Generali Group 1Q 2012 Results

May 11, 2012

Generali Group 1Q 2012 Results

2

Assicurazioni Generali Group –

1Q 2012 results

Agenda

I. Overview

II. Group financials

III. Final remarks

IV. Backup

Page 3

Page 5

Page 22

Page 24

3Agenda

I. Overview1Q 2012 results at a glance


1Q 2012 results

Following the announcement of the sale of related stake, Migdal qualified as a non-current asset held for sale and discontinued operations.

Therefore, in this presentation, Migdal is excluded from all 1Q12 figures, except as follows: net income; shareholders' equity; and the regulatory Solvency 1 margin. Except where specified, prior year

figures have not been adjusted.

Like for like comparisons are adjusted for the disposal of Migdal. See definition in the related section in the back-up.

4


1Q 2012 results

Operating result (Euro m)

-0.1%(1)

1Q11 1Q12

Combined ratio (%)

-0.7%pts.

1Q11 1Q12

1Q 2012 results at a glanceI. OVERVIEW

Net result (Euro m)

+16.3%

FY11 1Q12

Shareholders’ equity (Euro m)

567616

-7.9%

1Q11 1Q12

(1) On like for like basis

5


1Q 2012 results

Agenda


Profit & loss review

Life and P&C segment profitability

Balance sheet and solvency I

6


1Q 2012 results

Revenue development by segmentII. GROUP FINANCIALS

(1) Including investment contracts (Euro 786 m in 1Q12, 755 in 1Q11)(2) On like for like basis

1Q11 1Q12 Like for like

∆

Gross written premiums 19,131 19,814 +6.1%

Life(1) 12,340 12,815 +6.9%

P&C 6,792 6,999 +4.7%

(Euro m)

1Q121Q11

+6.1%(2)

Gross written premiums (Euro m)

7


1Q 2012 results

Consolidation adjustments

Totaloperating result

Financial services operating result

P&C

operating result

Operating holdingexpenses

Life operating result

819

411

126

-74

-52

1,230

881

393

115

-74

-59

1,256

1Q12 total operating result (Euro m)

Operating result by segment

1Q12

1Q11

-11.9%

-0.1%

+12.2%

+3.8%

+0.3%

-4.2%

Like for like

II. GROUP FINANCIALS

8


1Q 2012 results

Focus on non operating result

1Q11 1Q12

Non operating investment income (1) (26) n.m.

Non operating holding expenses (163) (163) -0.2%

Net other Non operating expenses

(59) (77) +31.4%

Total Non operating result

(223) (266) +19.0%

(1)


(26)(1)

94

(39)

Non operating investment income (Euro m)

1Q121Q11

(Euro m) Net

realised gains

Net impair-

ments

Fair Value thr.

P&L

1Q 12 10 (52) 17

1Q 11 49 (56) 6

Δ (39) (4) +11

(1) Including interest expenses on financial debt

(Euro m)

9


1Q 2012 results

1Q11 1Q12

Total operating result 1,256 1,230 -0.1%(1)

Non operating result (223) (266) +19.0%

Consolidated result before taxes and minorities

1,032 964 -6.6%

Income taxes (330) (334) +1.3%

Result for discontinued operations

0 14 n.m.

Minorities (87) (77) -11.3%

Net result 616 567 -7.9%


Net income (Euro m)

-7.9%

1Q121Q11

From operating result to net result


(Euro m)

10


1Q 2012 results

Agenda





11


1Q 2012 results

Life business development


+6.9%(1)


1Q11 1Q12

(1) On like for like basis(2) Including liabilities related to investment contracts

Net technical reserves(2) (Euro bn)

1Q12FY11R Traditional Unit Linked

Δ

301.5 1.7 3.4 306.6

+1.7%

Traditional Unit linked

253.6

47.9

255.3

51.3

Quarterly net inflows (Euro m)

316.6

FY11

15.1

Change in scope

258.3

58.3

Country 1Q11 1Q12

Italy 157 (235)

France 554 (888)

Germany 1,095 994

CEE 116 106

RoE 489 533

RoW 409 250

TOTAL 2,819 760

Net inflows by country (Euro m)

12


1Q 2012 results

Life profitability - Operating result

(Euro m) 1Q11 1Q12Like for like

Technical Margin 1,600 1,543 +0.2%

Investment Result 644 554 -8.1%

Expenses (1,363) (1,279) -0.7%

Operating Result 881 819 -4.2%

Life operating profitability on investments remains at the top of the sector

Life Operating Result by driver(1)


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

Life quarterly operating ratio on investments

0.28% 0.27%

13


1Q 2012 results

Life New Business Annual Premium EquivalentII. GROUP FINANCIALS

(Euro m) 1Q11 1Q12 Like for like

Italy 428 416 -2.8%

France 294 432 +46.8%

Germany 256 217 -15.2%

CEE 40 39 -0.2%

RoE 174 165 -6.3%

RoW 118 60 -1.1%

Total 1,311 1,328 +6.0%

Solid APE production over 1.3 bn, with stable annual premiums (+0.6%) and strong single premiums increase (+14.0%) driven by France

1Q121Q11

+6.0%(1)

Annual Premium Equivalent (Euro m)


14


1Q 2012 results

P&C gross written premiums

(Euro m) 1Q11 1Q12Like for like

Italy 1,701 1,708 +0.4%

France 1,264 1,271 +0.5%

Germany 1,325 1,383 +4.4%

CEE 617 623 +4.4%

RoE 1,501 1,598 +4.8%

RoW 384 415 +49.3%

Total 6,792 6,999 +4.7%




1Q121Q11

+4.7%(1)

Premiums increased thanks to a favourable trend in both Motor and Non Motor lines

Motor premiums improved (+3.8%) thanks to positive performances in particular in Italy, Germany, Spain and Latin America

Non Motor business increased (+5.1%) pushed by all main lines of business

15


1Q 2012 results

P&C profitability - Operating result

(Euro m)1Q11 1Q12 Like for like

Technical Result 185 222 +15.0%

Investment Result 263 251 -2.7%

Other (55) (62) +12.7%

Operating Result 393 411 +3.8%

P&C Operating Result by driver(1)

Tech.R

Inv.R

Other

Positive development of P&C operating result driven by technical profitability



P&C quarterly operating ratio on investments

1.07% 1.15%

16


1Q 2012 results

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

1Q121Q11

Combined ratio (%)

Expense ratio

Loss ratio

-0.7%pts.


Combined ratio by country

1Q11 1Q12

Italy 96.2% 95.0% -1.2%pts

France 98.2% 97.2% -1.0%pts

Germany 95.3% 95.5% +0.2%pts

CEE 87.6% 91.0% +3.4%pts

RoE 96.7% 95.6% -1.1%pts

RoW 99.3% 96.5% -2.8%pts

Total 96.1% 95.4% -0.7%pts

27.9

67.5

27.8

68.3

95.496.1

Loss ratio Expense ratio

17


1Q 2012 results

5.8

21.8

-0.2 +0.36.0

22.1

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

1Q12 70.3 0.7 -3.5 67.5

1Q11 70.6 0.4 -2.7 68.3


Loss ratio (%)

1Q121Q11

68.3 67.5-0.3 +0.3 -0.8

Currentyear

NATCAT

Prioryears

1Q121Q11 Δ

Admin. Δ

Acq.

Acq. costsAdm. costs

27.9

Expense ratio (%)

Δ%pts

Reserving ratio (%)

1Q121Q11

-3.4%pts (1)

27.8

-0.8%pts

+0.1%pts

500.7% 487.1%

(1) On an annualized basis

Quality of pricing and underwriting confirmed by the level of Current year loss ratio across the geographiesNat cat impact derives from medium events in continental Europe largely within the expected range

18


1Q 2012 results

Agenda





19


1Q 2012 results

Life segment own investments(1) (%)

Euro 249.3 bn Euro 261.3 bn

(1) For the definitions refer to the related section in the backup. Starting from 1Q12, assets and liabilities of Group’s Israeli companies have been classified as “held for sale”

and are therefore excluded. Comparative figures have been restated accordingly.


Euro 34.4 bn Euro 36.4 bn

Investment portfolio by segment

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

20


1Q 2012 results

18,002

15,486

55

(13)

15671,907

IFRS Shareholders’ equity roll forward

Shareholders’ Equity FY11

Δ

in AFS Reserve

1Q 2012Net Result

Δ

Currency Translation

Reserve

Δ

Cash Flow Hedge Reserve

Other Shareholders’ Equity 1Q12

+16.3%


(Euro m)

Change in AFS reserve (Euro m)

(249)

100

(2,156)

1,688

119

AFS Reserve FY11

Impact Equity Investments

Impact Bond Investments

Other AFS Reserve 1Q12

21


1Q 2012 results

Solvency I according to Italian regulation II. GROUP FINANCIALS

Required margin Available margin

1Q12FY11

117% 133%

(Euro bn)

Main drivers of change

Available margin

Consolidated result:

Financial markets and other elements:

Cap on locally admitted unrealized gains on real estate:

Required Margin

+ 0.6

+ 1.9

+ 0.5

+ 0.2

22


1Q 2012 results

III. Final Remarks

Agenda

23


1Q 2012 results

Final remarksIII. FINAL REMARKS

Focus on extracting further value from the existing operations

Life profitability back to pre-crisis levels

Excellent P&C performance in both profitability and growth

Outlook of 2012 Operating Result confirmed

24


1Q 2012 results

IV. BackupP&L and Balance Sheet

Definitions

25


1Q 2012 results


Definitions

26


1Q 2012 results

1Q12 total gross written premiums

(Euro m) Total Gross Written Premiums

Country GWPHistorical

∆Like for

like ∆%

weight

Italy 4,914 0.0 0.0 24.8

France 5,002 +19.4 +19.4 25.2

Germany 4,624 -0.8 -0.8 23.3

Eastern Europe 1,035 +0.2 +3.7 5.2

RoE 3,125 +6.0 +4.6 15.8

Of which:

Spain 711 +3.4 +3.4 3.6

Austria 760 -9.4 -9.4 3.8

Switzerland 689 +12.0 +5.1 3.5

RoW 1,114 -19.7 +20.5 5.6

Total 19,814 +3.6 +6.1 100

Gross Life Written Premiums(1)

GWPHistorical

∆Like for

like ∆%

weight

3,206 -0.2 -0.2 16.2

3,731 +27.5 +27.5 18.8

3,241 -2.9 -2.9 16.4

412 -1.0 +2.7 2.1

1,526 +5.6 +4.4 7.7

Of which:

276 +1.9 +1.9 1.4

292 -22.1 -22.1 1.5

264 +10.6 +3.7 1.3

699 -30.3 +7.6 3.5

12,815 +3.8 +6.9 64.7(1) Including investment contracts

IV. BACK UP

Gross P&C Written Premiums

GWPHistorical

∆Like for

like ∆%

weight

1,708 +0.4 +0.4 8.6

1,271 +0.6 +0.5 6.4

1,383 +4.4 +4.4 7.0

623 +1.0 +4.4 3.1

1,598 +6.5 +4.8 8.1

Of which:

435 +4.3 +4.3 2.2

468 +0.9 +0.9 2.4

425 +13.0 +6.0 2.1

415 +8.1 +49.3 2.1

6,999 +3.1 +4.7 35.3

27


1Q 2012 results

Life Premiums by Country & Business Line

(Euro m) Savings and pension Protection

Unit/index linked Total

Italy 2,960 74 135 3,169

France 3,076 359 239 3,675

Germany 1,433 1,031 776 3,241

CEE 247 60 105 412

RoE 554 286 683 1,522

Of which:

Spain 194 80 2 276

Austria 159 63 68 290

Switzerland 51 29 184 264

RoW 301 202 5 508

Total life gross direct premiums

8,571 2,011 1,944 12,526

IV. BACK UP

28


1Q 2012 results

P&C Premiums by Country & Business Line

(Euro m)Motor(1) Personal Commercial

Accident/ Health Total

Italy 835 206 351 296 1,687

France 337 420 315 127 1,198

Germany 686 433 128 135 1,382

CEE 257 91 169 95 612

RoE 605 305 348 306 1,563

Of which:

Spain 110 110 122 81 422

Austria 177 90 156 42 465

Switzerland 231 73 2 117 423

RoW 224 5 108 45 383

Total P&C gross direct premiums

2,944 1,458 1,419 1,004 6,824

(1) Including fleets

IV. BACK UP

29


1Q 2012 results

Life new business: APE

(Euro m) APE Annual Premiums Single Premiums

1Q11 1Q12Historical Like for

like 1Q11 1Q12Historical Like for

like 1Q11 1Q12Historical Like for

like

Italy 428 416 -2.8% -2.8% 268 258 -4.0% -4.0% 1,599 1,584 -0.9% -0.9%

France 294 432 +46.8% +46.8% 79 134 +69.2% +69.2% 2,153 2,983 +38.5% +38.5%

Germany 256 217 -15.2% -15.2% 197 168 -14.8% -14.8% 592 494 -16.6% -16.6%

CEE 40 39 -3.3% -0.2% 34 34 +0.9% +4.2% 61 45 -26.8% -24.4%

RoE 174 165 -5.5% -6.3% 121 109 -9.5% -10.5% 536 554 +3.4% +3.3%

Spain 32 29 -9.7% -9.7% 16 13 -17.1% -17.1% 163 159 -2.4% -2.4%

Austria 45 24 -46.5% -46.5% 35 19 -44.4% -44.4% 96 44 -54.0% -54.0%

Switzerland 17 24 +35.1% +25.2% 16 22 +31.8% +22.2% 10 19 +88.2% +74.4%

RoW 118 60 -49.3% -1.1% 96 50 -47.6% +1.5% 224 97 -56.7% -12.4%

Total 1,311 1,328 +1.3% +6.0% 794 752 -5.3% +0.6% 5,165 5,757 +11.5% +14.0%

IV. BACK UP

30


1Q 2012 results

Life net inflows by country IV. BACK UP

Country 1Q11 1Q12 Like for like Δ

Italy 157 (235) n.m.

France 554 (888) n.m.

Germany 1,095 934 -9.3%

CEE 116 106 -5.5%

RoE 489 534 7.3%

Of which:

Spain (31) (13) 56.7%

Austria 127 25 -80.3%

Switzerland 58 146 137.2%

RoW 409 250 10.1%

TOTAL 2,819 760 -71.4%

31


1Q 2012 results

Loss ratio

Expense ratio

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

Total - Expense ratio (%)

67.568.3

27.8 27.9

16.0 15.4

10.110.9

1Q121Q11

1Q121Q11

1Q121Q11

96.1% 95.4%

RatiosIV. BACK UP

32


1Q 2012 results

Ratios by country

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

P&C Loss ratio

1Q12 74.5 71.4 66.7 53.9 66.4 64.9 65.1 71.8 56.8 67.5

1Q11 75.2 71.2 67.0 55.0 67.3 65.9 65.6 71.5 62.7 68.3

P&C Expense ratio

1Q12 20.5 25.8 28.8 37.1 29.2 26.9 31.1 25.0 39.7 27.9

1Q11 21.0 27.0 28.3 32.6 29.4 26.5 30.9 25.9 36.6 27.8

P&C Combined ratio

1Q12 95.0 97.2 95.5 91.0 95.6 91.7 96.2 96.8 96.5 95.4

1Q11 96.2 98.2 95.3 87.6 96.7 92.4 96.6 97.4 99.3 96.1

Life expense ratio by country

1Q12 9.7 6.4 12.7 19.1 11.9 4.5 14.7 20.4 14.3 10.1

1Q11 9.7 8.3 12.4 18.5 11.9 4.5 12.1 20.1 16.2 10.9

IV. BACK UP

33


1Q 2012 results

Combined ratio reconciliation

1Q11 1Q12A Net earned premiums (net of consolidation adjustments) 5,165.0 5,310.5

B Consolidated net claims 3,527.8 3,586.0

Consolidated acquisition costs 1,128.2 1,174.8

Consolidated administration costs 324.3 320.3

Non insurance activity related administration costs(1) 16.8 13.6

Insurance activity related consolidated administration costs 307.5 306.6

C Total acquisition and administration costs 1,435.7 1,481.5

B/A Loss ratio 68.3 67.5

C/A Expense ratio 27.8 27.9

(B+C)/A Combined ratio 96.1 95.4

D Other technical items 16.7 21.5

A-B-C-D Technical result 184.7 221.5(1) Administration expenses related to service companies, real estate and other companies not belonging to P&C segment

(Euro m)

IV. BACK UP

34


1Q 2012 results

Focus on operating result

1Q11 1Q12Like for

like ∆

Italy 497 561 +12.8%

France 266 246 -7.8%

Germany 169 132 -22.0%

CEE 142 122 -14.2%

RoE 248 219 -11.7%

RoW 66 76 +88.8%

Operating result(1) 1,389 1,356 -0.6%

Op. holding expenses (74) (74) +0.3%

Consolidation Adj. (59) (52) -11.9%

Total operating result

1,256 1,230 -0.1%

Operating result by country(1) (Euro m)

364

16684 58 94 53

138

79

34 5976

24

59

0

14 5

49

0

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

IV. BACK UP

35


1Q 2012 results

Operating result by country

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

1Q11 1Q12 Like for like ∆

Italy 354 364 +2.7%

France 196 166 -15.4%

Germany 103 84 -18.8%

CEE 58 58 -0.2%

RoE 128 94 -26.2%

Of which:

Spain 28 26 -6.4%

Austria 19 18 -6.0%

Switzerland 42 34 -18.6%

RoW 42 53 n.m.

Total 881 819 -4.2%

1Q11 1Q12 Like for like ∆

Italy 106 138 +29.7%

France 70 80 +13.4%

Germany 55 35 -37.3%

CEE 76 59 -22.7%

RoE 71 76 +6.0%

Of which:

Spain 41 44 +6.2%

Austria 22 21 -1.8%

Switzerland 10 11 +9.2%

RoW 14 24 +43.9%

Total 393 411 +3.8%

IV. BACK UP

36


1Q 2012 results

Reclassified P&L account(Euro m) Total

1Q11 1Q12

Operating result 1,256 1,230Net earned premiums 16,463 17,082Net insurance benefits and claims (15,311) (18,981)Acquisition and administration costs (2,969) (2,930)Net fee and commission income and net income from financial service activities 241 217Operating income from other financial instruments 3,316 2,808Operating income from financial instruments at fair value through profit or loss (284) 3,235

Of which net income from fin. assets and liabilities where the risk is borne by the policyholders (472) 2,609

Operating holding expenses (74) (74)Net other operating expenses (126) (126)

Non-operating result (223) (266)Non-operating income from other financial instruments (7) (42)Non-operating income from financial instruments at fair value through profit or loss 6 17Non-operating holding expenses (163) (163)

Interest expenses on financial debt (160) (162)

Other non-operating holding expenses (3) (1)

Net other non-operating expenses (59) (77)Earnings before taxes 1,032 964Income taxes (330) (334)Result from discontinued operations 0 14Consolidated result of the period 703 644Result of the period attributable to minority interests (87) (77)Result of the period 616 567

IV. BACK UP

37


1Q 2012 results

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

expensesConsolidation

adjustments Total

Operating result 881 393 115 (74) (59) 1,256

Net earned premiums 11,298 5,165 0 - - 16,463

Net insurance benefits and claims (11,769) (3,528) 0 - (14) (15,311)

of which var. of provisions related to unit linked business (817) - - - - (817)

Acquisition and administration costs (1,303) (1,440) (226) - - (2,969)

Net fee and commission income and net income from financial service activities 36 0.0 233 - (29) 241

Operating income from other fin. Instruments 2,993 256 80 - (13) 3,316

Operating income from fin. Instruments at fair value through profit or loss (330) 7 39 - - (284)

of which net income from fin.assets and liabilities where the risk is borne by the policyholders (472) - - - - (472)

Operating holding expenses - - - (74) - (74)

Net other operating expenses (44) (67) (11) - (4) (126)

Non-operating result (34) (18) (8) (163) - (223)

Non-operating income from other fin.instr. (12) 4 1 - - (7)

Non-operating income from fin. instr.at fair value through profit or loss 0 6 - - - (6)

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

Net other non-operating expenses (23) (28) (8) - - (59)

Earnings before taxes 847 375 107 (237) (59) 1,032

Reclassified P&L account by segment - 1Q 2011IV. BACK UP

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

38


1Q 2012 results

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

expensesConsolidation

adjustments Total

Operating result 819 411 127 (74) (52) 1,230

Net earned premiums 11,771 5,311 - - - 17,082

Net insurance benefits and claims (15,395) (3,586) - - - (18,981)

of which var. of provisions related to unit linked business (2,666) - - - - (2,666)

Acquisition and administration costs (1,237) (1,486) (208) - - (2,930)

Net fee and commission income and net income from financial service activities 24 - 218 - (25) 217

Operating income from other fin. Instruments 2,482 244 106 - (24) 2,808

Operating income from fin. Instruments at fair value through profit or loss 3,185 7 42 - - 3,235

of which net income from fin.assets and liabilities where the risk is borne by the policyholders 2,609 - - - - 2,609

Operating holding expenses - - - (74) - (74)

Net other operating expenses (12) (80) (30) - (4) (126)

Non-operating result (72) (23) (9) (163) - (266)

Non-operating income from other fin.instr. (34) (5) (3) - - (42)

Non-operating income from fin. instr.at fair value through profit or loss - 17 - - - 17

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

Net other non-operating expenses (38) (34) (6) - - (77)

Earnings before taxes 747 388 118 (237) (52) 964

Reclassified P&L account by segment - 1Q 2012IV. BACK UP

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

39


1Q 2012 results

(Euro m) Life P&C Financial Total

Net impairments 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12

Equity instruments 6 16 3 13 0 0 9 29

Fixed income 8 4 2 1 0 6 10 11

Real estate 0 2 (1) 0 0 0 (1) 2

Other investments(2) 6 4 50 30 1 1 57 35

Total net impairments 19 24 54 45 1 8 75 77

Of which

Operating net impairments 17 20 0 0 2 5 19 25

Non operating net impairments 2 4 54 45 (1) 3 56 52

Focus on impairments(1)

(1)

Net of reverse impairments(2)

Including subsidiaries and associated companies

IV. BACK UP

40


1Q 2012 results

(Euro m) Life P&C Financial Total

Net realized gains 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12

Net realized gains on Equities 349 84 31 (12) 2 0 408 72

Realised gains 489 206 67 37 7 4 562 247

Realised losses (140) (123) (36) (49) (4) (4) (181) (175)

Net realized gains on Fixed Income 164 26 2 1 1 0 168 27

Realised gains 258 655 23 46 2 8 284 708

Realised losses (94) (628) (21) (45) (1) (8) (116) (681)

Net realized gains on Real Estate 4 2 35 48 0 0 39 50

Realised gains 4 4 35 51 0 0 39 55

Realised losses 0 (2) 0 (4) 0 0 0 (5)

Net realized gains on Other(2) 21 1 (10) 2 0 0 12 4

Realised gains 37 5 0 1 0 1 38 6

Realised losses (16) (3) (10) 1 0 (1) (26) (3)

Total net realized gains 538 114 59 39 4 0 626 153

Of which

Operating net realized gains 547 144 0 0 4 0 577 144

Non operating net realized gains (10) (30) 59 39 0 0 49 9

Focus on realised gains(1)

(1) Excluding financial instruments at fair value through profit

and loss(2) Including subsidiaries and associated companies

IV. BACK UP

41


1Q 2012 results

320.5

51.7

89.0

1Q12 Assets Under Management

Total Euro 461.2 bn

Fixed income instruments 79.4%

Other 3.9%

Real Estate

4.7%

Equity

5.3%

Available for sale 60.0%

Loans

22.1%

Real Estate

4.0%

Group participations

0.5%

Held to maturity

2.4%Fin. Instr. at fair

value thr. P&L

4.3%

Unit Linked

Third parties AUM

“Own Investments”(1)

IV. BACK UP


Cash & equival. 6.6%

Cash & equival. 6.6%

42


1Q 2012 results

Investment yields(1)

Bonds and Loans Equities Investment properties

Other Total

% return 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12

LIFE

Current 1.1% 1.1% 0.3% 0.5% 2.0% 2.0% 0.6% 0.3% 1.1% 1.0%

Total P&L 1.2% 1.2% 2.1% 1.9% 1.6% 1.4% 0.9% 0.8% 1.2% 1.2%

Comprehensive 0.3% 5.2% 1.9% 8.3% 2.1% 2.3% 0.9% 0.8% 0.5% 4.8%

NON LIFE

Current 0.9% 1.0% 0.4% 0.4% 2.1% 2.1% 0.5% 0.2% 1.0% 1.0%

Total P&L 0.9% 1.1% 1.1% -0.3% 1.8% 1.9% 0.5% 0.6% 0.9% 0.9%

Comprehensive 0.7% 4.2% 3.2% 5.2% 1.9% 1.9% 0.5% 0.6% 1.0% 3.4%

TOTAL

Current 1.1% 1.1% 0.3% 0.5% 2.0% 2.0% 0.4% 0.3% 1.0% 1.0%

Total P&L 1.1% 1.2% 2.0% 1.6% 1.7% 1.6% 0.5% 0.6% 1.2% 1.1%

Comprehensive 0.3% 4.9% 2.3% 7.6% 2.0% 2.1% 0.5% 0.6% 0.6% 4.4%(1) For the definitions refer to the related section within the backup. Starting from 9M 2011 Israeli participating portfolio has been reclassified in unit-linked business.

Comparative numbers have been restated accordingly

IV. BACK UP

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1Q 2012 results

Total comprehensive income(1)

2,530

270

(1,031)

1,308(644)

1,033

(245)794

459

1,916

(178)

(1,010)

181

(505)

196

(1,326)(306)

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

(Euro m)


1Q08 1H08 9M08 FY08 1Q09 1H09 9M09 FY09 1Q10 1H10 9M10 FY10 1Q11 1H11 9M11 FY11 1Q12

(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) 2,530

+3,000 m

-3,000 m

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44AFS reserve breakdown

(Euro m) FY10 FY11 1Q12

Fixed income instruments (562) (1,780) (93)

Government (396) (1,216) (193)

Corporate (166) (564) 100

Equity 277 (382) (263)

Investment funds and other 101 7 107

TOTAL (184) (2,156) (249)

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1Q 2012 results

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1Q 2012 results


Definitions

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1Q 2012 results

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

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

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 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 calculated considering equivalent exchange rates and scope of consolidation. For operating result, like for like comparisons on account of consolidation changes adjust for Migdal only

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

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1Q 2012 results

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 (2/2)

IV. BACK UP

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1Q 2012 results

Investor Relations Team

Salvatore Colotti (Tel.: +39-040-671317)Head of Investor Relations & Head of Life Technical DepartmentEmail: [email protected]

Stefano Burrino (Tel.: +39-040-671202)Email: [email protected]

Emanuele Marciante (Tel.: +39-040-671347)Email: [email protected]

Veronica Cherini (Tel.: +39-040-671488)Email: [email protected]

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

Email: [email protected]

Marta Porczynska (Tel.: +39-040-671402)IR EventsEmail: [email protected]

Assicurazioni Generali P.za Duca degli Abruzzi 2

34132 Trieste, Italy

Fax: +39 040 671338 e-mail: [email protected]

www.generali.com

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1Q 2012 results

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, 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.

May 11, 2012

Generali Group 1Q 2012 Results

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Generali Group 1Q 2012 Results