Generali Group 1Q 2009 Results

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Generali Group 1Q 2009 Results

  1. 1. Generali Group 1Q 2009 Results Milan, May 13, 2009
  2. 2. Agenda 2 I. Overview II. Group financials III. Final remarks IV. Backup Assicurazioni Generali Group – 1Q 2009 results
  3. 3. Agenda 3 I. Overview 1Q 2009 results at a glance Assicurazioni Generali Group – 1Q 2009 results
  4. 4. I. OVERVIEW 1Q 2009 results at a glance 4 (Euro m) 1Q 2008 1Q 2009 Δ historical (%) Operating Result 1,155 1,009 -12.7% Net Result 910 104 -88.6% FY 2008 1Q 2009 Δ historical (%) Shareholders’ Equity 11,313 11,013 -2.7% Assicurazioni Generali Group – 1Q 2009 results
  5. 5. Agenda 5 II. Group financials Profit & loss review Shareholders’ equity Life & P&C profitability Assicurazioni Generali Group – 1Q 2009 results
  6. 6. II. GROUP FINANCIALS Revenues development by segment 6 1Q 1Q ∆ historical ∆ like for like(1) 2008 2009 (%) (%) (Euro m) Gross written premiums 18,429 18,479 +0.3 -2.7 Life(2) 12,058 11,889 -1.4 -3.7 P&C 6,371 6,590 3.4 -0.8 (1) Calculated considering equivalent exchange rates and scope of consolidation (2) Including investment contracts for Euro 606.6 m in 1Q 2009 and Euro 410.3 m in 1Q 2008 Assicurazioni Generali Group – 1Q 2009 results
  7. 7. II. GROUP FINANCIALS Operating result by segment 7 Operating result by segment (Euro m) historical (%) Life 562.9 -4.0 586.1 operating result P&C 448.9 -21.1 operating result 568.7 Financial services 92.4 +2.9 operating result 89.8 Operating holding -62.7 +12.0 expenses -71.2 Consolidation -32.5 Impairments: -80.4 adjustments -18.0 Euro 1 bn 1,008.9 Total -12.7 1,155.3 operating result 1Q09 (1) 1Q08 (1) 1Q 2008 operating result has been restated to conform to the current definition of the operating result (refer to the Appendix of the Consolidated Report Methodology Note on Alternative Performance Measures) Assicurazioni Generali Group – 1Q 2009 results
  8. 8. II. GROUP FINANCIALS From operating result to net result 8 (1) (Euro m) 1Q 2008 1Q 2009 (%) Total operating result 1,155.3 1,008.9 -12.7 Non operating investment income 341.3 (521.8) Of which impairments (25.8) (513.1) Non-operating holding expenses (171.8) (172.4) Interest expenses on financial debt (166.3) (165.2) Other non-operating holding expenses (5.5) (7.2) Net other non operating expenses (15.4) (93.7) Total non operating result 154.1 (787.8) n.m. Consolidated result of the period before taxes 1,309.4 221.1 -83.1 and minority interests Income taxes (314.9) (62.3) Minority interests (84.2) (55.1) Net result of the period 910.3 103.8 -88.6 (1) 1Q 2008 operating result has been restated to conform to the current definition of the operating result (refer to Appendix to the Consolidated Report ‘Methodology Note on Alternative Performance Measures) Assicurazioni Generali Group – 1Q 2009 results
  9. 9. II. GROUP FINANCIALS IFRS Shareholders’ equity roll forward 9 IFRS Shareholders’ equity roll forward (Euro m) -2.7% 104 11,313 11,013 (43) (107) (132) (122) Shareholders’ Δ in AFS 1Q 2009 Δ Currency Δ Cash Flow Other Shareholders’ Equity FY08 Reserve Net Result Translation Hedge Reserve Equity 1Q09 Reserve Change in AFS reserve (Euro m) 196 (1,106) (257) (46) (1,213) Impact Equity Impact Bond AFS Reserve Other AFS Reserve Investments Investments 1Q09 FY08 Assicurazioni Generali Group – 1Q 2009 results
  10. 10. II. GROUP FINANCIALS Investment(1) portfolio 10 Own investments (Euro 286.1 bn) Other(2) Fixed income In this macro economic 81.7% 6.6% environment, the risk profile of our investments remains prudent Government bonds represent 56.5% of total bond portfolio Real Estate(3) Equity exposure net of hedging: 5.1% 4.7% No further commitments in Alternative Investments expected in the short term Equity 6.6% (1) Own investments Including own capital and insurance funds (i.e. unit linked excluded) (2) Including investments in subsidiaries, associated companies and JVs, derivatives, receivables from banks or customers (3) Including real estate mutual funds Assicurazioni Generali Group – 1Q 2009 results
  11. 11. II. GROUP FINANCIALS Life & Health: New Business Annual Premium Equivalent 11 Limited APE contraction: -6.0% on a like for like basis, net of 2008 “Riester-step” in Germany Italy: positive development in traditional annual (Euro m) Historical Like for like(1) 1Q 1Q premiums offset by a planned decrease in low % % 2008 2009 margin single premium products sold via -9.6 -9.6 Italy 334 301 Financial Advisors channel. France: slowdown of unit-linked business -7.4 -7.2 France 355 329 partially offset by positive development of traditional single premium business (+4.4%). Germany: normalizing the impact of one-off -24.7 -30.4 Germany 369 278 “Riester-step” effect in 2008, APE decreases by only -1.2%. -26.1 -6.7 CEE 49 37 CEE: negative performance (-6.7% on a like for like basis) due to adverse market conditions. -2.5 -4.4 RoW 258 251 Rest of World: excellent growth in Far East and USA (respectively +116.4% and +28.3% on a like for like basis) offsetting negative development in -12.4 -13.5 Total 1,365 1,196 other countries. (1) Neutralizing impacts of variations in exchange rates and scope of consolidation Assicurazioni Generali Group – 1Q 2009 results
  12. 12. II. GROUP FINANCIALS Life profitability 12 Life operating result (Euro m) Life Operating result by market (Euro m) 1Q 2008 1Q 2009 % Italy 310.6 273.0 -12.1 -4.0% France 164.5 103.5 -37.1 586.1 Germany 71.2 49.5 -30.5 562.9 n.a.(1) CEE 5.4 93.0 RoW 34.4 43.9 +27.9 1Q08 1Q09 Total 586.1 562.9 -4.0 (1) +79.3% on like for like basis (EUR m) FY 2008 1Q 2009 % +0.3 Life Net Tech. Reserves(2) 283,305 284,259 +1.1 traditional 241,433 243,982 linked 41,872 40,277 -3.8 (2) Including investment contracts 1Q09 net inflow(3) amount to Euro 3.2 bn (3) Net inflow: premiums written in the period less surrenders and maturity. It does not include revaluation of mathematical reserves Assicurazioni Generali Group – 1Q 2009 results
  13. 13. II. GROUP FINANCIALS P&C Gross Written Premiums 13 We preserved production despite challenging markets Italy: continuing negative trend in motor business (Euro m) (decrease of new vehicles matriculations around Like for like(1) Historical % % 1Q2008 1Q 2009 19% in first quarter); confirmed dynamism in retail lines but middle market and corporate lines Italy 1,800.0 1,702.6 -5.4 -5.4 affected by negative economic situation France: in-the-market premium growth, despite France 1,147.0 1,164.0 1.5 1.5 continued pruning in non profitable motor portfolios (-3.3%), offset by solid growth in all non-motor lines of business, particularly retail (Personal Germany 1,329.7 1,311.5 -1.4 -1.4 +3.9%, Accident & health +3.8%) and middle segment CEE 308.2 575.4 86.7 0.1 Germany: slight decrease due to seasonal concentration of motor renewal campaign affected by further strong price competition (-4,2%). Steady RoW 1,786.3 1,836.7 2.8 2.4 growth trend (+1,8%) in profitable non-motor lines, despite economic recession Total 6,371.2 6,590.1 3.4 -0.8 (1) Calculated considering equivalent exchange rates and scope of consolidation Assicurazioni Generali Group – 1Q 2009 results
  14. 14. II. GROUP FINANCIALS P&C profitability – net combined ratio 14 Combined ratio (%) Combined ratio by country (%) +3.2 pts. %pts 1Q 2008 1Q 2009 96.3 2.8 Italy(1) 91.0 96.7 +5.7 0.4 93.1 France 95.8 100.6 +4.8 27.1 27.5 Germany 95.7 96.5 +0.8 CEE 94.9 85.9 -9.0 66.0 68.8 RoW 92.0 96.7 +4.7 Loss 1Q08 Expense 1Q09 ratio ratio Total 93.1 96.3 +3.2 Loss ratio Expense ratio (1) Excluding foreign branches Assicurazioni Generali Group – 1Q 2009 results
  15. 15. II. GROUP FINANCIALS P&C profitability – operating result 15 P&C operating result (Euro m) P&C Operating result by market (Euro m) 1Q 2009 ∆% 1Q 2008 Italy 212.0 109.9 -48.1 -21.1% France 96.9 51.6 -46.8 Germany 67.2 66.4 -1.1 568.7 448.9 n.a.(1) CEE 21.6 106.8 RoW 171.1 114.1 -33.3 1Q08 1Q09 Total 568.7 448.9 -21.1 (1) +22.3% on like for like basis Assicurazioni Generali Group – 1Q 2009 results
  16. 16. Agenda 16 III. Final Remarks Assicurazioni Generali Group – 1Q 2009 results
  17. 17. III. FINAL REMARKS Final remarks 17 Proactive tariff management to preserve P&C profitability Prudent investment policy, with careful monitoring of market evolution Strong focus on operational improvement and efficiency programs Assicurazioni Generali Group – 1Q 2009 results
  18. 18. Agenda 18 IV. Backup Assicurazioni Generali Group – 1Q 2009 results
  19. 19. IV. BACK UP 1Q09 total gross written premiums 19 Gross Life Written Premiums(1) Gross P&C Written Premiums (Euro m) Total Gross Written Premiums YoY YoY YoY % GWP increase % weight GWP increase % weight Country GWP increase weight (2) (2) (2) 1,703 -5.4 9.2 Italy 4,991 -8.1 27.0 3,288 -9.5 17.8 1,164 +1.5 6.3 France 4,319 -5.5 23.4 3,155 -7.9 17.1 1,312 -1.4 7.1 Germany 4,344 +4.1 23.5 3,032 +6.6 16.4 575 +0.1 3.1 Eastern Europe 939 -1.4 5.1 364 -3.6 2.0 RoW 3,886 +0.8 21.0 1,836 2.4 9.9 2,050 -0.7 11.1 Of which: Of which: Of which: Spain 842 +1.0 4.6 485 -4.2 2.6 357 +8.8 1.9 Austria 766 +0.7 4.1 476 +0.8 2.6 289 +0.6 1.6 Switzerland 510 -0.6 2.8 308 +1.9 1.7 203 -4.2 1.1 11,889 -3.7 64.3 Total 18,479 -2.7 100.0 6,590 -0.8 35.7 (1) Including investment contracts (2) Calculated considering equivalent exchange rates and scope of consolidation Assicurazioni Generali Group – 1Q 2009 results
  20. 20. IV. BACK UP Life premiums by country & business line 20 Life 1Q09 (Euro m) Unit/index Traditional linked Health Group Total Italy 79.0% 11.7% 0.0% 9.3% 3,265.1 France 78.3% 9.0% 6.5% 6.2% 3,116.3 Germany 50.7% 25.0% 16.9% 7.4% 3,031.5 Eastern Europe 68.0% 19.6% 10.5% 1.9% 363.9 RoW 41.7% 18.5% 7.1% 32.7% 1,899.6 Of which: Spain 48.5% 1.4% 0.0% 50.1% 356.8 Austria 50.5% 29.3% 19.0% 1.1% 286.2 Switzerland 21.7% 76.9% 1.2% 0.2% 202.5 Total life gross 65.1% 15.8% 7.6% 11.6% 11,676.4 direct premiums Assicurazioni Generali Group – 1Q 2009 results
  21. 21. IV. BACK UP P&C premiums by country & business line 21 P&C 1Q09 (Euro m) Accident/ Other (1) Motor Health personal Commercial Total Italy 47.3% 18.2% 11.6% 22.8% 1,678.3 France 28.8% 11.0% 34.2% 26.1% 1,102.8 Germany 49.6% 9.5% 31.4% 9.5% 1,310.0 Eastern Europe 54.4% 9.0% 13.8% 22.8% 570.9 RoW 44.0% 13.5% 12.9% 29.5% 1,789.2 Of which: Spain 29.0% 14.8% 16.0% 40.2% 485.3 Austria 43.6% 8.6% 13.4% 34.5% 456.3 Switzerland 59.1% 24.7% 16.1% 0.2% 305.6 Total P&C gross 44.3% 13.1% 20.0% 22.5% 6,451.1 direct premiums (1) Including fleets Assicurazioni Generali Group – 1Q 2009 results
  22. 22. IV. BACK UP Life & Health: New Business Annual Premium Equivalent 22 Historical Like for like(1) % (Euro m) % 1Q 2008 1Q 2009 -9.6 -9.6 Italy 334 301 -7.4 -7.2 France 355 329 -24.7 -30.4 Germany 369 278 -26.1 -6.7 CEE 49 37 -2.5 -4.4 RoW 258 251 of which: Spain 34 36 +6.3 +6.3 of which: Austria 21 19 -8.4 -8.4 of which: Switzerland 19 20 +1.5 -2.2 -12.4 -13.5 Total 1,365 1,196 (1) Neutralizing impacts of variations in exchange rates and scope of consolidation Assicurazioni Generali Group – 1Q 2009 results
  23. 23. IV. BACK UP Ratios 23 Life – Expense ratio (%) P&C – Combined ratio (%) 96.3 93.1 Expense 27.5 27.1 ratio Loss 11.3 11.1 68.8 66.0 ratio 1Q08 1Q09 1Q08 1Q09 Total – Expense ratio (%) 16.0 15.8 1Q08 1Q09 Assicurazioni Generali Group – 1Q 2009 results
  24. 24. IV. BACK UP Ratios by country 24 P&C ratios by ITA FRA GER CEE SPA AUT SWI Consolidated country (%) Loss ratio 1Q09 74.8 73.4 67.4 56.0 67.0 67.1 70.1 68.8 1Q08 69.2 69.4 65.9 63.6 61.7 68.2 71.7 66.0 Expense ratio 1Q09 21.9 27.1 29.1 29.8 24.1 31.3 25.0 27.5 1Q08 21.8 26.3 29.8 31.3 23.0 31.4 23.8 27.1 Combined ratio 1Q09 96.7 100.6 96.5 85.9 91.1 98.4 95.1 96.3 1Q08 91.0 95.8 95.7 94.9 84.7 99.6 95.5 93.1 Life expense ratios by country (%) 1Q09 9.3 7.1 15.3 20.0 4.3 13.7 20.9 11.1 1Q08 9.2 6.8 17.3 26.2 4.4 15.0 22.9 11.3 Assicurazioni Generali Group – 1Q 2009 results
  25. 25. IV. BACK UP Combined ratio reconciliation 25 (Euro m) 1Q 2008 1Q 2009 A Net earned premiums (net of consolidation adjustments) 4,780.0 5,012.7 B Consolidated net claims 3,156.8 3,449.1 Consolidated acquisition costs 1,011.7 1,076.3 Consolidated administration costs 303.8 316.2 Non insurance activity related administration costs(1) 22.3 15.5 Insurance activity related consolidated administration costs 281.5 300.7 C Total acquisition and administration costs 1,293.2 1,377.0 B/A Loss ratio 66.0% 68.8% C/A Expense ratio 27.1% 27.5% (B+C)/A Combined ratio 93.1% 96.3% (1) Administration expenses related to service companies, real estate and other companies not belonging to P&C segment Assicurazioni Generali Group – 1Q 2009 results
  26. 26. IV. BACK UP Operating result by country 26 Life operating result by market (Euro m) P&C operating result by market (Euro m) 1Q08 1Q09 % 1Q08 1Q09 % Italy 212.0 109.9 -48.2 Italy 310.4 273.0 -12.0 France 96.9 51.6 -46.7 France 164.5 103.5 -37.1 Germany 67.2 66.4 -1.2 Germany 71.2 49.5 -30.5 n.a.(1) CEE 21.6 106.8 n.a.(1) CEE 5.4 93.0 RoW 171.0 114.2 -33.2 RoW 34.6 43.9 +26.9 Of which: Of which: Spain 71.2 53.1 -25.4 Spain 23.1 24.6 +6.5 Austria 14.8 13.5 -8.8 Austria 3.1 4.5 +48.0 Switzerland 17.6 10.5 -40.4 Switzerland 2.3 13.0 +456.8 Total 568.7 448.9 -21.1 Total 586.1 562.9 -4.0 (1) +22.3% on like for like basis (1) +79.3% on like for like basis Assicurazioni Generali Group – 1Q 2009 results
  27. 27. IV. BACK UP Reclassified P&L account 27 (Euro m) Total 1Q 2008 1Q 2009 Operating result(1) 1,155.3 1,008.9 Net earned premiums 16,257.2 16,129.1 Net insurance benefits and claims (11,436.1) (13,216.6) Acquisition and administration costs (2,787.7) (2,842.2) Net fee and commission income and net income from financial service activities 184.8 149.9 Operating income from investments (840.4) 961.7 Operating holding expenses (71.2) (62.7) Net other operating expenses (151.2) (110.2) Non-operating result(1) 154.1 (787.8) Non-operating income from investments 341.3 (521.8) Non-operating holding expenses (171.8) (172.4) Interest expenses on financial debt (166.3) (165.2) Other non-operating holding expenses (5.5) (7.2) Net other non-operating expenses (15.4) (93.7) Earnings before taxes 1,309.4 221.1 Income taxes (314.9) (62.3) Consolidated result of the period 994.5 158.9 Result of the period attributable to minority interests (84.2) (55.1) Group result of the period 910.3 103.8 (1) Refer to the Methodological note on alternative performance measures included in the Consolidated Quarterly Report Assicurazioni Generali Group – 1Q 2009 results
  28. 28. IV. BACK UP Reclassified P&L account by segment – 1Q 2008 28 Unallocated holding Consolidation (Euro m) Life Non life Financial(2) expenses adjustments Total 586.1 568.7 89.8 (71.2) (18.0) 1,155.3 Operating result(1) 11,477.1 4,780.1 0.0 - - 16,257.2 Net earned premiums (8,279.4) (3,156.7) 0.0 - - (11,436.1) Net insurance benefits and claims (1,314.1) (1,315.5) (157.9) - (0.2) (2,787.7) Acquisition and administration costs Net fee and commission income and net 23.8 0.0 172.9 - (12.0) 184.8 income from financial service activities (1,281.0) 346.3 90.5 - 3.8 (840.4) Operating income from investments - - - (71.2) - (71.2) Operating holding expenses (40.3) (85.4) (15.8) - (9.7) (151.2) Net other operating expenses (15.9) 344.8 (2.9) (171.8) - 154.1 Non-operating result(1) 1.1 332.5 7.8 - - 341.3 Non-operating income from investments - - - (171.8) - (171.8) Non-operating holding expenses (17.0) 12.3 (10.7) - - (15.4) Net other non-operating expenses 570.2 913.4 86.8 (243.0) (18.0) 1,309.4 Earnings before taxes (1) Refer to the Methodological note on alternative performance measures included in the Consolidated Quarterly Report (2) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Quarterly Report Assicurazioni Generali Group – 1Q 2009 results
  29. 29. IV. BACK UP Reclassified P&L account by segment – 1Q 2009 29 Unallocated holding Consolidation (Euro m) Life Non life Financial(2) expenses adjustments Total 562.9 448.9 92.4 (62.7) (32.5) 1,008.9 Operating result(1) 11,116.4 5,012.7 0.0 - - 16,129.1 Net earned premiums (9,767.5) (3,449.1) 0.0 - - (13,216.6) Net insurance benefits and claims (1,281.8) (1,392.5) (167.9) - - (2,842.2) Acquisition and administration costs Net fee and commission income and net 7.5 (0.1) 166.0 - (23.5) 149.9 income from financial service activities 532.9 316.1 122.1 - (9.4) 961.7 Operating income from investments - - - (62.7) - (62.7) Operating holding expenses (44.6) (38.2) (27.8) - 0.3 (110.2) Net other operating expenses (112.2) (484.4) (18.8) (172.4) - (787.8) Non-operating result(1) (82.0) (439.8) (0.1) - - (521.8) Non-operating income from investments - - - (172.4) - (172.4) Non-operating holding expenses (30.3) (44.6) (18.7) - - (93.7) Net other non-operating expenses 450.6 (35.5) 73.6 (235.0) (32.5) 221.1 Earnings before taxes (1) Refer to the Methodological note on alternative performance measures included in the Consolidated Quarterly Report (2) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Quarterly Report Assicurazioni Generali Group – 1Q 2009 results
  30. 30. IV. BACK UP Investments 30 FY08 % on total 1Q09 % on total (Euro m) Real Estate(1) 12,473 3.8 12,383 3.8 Group Participations 2,568 0.8 2,555 0.8 Loans(2) 69,193 21.2 85,476 26.2 Held to maturity 1,798 0.5 1,974 0.6 Available for sale 173,701 53.1 159,668 48.9 Fin. Instr. at fair value thr. P&L 67,402 20.6 64,386 19.7 Total investments 327,135 100.0 326,431 100.0 (1) Excluding real estate mutual funds (2) € 14.7 bn corporate bonds (which have A average rating, are listed in an inactive market and Generali Group has the intention and the ability to hold for a foreseeable future) were transferred from mainly “Available for Sale” category to “Loans” category Assicurazioni Generali Group – 1Q 2009 results
  31. 31. IV. BACK UP Assets Under Management 31 (Euro bn) -0.5% 395.8 393.7 Third parties 68.6 67.2 AUM Unit Linked 41.4 40.4 Fixed income Other (3) instruments (2) 6.6% 81.7% 286.1 285.8 “Own Real Estate (4) Investments” (1) 5.1% Equity 6.6% FY08 1Q09 (1) “Own Investments” exclude real estate for own use. With this asset class “Own Investments” would amount to € 289.4 bn, compared to € 289.0 bn at the end of 2008 (2) Including mortgage loans, policy loans, deposits under reinsurance business accepted, term deposits with credit institutions and other financial investments, other loans (3) Including investments in subsidiaries, associated companies and JVs, derivatives, receivables from banks or customers (4) Including real estate mutual funds Assicurazioni Generali Group – 1Q 2009 results
  32. 32. What’s next 32 July 31, 2009 - 1H 2009 Results (Conference call presentation) November 5, 2009 – 9M 2009 Results (Conference call presentation) Assicurazioni Generali Group – 1Q 2009 results
  33. 33. Investor Relations Team 33 Paola Buratti Head of Investor Relations (Tel.: +39-040-671157) Email: paola_buratti@generali.com Stefano Burrino (Tel.: +39-040-671202) Emanuele Marciante (Tel.: +39-040-671347) IR Manager IR Manager Email: stefano_burrino@generali.com Email: emanuele_marciante@generali.com Veronica Cherini (Tel.: +39-040-671488) Nicoletta Mendes (Tel.: +39-040-671402) Jr. IR Manager Team Assistant Email: veronica_cherini@generali.com Email: nicoletta_mendes@generali.com Tel.: +39 040 671402 Assicurazioni Generali Fax: +39 040 671338 P.za Duca degli Abruzzi 2 e-mail: generali_ir@generali.com 34132 Trieste, Italy www.generali.com Assicurazioni Generali Group – 1Q 2009 results
  34. 34. Disclaimer 34 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. Assicurazioni Generali Group – 1Q 2009 results
  35. 35. Generali Group 1Q 2009 Results Milan, May 13, 2009

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