Generali Group 2012 First Half Results

March 2006

Generali Group

2012 First-Half Results

Milan, March xxx, 2010 August 2, 2012

2

Assicurazioni Generali Group – 1H 2012 results

Agenda

III. Final remarks

II. Group Financials

Page 3

Page 5

Page 26

IV. Backup Page 28

I. 1H 2012 results overview

3


Agenda

I. 1H 2012 results overview

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 1H12 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.

1H 2012 results at a glance

4

0.3 2.4


Operating result (Euro m)

2,408 2,343

-0.1%(1)

1H11 1H12

Combined ratio (%)

+0.6%pts.

1H11 1H12

1H 2012 results at a glance

I. OVERVIEW

Net result (Euro m)

117 130

+13%pts.

FY11 1H12

Solvency I ratio (%)

842806

+4.5%

1H11 1H12

(1) On like for like basis

97.1 96.5

Nat Cat impact

94.7 96.2

CoR without

Nat Cat impact

-1.5%pts.

5


Agenda


Profit & loss review

Life, P&C and financial segment profitability

Balance sheet and capital

6


Revenue development by segment

II. GROUP FINANCIALS

(1) Including investment contracts (Euro 1,637 m in 1H12, 1,530 m in 1H11)


1H11 1H12 Like for

like ∆

Gross written

premiums 35,853 35,648 +2.0%

Life(1) 23,842 23,230 +0.4%

P&C 12,011 12,418 +5.2%

(Euro m)

35,853 35,648

1H12 1H11

+2.0%(2)

Gross written premiums (Euro m)

7


Consolidation

adjustments

Total

operating result

Financial services

operating result

P&C

operating result

Operating holding

expenses

Life

operating result

1,651

755

211

-148

-126

2,343

1,663

799

211

-147

-118

2,408

1H12 total operating result (Euro m)

Operating result by segment

1H12

1H11

+6.6%

-0.1%

+2.4%

-5.9%

+1.1%

+3.1%

Like for like


Nat Cat impact 1H12 Euro 255 m

Nat Cat impact 1H11 Euro 33 m

8


Focus on non operating result

1H11 1H12 Like for

like

Non operating

investment income (470) (286) -40.8%

Non operating

holding expenses (330) (329) -0.1%

Net other

Non operating

expenses

(158) (161) +1.9%

Total

Non operating

result

(957) (776) -20.1%

(1)


(286)

(470)

12179

(7)

Non operating investment income (Euro m)

1H12 1H11

Δ Euro m

Net realised

gains

Net impair-ments

Fair Value thr. P&L

1H12 (18) (300) 32

1H11 (11) (479) 19

Δ(2) -5.9% -37.4% +121.5%

(1) Including interest expenses on financial debt

(Euro m)


9


1H11 1H12

Total operating result 2,408 2,343 -0.1%(1)

Non operating result (957) (776) -20.1%(1)

Consolidated result before

taxes and minorities

1,451 1,568 +13.9%(1)

Income taxes (481) (582) +21.0%

Result for discontinued

operations

(1) 27.1 n.m

Minorities (163) (171) +4.7%

Net result 806 842 +4.5%


Net income (Euro m)


806 842

+4.5%

1H12 1H11

From operating result to net result

(Euro m)

10


Agenda





11


Life business development


23,842 23,230

+0.4%(1)


1H11 1H12


(2) Including liabilities related to investment contracts

Net technical reserves(2) (Euro bn)

1H12 FY11R Traditional Unit Linked

Δ

301.5 0.9 2.4 304.9

+1.1%

Traditional Unit linked

253.6

47.9

254.5

50.3

316.6

FY11

15.1

Change in scope

258.3

58.3

Country 1H11 1H12

Italy 362 (603)

France 629 (1,688)

Germany 2,158 2,118

CEE 215 215

RoE 733 (841)

RoW 722 420

TOTAL 4,818 (378)

Net inflows by country (Euro m)

Italy: in 1H12 the impact from one-off

outflows related to corporate policies was

about Euro 1.2 bn

France: 1H12 negative trend is linked to

Group’s decision to reduce exposure to large

premium contracts, whose profitability is not

in line with required standards

Spain: during 2Q12 it was decided not to

renew a large Group contract, for about Euro

1.6 bn, which was not profitable enough

12


Life profitability - Operating result

(Euro m) 1H11 1H12

Like for

like

Technical Margin 3,093 2,988 +0.8%

Investment Result 1,206 1,151 +2.9%

Expenses (2,636) (2,489) +0.3%

Operating Result 1,663 1,651 +3.1%

Resilient life operating profitability despite challenging financial environment

Life Operating Result by driver(1)

Life operating

ratio on

Investments

0.53% 0.54%

1,651

147

(55)

(104)

1,663

1H12

Exp.

Inv.R

Tech.M

1H11


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

13


Life investment strategy and yields(1)

Current

return(1)

Fixed

income

Equity Real

Estate(2)

1H11 1H12 1H11 1H12 1H11 1H12

Euro m 4,812 4,671 418 299 330 349

% 2.2 2.2 2.3 2.3 3.5 3.6

38.9% 41.9%

34.1% 34.0%

8.6% 8.4%

5.3% 4.9%

3.9% 3.8%

6.8% 4.6% 2.4% 2.4%

FY11 1H12

Other

Cash & cashequivalent

Real estate

Equity

Other fixedincome

Corporatebonds

Governmentbonds

Life segment own investments(1) (%)

Euro 249.3 bn Euro 258.6 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.

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


Confirmed strategic reduction of cross-border exposure to EU

peripheral sovereign debt

Preference for domestic sovereign bonds for matching local

liabilities

Reallocation of liquidity buffer previously increased to face

market volatility

Strong level of profitability confirmed despite economic

environment

Management of duration risk in a very low yield environment

14 Life new business value and profitability


(Euro m) APE Margins on APE NBV

1H11 1H12 Historical

Like for like

1H11 FY11 1H12 1H11 1H12 Historical

Like for like

Italy 863 790 -8.5% -8.5% 20.9% 21.8% 23.8% 180 188 +4.1% +4.1%

France 532 581 +9.3% +9.3% 14.1% 13.7% 12.5% 75 73 -2.7% -2.7%

Germany 488 400 -17.9% -17.9% 17.3% 18.3% 20.7% 84 83 -1.5% -1.5%

CEE 81 74 -8.1% -3.2% 31.1% 35.8% 35.0% 25 26 +3.4% +9.1%

RoE 325 322 -1.0% -1.2% 26.4% 20.4% 24.9% 86 80 -6.5% -6.7%

RoW 224 112 -50.0% +1.2% 33.4% 28.8% 38.2% 75 43 -42.8% -19.8%

Total 2,513 2,280 -9.3% - 4.8% 20.9% 20.4% 21.6% 525 493 -6.2% -2.0%

Resilient NBV at Euro 493 m (down 2.0% from 1H11), as a result of:

moderate contraction of APE (-4.8%), more marked in Italy and Germany

significant improvement of NBM (up by 1.2%pts. from year-end 2011 to 21.6%), thanks to more

favourable business mix and product features (average guarantee in Eurozone further decreases from

1.5% at year-end to 1.2% at half-year)


15


P&C gross written premiums

(Euro m) 1H11 1H12 Like for like

Italy 3,614 3,582 -0.9%

France 2,184 2,240 +2.6%

Germany 1,855 1,987 +7.1%

CEE 1,176 1,228 +8.2%

RoE 2,451 2,579 +4.3%

RoW 732 802 +46.2%

Total 12,011 12,418 +5.2%




12,011 12,418

1H12 1H11

+5.2%(1)

Significant growth driven by Personal Non-Motor and Commercial

Positive development of Motor in Germany and Spain, Italy still benefiting from pricing measures of

the last two years

Commercial still under competitive pressure in Italy and Spain, while CEE overperforming

16


P&C profitability - Operating result

(Euro m) 1H11 1H12

Like for

like

Technical Result 330 272 -21.0%

Investment Result 577 560 -1.3%

Other (108) (77) -29.4%

Operating Result 799 755 -5.9%

P&C Operating Result by driver(1)

P&C operating ratio on

Investments 2.22% 2.11%

755

31

(17)

(58)

799

1H12

1H11

Tech.R

Inv.R

Other

P&C operating result hit by nat cat development



17


0.0 0.6

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

1H12 1H11

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

97.1 96.5

Loss ratio Expense ratio

1H11

1H12

∆

Italy 97.2% 99.7%(1) +2.6%pts.

France 98.5% 98.4% -0.1%pts.

Germany 95.3% 95.8% +0.5%pts.

CEE 88.2% 87.5% -0.7%pts.

RoE 96.4% 96.1% -0.3%pts.

RoW 102.4% 96.9% -5.5%pts.

Total 96.5% 97.1%(2) +0.6%pts.

+0.6%pts.

Expense

ratio

Loss

ratio

27.6

69.5

27.6

68.9


(1) Excluding Nat Cat impact 1H12 Combined Ratio was 94.0%(1H11 97.2%)

(2) Excluding Nat Cat impact 1H12 Combined Ratio was 94.7% (1H11 96.2%)

18

Assicurazioni Generali Group – FY 2009 results

5.8

21.7

-0.1 +0.15.9

21.8

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

1H12 70.6 2.4 -3.5 69.5

1H11 71.4 0.3 -2.9 68.9

60

62

64

66

68

70

72


Loss ratio (%)

1H12 1H11

68.9 69.5 -0.8 +2.1 -0.7

Current

year(1)

NAT

CAT

Prior

years

1H12 1H11 Δ Admin Δ Acq.

Acq. costs

Adm. costs

27.6

Expense ratio (%)

Δ%pts

Reserving ratio (%)

1H12 1H11

-2.2%pts (1)

27.6

(1) Excluding natural catastrophes

+0.6%pts

+0.0%pts

280.6% 276.3%

(1) On an annualized basis

Current year Loss Ratio confirms good

quality of pricing and underwriting

Severe Nat Cat impact mainly due to the

Emilia earthquake, although properly

mitigated by reinsurance

Confirmed positive prior years

development and prudent reserving policy

19


P&C investment strategy and yields(1)

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

Euro 34.4 bn Euro 35.5 bn

Current

return(1)

Fixed income Equity Real

Estate(2)

1H11 1H12 1H11 1H12 1H11 1H12

Euro m 425 469 72 54 257 222

% 1.8 2.0 1.8 1.8 4.3 4.1

28.0% 30.7%

26.8% 28.0%

8.6%

9.4%

9.1%

8.0%

15.8% 15.0%

10.0% 7.2%

1.7% 1.7%

FY11 1H12

Other

Cash & cashequivalent

Real estate

Equity

Other fixed income

Corporate bonds

Government bonds


(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.

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

Confirmed de-risking strategy with limited impact on

current return of the portfolio

Slight increase of government bond exposure within

Fixed Income instruments

Preference for short term and low capital intensive

corporate bonds

20


68.5 67.4

Financial segment


Third party AUM(3) (Euro bn)

Net fees and commissions (Euro m)

211 211

1H12 1H11

+2.4%(1)

449 415

1H12 1H11

-3.2%(2)

88.2 90.7

1H12 FY11

+7.6%(4) -1.1%pts

1H12 1H11

Cost/income ratio (%)


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


(1) On like for like basis (2) On like for like basis

21


Agenda





22


(2)

17,359

15,486

73

(311)(63)

8421,335

IFRS Shareholders’ equity roll forward

Shareholders’

Equity FY11

Δ in AFS

Reserve

1H 2012

Net Result

Δ Currency

Translation

Reserve

Δ Cash Flow

Hedge

Reserve

Dividend Other Shareholders’

Equity 1H12

+12.1%


(Euro m)

Change in AFS reserve (Euro m)

(821)

35

(2,156)

1,316

(16)

AFS Reserve

FY11

Impact Equity Investments

Impact Bond Investments

Other AFS Reserve 1H12

23


17.8 18.1 20.8

23.5

Solvency I according to Italian regulation II. GROUP FINANCIALS

Required margin Available margin

1H12 FY11

117% 130%

(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

+ 1.0

+ 1.2

+ 0.5

+ 0.3

24


Group Embedded Value roll-forward

(Euro m)

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


22,431

1,700

(311)

22,213

EV FY11 Normalised EVearnings

Investment and TaxVariances

Cash Dividend EV 1H12

Robust return on embedded value,

mainly driven by positive combined ratio

at 97.1% and Life NBV of Euro 493 m

Return on Embedded Value

RoEV (1) 15.2% Normalised RoEV (1) 0.8%

Group Embedded Value

€14.4 Group EV per share

Group EV 1H12

Out of which -1.5 bn due to the

decrease in interest rates

(1,608)

25


Economic 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 151% at 1H12

Available

Capital

Group

Risk Capital

29.0

(Euro bn)

Available

Capital

Group

Risk Capital

Group

AC

Group

RAC

Group

RAC

28.3

23.4 23.2

Economic Solvency Ratio

ESR = 121% ESR = 124%(1)

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


FY11 1H12

99,5%

Conf. Level

Group

RAC 18.0

ESR 159%

99,5%

Conf. Level

Group

RAC 18.7

ESR 151%

Group

AC

26


III. Final Remarks

Agenda

27


Final remarks

III. FINAL REMARKS

Excellent underlying P&C performance excluding Nat Cat events

Robust Life profitability in a challenging market environment

Resilient investment return notwithstanding de-risking action

Outlook of 2012 Operating Result confirmed

28

IV. Backup

Agenda

P&L

Balance sheet

Life

Definitions


29

IV. Backup

Agenda

P&L

Balance sheet

Life

Definitions


30 1H12 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

total GWP

GWP

YoY

% increase

Weight on

total GWP

GWP

YoY

% increase

Weight on

total GWP

(2) (2) (2)

Italy 9,650 -2.7% 27.1% 6,069 -3.8% 26.1% 3,582 -0.9% 28.8%

France 7,705 +3.0% 21.6% 5,465 +3.2% 23.5% 2,240 2.6% 18.0%

Germany 8,514 -0.8% 23.9% 6,527 -3.0% 28.1% 1,987 7.1% 16.0%

CEE 2,070 +7.0% 5.8% 842 +5.2% 3.6% 1,228 8.2% 9.9%

RoE 5,560 +6.2% 15.6% 2,981 +8.0% 12.8% 2,579 4.3% 20.8%

Of which:

Spain 1,333 +2.3% 3.7% 535 +0.8% 2.3% 797 3.3% 6.4%

Austria 1,353 -3.7% 3.8% 565 -10.5% 2.4% 787 1.9% 6.3%

Switzerland 1,041 +5.2% 2.9% 559 +6.6% 2.4% 482 3.6% 3.9%

RoW 2,148 +20.6% 6.0% 1,346 +8.6% 5.8% 802 46.2% 6.5%

Total 35,648 +2.0% 100.0% 23,230 +0.4% 100.0% 12,418 5.2% 100.0%

(1) Including investment contracts

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


31 1H12 Life premiums by country and business line(1)

(Euro m) Savings and

pension Protection

Unit/Index

linked Total

GDP YoY %

increase(2) GDP YoY %



increase(2)

Italy 5,537 - 3.8% 128 + 4.6% 261 - 12.7% 5,925 - 4.0%

France 4,237 + 16.0% 697 - 0.4% 412 - 51.0% 5,347 + 2.9%

Germany 2,810 - 8.1% 2,020 + 1.8% 1,697 + 0.5% 6,526 - 3.0%

CEE 516 + 2.9% 117 + 9.1% 209 + 9.1% 842 + 5.2%

RoE 1,079 - 3.5% 483 + 12.2% 1,405 + 17.2% 2,967 + 8.0%

Of which:

Spain 410 + 2.6% 121 - 2.7% 4 - 38.2% 535 + 0.8%

Austria 295 - 20.7% 127 + 2.6% 133 + 2.5% 555 - 11.3%

Switzerland 103 + 42.2% 63 + 12.7% 393 - 0.7% 559 + 6.6%

RoW 565 + 6.9% 343 + 17.4% 16 - 21.0% 924 + 9.9%

Total Life gross

direct premiums

14,743 + 0.9% 3,788

+ 4.1% 4,000 - 5.7% 22,532 + 0.2

IV. BACK UP




32 1H12 P&C premiums by country and business line

(Euro m) Motor(1)

Personal Commercial Accident/

Health Total

GDP YoY %


increase(2) GDP

YoY %



increase(2)

Italy 1,701 - 0.4% 435 + 2.7% 816 - 1.9% 577 - 5.3% 3,530 - 1.2%

France 584 - 2.9% 796 + 8.7% 482 + 3.3% 244 + 0.4% 2,107 + 3.0%

Germany 821 + 7.3% 711 + 4.9% 188 + 10.0% 265 + 10.4% 1,984 + 7.1%

CEE 493 - 5.7% 176 + 4.4% 318 + 11.2% 215 + 62.1% 1,201 + 8.0%

RoE 923 + 4.2% 552 + 5.0% 602 - 0.2% 426 + 7.7% 2,503 + 3.8%

Of which:

Spain 206 + 10.6% 215 + 9.9% 247 - 7.6% 112 + 0.8% 780 +2.6%

Austria 306 + 1.5% 167 + 2.8% 224 + 1.7% 78 + 2.4% 775 +1.9%

Switzerland 237 + 3.7% 110 - 2.3% 2 - 7.1% 130 + 8.6% 479 +3.4%

RoW 443 + 24.8% 8 + 1.0% 223 + 94.0% 75 + 70.9% 749 + 43.5%

Total P&C gross

direct premiums

4,964 + 2.6% 2,678

+ 5.6% 2,630 + 6.3% 1,802 + 8.3% 12,074 +4.9%

IV. BACK UP

(1) Including fleets



33

Loss

ratio

Expense

ratio

P&C - Combined ratio (%)

Total - Expense ratio (%)

68.9 69.5

27.6 27.6

16.216.1

11.0 10.9

1H12 1H11

1H12 1H11

1H12 1H11

96.5 97.1

1H12 technical ratios

IV. BACK UP

Life - Expense ratio (%)


34 1H12 combined ratio reconciliation

A Net earned premiums (net of consolidation adjustments) 10,564.8

B Consolidated net insurance benefits and claims 7,338.8

Consolidated acquisition costs 2,307.9

Consolidated administration costs 652.0

Non insurance related administration costs(1) 39.4

Insurance related consolidated administration costs 612.5

C Total acquisition and insurance related administration costs 2,920.4

B/A Loss ratio 69.5%

C/A Expense ratio 27.6%

(B+C)/A Combined ratio 97.1%

D Other technical items 33.8

A-B-C-D Technical result 271.7

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

(Euro m)

IV. BACK UP


35 1H12 technical ratios by country

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

P&C Loss ratio

1H12 78.5 71.6 67.5 50.3 67.3 64.9 67.0 70.7 58.1 69.5

1H11 75.0 71.3 66.3 54.7 67.9 66.6 67.2 70.5 65.3 68.9

P&C Expense ratio

1H12 21.2 26.8 28.3 37.2 28.9 27.9 28.3 26.1 38.9 27.6

1H11 22.1 27.1 29.1 33.5 28.5 26.8 28.4 26.4 37.1 27.6

P&C Combined ratio

1H12 99.7 98.4 95.8 87.5 96.1 92.9 95.3 96.8 96.9 97.1

1H11 97.2 98.5 95.3 88.2 96.4 93.5 95.6 96.9 102.4 96.5

Life expense ratio by country

1H12 10.0 8.3 12.0 19.8 12.1 4.6 15.1 19.4 15.5 10.9

1H11 9.7 8.2 12.1 18.9 12.6 4.5 13.5 19.9 16.0 11.0

IV. BACK UP


36 Focus on operating result

1H11

1H12 Like for

like ∆

Italy 994 971 -2.4%

France 451 466 +3.4%

Germany 326 315 -3.2%

CEE 256 263 +2.8%

RoE 478 454 -5.1%

RoW 167 147 +40.5%

Operating result(1) 2,673 2,617 +0.3%

Op. holding expenses -147 -148 +1.1%

Consolidation Adj. -118 -126 +6.6%

Total operating

result

2,408 2,343 -0.1%

Operating result by country(1) (Euro m)

742

337

162 94

207 108

119

129

127 157

184

40

110

26 12

64

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

971

466

315 263

454

147

IV. BACK UP


37

1,663 1,651

Life operating result


1H12 1H11

+3.1%

Operating result by country (Euro m)

IV. BACK UP

1H11 1H12 Like for

like

Italy 747 742 -0.7%

France 314 337 +7.5%

Germany 157 162 +3.0%

CEE 100 94 -6.2%

RoE 217 207 -4.8%

Of which:

Spain 51 52 +1.2%

Austria 29 30 +3.8%

Switzerland 66 60 -8.5%

RoW 128 109 +64.6%

Total 1,663 1,651 +3.1%


38 Life net inflows by country

IV. BACK UP

Country (Euro m) 1H11 1H12 Like for like Δ

Italy 362 (602) - 266.3%

France 629 (1,688) - 368.5%

Germany 2,158 2,118 - 1.9%

CEE 215 215 + 4.0%

RoE 733 (841) - 216.9%

Of which:

Spain (115) (1,661) - 1,338.5%

Austria 116 38 - 67.0%

Switzerland 199 311 + 48.3%

RoW 722 420 + 16.5%

TOTAL 4,818 (378) - 108.7%


39

799755

P&C operating result

1H12 1H11

-5.9%

IV. BACK UP

1H11 1H12 Like for

like

Italy 185 119 -35.7%

France 137 129 -6.0%

Germany 142 127 -10.5%

CEE 142 157 +10.2%

RoE 172 184 +6.5%

Of which:

Spain 80 84 +4.4%

Austria 55 52 -4.4%

Switzerland 22 23 +5.8%

RoW 20 40 +67.7%

Total 799 755 -5.9%

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


40 Other operating and non operating expenses by segment

(Euro m) Life Non Life Financial

1H11 1H12 1H11 1H12 1H11 1H12

Total net operating expenses (49.9) (27.9) (131.5) (103.0) (10.5) (46.8)

Restructuring costs (3.2) (2.7) (28.9) (14.6) (5.9) (4.6)

Other net non operating expenses(1) (61.4) (65.8) (37.2) (56.1) (18.0) (10.1)

Total net non operating expenses (64.5) (68.5) (66.1) (70.7) (23.9) (14.6)

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

IV. BACK UP


41


(Euro m) Life P&C Financial Total

Net impairments 1H11 1H12 1H11 1H12 1H11 1H12 1H11 1H12

Equity instruments 147 457 66 96 1 3 214 555

Fixed income 934 (2) 129 12 2 7 1,066 17

Real estate 5 19 0 5 0 0 5 24

Other investments(2) 317 7 104 65 (1) 9 419 81

Total net impairments 1,404 480 299 179 2 18 1,704 677

Of which

Operating net

impairments 1,222 362 0 0 3 15 1,225 378

Non operating net

impairments 181 118 299 179 (1) 3 479 300

Focus on impairments(1)

(1) Net of reverse impairments

(2) Including subsidiaries and associated companies

IV. BACK UP

42


(Euro m) Life P&C Financial Total

1H11 1H12 1H11 1H12 1H11 1H12 1H11 1H12

Net realized gains on Equities 451 85 31 (28) 1 0 510 57

Realised gains 813 305 102 47 3 0 945 353

Realised losses (362) (220) (71) (75) (2) 0 (435) (295)

Net realized gains on Fixed Income 447 178 11 4 2 0 461 183

Realised gains 620 1,853 52 81 3 1 677 1,935

Realised losses (173) (1,675) (40) (77) (1) (1) (216) (1,753)

Net realized gains on Real Estate 8 66 41 68 0 0 49 134

Realised gains 21 70 41 72 0 0 62 142

Realised losses (13) (4) 0 (4) 0 0 (14) (7)

Net realized gains on Other(2) 17 6 (39) 21 0 (1) (22) 26

Realised gains 43 6 0 21 0 1 44 29

Realised losses (26) (1) (39) 0 0 (2) (66) (3)

Total net realized gains 923 335 45 66 3 (1) 998 400

Operating net realized gains 979 418 0 0 3 0 1,008 418

Non operating net realized gains (55) (82) 45 66 0 (2) (11) (18)

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

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

319

1H11 1H12

Average cost (%) 5.39% 5.40%

Average maturity (years) 6.25 5.41

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

1H12 1H11

Average cost & maturity of financial debt (%)

327

35.9% 36.8%

51.8% 54.5%

12.3% 8.7%

1H11 1H12

Senior Sub/Hybrid Other

12,124 12,425

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44 Reclassified P&L account

Total

(Euro m) 1H11 1H12

Total Operating result 2,408 2,343

Net earned premiums 32,072 31,650

Net insurance benefits and claims (29,289) (30,995)

Acquisition and administration costs (5,835) (5,767)

Net fee and commission income and net income from financial service activities 478 395

Operating income from other financial instruments 5,661 5,665

Operating income from financial instruments at fair value through profit or loss (331) 1,727

of which net income from fin. assets and liabilities where the risk is borne by the policyholders (556) 1,293

Operating holding expenses (147) (148)

Net other operating expenses (200) (184)

Non-operating result (957) (776)

Non-operating income from other financial instruments (489) (318)

Non-operating income from financial instruments at fair value through profit or loss 2 32

Non-operating holding expenses (330) (329)

Interest expenses on financial debt (319) (327)

Other non-operating holding expenses (11) (2)

Net other non-operating expenses (141) (161)

Earnings before taxes 1,451 1,568

Income taxes (481) (582)

Result from discontinued operations (1) 27

Consolidated result of the period 969 1,012

Result of the period attributable to minority interests (163) (171)

Result of the period 806 842

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45

(Euro m) Life Non life Financial(1)

Unallocated holding

expenses Consolidation

adjustments Total

Total Operating result 1,663 799 211 (147) (118) 2,408

Net earned premiums 21,764 10,308 - - - 32,072

Net insurance benefits and claims (22,175) (7,099) - - (15) (29,289)

of which var. of provisions related to unit linked business 626 - - - - 626

Acquisition and administration costs (2,527) (2,856) (453) - - (5,835)

Net fee and commission income and net income from financial service activities 89 - 449 - (61) 478

Operating income from other fin. Instruments 4,979 563 153 - (34) 5,661

Operating income from fin. Instruments at fair value through profit or loss (417) 14 72 - - (331)

of which net income from fin.assets and liabilities where the risk is borne by the policyholders (556) - - - - (556)

Operating holding expenses - - - (147) - (147)

Net other operating expenses (50) (132) (11) - (8) (200)

Non-operating result (301) (301) (23) (330) (3) (957)

Non-operating income from other fin.instr. (236) (254) 1 - - (489)

Non-operating income from fin. instr.at fair value through profit or loss - 2 - - - 2

Non-operating holding expenses - - - (330) - (330)

Net other non-operating expenses (65) (49) (24) - (3) (141)

Earnings before taxes 1,362 498 188 (477) (121) 1,451

Reclassified P&L account by segment - 1H11

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


46

(Euro m) Life Non life Financial(1)

Unallocated holding

expenses Consolidation

adjustments Total

Total Operating result 1,651 755 211 (148) (126) 2,343

Net earned premiums 21,085 10,565 - - - 31,650

Net insurance benefits and claims (23,656) (7,339) - - - (30,995)

of which var. of provisions related to unit linked business (1,212) - - - - (1,212)

Acquisition and administration costs (2,415) (2,928) (424) - - (5,767)

Net fee and commission income and net income from financial service activities 47 - 415 - (66) 395

Operating income from other fin. Instruments 4,986 536 195 - (53) 5,665

Operating income from fin. Instruments at fair value through profit or loss 1,632 23 72 - - 1,727

of which net income from fin.assets and liabilities where the risk is borne by the policyholders 1,293 - - - - 1,293

Operating holding expenses - - - (148) - (148)

Net other operating expenses (28) (103) (47) - (7) (184)

Non-operating result (269) (152) (19) (329) (7) (776)

Non-operating income from other fin.instr. (200) (113) (4) - - (318)

Non-operating income from fin. instr.at fair value through profit or loss - 32 - - - 32

Non-operating holding expenses - - - (329) - (329)

Net other non-operating expenses (69) (71) (15) - (7) (161)

Earnings before taxes 1,382 603 192 (477) (132) 1,568

Reclassified P&L account by segment - 1H12

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


47

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 2Q12/

2Q11

Life premiums(1) 12,340 11,503 10,543 12,009 12,815 10,415 -6.6%(2)

P&C premiums 6,792 5,219 4,931 5,823 6,999 5,419 +5.9%(2)

Total premiums 19,131 16,722 15,474 17,832 19,814 15,834 -2.7%(2)

Life net inflows 2,819 1,999 1,678 (651) 760 (1,138) -162.8%(2)

Combined ratio % 96.1% 96.9% 96.7% 96.4% 95.4% 98.8% (3) +1.9% pts.

Life operating result 881 782 315 564 819 832 +11.4%(2)

P&C operating result 393 406 405 357 411 344 -15.3%(2)

Financial operating

result 115 96 68 63 126 85 -9.3%(2)

Operating holding

expenses and cons. adj. (133) (132) (96) (155) (126) (148) +12.4%(2)

Total operating result 1,256 1,153 692 827 1,230 1,113 +2.1%(2)

Net result 616 190 20 31 567 274 +44.5%

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Focus on 2Q12 results



(3) 94.8% excluding CAT

(Euro m)


48

IV. Backup

Agenda

P&L

Balance sheet

Life

Definitions


49 Consolidated balance sheet

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

(Euro bn) FY11 1H12

Intangible assets 10.4 10.0

Investments

Cash

346.7

25.6

350.4

20.3

Other credits 11.3 13.4

Tangible assets 4.9 4.9

Other assets (1) 24.2 38.2

Total Assets 423.1 437.3

(Euro bn) FY11 1H12

Shareholders’ Equity

(Group share) 15.5 17.4

Minority interests 2.6 2.7

Shareholders’ Equity 18.1 20.1

Operating debt 46.9 50.5

Financial debt 12.2 12.1

Technical reserves 325.0 318.6

Payables and other

provisions 9.0 10.2

Other liabilities 11.8 25.8

Total Liabilities and

Shareholders’ Equity 423.1 437.3

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50 1H12 Assets under management

Total

Euro 459.2 bn

Fixed income

instruments

Other

Real Estate

Equity

Available for sale

Loans

Real Estate

Group

participations

Held to maturity

Fin. Instr. at fair

value thr. P&L

Unit Linked

Third parties AUM

“Own Investments”(1)

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

Cash & equival.

Cash & equival.


60.8% 22.2%

4.1%

0.6%

2.4%

3.9% 6.0%

317.0

50.2

5.1%

80.3%

4.8%

6.0%

3.9%

92.0

51

Total

Euro bn

Fixed income instruments

Of which bonds

Of which loans

Real estate

Other

Subs, ass. & JVs

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1H12 own investments at amortized cost and fair value(1)

Fixed income instruments

Of which bonds

Equity

Other

Investments at amortized cost

Investments at fair value

(1) Excluding unit linked and third parties

Cash & equivalents


205.0

93.0

19.0

90.3%

86.2%

7.9%

1.8%

74.6%

51.8%

22.8%

13.9%

9.5%

2.1%

317.0

52

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

Asset classes BV MV BV MV BV MV BV MV

Equity 12,656 12,656 2,840 2,840 603 603 16,099 16,099

Fixed income

instruments 218,147 220,743 24,166 24,155 14,631 14,834 254,532 257,319

Government 108,427 109,481 10,890 10,941 5,194 5,135 124,512 125,556

Corporate 88,079 89,423 9,939 9,881 2,764 2,741 100,321 101,582

Other fixed income 21,641 21,839 3,337 3,333 6,672 6,959 29,700 30,181

Real estate 9,757 12,327 5,340 8,252 24 38 15,121 20,616

1H12 book value and market value of own investments(1)

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(1) Excluding unit linked and third parties

(2) Net of consolidation adjustments


53 Quality of 1H12 fixed income portfolio

%

Current

return

Comprehensive

return

Life 2.2 5.3

P&C 2.0 4.3

By issuer (Euro bn)

Fixed income portfolio composition: Euro 254.5 bn

108.4 10.9 5.2

124.5

88.0 9.9

2.8

100.3

21.7 3.3

6.7

29.7

Life P&C Financials Total

Government Corporate Other fixed income

IV. BACK UP

Bond portfolio by rating (%)

31.1% 10.8% 40.3% 14.1%

2.8%

1.0%

AAA AA A BBB NIG NR

Average bond portfolio

duration (years) Life P&C

Government 7.4 5.9

Corporate 5.3 3.3


54

5.2108.4 10.9

Government bonds: Euro 124.5, 48.9% of total fixed income portfolio

Focus on 1H12 government bond portfolio

Split by rating (Euro bn) Total

AAA 39.1

AA 16.3

A 57.2

BBB 8.9

Not investment grade 2.8

Not rated 0.3

Split by country (Euro bn) Total Of which

domestic

Italy 53.6 46.6

Germany 10.6 8.1

France 21.6 16.7

CEE 7.9 5.6

RoE 23.8 7.7

RoW 7.0 3.2

42% 31%

18%

58% 69%

82%

Life P&C Financial

IV. BACK UP

Weight on own investments Split by accounting treatment

14.4% 85.6%

Amortized cost Fair Value


(1) Domestic exposure to Italian government bonds as at 31.12.2011 erroneously reported in the 2011 year-end results presentation has been restated to Euro 37.7 bn

(published: Euro 39.8 bn).

55 Peripheral government bond portfolio: focus on country exposure

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0.0

0.7

0.5

0.1

Italy

Germany

France

RoE

3.4

0.8

1.0

0.2

Spain

Germany

France

RoE

0.0

0.9

0.4

0.2 Italy

Germany

France

RoE

46.6

3.4 2.6 0.9

Italy

Germany

France

RoE

Italian government bonds(1): Euro 53.6 bn Spanish government bonds(2): Euro 5.4 bn

Portuguese government bonds: Euro 1.3 bn Irish government bonds: Euro 1.5 bn


(1) Domestic and German exposures to Italian government bonds as at 31.12.2011 erroneously reported in the 2011 year-end results presentation have been restated

respectively to Euro 37,7 bn (published: Euro 39,8 bn) and Euro 4,2 bn (published: Euro 2,1 bn).

(2) Including Spanish autonomous regions for Euro 0.7 bn (at 31/12/2011 the total Spanish exposure amounted to Euro 6.3 bn, including Euro 0.8 bn related to autonomous

regions)

56

Focus on 1H12 corporate bond portfolio


AAA 30.7

AA 7.9

A 33.4

BBB 22.8


Not rated 1.9

Split by industry (Euro bn) Life P&C

Financials 31.1 4.5

Covered bonds 28.9 2.3

Utilities 6.1 0.6

ABS 2.2 0.4

Telecom 4.0 0.7

Industrial 6.7 0.5

Other 9.1 1.0

30.2% 69.8%

Amortized cost Fair Value

34% 28% 9%

66% 72% 91%

Life P&C Financial

Weight on own investments Split by accounting treatment

IV. BACK UP


88.1 9.9 2.8

Corporate bonds: Euro 100.3 bn, 39.4% of total fixed income portfolio

57

Focus on 1H12 covered and financial corporate bond portfolios


AAA 25.3

AA 1.8

A 3.9

BBB 1.5


Not rated 0.0

Covered bonds(1): Euro 32.7 bn

IV. BACK UP

Split by country (Euro bn) Total

Italy 1.2

Germany 9.6

France 7.6

CEE 0.7

RoE 13.0

RoW 0.6


AAA 2.7

AA 2.3

A 17.8

BBB 10.6


Not rated 0.4

Financial corporate bonds(1): Euro 36.1 bn

Split by country (Euro bn) Total

Italy 5.3

Germany 5.9

France 5.1

CEE 1.0

RoE 12.3

RoW 6.6


(1) Including life, P&C and financial segment investments

58

Focus on 1H12 equity portfolio

Split by industry (Euro bn) Life P&C

Financials 2.0 0.8

Consumer 1.2 0.2

Utilities 0.9 0.1

Industrial 0.8 0.2

Other 1.8 0.5

Funds 5.9 1.0

5% 8% 2%

Life P&C Financial

%

Current

return

Comprehensive

return

Life 2.3 2.2

P&C 1.8 -0.4

Equity: Euro 16.1 bn

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Weight on own investments

Group net equity exposure

Gross

equity

exposure

Hedging PHs’

interest

Taxes

Min.

interest

Net

equity

exposure


16.1

5.0 (0.6) (10.2)

(0.0)

(0.2)

12.7 2.8 0.6

59

1H12 Group real estate assets (1/2)

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

% Current return

Life 3.6%

P&C 4.1%

Split by country

Total Book value

(Euro bn)

Weight of total

%

Total Market value

(Euro bn)

Weight of total

%

Italy 6.5 36% 9.7 40%

France 4.0 22% 5.4 22%

Germany 4.1 23% 4.1 17%

CEE 0.2 1% 0.2 1%

RoE (1) 3.1 17% 4.5 19%

RoW (2) 0.2 1% 0.2 1%

Total 18.1 100% 24.1 100%

% based on Market Value


60 1H12 Group real estate assets (2/2)

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Residential 10%

Retail 15%

Logistic 3%

Other 7% Office 65%

Direct Investments in leader countries

Split by country

Area

(sqm m)

Weight of Area

%

Market value

(Euro bn)

Weight of total

%

Italy 2.5 37% 8.5 39%

France 1.6 23% 5.1 24%

Germany 1.3 18% 3.4 15%

CEE 0.1 2% 0.2 1%

RoE (1) 1.4 20% 4.5 20%

RoW (2) 0.0 0% 0.2 1%

Total 6.9 100% 21.9 100%

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

(2) RoW includes Israel, Latin America, Far East and US Assicurazioni Generali Group – 1H 2012 results

61 Investment yields(1)

Bonds and

Loans

Equities Investment

properties

Other Total

Return (%) 1H11 1H12 1H11 1H12 1H11 1H12 1H11 1H12 1H11 1H12

LIFE

Current 2.2 2.2 2.3 2.3 3.5 3.6 1.7 0.9 2.2 2.1

Total P&L 2.0 2.3 3.7 -0.1 3.6 4.2 -0.4 0.8 2.0 2.1

Comprehensive 1.2 5.3 1.5 2.2 3.9 3.9 -0.4 0.8 1.2 4.7

NON LIFE

Current 1.8 2.0 1.8 1.8 4.3 4.1 1.4 1.0 2.2 2.2

Total P&L 1.4 2.0 1.1 -2.3 5.0 5.2 0.9 1.0 1.8 2.1

Comprehensive 1.4 4.3 2.2 -0.4 5,0 5.2 0.9 1.0 1.9 3.8

TOTAL

Current 2.1 2.1 2.2 2.2 3.8 3.8 1.1 0.7 2.1 2.0

Total P&L 1.9 2.2 3.3 -0.4 4.1 4.4 -0.1 0.6 1.9 2.0

Comprehensive 1.2 5.1 1.8 1.7 4.3 4.2 -0.1 0.6 1.3 4.4


IV. BACK UP


62 2Q12 IFRS Shareholders’ equity roll forward

17,35918,002

15,486

12

(311)(64)

18275

(573)

-3.6%

IFRS Shareholders’ equity roll forward (Euro m)

Shareholders’

Equity FY11

Shareholders‘

Equity 1Q12

Δ in AFS

Reserve

2Q 2012

Net Result

Δ Currency

Translation

Reserve

Δ Cash Flow

Hedge

Reserve

Dividend Other Shareholders’

Equity 1H12

IV. BACK UP

Change in AFS reserve (Euro m)

(135)(65) (821)

(249)(372)

AFS Reserve

1Q12

Impact Equity Investments

Impact Bond Investments

Other AFS Reserve 1H12


63 AFS reserve breakdown

(Euro m) FY11 1Q12 1H12

Fixed income instruments (1,780) (93) (464)

Government (1,216) (193) (445)

Corporate (564) 100 (20)

Equity (382) (263) (398)

Investment funds and other 7 107 41

TOTAL (2,156) (249) (821)

IV. BACK UP


64

18.0 18.1

23.8 23.5

Regulatory Solvency I development in 2Q12

Required margin Available margin

1H12 1Q12

133% 130%

(Euro bn)

Main drivers of change

Available margin

Consolidated result:

Financial markets and other elements:

Required Margin

+ 0.4

- 0.7

+ 0.1

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65

130

121

118

142

125

126

Stress tests on Solvency I and Shareholders’ equity

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

Total ratio 30.06.2012

Equities -30%

Interest rate +100bps

Interest rate -100bps

Credit spread +100bps

Real estate -10%

(1.5)

(2.1)

2.1

(0.8)

Equities -30%

Interest rate +100bps

Interest rate -100bps

Credit spread +100bps

(1) (1)

(1) Before hedging impact

IV. BACK UP


66

(344)

2,530

(307) (1,326)

196 270

(644)

1,032

(244)

1,308

2Q121Q124Q113Q112Q111Q114Q103Q102Q101Q10

Total comprehensive income(1)

(Euro m)

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

1,308 1,064 2,096 1,452 270 466 (860) (1,166) 2,530 2,186

+2,000 m

-1,000 m

IV. BACK UP



67 Financial debt schedule

0

500

1,000

1,500

2,000

2,500

3,000

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)

IV. BACK UP


(1) The chart considers the exercise of the call option on the Euro 750 m 6.9% subordinated bond on July 20th, 2012. This security has been refinanced through the issuance of a

new Euro 750 m 30nc10 subordinated bond ,callable in 2022 ,issued in July 10th 2012

(1)

(1)

68 1H12 technical reserves

IV. BACK UP

(Euro m) Traditional Linked TOTAL

Life net technical reserves(1)

Italy 80,495 5,711 86,206

France 65,433 13,448 78,882

Germany 76,689 13,014 89,704

CEE 5,537 1,369 6,906

GROUP TOTAL 254,536 50,324 304,860

(1) Including investment contracts for Euro 16,748 m

(Euro m) Motor Non Motor TOTAL

P&C net technical reserves

Italy 4,947 6,938 11,885

France 2,296 3,646 5,945

Germany 2,038 2,473 4,511

CEE 1,228 996 2,224

GROUP TOTAL 14,239 17,387 31,626


69 Operating ratio on investments(1)

IV. BACK UP

1H11 1H12 %pts

Italy 0.91 0.94 + 0.02

France 0.38 0.42 + 0.05

Germany 0.18 0.18 0.00

CEE 1.34 1.26 - 0.07

GROUP TOTAL 0.53 0.54 + 0.01

Life operating ratio on investments (%)

P&C operating ratio on investments (%)

1H11 1H12 %pts

Italy 1.51 1.02 - 0.49

France 2.55 2.39 - 0.17

Germany 2.35 2.21 - 0.14

CEE 4.20 4.58 + 0.38

GROUP TOTAL 2.22 2.11 - 0.10



70 Number of shares(1)

Ordinary

Shares issued

(1)

Own

shares

(2)

Shares

outstanding

(1-2)

Weighted number of shares outstanding at 06.30.2011 1,540,874,660

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

Capital increase - - -

Stock grant plan - - -

Exercise of stock options - - -

Generali shares purchase - (456) 456

Change in scope - - -

shares outstanding at 06.30.2012 1,556,873,283 15,997,014 1,540,876,269

Weighted number of shares outstanding at 06.30.2012 1,540,876,152

Potential (dilutive) shares:

Stock options - - -

Weighted number of shares outstanding at 06.30.2012

adjusted for the effects of all dilutive potential ordinary

shares.

1,540,876,152

Weighted number of shares outstanding at 06.30.2011

adjusted for the effects of all dilutive potential ordinary

shares.

1,540,874,660

(1) Calculation based on IAS 33

IV. BACK UP


71 Per share indicators

IV. BACK UP

(Euro) 1H12

Earnings per share(1) 0.55

Book Value per share(2) 11.3

ANAV per share(2) 9.2

Embedded Value per share(2) 14.4

(1) Calculated on the basis of weighted shares outstanding during six months 2012 (1.540.876.152)

(2) Calculated on the basis of shares outstanding at 30.06.2012 (1.540.876.269)


72

IV. Backup

Agenda

P&L

Balance sheet

Life

Definitions


73 Life new business: APE

(Euro m) APE Annual Premiums Single Premiums

1H11 1H12 Like for like 1H11 1H12

Like for like 1H11 1H12

Like for like

Italy 863 790 -8.5% 570 514 -9.8% 2,934 2,760 -5.9%

France 532 581 +9.3% 144 178 +23.4% 3,876 4,031 +4.0%

Germany 488 400 -17.9% 352 283 -19.5% 1,360 1,174 -13.7%

CEE 81 74 -3.2% 68 68 +5.8% 129 61 -50.2%

RoE 325 322 -1.2% 225 214 -4.8% 1,001 1,071 +7.0%

Austria 65 45 -30.4% 52 36 -31.6% 128 95 -25.8%

Spain 60 56 -6.0% 29 24 -17.5% 309 324 +4.8%

Switzerland 39 55 +36.6% 37 49 +31.8% 27 55 +101.9%

RoW 224 112 +1.2% 182 94 +5.2% 422 183 -15.4%

Total 2,513 2,280 - 4.8% 1,540 1,352 -6.4% 9,721 9,281 -2.4%

IV. BACK UP


74 Life new business: Value and margins

IV. BACK UP

(Euro m) NBV

1H11 1H12 Historical

Like for like

Italy 180 188 +4.1% +4.1%

France 75 73 -2.7% -2.7%

Germany 84 83 -1.5% -1.5%

CEE 25 26 +3.4% +9.1%

RoE 86 80 -6.5% -6.7%

Austria 15 4 -69.8% -69.8%

Spain 15 14 -4.7% -4.7%

Switzerland 16 13 -20.5% -21.7%

RoW 75 43 -42.8% -19.8%

Total 525 493 -6.2% -2.0%


Margins on APE

1H11 1H12 %pts

20.9% 23.8% +2.9%

14.1% 12.5% -1.5%

17.3% 20.7% +3.4%

31.1% 35.0% +3.9%

26.4% 24.9% -1.5%

22.6% 9.8% -12.8%

25.1% 25.4% +0.3%

41.7% 23.9% -17.8%

33.4% 38.2% +4.8%

20.9% 21.6% +0.7%

75 Value in force: Life & Health and asset gathering

Asset gathering (Euro m)

1H12 FY11

+3.9%*

IV. BACK UP

1,170 1,117


Life & Health (Euro m)

1H12 FY11

-4.8%*

6,816

8,233

1H12 Life & Health VIF valuation based on:

30/06/2012 economic scenario (interest rates, volatilities, market value of assets)

same market consistent methodology applied at FY11 (reference rates based on swap plus illiquidity premium)

EUR illiquidity premium (100% bucket): 87bps, EUR extrapolation entry-point: 30 years

FY11 operating assumptions (mortality, surrender, expenses)

(*) on a like for like basis

76

IV. Backup

Agenda

P&L

Balance sheet

Life

Definitions


77


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 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 Migdal Group from the comparative period

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

78


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

79 Definitions: Life NBV and VIF

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 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 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

Value In-Force (VIF)

Life & Health

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

Value In-Force

Asset Gathering

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 fees 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 since 2008, the value arising in Banca Generali relating to insurance

business has been considered as a look through in the Life Value In-Force.


80 Investor 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


81 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.


March 2006

Generali Group

2012 First-Half Results

Milan, March xxx, 2010 August 2, 2012

Generali Group 2012 First Half Results

Business

like basis net result

group financialsfocus

expenses euro

like life

country euro

euro mnon

euro total4

group financials page