

(Euro m) Life P&C Financial Total

Net impairments 9M12 9M13 9M12 9M13 9M12 9M13 9M12 9M13

Equity instruments 461 262 99 43 3 1 563 307

Fixed income 163 (18) 16 (4) 6 (1) 184 (23)

Real estate 36 89 5 10 0 0 41 99

Other investments(2) 8 108 91 112 7 (4) 106 216

Total net impairments 667 441 212 163 16 (4) 894 599

Of which

Operating net

impairments 509 319 0 0 13 0 522 319

Non operating net

impairments 158 122 212 163 3 (4) 372 280

(1) Net of reverse impairments

(2) Including subsidiaries and associated companies

IV. BACK UP


40 Focus on realised gains(1)

(Euro m) Life P&C Financial Total

9M12 9M13 9M12 9M13 9M12 9M13 9M12 9M13

Net realized gains on Equities 124 387 (20) 72 1 118 105 573

Realised gains 443 478 82 95 1 118 526 687

Realised losses (319) (90) (102) (23) 0 0 (421) (114)

Net realized gains on Fixed Income 238 1,169 43 133 (1) 16 280 1,318

Realised gains 2,308 1,294 173 151 6 19 2,487 1,465

Realised losses (2,070) (125) (130) (18) (7) (3) (2,207) (146)

Net realized gains on Real Estate 70 52 72 101 0 0 142 154

Realised gains 76 59 76 117 0 0 153 176

Realised losses (7) (7) (4) (15) 0 0 (11) (22)

Net realized gains on Other(2) 11 20 26 1 (2) 2 35 24

Realised gains 11 35 26 6 1 2 38 43

Realised losses 0 (15) 0 (5) (3) 0 (3) (20)

Total net realized gains 443 1,629 121 306 (2) 136 561 2,069

Operating net realized gains 512 1,641 0 0 0 50 513 1,688

Non operating net realized gains (69) (11) 121 306 (2) 86 48 381

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

(2) Including subsidiaries and associated companies

IV. BACK UP


41 Reclassified P&L account

Total

(Euro m) 9M12 9M13

Total Operating result 3,292 3,361

Net earned premiums 45,847 44,893

Net insurance benefits and claims (46,972) (45,782)

Acquisition and administration costs (8,487) (8,184)

Net fee and commission income and net income from financial service activities 590 592

Operating income from other financial instruments 8,325 9,545

Operating income from financial instruments at fair value through profit or loss 4,463 2,906

of which net income from fin. assets and liabilities where the risk is borne by the policyholders 3,409 2,278

Operating holding expenses (221) (268)

Net other operating expenses (253) (341)

Non-operating result (1,046) (889)

Non-operating income from other financial instruments (324) 101

Non-operating income from financial instruments at fair value through profit or loss 20 (75)

Non-operating holding expenses (496) (597)

Interest expenses on financial debt (493) (564)

Other non-operating holding expenses (3) (33)

Net other non-operating expenses (246) (318)

Earnings before taxes 2,246 2,473

Income taxes (869) (738)

Result from discontinued operations (22) 60

Consolidated result of the period 1,355 1,795

Result of the period attributable to minority interests (222) (205)

Result of the period 1,133 1,591

IV. BACK UP


42

(Euro m) Life Non life Financial(1)

Unallocated holding

expenses Consolidation

adjustments Total

Total Operating result 2,196 1,158 320 (221) (161) 3,292

Net earned premiums 30,084 15,763 - - 0 45,847

Net insurance benefits and claims (36,023) (10,949) - - (1) (46,972)

of which var. of provisions related to unit linked business (3,279) - - - - (3,279)

Acquisition and administration costs (3,555) (4,295) (637) - - (8,487)

Net fee and commission income and net income from financial service activities 70 - 621 - (101) 590

Operating income from other fin. Instruments 7,314 764 297 - (51) 8,325

Operating income from fin. Instruments at fair value through profit or loss 4,322 35 106 - - 4,463

of which net income from fin.assets and liabilities where the risk is borne by the policyholders 3,409 - - - - 3,409

Operating holding expenses - - - (221) - (221)

Net other operating expenses (17) (160) (67) - (9) (253)

Non-operating result (341) (173) (26) (496) (11) (1,046)

Non-operating income from other fin.instr. (227) (91) (5) - (2) (324)

Non-operating income from fin. instr.at fair value through profit or loss - 20 - - - 20

Non-operating holding expenses - - - (496) - (496)

Net other non-operating expenses (114) (102) (21) - (9) (246)

Earnings before taxes 1,855 986 294 (717) (172) 2,246

Reclassified P&L account by segment – 9M12

IV. BACK UP

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


43

(Euro m) Life Non life Financial(1)

Unallocated holding

expenses Consolidation

adjustments Total

Total Operating result 2,071 1,339 367 (268) (149) 3,361

Net earned premiums 29,720 15,173 - - - 44,893

Net insurance benefits and claims (35,413) (10,369) - - - (45,782)

of which var. of provisions related to unit linked business (2,605) - - - - (2,605)

Acquisition and administration costs (3,487) (4,069) (628) - - (8,184)

Net fee and commission income and net income from financial service activities 61 - 641 - (110) 592

Operating income from other fin. Instruments 8,495 763 324 - (36) 9,545

Operating income from fin. Instruments at fair value through profit or loss 2,763 26 116 - - 2,906

of which net income from fin.assets and liabilities where the risk is borne by the policyholders 2,278 - - - - 2,278

Operating holding expenses - - - (268) - (268)

Net other operating expenses (67) (185) (86) - (3) (341)

Non-operating result (267) (79) 55 (597) - (889)

Non-operating income from other fin.instr. (133) 144 91 - - 101

Non-operating income from fin. instr.at fair value through profit or loss - (75) - - - (75)

Non-operating holding expenses - - - (597) - (597)

Net other non-operating expenses (134) (148) (36) - - (318)

Earnings before taxes 1,804 1,259 422 (864) (149) 2,473

Reclassified P&L account by segment – 9M13

IV. BACK UP

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


44

IV. BACK UP

Focus on 3Q13 results



(Euro m) 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13

3Q13/

Q312(2)

Life premiums(1) 10,543 12,009 12,815 10,415 10,271 13,309 12,282 11,259 9,687 -2.2%

P&C premiums 4,931 5,823 6,999 5,419 5,027 5,359 6,863 5,050 4,530 -1.5%

Total premiums 15,474 17,832 19,814 15,834 15,298 18,668 19,145 16,309 14,217 -2.0%

Life net inflows 1,678 (651) 760 (1,138) 1,515 2,399 2,913 2,109 1,566 +11.3%

Combined ratio % 96.7% 96.4% 95.4% 98.8% 95.7% 92.8% 93.6% 95.8% 95.9% +0.3%

Life operating result 315 564 819 832 545 462 797 683 591 +13.2%

P&C operating result 405 357 411 344 404 505 520 389 430 +11.7%

Financial operating result 68 63 126 85 109 88 119 153 95 -12.1%

Operating holding expenses

and cons. adj.(96) (155) (126) (148) (109) (128) (108) (176) (133) +21.8%

Total operating result 692 827 1,230 1,113 949 928 1,328 1,049 984 +8.5%

Net result 20 31 567 274 291 (1,043) 603 478 510 +75.2%


45

IV. Backup

Agenda

P&L

Balance sheet

Life

Definitions


46 Consolidated balance sheet

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

(Euro bn) FY12 9M13

Intangible assets 9.9 9.7

Investments

Cash

374.1

21.6

381.0

17.7

Other credits 11.1 12.1

Tangible assets 5.0 5.0

Other assets (1) 20.0 25.0

Total Assets 441.7 450.5

(Euro bn) FY12 9M13

Shareholders’ Equity

(Group share) 19.8 19.2

Minority interests 2.7 1.8

Shareholders’ Equity 22.6 21.1

Operating debt 50.7 50.2

Financial debt 13.2 12.7

Technical reserves 336.4 340.7

Payables and other

provisions 9.5 10.2

Other liabilities 9.4 15.6

Total Liabilities and

Shareholders’ Equity 441.7 450.5

IV. BACK UP


47 Assets under management

Unit Linked

Third parties AUM

IV. BACK UP

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


99.9

339.0

56.7

338.8

53.8

97.4

Fixed income

instruments

Other

Real Estate

Equity

“Own Investments”(1)

Cash & equival.

5.1%

81.2%

4.5%

4.9%

3.4%

Total

Euro 490 bn

Total

Euro 497 bn

9M13 FY12

48 Investment yields(1)

(1) For definitions refer to the related section in the backup.

Return (%) 9M12 9M13 9M12 9M13 9M12 9M13 9M12 9M13 9M12 9M13

LIFE

Current 3.2 2.9 2.9 2.7 5.6 5.4 1.2 1.5 3.1 2.9

Total P&L 3.4 3.5 1.6 5.4 4.1 3.2 1.8 -0.1 3.2 3.3

Comprehensive 9.6 1.9 7.7 9.7 3.7 3.1 1.8 -0.1 8.6 2.1

P&C

Current 2.9 2.6 2.1 2.4 6.1 5.3 1.3 2.6 3.2 2.9

Total P&L 3.1 3.1 -1.8 3.4 3.9 4.0 1.8 1.6 2.5 2.9

Comprehensive 7.6 2.2 4.0 8.3 3.8 3.9 1.6 1.7 5.9 2.7

TOTAL

Current 3.1 2.9 2.7 2.7 5.7 5.4 0.9 1.1 3.0 2.8

Total P&L 3.3 3.4 1.1 5.7 3.9 3.5 1.3 0.2 3.0 3.2

Comprehensive 9.1 1.9 7.0 9.9 3.7 3.4 1.2 0.2 7.9 2.2

Fixed Income EquitiesInvestment

PropertiesOther Total

IV. BACK UP


49

19,22318,433

510213

35

0

37

(4)

IFRS Shareholders’ equity roll forward – Quarterly evolution

Shareholders’

Equity 1H2013

Δ in AFS

Reserve

3Q 2013

Net Result

Δ Currency

Translation

Reserve

Δ Cash Flow

Hedge Reserve

Dividend paid Other Shareholders’

Equity 9M13

+4.3%

(Euro m)

Change in AFS reserve (Euro m)

2,151381,938

(113)

288

AFS Reserve

1H13

Impact Equity Investments

Impact Bond Investments

Other AFS Reserve 9M13


IV. BACK UP

50 AFS reserve breakdown

(Euro m) FY12 1H13 9M13

Fixed income instruments 1,889 1,271 1,158

Government 1,111 764 665

Corporate 778 507 493

Equity 549 534 822

Investment funds and other 152 134 171

TOTAL 2,591 1,938 2,151

IV. BACK UP


51

18.1 18.2

25.1 26.0

Regulatory Solvency I development in 3Q13

9M13 1H13

139% 143%

(Euro bn)

Main drivers of change

IV. BACK UP

Available margin

Consolidated result:

Own shares placement:

GDH 3% minorities buyout

Financial markets and other elements:

Required Margin

+ 0.6

+ 0.2

- 0.2

+ 0.2

+ 0.1

Required margin Available margin Solvency I ratio


52

(12)

425

773

1,850

(344)

2,530

(307) (1,326)

681

196 (644)

1,032

270 (244)

1,308

3Q132Q131Q134Q123Q122Q121Q124Q113Q112Q111Q114Q103Q102Q101Q10

Total comprehensive income(1)

(Euro m)

3M10 6M10 9M10 12M10 3M11 6M11 9M11 12M11 3M12 6M12 9M12 12M12 3M13 6M13 9M13

1,308 1,064 2,096 1,452 270 466 (860) (1,166) 2,530 2,186 4,036 4,717 425 413 1.186

+4,000 m

-1,000 m

IV. BACK UP

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


53

IV. Backup

Agenda

P&L

Balance sheet

Life

Definitions


54 Life new business: APE

IV. BACK UP


(Euro m) APE Annual Premiums Single Premiums

9M12 9M13Like for like

9M12 9M13

Like for like

9M12 9M13

Like for like

Italy 1,106 1,235 11.6% 730 795 8.9% 3,765 4,401 16.9%

France 742 573 -22.7% 225 237 5.4% 5,171 3,365 -34.9%

Germany 621 724 15.6% 409 403 -2.4% 2,119 3,207 50.5%

CEE 108 126 -14.1% 100 120 -11.8% 78 66 -41.2%

RoE 447 440 -1.2% 298 272 -8.3% 1,494 1,685 12.9%

Austria 73 66 -9.0% 57 50 -12.4% 160 164 3.0%

Spain 79 90 13.0% 33 38 15.0% 463 517 11.6%

Switzerland 70 44 -35.9% 63 43 -30.4% 75 14 -81.4%

RoW 159 113 2.3% 131 93 1.9% 279 198 5.8%

Total 3,184 3,211 1.1% 1,893 1,919 1.5% 12,906 12,921 0.7%

9M13 amounts include the contributions from USA and MEXICO only for 1Q13. Such contributions, as well as other perimeter and FX rates changes, are neutralized in the like for like variation.

55

IV. Backup

Agenda

P&L

Balance sheet

Life

Definitions


56 Definitions: P&L and balance sheet (1/3)

IV. BACK UP

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 (gross of investments related expenses)

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

gains reported in P&L) – investments related expenses

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 include 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 The change of written premiums, net cash inflow, APE and NBV is on equivalent terms (on equivalent

exchange rates and consolidation area). The change of operating results, AUM and technical reserves is

calculated excluding Generali Banorte and Generali US Life RE from the comparative period

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


57

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.

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 (2/3)

IV. BACK UP


58

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

It is calculated according to the following ratio:

Total Operating Result adjusted to include:

- interest expenses on financial debt;

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

- minorities interests.

Average Group Shareholders’ Equity at the beginning and at the end of each period of valuation, ex-cluding

gains and losses included in Other Comprehensive Income (OCI).

Other Comprehensive

Income (OCI)

Other Comprehensive Income includes net unrealized gains and losses on AFS investments, foreign currency

translation differences, net unrealized gains and losses on hedging derivatives.

Definitions: P&L and balance sheet (3/3)

IV. BACK UP


59 Definitions: Life APE and NBV

IV. BACK UP

Annual Premium

Equivalent (APE)

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

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 period, taking into account the actual acquisition costs

incurred in the period 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 defined as the sum of quarterly NBV, calculated with beginning of period economic and operating

assumptions

New Business Margin

(NBM)

is defined as the New Business Value divided by Annual Premium Equivalent


60


What’s next

November 27, 2013 - Investor Day

61 Investor Relations Team

Spencer Horgan (Tel.: +44-20-72656480) Head of Investor Relations

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) Email: [email protected]

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


Martina Vono (Tel.: +39-040-671548) IR Events


Assicurazioni Generali

P.za Duca degli Abruzzi 2

34132 Trieste, Italy

Fax: +39 040 671338

e-mail: [email protected]

www.generali.com


62 Disclaimer

Certain of the statements contained herein are statements of future expectations and

other forward-looking statements.

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

involve known and unknown risks and uncertainties.

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

may differ materially from such expectations because they relate to future events and

circumstances which are beyond our control including, among other things, general

economic and sector conditions.

Neither Assicurazioni Generali S.p.A. nor any of its affiliates, directors, officers

employees or agents owe any duty of care towards any user of the information provided

herein nor any obligation to update any forward-looking information contained in this

document.

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

declares, pursuant to paragraph 2 of article 154-bis of the Consolidated Law on Financial

Intermediation, that the accounting information contained in this presentation

corresponds to document results, books and accounts records.


March 2006 November 7, 2013

Generali Group

9M 2013 Results

Economy & Finance

Generali Group 9M 2013 Results