"Growth: hope or reality?"

Generali Group

“Growth: hope or reality?”

Giovanni Perissinotto - CEO

Milan, January 22nd, 2010UBS Italian Financial Services Conference 2010

1Agenda

II. Insurance markets: mixed recovery

I. Uncertain, gradual economic recovery

IV. Generali 2010: solidity, efficiency, sources of growth

III. Generali in 2009

2

I. Uncertain, gradual economic recovery

3RecoveryI. UNCERTAIN, GRADUAL RECOVERY

The recovery is real,

but gradual and uncertain

4Global growth: IMF & G20 estimates

Global Growth (%, quarter over quarter annualized)

I. UNCERTAIN, GRADUAL RECOVERY

5Challenges and lessonsI. UNCERTAIN, GRADUAL RECOVERY

Regulatory responses

and lessons learned

6Regulatory responses and lessons learned

Are WorldRegulators Barking up theWrong Trees?

Stricter capital requirements for insurance:

May be excessive

And penalize the offer of long term life insurance products due to excessive capital absorption

Yet serious lessons should be drawn:

On institutions that put the whole system at risk

And the dilemma and moral hazard of “too big to fail!”

I. UNCERTAIN, GRADUAL RECOVERY

7

II. Insurance markets: mixed recovery

8

Insurance markets:

Life: opportunities

P&C: challenges

Insurance marketsII. INSURANCE MARKETS: MIXED RECOVERY

9

II. INSURANCE MARKETS: MIXED RECOVERY

European markets: life and non life in 2009

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

2006 2007 2008 Sep-09

France Germany*Italy SpainUK (new business) * June-09

-4%

-2%

0%

2%

4%

6%

8%

2006 2007 2008 Sep-09

France* Germany (est.)*Italy SpainUK (R&D est.) * Excl. A&H

Life insurance trend in Europe Direct premium change (%)

Non-life insurance trend in Europe Direct premium change (%)

Source: ANIA, FFSA, GDV, ABI, ICEA Source: ANIA, FFSA, GDV, ABI, ICEA

10Italian insurance premiums: dynamics and forecasts

Life:2009: strong growth driven by savings products and banc assurance (after three years of consistent decrease)

Next years: reallocation of families’financial wealth towards life policies; slowdown of banc assurance sales; stable growth of traditional networks

P&C:2009: decreasing direct premiums, but recovery expected from the third quarter

Next years: recovery of premiums volumes expected in motor insurance due to tariff increases and in non-motor thanks to an improving economic trend

Growth rates (%)

-12,5%

-2,5%

7,5%

17,5%

27,5%

37,5%

2004

2005

2006

2007

2008

2009

E20

10E

P&C

Motor

Non Motor

LIFE

ANIA estimates a 2010 premium growth by 2-3% in non-life and 5-10% in life. Life growth was corrected by off-shore business effect (Generali R&D est.)

II. INSURANCE MARKETS: MIXED RECOVERY

11

III. Generali in 2009

12Generali in 2009

Positive recovery from topline to bottom line

III. GENERALI IN 2009

13

Solvency I ratio (%)

Net result (Euro m)

14,868

51,661

15,730

50,412

Gross written premiums (Euro m)

+8.9%(1)

3Q099M08

Shareholders’ equity (Euro m)

9M09FY08

+85.4%

132123 125

11,61211,313

13,577

+16.9%

9M 2009: results, capital

9M09 3Q08

1,670

210

894390

3Q099M08 9M09 3Q08

1H09

+1.5%(1)-46.4%

9M09FY08 1H09

(1) On like for like basis, without Intesa Vita

III. GENERALI IN 2009

14Geographical diversification: current presence in Asia

IndiaJV with the leading retailer Future Group of India

Launched Life and P&C JVs on September 2007

Multichannel approach with focus on Mallassurance

ChinaPositioning among top foreign JVs Life license granted in 2002, P&C license granted in 2007Presence in major Chinese cities (9 Life, 2 Non-life branches)Established bancassurance agreements with major domestic banks Multichannel sales approach

PhilippinesJoint Venture with a local partner (Banco de Oro)Multichannel approach with focus on bancassurance

ThailandJV with Tantipipatpong Group Multichannel approach with focus on Direct Sales

IndonesiaStartup operation launched in January 2009Exploring Bancassurance partnership with a local bank

Hong KongBranch operation -Life and Non-life

JapanBranch operation -Non-life

VietnamLicense for representative office 07.2009

III. GENERALI IN 2009

15Generali PPF Holding: the engine for profitable growth in CEE

Generali operations

in CEE

Ceska Pojistovna Group

51% 49%

Generali PPF Holding

FOCUS ON PROFITABILITY

Centralization of reinsurance activities and large risk underwriting at Holding level to balance portfolio, increase expertise and optimize use of capital

Cost saving initiatives:

Cost reduction measures at Holding levelIT infrastructure consolidation to Mogliano VenetoIntegration of operations in Slovakia and Czech RepublicFunctional integration of common activities between Croatia and Slovenia

Efficiency increases in Hungary

Initiatives for technical improvements:Enhancement of competence centers at Holding level

Development of new segmented motor tariffs

Best practice sharing in Claims HandlingImplementation of margin-increasing riders for Life products

Rebranding in Russia and Kazakhstan to profit from the strong Generali brand

III. GENERALI IN 2009

16

IV. Generali 2010: solidity, efficiency, sources of growth

17

IV. GENERALI 2010: SOLIDITY, EFFICIENCY, SOURCES OF GROWTH

Seeking profitabilityand the “granularity” of growth

Drivers for Generali in 2010

18Strategic drivers

Generali:

Seeking profitability and the “granularity” of growth

Our key strategic drivers for the future include:Rigorous ALM/ERM

Conservative and well established

…but also seizing capital market upside opportunities

Seeking the granularity of growth ..In mature markets: through efficiency, innovation, client orientation, distribution, integration

Through emerging market positioning and consolidation

Focus on multichannel distribution & customer satisfaction

IV. GENERALI 2010: SOLIDITY, EFFICIENCY, SOURCES OF GROWTH

19Italy: a challengeIV. GENERALI 2010: SOLIDITY, EFFICIENCY, SOURCES OF GROWTH

Italy:recovery in a challenging

framework

20Italy: challenges and our responses

Generali:

Response to a challenging environment in 2010 and following

Challenging, but improving, context:Recovering life segment

Low interest rates, disillusioned savers

Competitive, deteriorated P&C

Catastrophes in 2009

Regulatory changes

Our responses in 2010:Increase customer care

Optimizing profitability/efficiency (cost control) more than volume

Selective underwriting/liquidation

Selective/personalized tariff setting

Selective bancassurance agreements to minimize volatility

Traditional life policies

Multichannel/multiproduct retail/SME targeted

Selective diversification of investment portfolio

IV. GENERALI 2010: SOLIDITY, EFFICIENCY, SOURCES OF GROWTH

21

IV. GENERALI 2010: SOLIDITY, EFFICIENCY, SOURCES OF GROWTH

Alleanza-Toro: the ball is already rolling

Legal and operational integration fully effective since October 1, 2009

Four brands/networks under one common governance

Cross selling of non life products (health) through the Alleanzanetwork already started (October 2009); extension to motor products to follow shortly

Ongoing enhancement of Toro’s life distribution capabilities

Cost synergies: administration (accounting, portfolio, etc.) already managed by Generali Business Solutions; staff & controlling functions (legal, corporate affairs, internal audit, compliance, risk management, etc.) already executed by Assicurazioni Generali

Italy: challenges and our responses

22Investor Relations Team

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

Email: [email protected]

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

Email: [email protected]

www.generali.com

Tel.: +39 040 671402 Fax: +39 040 671338 e-mail: [email protected]

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

Email: [email protected]

Nicoletta Mendes (Tel.: +39-040-671402)Team Assistant

Email: [email protected]

Paola Buratti Head of Investor Relations

(Tel.: +39-040-671157)

Email: [email protected]

Assicurazioni Generali P.za Duca degli Abruzzi 2 34132 Trieste, Italy

23Disclaimer

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.

Generali Group

“Growth: hope or reality?”

Giovanni Perissinotto - CEO

Milan, January 22nd, 2010UBS Italian Financial Services Conference 2010