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Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
Generali Group 1 Q 2008 Results
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Generali Group 1 Q 2008 Results

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  • 1. Generali Group 1Q 2008 Results Milan, May 8, 2008
  • 2. Agenda 2 I. Group Financials II. Final Remarks III. Backup Assicurazioni Generali Group – 1Q 2008 results
  • 3. Agenda 3 I. Group Financials Profit & loss review Shareholders’ equity Investments Life & P&C profitability Assicurazioni Generali Group – 1Q 2008 results
  • 4. I. GROUP FINANCIALS Key data 4 Operating result (Euro m) P&C combined ratio (%) -15.6% -0.8%pts 1,375 93.9 93.1 1,161 1Q07 1Q07 1Q08 1Q08 Net result (Euro m) Shareholders’ equity (Euro m) -7.0% +27.2% 14.790 13.758 910 715 FY07 1Q07 1Q08 1Q08 Note: First consolidation of Ceska Group from 1H 2008. Assicurazioni Generali Group – 1Q 2008 results
  • 5. I. GROUP FINANCIALS Revenues development by segment 5 1Q ∆ ∆ like for like(1) 1Q 2007 (%) (%) 2008 (Euro m) Gross written premiums 18,480.7 18,429.2 -0.3 +0.8 Life(2) 12,087.9 12,058.0 -0.2 -0.3 P&C 6,392.8 6,371.2 -0.3 +2.8 (1) Calculated considering equivalent exchange rates and scope of consolidation (divestiture of Nuova Tirrena) (2) Including investment contracts for Euro 410.3 m in 1Q 2008 and Euro 306.3 m in 1Q 2007 1Q ∆(3) ∆ like for like(4) 1Q 2007 (%) (%) 2008 (Euro m) Life Annual Premium Equivalent 1,127.1 1,364.8 +21.1 +17.0 (3) 1Q 2008 includes 51% of APE produced by Generali PPF Holding (4) Calculated considering equivalent exchange rates and scope of consolidation (divestiture of Nuova Tirrena, inclusion of Central Kranken and effects of Generali PPF deal) Assicurazioni Generali Group – 1Q 2008 results
  • 6. I. GROUP FINANCIALS Operating result by segment 6 Operating result by segment (Euro m) % Life 578.5 -29.6 821.2 operating result P&C 583.9 +6.4(1) 548.7 operating result Financial services 88.0 -21.5 112.1 operating result Operating holding -71.2 -4.6 -68.1 expenses Consolidation -18.0 +53.7 -38.9 adjustments Total 1,161.2 -15.6 operating result 1,375.0 1Q08 1Q07 (1) +9.8% considering the divestiture of Nuova Tirrena Assicurazioni Generali Group – 1Q 2008 results
  • 7. I. GROUP FINANCIALS From operating result to net result 7 (Euro m) 1Q07 1Q08 % Total operating result(1) 1,375.0 1,161.2 -15.6 Non operating investment income(2) 112.6 341.3 Non-operating holding expenses (154.9) (171.8) Interest expenses on financial debt (151.0) (166.3) Other non-operating holding expenses (3.9) (5.5) Net other non operating expenses(3) (35.3) (21.3) Total non operating result (77.7) 148.3 Consolidated result of the period before taxes and 1,297.4 1,309.4 +0.9 minority interests Income taxes (437.9) (314.9) Minority interests (144.1) (84.2) Net result of the period 715.4 910.3 +27.2 (1) The operating result of Germany and Austria is not adjusted for estimated income taxes attributable to the policyholders (2) P&C net realised and unrealised gains on investments + life and financial services net realised and unrealised gains on strategic investments, net of policyholders’ share (3) Restructuring charges and other non-recurring income and expenses Assicurazioni Generali Group – 1Q 2008 results
  • 8. I. GROUP FINANCIALS IFRS Shareholders’ equity roll forward 8 (Euro m) -7.0% 14,790 910 13,758 (165) (1,777) Shareholders’ Equity Change in AFS 1Q 2008 Other Shareholders’ Equity FY07 reserve Net Result 1Q08 Assicurazioni Generali Group – 1Q 2008 results
  • 9. I. GROUP FINANCIALS Assets Under Management 9 (Euro bln) +6.3% 423.0 Third parties (2) 398.0 AUM 20.5 58.1 61.4 Unit Linked 47.3 50.7 Fixed income instruments (3) Other (4) 76.8% 7.0% “Own 297.1 285.9 Real Estate (5) Investments” (1) 4.6% Equity 11.6% FY07 1Q08 (1) “Own Investments” exclude real estate for own use. With this asset class “Own Investments” would amount to € 300.0 bln, compared to € 288.7 bln at the end of 2007 (2) Banca del Gottardo third parties AUM (3) Including mortgage loans, policy loans, deposits under reinsurance business accepted, term deposits with credit institutions and other financial investments, other loans; these items represented 7.7% of own investments in 1Q 2008 and 7.1% of own investments in FY 2007 (4) Including investments in subsidiaries, associated companies and JVs, derivatives, receivables from banks or customers (5) Including real estate mutual funds Assicurazioni Generali Group – 1Q 2008 results
  • 10. I. GROUP FINANCIALS Life & Health: New Business Annual Premium Equivalent 10 Strong growth rates in APE confirm our commitment to value creation Italy: reduction of single premiums related to (Euro m) Like for like(3) (2) corporate business and bancassurance offset % 1Q 2007 % 1Q 2008 by strong growth of annual premiums (+23%). Italy 344.1 333.5 -3.1 -2.7 APE generated by proprietary networks(1) grew about 34%. France 327.0 354.8 +8.5 +8.5 despite slowdown of unit-linked France: production and Internet distribution channel (due to weak financial markets), good growth Germany 194.5 369.3 +89.9 +66.6 of APE thanks to multi-channel strategy Germany: excellent increase of APE (+67% RoE 162.7 200.9 +23.5 +17.8 neutralising the inclusion of Central Kranken), driven by strong “Riester” production (excluding the impact of the “Riester-step”, RoW 98.8 106.2 +7.6 +14.4 APE increased by 11%) Total 1,127.1 1,364.8 +21.1 +17.0 (1) Agents, financial advisors and salaried workforce (2) 1Q 2008 includes 51% of APE produced by Generali PPF Holding (3) Calculated considering equivalent exchange rates and scope of consolidation (divestiture of Nuova Tirrena, inclusion of Central Kranken and effects of Generali PPF deal) Assicurazioni Generali Group – 1Q 2008 results
  • 11. I. GROUP FINANCIALS Life operating result and net technical reserves 11 Life operating result (Euro m) Life Operating result by market (Euro m) % 1Q 2007 -29.6% 1Q 2008 Italy 370.9 293.0 -21.0 France 179.2 166.5 -7.1 Germany 83.1 73.5 -11.6 821.2 578.5 Spain 19.1 24.5 +28.2 CEE 8.0 8.4 +5.0 RoW(1) 161.0 12.7 -92.1 1Q07 1Q08 Total 821.2 578.5 -29.6 (1) Including all countries not listed above (Euro m) FY 2007 % 1Q 2008 Life Net Tech. Reserves(2) +0.1 281,172.6 281,352.7 +1.4 traditional 230,388.1 233,675.8 linked 50.784.5 47,676.9 -6.1 (2) Including investment contracts Assicurazioni Generali Group – 1Q 2008 results
  • 12. I. GROUP FINANCIALS P&C Gross Written Premiums 12 Growth continues despite a challenging environment Italy: weak growth in motor (-1.4%) in a (Euro m) Like for like(1) 1Q 1Q context of decreasing new car sales, also due 2007 % 2008 % to cancellation of non profitable fleet contracts; Italy 1,976.7 1,800.0 -8.9 +0.2 positive development of non motor retail lines (+1.5%) France 1,113.4 1,147.0 +3.0 +3.1 France: good growth in non motor (+5.3%) pushed by Accident & Health (+6.0%); stable Germany 1,332.2 1,329.7 -0.2 -0.2 motor premiums (-0.1%) Germany: good growth in all non motor lines Spain 482.6 506.1 +4.9 +4.9 (overall +1.7%); weak growth in motor (-1.9%) due to strong price competition CEE 253.6 308.2 +21.5 +21.2 RoW(2) 1,234.2 1,280.2 +3.7 +5.0 Total 6,392.8 6,371.2 -0.3 +2.8 (1) Calculated considering equivalent exchange rates and scope of consolidation (divestiture of Nuova Tirrena) (2) Including all countries not listed above Assicurazioni Generali Group – 1Q 2008 results
  • 13. I. GROUP FINANCIALS P&C profitability – net combined ratio 13 Combined ratio (%) Combined ratio by country (%) -0.8 pts. 1Q 2007 %pts 1Q 2008 Italy(1) 91.5 91.0 -0.5 93.9 93.1 (1.0) 0.2 France 96.3 95.8 -0.5 26.9 27.1 Germany 97.4 95.7 -1.7 Spain 86.5 84.7 -1.8 67.0 66.0 CEE 95.3 94.9 -0.4 RoW(2) 96.5 94.7 -1.8 Loss 1Q07 Expense 1Q08 ratio ratio Total 93.9 93.1 -0.8 Loss ratio Expense ratio (1) Excluding foreign branches (2) Including all countries not listed above Assicurazioni Generali Group – 1Q 2008 results
  • 14. I. GROUP FINANCIALS P&C profitability – operating result 14 P&C operating result (Euro m) P&C Operating result by market (Euro m) % 1Q 2007 1Q 2008 +9.8%(1) Italy 150.8 189.0 +25.3 France 73.8 96.1 +30.1 Germany 62.0 88.5 +42.7 584 549 Spain 80.4 85.0 +5.8 CEE 21.0 21.4 +1.7 RoW(2) 160.6 103.9 -35.3 1Q07 1Q08 Total 548.7 583.9 +6.4 (1) Calculated considering the divestiture of Nuova Tirrena (2) Including all countries not listed above Assicurazioni Generali Group – 1Q 2008 results
  • 15. Agenda 15 II. Final Remarks Assicurazioni Generali Group – 1Q 2008 results
  • 16. II. FINAL REMARKS Conclusion 16 Solid premium & profit growth in P&C Resilient life profitability despite unfavourable financial markets Ongoing actions to further improve efficiency Generali’s industrial strategy proved right Assicurazioni Generali Group – 1Q 2008 results
  • 17. Agenda 17 III. Backup Assicurazioni Generali Group – 1Q 2008 results
  • 18. III. BACK UP Total gross written premiums 18 (Euro m) Gross Life Written Premiums(1) Gross P&C Written Premiums Total Gross Written Premiums YoY YoY YoY GWP increase % weight GWP increase % weight Country GWP increase % weight (2) (2) (2) 1,800 0.2 9.8 Italy 5,432 -13.3 29.5 3,632 -18.8 19.7 1,330 -0.2 7.2 Germany 4,174 3.7 22.7 2,845 5.6 15.4 1,147 3.1 6.2 France 4,573 8.9 24.8 3,426 11.0 18.6 506 4.9 2.7 Spain 834 0.1 4.5 328 -6.4 1.8 Eastern Europe 471 21.9 2.6 308 21.2 1.7 163 23.3 0.9 Rest of Europe 1,989 13.0 10.8 974 2.9 5.3 1,015 24.6 5.5 Far East 113 32.7 0.6 18 17.2 0.1 94 36.0 0.5 South America 366 24.1 2.0 191 20.9 1.0 175 27.9 1.0 Rest of World 477 8.7 2.5 97 -4.8 0.5 380 12.7 2.0 Total 18,429 0.8 100.0 12,058 -0.3 65.4 6,371 2.8 34.6 (1) Including investment contracts (2) Calculated considering equivalent exchange rates and scope of consolidation (divestiture of Nuova Tirrena) Assicurazioni Generali Group – 1Q 2008 results
  • 19. III. BACK UP Life premiums by country & business line 19 Life 1Q08 (Euro m) Unit/index Investment Traditional linked Health Group contracts Total Italy 78.9% 10.2% 0.0% 8.4% 2.4% 3,602.8 Germany 47.2% 26.8% 18.9% 7.1% 0.1% 2,843.9 France 71.3% 15.8% 5.9% 6.6% 0.5% 3,376.4 Spain 42.5% 1.6% 0.0% 55.9% 0.0% 327.7 Austria 49.5% 32.2% 18.3% 0.0% 0.0% 284.7 Switzerland 23.2% 64.0% 1.2% 0.5% 11.1% 197.7 Eastern Europe 27.7% 39.9% 3.2% 5.9% 23.2% 162.8 Other Europe 22.6% 5.3% 1.1% 24.6% 46.4% 529.4 Rest of World 27.5% 11.3% 9.8% 51.3% 0.0% 533.0 Total life gross 61.0% 17.2% 7.2% 11.2% 3.5% 11,858.4 direct premiums Assicurazioni Generali Group – 1Q 2008 results
  • 20. III. BACK UP P&C premiums by country & business line 20 P&C 1Q08 (Euro m) Accident/ Other (1) Motor Health personal Commercial Total Italy 48.2% 18.3% 11.4% 22.1% 1,782.4 Germany 51.1% 9.3% 30.3% 9.4% 1,327.1 France 30.3% 10.8% 33.5% 25.4% 1,082.5 Spain 30.5% 13.8% 14.8% 40.9% 504.8 Austria 45.5% 8.3% 26.4% 19.8% 455.1 Switzerland 60.6% 23.4% 15.7% 0.4% 280.9 Eastern Europe 57.9% 6.7% 14.1% 21.3% 307.0 Other Europe 39.6% 12.4% 13.5% 34.5% 206.9 Rest of World 57.8% 6.7% 4.6% 30.8% 300.8 Total P&C gross 45.3% 12.9% 20.7% 21.1% 6,247.5 direct premiums (1) Personal and commercial Assicurazioni Generali Group – 1Q 2008 results
  • 21. III. BACK UP Life & Health: New Business Annual Premium Equivalent 21 Like for like(2) (1) (Euro m) % 1Q 2007 % 1Q 2008 Italy 344.1 333.5 -3.1 -2.7 France 327.0 354.8 +8.5 +8.5 Germany 194.5 369.3 +89.9 +66.6 RoE 162.7 200.9 +23.5 +17.8 of which: Spain 31.4 33.8 +7.6 +7.6 CEE 31.9 49.4 +54.9 +34.3 RoW 98.8 106.2 +7.6 +14.4 Total 1,127.1 1,364.8 +21.1 +17.0 (1) 1Q 2008 includes 51% of APE produced by Generali PPF Holding (2) Calculated considering equivalent exchange rates and scope of consolidation (divestiture of Nuova Tirrena, inclusion of Central Kranken and effects of Generali PPF deal) Assicurazioni Generali Group – 1Q 2008 results
  • 22. III. BACK UP Ratios 22 Life – Expense ratio (%) P&C – Combined ratio (%) 93.9 93.1 Expense 26.9 27.1 ratio Loss 11.3 67.0 66.0 9.7 ratio 1Q07 1Q07 1Q08 1Q08 Total – Expense ratio (%) 15.8 14.6 1Q07 1Q08 Assicurazioni Generali Group – 1Q 2008 results
  • 23. III. BACK UP Ratios by country 23 ITA GER FRA SPA AUT SWI CEE Consolidated P&C ratios by country (%) Loss ratio 1Q08 69.2 65.9 69.4 61.7 68.2 71.7 63.6 66.0 (1) 1Q07 70.4 67.7 69.6 63.9 65.1 74.0 66.6 67.0 Expense ratio 1Q08 21.8 29.8 26.3 23.0 31.4 23.8 31.3 27.1 (1) 1Q07 21.0 29.6 26.6 22.6 31.8 22.7 28.7 26.9 Combined ratio 1Q08 91.0 95.7 95.8 84.7 99.6 95.5 94.9 93.1 1Q07 91.5 97.4 96.3 86.5 96.9 96.7 95.3 93.9 Life expense ratios by country (%) 1Q08 9.2 17.3 6.8 4.4 15.0 22.9 26.2 11.3 1Q07 7.3 15.1 6.0 4.9 17.5 18.5 22.9 9.7 (1) 1Q07 combined ratio components recalculated in order to reflect a more correct allocation of expenses Assicurazioni Generali Group – 1Q 2008 results
  • 24. III. BACK UP Combined ratio reconciliation 24 (Euro m) 1Q 2007 1Q 2008 A Net earned premiums (net of consolidation adjustments) 4,714.6 4,780.0 B Consolidated net claims 3,158.0 3,156.8 Consolidated acquisition costs 990.7 1,011.7 Consolidated administration costs 301.3 303.8 Non insurance activity related administration costs(1) 21.1 22.3 Insurance activity related consolidated administration costs 280.2 281.5 C Total acquisition and administration costs 1,270.9 1,293.2 B/A Loss ratio 67.0% 66.0% C/A Expense ratio 26.9% 27.1% (B+C)/A Combined ratio 93.9% 93.1% (1) Administration expenses related to service companies, real estate and other companies not belonging to P&C segment Assicurazioni Generali Group – 1Q 2008 results
  • 25. III. BACK UP Operating result by country 25 Life operating result by market (Euro m) P&C operating result by market (Euro m) 1Q07 % 1Q07 % 1Q08 1Q08 Italy 150.8 189.0 +25.3 Italy 370.9 293.0 -21.0 France 73.8 96.1 +30.1 France 179.2 166.5 -7.1 Germany 62.0 88.5 +42.7 Germany 83.1 73.5 -11.6 Spain 80.4 85.0 +5.8 Spain 19.1 24.5 +28.2 Austria 8.5 13.9 +63.5 Austria 32.4 0.6 -98.1 Switzerland 27.9 3.0 -89.2 Switzerland 11.7 19.4 +65.8 CEE 8.0 8.4 +5.0 CEE 21.0 21.4 +1.7 RoW 100.7 9.1 -91.0 RoW 140.4 70.6 -49.7 Total 821.2 578.5 -29.6 Total 548.7 583.9 +6.4 Assicurazioni Generali Group – 1Q 2008 results
  • 26. III. BACK UP Reclassified P&L account 26 (Euro m) Total 1Q 2007 1Q 2008 Operating result(1) 1,375.0 1,161.2 Net earned premiums 16,303.2 16,257.1 Net insurance benefits and claims -16,581.0 -11,436.1 Acquisition and administration costs -2,543.5 -2,787.5 Net fee and commission income and net income from financial service activities 135.6 184.8 Operating income from investments 4,254.3 -776.1 Operating holding expenses -68.1 -71.2 Net other operating expenses -125.5 -209.8 -77.7 Non-operating result(1) 148.3 Non-operating income from investments(2) 112.6 341.3 Non-operating holding expenses -154.9 -171.8 Interest expenses on financial debt -151.0 -166.3 Other non-operating holding expenses -3.9 -5.5 Net other non-operating expenses -35.3 -21.3 Earnings before taxes 1,297.4 1,309.4 Income taxes -437.9 -314.9 Consolidated result of the period 859.5 994.5 Result of the period attributable to minority interests -144.1 -84.2 Result of the period 715.4 910.3 (1) 1Q07 figures recalculated gross of unallocated holding expenses. The operating result of Germany and Austria is not adjusted for estimated income taxes attributable to the policyholders (2) P&C net realized and unrealized gains on investments + life and financial services net realized and unrealized gains on strategic investments, net of policyholders’ share Assicurazioni Generali Group – 1Q 2008 results
  • 27. III. BACK UP 27 Reclassified P&L account by segment – 1Q 2007 Unallocated holding Consolidation (Euro m) Life Non life Financial expenses adjustments Total Operating result(1) 821.2 548.7 112.1 -68.1 -38.9 1,375.0 11,588.6 4,714.6 0.0 - - 16,303.2 Net earned premiums -13,423.0 -3,158.0 0.0 - - -16,581.0 Net insurance benefits and claims -1,136.9 -1,292.0 -114.6 - - -2,543.5 Acquisition and administration costs Net fee and commission income and net 3.3 0.0 147.6 - -15.3 135.6 income from financial service activities 3,753.1 441.3 78.9 - -19.0 4,254.3 Operating income from investments - - - -68.1 - -68.1 Operating holding expenses 36.1 -157.3 0.1 - -4.4 -125.5 Net other operating expenses -77.7 Non-operating result(1) 7.3 81.3 -0.7 -154.9 -10.7 16.6 106.6 0.0 - -10.6 112.6 Non-operating income from investments(2) - - - -154.9 - -154.9 Non-operating holding expenses -9.3 -25.3 -0.7 - - Net other non-operating expenses -35.3 828.5 630.0 111.4 -223.0 -49.5 Earnings before taxes 1,297.4 (1) 1Q07 figures recalculated gross of unallocated holding expenses. The operating result of Germany and Austria is not adjusted for estimated income taxes attributable to the policyholders (2) P&C net realized and unrealized gains on investments + life and financial services net realized and unrealized gains on strategic investments, net of policyholders’ share Assicurazioni Generali Group – 1Q 2008 results
  • 28. III. BACK UP 28 Reclassified P&L account by segment – 1Q 2008 Unallocated holding Consolidation (Euro m) Life Non life Financial expenses adjustments Total Operating result(1) 578.5 583.9 88.0 -71.2 -18.0 1,161.2 11,477.1 4,780.0 0.0 - - 16,257.1 Net earned premiums -8,279.4 -3,156.8 0.0 - 0.1 -11,436.1 Net insurance benefits and claims -1,314.1 -1,315.6 -157.9 - 0.1 -2,787.5 Acquisition and administration costs Net fee and commission income and net 23.8 0.0 172.9 - -11.9 184.8 income from financial service activities -1,234.5 365.4 89.4 - 3.6 -776.1 Operating income from investments - - - -71.2 - -71.2 Operating holding expenses -94.5 -89.2 -16.4 - -9.7 -209.8 Net other operating expenses Non-operating result(1) -8.2 329.5 -1.2 -171.8 0.0 148.3 1.1 332.5 7.8 - 0.0 341.3 Non-operating income from investments(2) - - - -171.8 0.0 -171.8 Non-operating holding expenses -9.3 -3.0 -8.9 - 0.0 -21.3 Net other non-operating expenses 570.2 913.4 86.8 -243.0 -18.0 1,309.4 Earnings before taxes (1) The operating result of Germany and Austria was not adjusted for estimated income taxes attributable to the policyholders (2) P&C net realized and unrealized gains on investments + life and financial services net realized and unrealized gains on strategic investments, net of policyholders’ share Assicurazioni Generali Group – 1Q 2008 results
  • 29. III. BACK UP Investments 29 FY07 % on total (Euro m) 1Q08 % on total Real Estate(1) 11,907 3.5 12,128 3.5 Group Participations 2,736 0.8 5,991 1.7 Loans 61,371 18.2 69,088 20.1 Held to maturity 1,148 0.3 1,080 0.3 Available for sale 180,933 53.8 179,284 52.1 Fin. Instr. at fair value thr. P&L 78,522 23.4 76,810 22.3 Total investments 336,617 100.0 344,381 100.0 (1) Excluding real estate mutual funds Assicurazioni Generali Group – 1Q 2008 results
  • 30. Investor Relations team 30 Paola Buratti – Head of Investor Relations (Tel.: +39-040-671157) Email: paola_buratti@generali.com Stefano Burrino (Tel.: +39-040-671202) Email: stefano_burrino@generali.com Emanuele Marciante (Tel.: +39-040-671347) Email: emanuele_marciante@generali.com Veronica Cherini (Tel.: +39-040-671488) Email: veronica_cherini@generali.com Assicurazioni Generali Tel.: +39 040 671402 P.za Duca degli Abruzzi 2 Fax: +39 040 671338 34132 Trieste, Italy e-mail: generali_ir@generali.com Website: www.generali.com Assicurazioni Generali Group – 1Q 2008 results
  • 31. Disclaimer 31 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 SpA 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 responsible for the preparation of the company’s financial reports, Benoît Jaspar, declares, pursuant to paragraph 2 of article 154-bis of the Consolidated Law on Financial Intermediation, that, on the basis of the information available to him by virtue of his position, the accounting information (IAS 1, paragraph 8) contained in this presentation corresponds to internal documentation, accounting books and accounting records. Assicurazioni Generali Group – 1Q 2008 results
  • 32. Generali Group 1Q 2008 Results Milan, May 8, 2008

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