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Generali Group 2012 Results
 

Generali Group 2012 Results

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    Generali Group 2012 Results Generali Group 2012 Results Presentation Transcript

    • Generali Group2012 Results Milan, March xxx, 2010 March 14, 2013
    • Agenda 2 I. Business overview Page 3 Mario Greco - Group CEO II. Group Financials Page 9 Alberto Minali - Group CFO III. Backup Page 34Assicurazioni Generali Group – FY 2012 results
    • Agenda 3 I. Business overview Mario Greco - Group CEO Following the closing of the sale of related stake, Migdal qualified as a discontinued operations. Therefore, in this presentation, Migdal is excluded from all FY12 figures, except net income. 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.Assicurazioni Generali Group – FY 2012 results
    • I. BUSINESS OVERVIEWGenerali: Our vision for 2015 4 Reshaped approach to maximise value creation 1 Focused on core insurance business, with greater contribution from P&C 2 Stronger capital position and disciplined balance sheet management 3 Superior customer acquisition and retention, with focus on retail and affluent space 4 Consistent technical excellence and tight control of costs The mission is to deliver top quartile shareholder returns and profitabilityAssicurazioni Generali Group – FY 2012 results
    • I. BUSINESS OVERVIEWUpdate on strategy 5 Restructuring underway  Group Management Committee in place  Italian re-organisation commenced  Cost saving initiatives underway Asset review completed  Detailed review of all asset positions to ensure proper valuation  Euro 1.7 bn impact on net Income in 2012 (Euro 1.3 bn in Q4)  Limited impact on capital adequacy (-2.7%pts. impact on Solvency I; negligible from economic and rating capital perspective)  Impairment criteria aligned with European insurance peers New remuneration structure in place  Aligns incentives for senior management with new strategy and the delivery of enhanced shareholder value Positive start to mix shift to P&C  Strong performance provides solid base for further growth in operating profitabilityAssicurazioni Generali Group – FY 2012 results
    • I. BUSINESS OVERVIEWNew incentive plans align strategic objectives to reward 6 The mission is to deliver top quartile shareholder returns and profitability Short term incentive Long term incentive  Operating and net result drive  Top 160 managers eligible overall funding  Based on operating RoE, and  Individual awards based on Total Shareholder Return personal targets relative to peer group  Paid in cash  Paid in shares after 3 years; A portion cannot be sold for a further 1-2 yearsAssicurazioni Generali Group – FY 2012 results
    • I. BUSINESS OVERVIEWFY 2012 results at a glance 7 Operating result (Euro m) Operating RoE (%) +10.5%(1) +1.1%pts Target 2015: Euro >5 bn Target 2015: >13% 4,219 3,928 11.9 10.8 FY11 FY12 FY11 FY12 (1) On like for like basis Solvency ratios (%) Cash flow (Euro bn) Solvency I Target 2015: >160% +17.0% 159 159 150 117 Target 2015: Euro >2 bn Solvency I 1.5 Economic solvency 1.3 FY11 FY12 FY11 FY12 FY11 FY12Assicurazioni Generali Group – FY 2012 results
    • I. BUSINESS OVERVIEWSummary 8 A positive base from which to reshape the business  Solid operating results but conservative approach to dividend  Maintained at Euro 0.20 to balance FY12 net income with underlying performance and confidence in the future  New Generali management installed at GPH as first step in full control  Planned disposals on track  Vigilance required as political uncertainty continues and economic growth remains muted but team focused on delivering the turnaroundAssicurazioni Generali Group – FY 2012 results
    • Agenda 9 II. Group Financials Alberto Minali - Group CFO Profit & loss review Life, P&C and financial segment profitability Balance sheet and capitalAssicurazioni Generali Group – FY 2012 results
    • II. GROUP FINANCIALSRevenue development by segment 10 Gross written premiums (Euro m) (Euro m) Like for FY11 FY12 like ∆ +3.2%(2) 69,613 Gross written 69,159 69,159 69,613 +3.2% premiums Life(1) 46,394 46,810 +3.1% FY11 FY12 P&C 22,765 22,803 +3.3% (1) Including investment contracts (Euro 3,667 m in FY12, 3,187 m in FY11) (2) On like for like basisAssicurazioni Generali Group – FY 2012 results
    • II. GROUP FINANCIALSOperating result by segment 11 FY12 total operating result (Euro m) Like for like  Life 2,658 operating result 2,542 +9.7% P&C 1,664 operating result +5.6% 1,561 Financial services 408 operating result +21.8% 342 Operating holding -313 expenses -6.8% -294 Consolidation -197 adjustments +11.4% -222 Total 4,219 +10.5% operating result 3,928 FY12 FY11Assicurazioni Generali Group – FY 2012 results
    • II. GROUP FINANCIALSFocus on non operating result 12 (Euro m) Non operating investment income (Euro m) Like for FY11 FY12 like  Non operating (941) (1,363) -43.2% investment income (941) (177) Non operating 64 (680) (673) +0.9% (1,363) holding expenses (309) FY11 FY12 Of which: interest costs (646) (668) -3.5% Net other Δ Euro m Non operating (392) (460) -17.3% Net Net Fair Value expenses realised impair- thr. P&L gains ments Of which: VOBA amortization (196) (184) +6.5% FY12 3 (1,396) 30 Total FY11 180 (1,087) (34) Non operating (2,013) (2,496) -23.4% Δ(1) -98.4% +28.8% n.m. result (1) On like for like basisAssicurazioni Generali Group – FY 2012 results
    • II. GROUP FINANCIALSResults of balance sheet review: focus on Q4 impairments 13(Euro m) Asset AFS Telco Real Estate Loans and Other assets TOTAL investments receivables KPIOperating profit (45) (1) (3) 0 (2) (52)Net Income (792) (148) (56) (118) (156) (1,271)Shareholders’Equity (47) (148) (55) (118) (136) (505)Solvency I -0.3%pts. -0.8%pts. -0.3%pts. -0.7%pts. -0.6%pts. -2.7%pts. Table shows impact of impairment charges taken in Q4 2012 No material impact on Economic Solvency Impairment triggers for AFS securities changed from 3 years or 50% fall in value on average (differing by sector), to 1 year or 30% decline in value (with no differentiation between sectors)  Better aligns Generali with European peers Assicurazioni Generali Group – FY 2012 results
    • II. GROUP FINANCIALS From operating result to net result 14(Euro m) Net income (Euro m) FY11 FY12 Total operating result 3,928 4,219 +10.5%(1)Non operating result (2,013) (2,496) -23.4%(1) -89.5%Consolidated result before 1,914 1,723 -4.1%(1)taxes and minoritiesIncome taxes (762) (1,326) -74.1% 856Result for discontinued 0 (30) n.m. 90operationsMinorities (297) (277) +6.5% FY11 FY12Net result 856 90 -89.5%(1) On like for like basis Assicurazioni Generali Group – FY 2012 results
    • II. GROUP FINANCIALS Operating Return on Equity: calculation 15 (Euro m) FY 2012 FY 2011 FY 2010 Consolidated Operating result 4,219 3,928 4,077 Interest expenses on financial debt (668) (646) (704) Operating taxes(1) (1,225) (1,132) (1,163) Minority interest (287) (278) (258) Net IFRS Total Operating result 2,040 1,872 1,951 Average shareholders equity (excluding OCI(2)) 17,131 17,252 16,699 Operating RoE 11.9% 10.8% 11.7% (1) Taxes based on mid-point of long term expected range of 33-36% (2) For the definitions refer to the related section in the backupAssicurazioni Generali Group – FY 2012 results
    • Agenda 16 II. Group Financials Profit & loss review Life, P&C and financial segment profitability Balance sheet and capitalAssicurazioni Generali Group – FY 2012 results
    • II. GROUP FINANCIALS Life business development 17Gross written premiums (Euro m) Net technical reserves(2) (Euro bn) +3.1%(1) +4.1% 316.6 313.8 301.5 6.6 5.7 46,810 58.3 47.9 53.6 46,394 (15.1) Δ 258.3 253.6 260.2 FY11 FY12 FY11 Change FY11R Traditional Unit FY12 in scope Linked Traditional Unit linkedNet inflows by country (Euro m) Country FY11 FY12  Italy: positive trend continued in 4Q12, although Italy 1,085 91 overall FY12 flows are neutral due to the decision of not renewing low margin corporate policies France (2,061) (2,236) during 1H12 Germany 3,433 4,551  France: negative trend linked to Group’s decision to reduce exposure to large premium CEE 475 390 contracts with low profitability RoE 1,473 (90)  Germany: strong growth triggered by lower RoW 1,441 835 maturities and positive single premium development TOTAL 5,846 3,542(1) On like for like basis(2) Including liabilities related to investment contracts Assicurazioni Generali Group – FY 2012 results
    • II. GROUP FINANCIALSLife profitability – Operating result 18 Resilient life operating profitability despite challenging financial environment Life Operating Result by driver(1) (Euro m) FY11 FY12 Like for like  Technical Margin 6,225 6,094 +2.0% Investment Result 1,715 1,744 +12.8% Expenses (5,398) (5,180) +1.7% Operating Result 2,542 2,658 +9.7% 2,542 218 2,658 29 (131) Life operating Δ Technical margin Δ Investment result Δ Expenses Life operating result FY11 result FY12 Life operating ratio on 0.80% 0.84% Investments(1) For the definitions refer to the related section in the backupAssicurazioni Generali Group – FY 2012 results
    • II. GROUP FINANCIALS Life investment strategy and yields(1) 19Life segment own investments(1) (%)  Value of investments positively impacted by Euro 249.3 bn Euro 277.0 bn declining yields and improved market conditions  Completed de-risking process related to the 2.4% 2.1% 6.8% 4.7% reduction of cross-border exposure to peripheral EU 3.5% 3.9% 4.5% Sovereign debt 5.3% Other 8.4%  Current profitability generally affected by 8.6% Cash & cash reinvestment program in a lower yields environment. equivalent 33.9% Real estate 34.1% Equity Current Fixed Equity Real return(1) income Estate Other fixed income Corporate 38.9% 43.0% bonds FY11 FY12 FY11 FY12 FY11 FY12 Government bonds Euro m 9,736 9,390 628 427 696 712 FY11 FY12 % 4.5 4.2 3.8 3.3 7.3 7.3(1) For the definitions refer to the related section in the backup. Comparative figures have been restated excluding assets and liabilities of Group’s Israeli companies. Assicurazioni Generali Group – FY 2012 results
    • II. GROUP FINANCIALS Life new business: value and profitability 20NBV at Euro 863 m as a result of:• APE essentially stable (-1.4%), with moderate slowdown of annual premiums (-5.1%) partially offset by the recovery of single premiums registered in Germany• Solid NBM (19.2%), thanks to further decrease of guarantees mitigating the impact of the interest rates drop throughout the year (Euro m) APE Margins on APE (NBM) NBV Historical Like for Historical Like for FY11 FY12 FY11 1H12 FY12 FY11 FY12  like   like Italy 1,715 1,637 -4.5% -4.5% 21.8% 23.8% 17.2% 374 281 -24.7% -24.7%France 939 944 +0.5% +0.5% 13.7% 12.5% 12.8% 128 120 -6.1% -6.1%Germany 908 917 +1.0% +1.0% 18.3% 20.7% 20.2% 166 186 +11.9% +11.9%CEE 147 187 +27.4% +23.6% 35.8% 35.0% 31.4% 52 59 +11.7% +8.3%RoE 657 622 -5.4% -5.5% 20.4% 24.9% 20.8% 134 129 -3.7% -3.8%RoW 421 201 -52.4% +0.2% 28.8% 38.2% 44.1% 121 88 -27.2% -9.4%Total 4,787 4,508 -5.8% -1.4% 20.4% 21.6% 19.2% 976 863 -11.5% -9.5% Assicurazioni Generali Group – FY 2012 results
    • II. GROUP FINANCIALSFocus on new business guarantees 21Further decrease of average guarantee (mainly in Italy and Germany), with a stable weight (despitethe drop of unit-linked production) of low capital intensive types of guarantees. Total APE by type of guarantee YE 2011 NIL At maturity 22% 2011 Eurozone Average Guarantee(1): 1.5% 26%  Yearly basis : 1.4% Matched Yearly basis =0 3% 17%  At maturity: 1.9% Yearly basis >0 33% YE 2012 NIL At maturity 22% 2012 Eurozone Average Guarantee(1): 1.3% 18%  Yearly basis : 1.1% Matched Yearly basis =0 2% 24%  At maturity: 1.9% Yearly basis >0 34%(1) Weighted on APEAssicurazioni Generali Group – FY 2012 results
    • II. GROUP FINANCIALS P&C gross written premiums 22  Premium development driven by Personal Non-Motor  Positive growth of Motor in Germany and Spain, signs of competitive pressure in Italy  Commercial under pressure in Italy and Spain, while CEE is overperformingGross written premiums (Euro m) Like for like (Euro m) FY11 FY12  +3.3%(1) Italy 7,501 7,352 -2.0% 22,765 22,803 France 4,056 3,676 +0.2% Germany 3,062 3,278 +7.0% CEE 2,261 2,445 +9.8% RoE 4,329 4,435 +2.1% FY11 FY12 RoW 1,555 1,617 +27.9% Total 22,765 22,803 +3.3%(1) On like for like basis Assicurazioni Generali Group – FY 2012 results
    • II. GROUP FINANCIALS P&C profitability – Operating result 23Positive P&C operating profitability thanks to strong technical resultP&C Operating Result by driver(1) Like for like (Euro m) FY11 FY12  Technical Result 669 857 +21.5% Investment Result 1,127 1,082 -2.4% Other (236) (275) -15.5% Operating Result 1,561 1,664 +5.6% 1,561 188 1,664 (45) (39) P&C operating Δ Technical result Δ Investment result Δ Other P&C Operating result FY11 result FY12 P&C operating ratio on Investments 4.32% 4.59%(1) For the definitions refer to the related section in the backup Assicurazioni Generali Group – FY 2012 results
    • II. GROUP FINANCIALSP&C profitability – Net combined ratio (1/2) 24Combined ratio (%) Combined ratio by country (%) -0.8%pts. FY11 FY12 ∆ 96.5 95.7 (0.1) (0.8) Italy 96.8% 95.2% -1.6%pts. 27.6 27.5 France 98.7% 98.9% +0.2%pts. Germany 94.4% 94.5% +0.1%pts. 68.2 CEE 89.5% 88.5% -1.0%pts. 69.0 RoE 96.4% 96.4% 0.0%pts. FY11  Expense  Loss FY12 ratio ratio RoW 104.2% 99.5% -4.6%pts. Loss ratio Expense ratio Total 96.5% 95.7% -0.8%pts.Assicurazioni Generali Group – FY 2012 results
    • II. GROUP FINANCIALSP&C profitability – Net combined ratio (2/2) 25Loss ratio (%) -0.8%pts  Current year Loss Ratio confirms good quality of pricing, 69.0 -1.6 +0.5 +0.2 68.2 underwriting and distribution in the main Countries Current NAT Prior  Nat Cat impact mainly due to FY11 year CAT years FY12 the Emilia earthquake, FY12 70.0 1.4 -3.3 68.2 mitigated by reinsurance FY11 71.6 0.9 -3.5 69.0  Confirmed stability inExpense ratio (%) administrative and acquisition costs -0.1%pts 27.6 27.5 6.0 0.0 -0.1 6.0 21.6 Δ%pts 21.5 Acq. costs Adm. costs FY11 Δ Admin Δ Acq. FY12Assicurazioni Generali Group – FY 2012 results
    • II. GROUP FINANCIALS P&C investment strategy and yields(1) 26 P&C segment own investments(1) (%) Euro 34.4 bn Euro 37.9 bn  Reduced weight of equity and real estate exposure  Preference for high quality and non financial 1.7% 1.6% 10.0% 8.0% corporate bonds 13.9% Other 15.8% 6.9% Cash & cash equivalent 9.1% 10.7% Real estate 8.6% Equity Current Fixed Equity Real 29.2% return(1) income Estate 26.8% Other fixed income Corporate bonds FY11 FY12 FY11 FY12 FY11 FY12 Government bonds 28.0% 29.7% Euro m 887 912 105 75 497 403 FY11 FY12 % 3.9 3.8 2.8 2.6 8.6 7.5(1) For the definitions refer to the related section in the backup. Comparative figures have been restated excluding assets and liabilities of Group’s Israeli companies. Assicurazioni Generali Group – FY 2012 results
    • II. GROUP FINANCIALSFinancial segment 27 Operating result (Euro m) Net fees and commissions (Euro m) +21.7%(1) +0.1%(2) 859 827 408 342 FY11 FY12 FY11 FY12(1) On like for like basis (2) On like for like basis Third party AUM(3) (Euro bn) Cost/income ratio (%) +14.4%(4) -4.2%pts 88.2 96.4 73.2 69.0 FY11 FY12 FY11 FY12(3) Including only third party AUM related to financial segment companies(4) On like for like basisAssicurazioni Generali Group – FY 2012 results
    • Agenda 28 II. Group Financials Profit & loss review Life, P&C and financial segment profitability Balance sheet and capitalAssicurazioni Generali Group – FY 2012 results
    • II. GROUP FINANCIALSTotal expected cash flow generation 292011 (Euro bn) 2012 (Euro bn) Life Free 1.0 Life Free 1.1 Cash Flow(1) Cash Flow(1) P&C and P&C and 1.1 0.9 Financial Financial Free Cash Free Cash Flow(2) Flow(2) Holding expenses(3) (0.7) Holding expenses(3) (0.7) Free Cash Flow 1.3 Free Cash Flow 1.5(1) Life Free cash flow = Expected profit based on EV calculations, net of change in required capital(2) P&C and Financial cash flow = Operating profit after taxes and minorities, net of change in required capital(3) Holding expenses = IFRS holding company result (including interest expense on debt) after tax and minoritiesAssicurazioni Generali Group – FY 2012 results
    • II. GROUP FINANCIALSIFRS Shareholders’ equity roll forward 30(Euro m) +28.0% 4,746 90 19,828 (26) (93) (311) (65) 15,486 Shareholders’ Δ in AFS FY 2012 Δ Currency Δ Cash Flow Dividend Other Shareholders’ Equity FY11 Reserve Net Result Translation Hedge Equity FY12 Reserve Reserve Change in AFS reserve (Euro m) 3,670 2,591 145 932 (2,156) AFS Reserve Impact Equity Impact Bond Other AFS Reserve FY11 Investments Investments FY12Assicurazioni Generali Group – FY 2012 results
    • II. GROUP FINANCIALSSolvency I according to Italian regulation 31(Euro bn) Required margin Available margin 117% Main drivers of change 150% Available margin  Consolidated result: + 0.4  Subordinated debt: + 1.2 26.9  Financial markets and other elements: + 5.0 20.8  Proposed dividends(1): - 0.5 17.8 17.9 Required Margin  Growth of technical provisions : + 0.5  Migdal disposal: - 0.4 FY11 FY12(1) Proposed dividend for Shareholders: Euro 0.3 bn; proposed dividend for Minorities: Euro 0.2 bnAssicurazioni Generali Group – FY 2012 results
    • II. GROUP FINANCIALSGroup Embedded Value roll-forward 32(Euro m) Including 24,066 + Euro 1.5 bn: spread narrowing and increase in stock market - Euro 2.6 bn: decrease in interest rates (VIF and P&C liab) 3,499 23,742 22,431 (1,335) (311) (543) Robust return on embedded value, mainly driven by Life NBV at Euro 863 m and a positive combined ratio at 95.7% EV Official FY11 Change in Normalised EV Investment and Cash Dividend EV FY12 Perimeter earnings Tax Variances Return on Embedded Value Group Embedded Value Group EV FY12 16.0% Normalised RoEV (1) 9.9% RoEV (1) 15.4€ Group EV per share (1) For the definitions refer to the related section in the backupAssicurazioni Generali Group – FY 2012 results
    • II. GROUP FINANCIALSEconomic Solvency 33 Economic Solvency Ratio ESR = 159%(1) FY11 ESR = 159%(2) FY12 31.9 29.0 19.9 18.0 Group Group AC AC Group Group RAC RAC (1) ESR FY11 = AC FY11 (net of dividend 2011 equal to 0.3bn) divided by Risk Capital FY11 (2) ESR FY12 = AC FY12 (net of proposed dividend 2012 equal to 0.3 bn) divided by Risk Capital FY12  Economic Solvency Ratio based on Group Internal Model calibrated on 1 year VaR at 99.5% confidence level  Risk Adjusted Capital movement is mainly affected by model enhancements, volumes increase and distressed credit rating profileAssicurazioni Generali Group – FY 2012 results
    • Agenda 34 IV. Backup P&L Balance sheet Life Capital DefinitionsAssicurazioni Generali Group – FY 2012 results
    • Agenda 35 IV. Backup P&L Balance sheet Life Capital DefinitionsAssicurazioni Generali Group – FY 2012 results
    • IV. BACK UPFY12 Total gross written premiums 36 (1)(Euro m) Total gross written premiums Gross life written premiums Gross P&C written premiums YoY YoY YoY Weight on Weight on Weight onCountry GWP % increase total GWP GWP % increase total GWP GWP % increase total GWP (2) (2) (2)Italy 20,115 -0.5% 28.9% 12,763 +0.4% 27.3% 7,352 -2.0% 32.2%France 13,141 +0.6% 18.9% 9,465 +0.8% 20.2% 3,676 +0.2% 16.1%Germany 17,587 +6.0% 25.3% 14,310 +5.7% 30.6% 3,278 +7.0% 14.4%CEE 4,136 +6.9% 5.9% 1,691 +2.9% 3.6% 2,445 +9.8% 10.7%RoE 10,262 +3.1% 14.7% 5,827 +3.8% 12.4% 4,435 +2.1% 19.4%Of which: Spain 2,559 +5.5% 3.7% 1,183 +12.5% 2.5% 1,376 +0.2% 6.0% Austria 2,519 -0.7% 3.6% 1,147 -4.0% 2.4% 1,373 +2.2% 6.0% Switzerland 1,846 +2.5% 2.7% 1,157 +2.6% 2.5% 689 +2.4% 3.0%RoW 4,371 +16.1% 6.3% 2,755 +9.9% 5.9% 1,617 +27.9% 7.1%Total 69,613 +3.2% 100.0% 46,810 +3.1% 100.0% 22,803 +3.3% 100.0%(1) Including investment contracts(2) On like for like basis with constant exchange ratesAssicurazioni Generali Group – FY 2012 results
    • IV. BACK UP FY12 Life premiums by country and business line(1) 37 Savings and pension Protection Unit/Index linked Total YoY % YoY % YoY % YoY % GDP increase (2) GDP increase (2) GDP increase (2) GDP increase (2) (Euro mln)Italy 11,624 +1.0% 222 +7.1% 515 -14.7% 12,360 +0.3%France 6,564 +6.5% 1,745 -1.0% 912 -27.6% 9,221 +0.4%Germany 6,909 +14.5% 4,103 +1.0% 3,298 -4.1% 14,309 +5.7%CEE 1,019 +3.3% 244 +11.4% 428 -2.0% 1,691 +2.9%RoE 2,338 +5.3% 824 +11.0% 2,639 +0.7% 5,801 +3.9%Of which: Spain 988 +16.2% 185 -1.1% 9 -32.6% 1,183 +12.5% Austria 627 -5.0% 248 +2.8% 252 -8.8% 1,127 -4.3% Switzerland 189 +9.7% 134 +14.2% 834 -0.5% 1,157 +2.6%RoW 1,192 +8.0% 631 +18.2% 53 +16.9% 1,876 +11.5%Total Life grossdirect premiums 29,645 +5.8% 7,768 +3.2% 7,844 -6.7% 45,258 +3.0%(1) Including investment contracts(2) On like for like basis with constant exchange rates Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UP FY12 P&C premiums by country and business line 38 (1) Motor Personal Commercial Accident/Health Total YoY % YoY % YoY % YoY % YoY % GDP increase (2) GDP increase (2) GDP increase (2) GDP increase (2) GDP increase (2) (Euro mln)Italy 3,174 -2.7% 878 +2.0% 1,851 -3.4% 1,303 -0.8% 7,207 -2.0%France 1,077 -3.2% 1,472 +2.3% 779 +3.0% 97 +7.5% 3,425 +0.8%Germany 1,185 +8.4% 1,289 +6.4% 270 -4.4% 529 +12.0% 3,272 +7.0%CEE 918 -6.8% 345 +1.8% 618 +13.6% 519 +65.7% 2,400 +9.7%RoE 1,604 +2.7% 1,047 +5.0% 944 -3.3% 678 +3.7% 4,273 +2.0%Of which: Spain 385 +4.7% 417 +7.6% 372 -9.9% 173 +1.2% 1,347 +0.6% Austria 534 +1.5% 320 +2.9% 351 +1.9% 147 +2.6% 1,353 +2.1% Switzerland 331 +2.6% 188 -1.5% 3 +1.5% 163 +5.7% 686 +2.1%RoW 920 +24.8% 33 +89.5% 418 +23.6% 153 +32.9% 1,524 +26.1%Total Life grossdirect premiums 8,879 +1.4% 5,064 +4.1% 4,881 +1.4% 3,278 +10.8% 22,102 +3.3%(1) Including fleets(2) On like for like basis with constant exchange rates Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPFY12 technical ratios 39 Life - Expense ratio (%) P&C - Combined ratio (%) 96.5 95.7 Expense ratio 27.6 27,5 11.6 Loss 11.2 69.0 68.2 ratio FY11 FY12 FY11 FY12 Total - Expense ratio (%) 16.6 16.3 FY11 FY12Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPFY12 combined ratio reconciliation 40 (Euro m) FY11 FY12 A Net earned premiums (net of consolidation adjustments) 20,662 20,700 B Consolidated net claims 14,247 14,114 Consolidated acquisition costs 4,462 4,453 Consolidated administration costs 1,297 1,290 Non insurance activity related administration costs (1) 59 45 Insurance activity related consolidated administration costs 1,238 1,246 C Total acquisition and administration costs 5,700 5,699 B/A Loss ratio 69.0% 68.2% C/A Expense ratio 27.6% 27.5% (B+C)/A Combined ratio 96.5% 95.7% D Other technical items 46 31A-B-C-D Technical result 669 857 (1) Administration expenses related to service companies, real estates and other companies not belonging to P&C segmentAssicurazioni Generali Group – FY 2012 results
    • IV. BACK UP FY12 technical ratios by country 41(%) ITA FRA GER CEE RoE SPA AUT SWI RoW ConsolidatedP&C Loss ratio FY12 74.3% 70.9% 65.6% 50.5% 68.1% 66.3% 67.7% 69.5% 62.0% 68.2% FY11 74.7% 71.2% 65.1% 54.5% 68.3% 68.0% 68.2% 69.0% 65.4% 69.0%P&C Expense ratio FY12 20.9% 28.0% 28.9% 37.9% 28.3% 28.2% 27.1% 25.6% 37.6% 27.5% FY11 22.0% 27.5% 29.4% 35.0% 28.1% 26.8% 27.1% 26.5% 38.8% 27.6%P&C Combined ratio FY12 95.2% 98.9% 94.5% 88.5% 96.4% 94.5% 94.8% 95.1% 99.5% 95.7% FY11 96.8% 98.7% 94.4% 89.5% 96.4% 94.8% 95.3% 95.5% 104.2% 96.5%Life expense ratio by country FY12 9.6% 10.1% 11.4% 21.8% 11.9% 4.1% 14.2% 17.8% 16.0% 11.2% FY11 9.7% 9.5% 12.8% 19.8% 12.1% 4.4% 13.3% 18.6% 16.3% 11.6% Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UP Focus on operating result 42 Operating result by country(1) (Euro m) Operating result breakdown(1) (Euro m) Like for FY11 FY12 like ∆ 1,749 Italy 1,510 1,749 +15.8% 224 France 545 680 +24.9% 466 Germany 685 630 -8.1% 899 680 630 115 CEE 503 514 +2.2% 514 216 46 354 1060 26 257 257 RoE 878 899 +2.4% 304 464 430 67 327 RoW 322 257 +20.4% 184 193 -3 Italy France Germany CEE RoE RoW Operating result(1) 4,444 4,730 +9.1% Op. holding expenses (294) (313) +6.8% Consolidation Adj. (222) (197) -11.4% Life P&C Financial Total operating 3,928 4,219 +10.5% result(1) Operating result = operating result of life, P&C and financial segments, before holding expenses and consolidation adjustments Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPLife operating result 43Operating result (Euro m) Operating result by country (Euro m) FY11 FY12 Like for like  +9.7%(1) Italy 969 1,060 +9.3% France 295 464 +57.4% Germany 378 327 -13.6% 2,542 2,658 CEE 195 184 -5.6% RoE 444 430 -3.2% Of which: Spain 114 127 +11.3% Austria 61 61 +0.9% Switzerland 116 116 -0.2% RoW 259 193 +36.3% FY11 FY12 Total 2,542 2,658 +9,7% (1) On like for like basisAssicurazioni Generali Group – FY 2012 results
    • IV. BACK UPLife net inflows by country 44 Country FY11 FY12 Like for like  Italy 1,085 91 -91.6% France -2,061 -2,236 -15.2% Germany 3,433 4,551 +32.6% CEE 475 390 -16.4% RoE 1,473 -90 -107.1% Spain -252 -1,569 -521.6% Austria 171 141 -17.4% Switzerland 549 655 +16.6% RoW 1,441 835 +20.1% Total 5,846 3,542 -32.5%Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPP&C operating result 45Operating result (Euro m) Operating result by country (Euro m) FY11 FY12 Like for like  +5.6%(1) Italy 402 466 +15.9% 1,664 France 250 216 -13.4% 1,561 Germany 259 257 -0.8% CEE 286 304 +6.3% RoE 335 354 +5.6% Of which: Spain 139 144 +3.7% Austria 107 110 +2.8% Switzerland 51 56 +8.5% RoW 29 67 +51.7% FY11 FY12 Total 1,561 1,664 +5.6% (1) On like for like basisAssicurazioni Generali Group – FY 2012 results
    • IV. BACK UP Other operating and non operating expenses by segment 46 (Euro m) Life Non Life Financial FY11 FY12 FY11 FY12 FY11 FY12 Total net operating expenses (47) 13 (266) (288) (40) (98) Restructuring costs (33) (19) (39) (48) (13) (7) Other net non operating expenses(1) (132) (135) (123) (322) (52) 71 Total net non operating expenses (165) (154) (162) (370) (65) 65(1) Other non operating expenses include mainly amortization of VOBA Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UP Focus on impairments(1) 47 (Euro m) Life P&C Financial Total Net impairments FY11 FY12 FY11 FY12 FY11 FY12 FY11 FY12 Equity instruments 637 1,782 178 426 1 3 816 2,212 Fixed income 2,115 222 242 47 3 56 2,359 326 Real estate 16 164 8 53 0 0 25 217 Other investments(2) 637 408 225 306 1 22 864 736 Total net impairments 3,405 2,577 653 832 6 82 4,046 3,491 Of which Operating net 2,967 1,986 0 0 6 22 2,975 2,008 impairments Non operating net 438 591 653 832 0 59 1,089 1,483 impairments(1) Net of reverse impairments(2) Including subsidiaries and associated companies
    • IV. BACK UP Focus on realised gains(1) 48 (Euro m) Life P&C Financial Total FY11 FY12 FY11 FY12 FY11 FY12 FY11 FY12 Net realized gains on Equities 119 68 (15) (17) 1 1 91 52 Realised gains 1,159 555 169 97 2 2 1,316 653 Realised losses (1,040) (487) (184) (114) (1) 0 (1,225) (601) Net realized gains on Fixed Income 1,419 561 18 34 3 6 1,440 601 Realised gains 2,384 2,269 134 191 5 26 2,523 2,486 Realised losses (965) (1,709) (116) (157) (2) (20) (1,083) (1,886) Net realized gains on Real Estate 178 156 151 144 - - 329 300 Realised gains 191 170 161 150 - - 351 321 Realised losses (13) (14) (10) (6) - - (23) (20) Net realized gains on Other(2) 160 19 90 9 79 (2) 329 26 Realised gains 160 19 121 16 82 1 363 36 Realised losses - - (31) (7) (3) (4) (34) (10) Total net realized gains 1,876 803 244 170 84 5 2,189 978 Operating net realized gains 2,019 967 - - 4 7 2,009 975 Non operating net realized gains (143) (164) 244 170 79 (2) 180 3(1) Excluding financial instruments at fair value through profit and loss(2) Including subsidiaries and associated companies
    • IV. BACK UP Focus on non operating items: interest expenses on financial debt 49Interest expenses on financial debt (Euro m) Total financial debt (Euro m) 12,218 13,234 646 668 9.5% 7.1% 54.1% 59.2% 36.5% 33.7% FY11 FY12 FY11 FY12 Senior Sub/Hybrid OtherAverage cost & maturity of financial debt (%) Adjusted Financial Leverage (%) & FCC FY11 FY12 FY11 FY12 Average cost (%) 5.37% 5.86% Adjusted Financial Leverage(1) 31.2% 29.4% Average maturity (years) 5.88 6.01 Fixed Charge Coverage 3.8x 3.6x(1) Calculated as per Moody’s methodology Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPReclassified P&L account 50 Total (Euro m) FY11 FY12 Total Operating result 3,928 4,219 Net earned premiums 62,739 62,838 Net insurance benefits and claims (55,036) (63,218) Acquisition and administration costs (11,807) (11,563) Net fee and commission income and net income from financial service activities 933 764 Operating income from other financial instruments 10,665 9,975 Operating income from financial instruments at fair value through profit or loss (2,905) 6,141 of which net income from fin. assets and liabilities where the risk is borne by the policyholders (3,159) 4,563 Operating holding expenses (294) (313) Net other operating expenses (367) (404) Non-operating result (2,013) (2,496) Non-operating income from other financial instruments (907) (1,393) Non-operating income from financial instruments at fair value through profit or loss (34) 30 Non-operating holding expenses (680) (673) Interest expenses on financial debt (646) (668) Other non-operating holding expenses (34) (5) Net other non-operating expenses (392) (460) Consolidated result before taxes and minorities 1,914 1,723 Income taxes (762) (1,326) Result from discontinued operations - (30) Consolidated result of the period 1,153 367 Result of the period attributable to minority interests (297) (277) Result of the period 856 90Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UP Reclassified P&L account by segment - FY11 51 Unallocated holding Consolidation (Euro m) Life Non life Financial(1) expenses adjustments Total Total Operating result 2,542 1,561 342 (294) (222) 3,928 Net earned premiums 42,076 20,662 - - - 62,739 Net insurance benefits and claims (40,770) (14,247) - - (19) (55,036) of which var. of provisions related to unit linked business 2,132 - - - - 2,132 Acquisition and administration costs (5,176) (5,715) (915) - - (11,807) Net fee and commission income and net income from financial service activities 178 - 859 - (103) 933 Operating income from other fin. Instruments 9,336 1,086 328 - (86) 10,665 Operating income from fin. Instruments at fair value through profit or loss (3,055) 41 109 - - (2,905) of which net income from fin.assets and liabilities where the risk is borne by the policyholders (3,159) - - - - (3,159) Operating holding expenses - - - (294) - (294) Net other operating expenses (47) (266) (40) - (14) (367) Non-operating result (744) (606) 16 (680) - (2,013) Non-operating income from other fin.instr. (579) (409) 81 - - (907) Non-operating income from fin. instr.at fair value through profit or loss - (34) - - - (34) Non-operating holding expenses - - - (680) - (680) Net other non-operating expenses (165) (162) (65) - - (392) Earnings before taxes 1,798 955 357 (974) (222) 1,914(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UP Reclassified P&L account by segment - FY12 52 Unallocated holding Consolidation (Euro m) Life Non life Financial(1) expenses adjustments Total Total Operating result 2,658 1,664 408 (313) (197) 4,219 Net earned premiums 42,138 20,700 - - - 62,838 Net insurance benefits and claims (49,099) (14,114) - - (5) (63,218) of which var. of provisions related to unit linked business (4,150) - - - - (4,150) Acquisition and administration costs (4,985) (5,716) (862) - - (11,563) Net fee and commission income and net income from financial service activities 56 - 827 - (118) 764 Operating income from other fin. Instruments 8,600 1,031 387 - (44) 9,975 Operating income from fin. Instruments at fair value through profit or loss 5,937 50 154 - - 6,141 of which net income from fin.assets and liabilities where the risk is borne by the policyholders 4,563 - - - - 4,563 Operating holding expenses - - - (313) - (313) Net other operating expenses 13 (288) (98) - (30) (404) Non-operating result (908) (916) 3 (673) (3) (2,496) Non-operating income from other fin.instr. (754) (576) (61) - (3) (1,393) Non-operating income from fin. instr.at fair value through profit or loss - 30 - - - 30 Non-operating holding expenses - - - (673) - (673) Net other non-operating expenses (154) (370) 65 - (460) Earnings before taxes 1,750 747 411 (986) (200) 1,723(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPFocus on 4Q12 results 53 (Euro m) 4Q12/ 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 4Q11(2) Life premiums(1) 12,340 11,503 10,543 12,009 12,815 10,415 10,271 13,309 +10.6% P&C premiums 6,792 5,219 4,931 5,823 6,999 5,419 5,027 5,359 -0.6% Total premiums 19,131 16,722 15,474 17,832 19,814 15,834 15,298 18,668 +7.0% Life net inflows 2,819 1,999 1,678 (651) 760 (1,138) 1,521 2,399 +369.1% Combined ratio % 96.1% 96.9% 96.7% 96.4% 95.4% 98.8% 95.7%(3) 92.8% -3.7% Life operating result 881 782 315 564 819 832 545 462 -14.2% P&C operating result 393 406 405 357 411 344 404 505 +38.3% Financial operating 115 96 68 63 126 85 109 88 +42.4% result Operating holding expenses and cons. (133) (132) (96) (155) (126) (148) (109) (128) -18.0% adj. Total operating result 1,256 1,153 692 827 1,230 1,113 949 928 +14.4% Net result 616 190 20 31 567 274 291 (1,043) n.m.(1) Including investment contracts(2) On like for like basisAssicurazioni Generali Group – FY 2012 results
    • Agenda 54 IV. Backup P&L Balance sheet Life Capital DefinitionsAssicurazioni Generali Group – FY 2012 results
    • IV. BACK UP Consolidated balance sheet 55 (Euro bn) FY11 FY12 (Euro bn) FY11 FY12 Shareholders’ Equity Intangible assets 10.4 9.9 (Group share) 15.5 19.8 Minority interests 2.6 2.7 Investments 346.7 374.1 Shareholders’ Equity 18.1 22.6 Cash 25.6 21.6 Operating debt 46.9 50.7 Other credits 11.3 11.1 Financial debt 12.2 13.2 Tangible assets 4.9 5.0 Technical reserves 325.0 336.4 Payables and other provisions 9.0 9.5 Other assets (1) 24.2 20.0 Other liabilities 11.8 9.4 Total Liabilities and Total Assets 423.1 441.7 Shareholders’ Equity 423.1 441.7(1) Including reinsurance amounts of technical reserve, deferred tax assets, deferred acquisition costs and other assets Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPAssets under management 56 FY11 total FY12 total Euro 467 bn Euro 490 bn Third parties AUM 97.4 Unit Linked 53.8 Fixed income Other instruments 3.7% 81.2% Real Estate 4.4% 338.8 Equity 4.6% Cash & equival. 6.1% “Own Investments”(1) (1) For definitions refer to the related section in the backupAssicurazioni Generali Group – FY 2012 results
    • IV. BACK UPFY12 own investments at amortized cost and fair value(1) 57 Total Euro 339 bn 20.6 Fixed income instruments 91.3% Of which bonds 87.2% Equity 225.7 6.9% Fixed income instruments 74.5% Other Of which bonds 50.7% 1.8% Of which loans 23.8% Real estate 13.9% Cash & equivalents Other 92.5 9.8% Investments at amortized cost Investments at fair value Subs, ass. & JVs 1.8%(1) Excluding unit linked and third parties AUMAssicurazioni Generali Group – FY 2012 results
    • IV. BACK UP FY12 book value and market value of own investments(1) 58 (Euro m) Life P&C Financial Total(2) Asset classes BV MV BV MV BV MV BV MV Equity 12,487 12,487 2,601 2,601 564 564 15,652 15,652 Fixed income instruments 236,107 241,267 26,419 26,501 15,585 15,969 274,916 280,542 Corporate 93,954 96,815 11,077 11,090 2,479 2,485 107,228 110,108 Government 119,019 121,115 11,279 11,344 6,245 6,300 136,542 138,760 Other fixed income 23,133 23,336 4,063 4,066 6,861 7,184 31,145 31,674 Real estate 9,751 12,234 5,289 8,103 24 36 15,064 20,373(1) Excluding unit linked and third parties(2) Net of consolidation adjustments Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UP Quality of FY12 fixed income portfolio 59Fixed income portfolio composition: Euro 274.9 bn By issuer (Euro bn) 23.1 4.1 31.1 Average bond portfolio duration Life P&C 6.9 (years) 94.0 107.2 11.1 2.5 Government 7.7 4.1 119.0 11.3 136.5 6.2 Life P&C Financials Total Corporate 5.4 3.3 Government Corporate Other fixed income Bond portfolio by rating (%) Current Comprehensive % return return 3.2% Life 4.2% 13.2% 19.6% 21.3% 15.1% 39.9% 0.9% P&C 3.8% 9.8% AAA AA A BBB NIG NR Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPFocus on FY12 government bond portfolio 60 Government bonds: Euro 136.5, 49.7% of total fixed income portfolio Split by country Split by rating (Euro bn) Total Total Of which domestic (Euro bn) AAA 17.7 Italy 59.7 55.2 AA 43.3 Germany 10.1 7.6 France 26.4 20.7 A 3.7 CEE 8.3 6.0 BBB 68.8 RoE 20.5 10.0 Not investment grade 2.8 RoW 5.2 3.5 Not rated 0.2 Supranational 6.4 na Split by accounting treatment Weight on own investments 119.0 11.3 6.2 12.7% 57% 70% 80% 87.3% 43% 30% 20% Amortized cost Fair Value Life P&C Financial (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).Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPPeripheral government bond portfolio: focus on country exposure 61Italian government bonds: Euro 59.7 bn Spanish government bonds: Euro 5.4 bn 2.1 1.8 0.2 0.5 0.7 Spain Italy Germany 0.5 Germany France France RoE RoE 55.2 4.0Portuguese government bonds: Euro 1.2 bn Irish government bonds: Euro 1.6 bn 0.1 0.0 0.0 Italy 0.2 Italy 0.3 Germany Germany 0.3 France France RoE RoE 0.8 1.0Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPFocus on FY12 corporate bond portfolio 62Corporate bonds: Euro 107.2 bn, 39% of total fixed income portfolio Split by industry Split by rating (Euro bn) Total Life P&C (Euro bn) AAA 30.1 Financials 30.6 4.1 AA 8.7 Covered bonds 28.5 2.9 Utilities 8.3 0.9 A 33.0 ABS 2.1 0.3 BBB 28.5 Telecom 5.0 0.7 Not investment grade 4.9 Industrial 8.7 0.6 Not rated 2.0 Other 10.8 1.6 Split by accounting treatment Weight on own investments 94.0 11.1 2.5 27.5% 66% 71% 72.5% 92% 34% 29% 8% Amortized cost Fair Value Life P&C FinancialAssicurazioni Generali Group – FY 2012 results
    • IV. BACK UPFocus on FY12 covered and financial corporate bond portfolios 63 Covered bonds(1): Euro 32.3 bn Split by rating (Euro bn) Total Split by country (Euro bn) Total AAA 24.5 Italy 1.3 AA 2.9 Germany 9.1 A 2.7 France 8.5 BBB 1.7 CEE 0.5 Not investment grade 0.0 RoE 12.5 Not rated 0.4 RoW 0.5 Financial corporate bonds(1): Euro 36.0 bn Split by rating (Euro bn) Total Split by country (Euro bn) Total AAA 2.9 Italy 5.4 AA 2.4 Germany 5.5 A 16.4 France 5.8 BBB 10.3 CEE 0.9 Not investment grade 3.0 RoE 13.3 Not rated 1.0 RoW 5.1(1) Including life, P&C and financial segment investments.Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPFocus on FY12 equity portfolio 64 Equity: Euro 15.7 bn Group net equity exposure Split by industry (Euro bn) Life P&C 15.7 Financials 2.1 1.0 (0.1) Consumer 1.1 0.2 4.8 Utilities 0.8 0.1 (10.0) (0.6) (0.3) Industrial 0.7 0.2 Gross Hedging PHs’ Taxes Min. Net Other 2.1 0.4 equity interest interest equity exposure exposure Asset allocation funds 3.4 0.6 Alternative funds 2.2 0.1 Weight on own investments Current Comprehensive % 12.5 2.6 return return 0.6 Life 3.3% 9.9% 5% 7% 2% P&C 2.6% 4.3% Life P&C FinancialAssicurazioni Generali Group – FY 2012 results
    • IV. BACK UPFY12 Group real estate assets (1/2) 65 Book value Weight of total Market value Weight of total Split by country (Euro bn) % (Euro bn) % Italy 6.5 36% 9.5 40% France 4.1 23% 5.5 23% Germany 4.0 22% 4.1 17% CEE 0.2 1% 0.3 1% RoE (1) 3.1 17% 4.2 19% (2) RoW 0.2 1% 0.3 0% Total 18.1 100% 23.9 100%Investment properties vs. self use Yield on investment properties % Current return Self Use 14.6 % Life 7.3% Investment properties P&C 7.5% 85.4 %% based on Market Value (1) RoE includes Austria, Spain, Switzerland, Belgium and Netherlands (2) RoW includes Israel, Latin America, Far East and USAssicurazioni Generali Group – FY 2012 results
    • IV. BACK UPFY12 Group real estate assets (2/2) 66Direct Investments in leader countries Area Weight of Area Market value Weight of total Split by country (sqm m) % (Euro bn) % Italy 2.5 37% 8.3 38% France 1.6 23% 5.3 24% Germany 1.2 18% 3.3 16% CEE 0.1 2% 0.3 1% RoE (1) 1.2 19% 4.2 20% (2) RoW 0.1 1% 0.3 1% Total 6.7 100% 21.7 100% Office 63% Other 7% Logistic 3% Residential 12% Retail 15% (1) RoE includes Austria, Spain, Switzerland, Belgium and Netherlands (2) RoW includes Israel, Latin America, Far East and USAssicurazioni Generali Group – FY 2012 results
    • IV. BACK UP Investment yields(1) 67 Fixed Income Equities Real Estate Other Total Return (%) FY11 FY12 FY11 FY12 FY11 FY12 FY11 FY12 FY11 FY12 LIFE Current 4.5 4.2 3.8 3.3 7.3 7.3 2.8 1.6 4.5 4.1 Total P&L 4.0 4.6 -0.4 -8.9 6.6 4.6 -0.3 0.9 3.6 3.6 Comprehensive 0.8 13.2 -12.5 9.9 6.3 4.6 -0.3 0.9 0.1 11.7 NON LIFE Current 3.9 3.8 2.8 2.6 8.6 7.5 1.9 2.2 4.3 4.1 Total P&L 3.0 4.0 -3.2 -13.2 6.9 5.0 3.5 1.8 2.9 2.2 Comprehensive 1.2 9.8 -7.9 4.3 6.9 5.1 3.5 1.6 1.3 7.5 TOTAL Current 4.4 4.1 3.6 3.2 7.7 7.4 2.0 1.3 4.3 3.9 Total P&L 3.9 4.5 -0.7 -9.1 6.7 4.8 0.5 0.8 3.5 3.4 Comprehensive 0.9 12.4 -11.2 8.8 6.5 4.8 0.5 0.8 0.4 10.6(1) For definitions refer to the related section in the backup. Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UP4Q12 IFRS Shareholders’ equity roll forward 68IFRS Shareholders’ equity roll forward (Euro m) 3.2% 19,215 1,828 19,828 15,486 (1,043) (85) (18) (69) Shareholders’ Shareholders’ Shareholders‘ Shareholders‘ Δ in AFS Δ in AFS Reserve 4Q 20122012 4Q Net Δ Currency Δ Cash CashHedge Δ Currency Δ Flow Flow Other Other Shareholders’ Shareholders’ Equity FY11 Equity FY11 Equity 9M12 Equity 9M12 Reserve Net Result Result Translation Translation Hedge Reserve Equity FY12 Equity FY12 Reserve Reserve Reserve Change in AFS reserve (Euro m) 1,045 46 2,591 736 763 AFS Reserve Impact Equity Impact Bond Other AFS Reserve 9M12 Investments Investments FY12Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPAFS reserve breakdown 69 (Euro m) FY11 1H12 FY12 Fixed income instruments -1,780 -464 1,889 Government -1,216 -445 1,111 Corporate -564 -20 778 Equity -382 -398 549 Investment funds and other 7 41 152 TOTAL -2,156 -821 2,591Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPRegulatory Solvency I development in 4Q12 70(Euro bn) Required margin Available margin 140% Main drivers of change 150% 25.7 Available margin 26.9  Subordinated debt: + 1.2 18.3  Financial markets and other elements: + 1.5 17.9  Consolidated result: - 0.1  Proposed dividends(1): - 0.5 Required Margin  Migdal disposal: - 0.4 9M12 FY12Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPStress tests on Solvency I and Shareholders’ equity 71Impact on solvency I ratio (%) Impact on Shareholders’ equity (Euro bn) Total ratio 31.12.2012 150 (1) (1) Equities -30% (1.5) Equities -30% 141 136 Interest rate +100bps (2.4) Interest rate +100bps Interest rate -100bps Interest rate -100bps 2.4 164 Credit spread +100bps 144 Credit spread +100bps (0.9) Real estate -10% 146(1) Before hedging impactAssicurazioni Generali Group – FY 2012 results
    • IV. BACK UP Total comprehensive income(1) 72 (Euro m) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 681 +4,000 m 1,850 2,530 1,032 -344 1,308 -644 -244 270 196 -1,000 m -1,326 -307 3M10 6M10 9M10 12M10 3M11 6M11 9M11 12M11 3M12 6M12 9M12 12M12 1,308 1,064 2,096 1,452 270 466 (860) (1,166) 2,530 2,186 4,036 4,717(1) For definitions refer to the related section in the backup Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPFinancial debt schedule 73Financial debt breakdown by expiry date/call date (Euro m) 3,000 2,500 2,000 1,500 1,000 500 0 2013 2014 2015 2016 2017 2018 2019 2022 2024 2026 Bonds Hybrid Subordinated Senior Loans Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPFY12 technical reserves 74 (Euro m) Traditional Linked TOTAL (1) Life net technical reserves Italy 81,896 5,770 87,666 France 65,956 14,270 80,226 Germany 79,215 14,412 93,627 CEE 5,609 1,573 7,182 GROUP TOTAL 260,204 53,557 313,761(1) Including investment contracts for Euro 17,597 million (Euro m) Motor Non Motor TOTAL P&C net technical reserves Italy 4,844 7,068 11,912 France 2,217 3,148 5,365 Germany 1,790 2,358 4,148 CEE 1,253 1,194 2,447 GROUP TOTAL 13,348 17,233 30,580Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPOperating ratio on investments(1) 75 Life operating ratio on investments (%) (%) FY11 FY12 %pts Italy 1.22 1.30 0.08 France 0.36 0.57 0.21 Germany 0.44 0.35 -0.09 CEE 2.63 2.41 -0.22 GROUP TOTAL 0.80 0.84 0.04 P&C operating ratio on investments (%) (%) FY11 FY12 %pts Italy 3.35 3.87 0.52 France 4.69 3.85 -0.84 Germany 4.45 4.53 0.08 CEE 8.53 8.62 0.09 GROUP TOTAL 4.32 4.59 0.27 (1) For the definitions refer to the related section in the backupAssicurazioni Generali Group – FY 2012 results
    • IV. BACK UPNumber of shares(1) 76 Ordinary Own Shares Shares issued shares outstanding (1) (2) (1-2) Weighted number of shares outstanding at 12.31.2011 1,556,873,283 15,997,470 1,540,875,813 shares outstanding at 12.31.2011 1,540,874,959 Capital increase Stock grant plan Exercise of stock options Generali shares purchase -600 600 Change in scope shares outstanding at 12.31.2012 1,556,873,283 15,996,870 1,540,876,413 Weighted number of shares outstanding at 12.31.2012 1,540,876,249 Potential (dilutive) shares: Stock options 0 Weighted number of shares outstanding at 12.31.2012 adjusted for the effects of all dilutive potential ordinary 1,540,876,249 shares. Weighted number of shares outstanding at 12.31.2011 adjusted for the effects of all dilutive potential ordinary 1,540,874,959 shares. (1) Calculation based on IAS 33Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPPer share indicators 77 (Euro) FY12 (1) Earnings per share 0.06 (1) Operating result per share 1.32 Book Value per share (2) 12.9 (2) ANAV per share 8.6 (2) Embedded Value per share 15.4 (1) Calculated on the basis of weighted shares outstanding during twelve months 2012 (1,540,876,249) (2) Calculated on the basis of shares outstanding at 31.12.2012 (1,540,876,413)Assicurazioni Generali Group – FY 2012 results
    • Agenda 78 IV. Backup P&L Balance sheet Life Capital DefinitionsAssicurazioni Generali Group – FY 2012 results
    • IV. BACK UPLife new business: APE 79(Euro m) APE Annual Premiums Single Premiums Like for like Like for like Like for like FY11 FY12  FY11 FY12  FY11 FY12 Italy 1,715 1,637 -4.5% 1,175 1,086 -7.6% 5,404 5,516 +2.1%France 939 944 +0.5% 320 319 -0.3% 6,187 6,246 +1.0%Germany 908 917 +1.0% 675 590 -12.7% 2,324 3,276 +41.0%CEE 147 187 +23.6% 126 177 +37.1% 210 100 -54.4%RoE 657 622 -5.5% 432 411 -5.0% 2,254 2,107 -6.6% Austria 104 98 -6.2% 81 77 -5.3% 232 211 -9.1% Spain 126 124 -1.1% 56 55 -2.4% 698 697 -0.1% Switzerland 85 91 +6.3% 78 82 +4.4% 67 87 +28.6%RoW 421 201 +0.2% 366 162 +1.4% 553 382 -4.5%Total 4,787 4,508 -1.4% 3,094 2,745 -5.1% 16,933 17,628 +5.0%Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UP Life new business: value and profitability 80(Euro m) NBV Margins on APE Margins on PVNBP Historical Like for like FY11 FY12   FY11 FY12 ∆ %pts FY11 FY12 ∆ %ptsItaly 374 281 -24.7% -24.7% 21.8% 17.2% -4.6% 2.6% 2.0% -0.6%France 128 120 -6.1% -6.1% 13.7% 12.8% -0.9% 1.4% 1.3% -0.1%Germany 166 186 +11.9% +11.9% 18.3% 20.2% +2.0% 1.7% 1.8% +0.1%CEE 52 59 +11.7% +8.3% 35.8% 31.4% -4.4% 5.0% 4.5% -0.5%RoE 134 129 -3.7% -3.8% 20.4% 20.8% +0.4% 2.6% 2.4% -0.1% Austria 15 6 -57.6% -57.6% 14.0% 6.3% -7.7% 1.3% 0.6% -0.7% Spain 21 25 +17.8% +17.8% 16.6% 19.8% +3.2% 2.0% 2.3% +0.3% Switzerland 16 25 +55.6% +54.4% 18.9% 27.5% +8.5% 1.7% 2.5% +0.8%RoW 121 88 -27.2% -9.4% 28.8% 44.1% +15.2% 3.0% 3.6% +0.6%Total 976 863 -11.5% -9.5% 20.4% 19.2% -1.2% 2.3% 2.0% -0.2% Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPInvestment in life new business 81(Euro bn) 2011 2012 1st year P&L impact -1.0 1st year P&L impact -1.0 In % of PV NBP 2.3% In % of PV NBP 2.2% Capital absorption -0.8 Capital absorption -0.7 In % of PV NBP 1.8% In % of PV NBP 1.6% 1st year strain -1.7 1st year strain -1.6 In % of PV NBP 4.0% In % of PV NBP 3.8% New Business Value 0.98 New Business Value 0.86 NBM 20.4% NBM 19.2% Internal Rate of Return 12.6% Internal Rate of Return 12.3% Payback period 7.4 years Payback period 7.6 yearsAssicurazioni Generali Group – FY 2012 results
    • IV. BACK UPLife new business: IRR and payback period by country 82 IRR (%) Payback period (years) Country FY11 FY12 FY11 FY12 Italy 14.2% 13.3% 6.7 7.3 France 9.9% 8.4% 8.3 9.8 Germany 15.0% 19.8% 7.0 5.5 CEE 12.6% 11.1% 6.6 7.2 RoE 12.5% 12.0% 6.7 6.9 RoW 9.7% 11.9% 11.2 9.2 TOTAL 12.6% 12.3% 7.4 7.6Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPLife & health EV roll-forward 83(Euro m) 1,084 93 21,400 1,733 19,372 863 ( 910 ) 205 18,536 (1,040 ) EV FY11 Perimeter, Opening Adjusted NBV Expected Operating Economic Capital EV FY12 FX adjs. EV FY11 contribution variance variance flow Life & health embedded value earnings (Euro m) Return on embedded value Adjusted embedded value FY11 18,536 20.4% Life & health RoEV Embedded value earnings 3,774 Life & health Normalised EV earnings (1) 2,731 14.7% Normalised RoEV(1) Life normalised EV earnings defined as NBV + Expected contribution + Operating variance excluding extraordinary expenses (-41 m)Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPFY12 Life Embedded Value Sensitivity 84 Life Embedded Value Euro 21,400 m (%) Risk Free Rate +100bps +8.4 Risk Free Rate -100bps -15.3 Equity +10% +4.0 Equity -10% -4.1 Zero Liquidity Premium -13.1 Equity Implied Volatility +25% -2.4 Swaption Implied Volatility +25% -3.1Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPExpected Life cash flow generation 85Life & Savings expected free cash flows (Euro m) 629 Capital 862 (678) (760) Profit (945) (987) 1,886 2,151 1,124 1,034 Existing Run Off New Business Free Cashflow Existing Run Off New Business Free Cashflow 2012 2012 2012 2011 2011 2011 2012 Inforce 2012 New Business Expected undiscounted cash flows Expected undiscounted cash flows 14000 1500 12000 1000 10000 500 8000 0 6000 -500 4000 -1000 2000 -1500 0 -2000 Years Years Years Years Years Years Years Year 0 Years Years Years Years Years Years Years 1-5 6-10 11-15 16-20 21-25 26-30 31+ 1-5 6-10 11-15 16-20 21-25 26-30 31+Assicurazioni Generali Group – FY 2012 results
    • 86 IV. Backup P&L Balance sheet Life Capital DefinitionsAssicurazioni Generali Group – FY 2012 results
    • IV. BACK UP EBS results: Risks breakdown 87Group RAC at 99.5% after diversification Geographic breakdown of Group risk capital(Euro bn) 19.9 Other +11% 20% 18.0 Italy 42% Market France 8.6 24% (+9%) 7.9 Germany 14% Segments breakdown of Credit Group risk capital (+29%) 6.3 4.9 Life 0.9 (+0%) Life U/W 66% 0.9 0.7 (-6%) 0.6 Non Life U/W 1.6 (+0%) 1.6 Operational 2.1 (-6%) 1.9 Not under IM(1) YE11 YE12 6% Non Life 28%(1) Not under IM refers to top down approach for minor insurance entities and to regulatory capital requirements for Financial segment Financial Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPFY12 reconciliation of life & health MCEV with Group EV and AC 88 Life & Health (Euro m) Financial MCEV Other GROUP Debt(1) IFRS equity 13,551 18,573 (12,297) 19,828 MTM of Assets 6,136 2,598 - 8,734 Goodwill (27) (7,195) - (7,222) Life DAC, VoBA and other adjustments (2,525) (455) - (2,980) MTM of Debt and Employee Benefit Plans (177) (593) 4 (766) Fair Value adj, of P&C Liabilities - 568 - 568 Unrealised Gains included in L&H VIF (4,911) - - (4,911) Adjusted Net Asset Value 12,047 13,496 (12,293) 13,251 In-force value (Life & AuM) 9,352 1,139 - 10,491 Embedded Value (EBS basis) 21,400 14,635 (12,293) 23,742 Adjustments(2) 201 Subordinated Debt 7,947 Available Capital 31,891 (1) Including senior and subordinated bonds issued (2) VIF AuM, Cost of Capital and Deferred Tax Liability on subordinated debtAssicurazioni Generali Group – FY 2012 results
    • 89 IV. Backup P&L Balance sheet Life Capital DefinitionsAssicurazioni Generali Group – FY 2012 results
    • IV. BACK UPDefinitions: P&L and balance sheet (1/3) 90 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 (gross of investments related expenses) Total P&L return: = current return + harvesting return (net realized gains, net impairments and net unrealized gains reported in P&L) – investments related expenses 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 adjustmentsAssicurazioni Generali Group – FY 2012 results
    • IV. BACK UPDefinitions: P&L and balance sheet (2/3) 91 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 Change in shareholders’ equity during the period related to income and expenses recognized in profit or loss Income 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 informations 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.”Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPDefinitions: P&L and balance sheet (3/3) 92 Operating RoE Operating Return on Equity indicates the return in terms of Operating Result on Group Shareholders’ Equity. It is calculated according to the following ratio: Total Operating Result adjusted to include: - interest expenses on financial debt; ˗ income taxes based on a mid-term expected tax rate as assumed in 2015 Target; - minorities interests. Average Group Shareholders’ Equity at the beginning and at the end of each period of valuation, ex-cluding gains and losses included in Other Comprehensive Income (OCI). Other Comprehensive Other Comprehensive Income includes net unrealized gains and losses on AFS investments, foreign currency Income (OCI) translation differences, net unrealized gains and losses on hedging derivatives.Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPDefinitions: Life EV (1/2) 93 Adjusted Net Asset corresponds to the consolidated market value of the assets backing the shareholders’ funds, net of taxes and Value (ANAV) policyholder interests on any unrealised capital gains and losses, after the elimination of goodwill and DAC, net of other adjustments required to maintain consistency with the valuation of the in-force business, and before the payment of dividends from profits of the year. Annual Premium is defined as new business annualised regular premiums plus 10% of single premiums. Equivalent (APE) Embedded Value correspond to the difference between the closing and the opening EV, excluding adjustments to opening EV Earnings and capital movements. Free cash flows are defined as the sum of the profit of the year, net of the variation of the capital required to support the business. Expected free cash flows are calculated using «real-world» best estimate assumptions. Internal Rate of Return is defined as the rate that makes equal to zero the present value of new business distributable profits (IRR) (therefore allowing for new business first year strain and required capital absorption) calculated using “real- world” best estimate assumptions. Life Embedded Value is an actuarially determined estimate of the value of a company, excluding any value attributable to future new (EV) business. With reference to the covered business, and to the relevant consolidation perimeter (i.e. the operating life, health and pension companies of the group), the EV is equal to the sum of the Adjusted Net Asset Value and the Value In-Force.Assicurazioni Generali Group – FY 2012 results
    • IV. BACK UPDefinitions: Life EV (2/2) 94 New Business Value is the present value, at the point of sale, of the projected stream of after tax industrial profits expected to be (NBV) generated by the covered new business written in the year, 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 Full-year NBV is calculated as the sum of each quarter NBV, evaluated using beginning of period economic and operating assumptions. Normalised Embedded correspond to Embedded Value Earnings, net of economic variances and extraordinary expenses. Value Earnings Payback Period is the period of time (in years, from issue date) required to recover the cost of the initial investment in new business (i.e. new business first year strain and required capital absorption) calculated by means of a deterministic projection based on “real-world” best estimate assumptions Present Value of New is defined as the present value of the future new business premiums, calculated using year-end assumptions Business Premiums for lapses and other exits and discounted to point of sale using the reference rates (PVNBP) Value In-Force (VIF) 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 risksAssicurazioni Generali Group – FY 2012 results
    • IV. BACK UPDefinitions: Group EV 95 Available Capital (AC) It is internally defined as the sum of:  the excess of market value of assets over market value of liabilities  subordinated liabilities Economic Balance I) General definition: Balance sheet statement based on one of those accounting approaches using market- Sheet (EBS) consistent values for all current assets and current obligations relating to in-force business, including off- balance sheet items II) Within the Generali Group: common Group framework (methodology, models and tools) to assess and report market (or fair) value of all assets and liabilities, of available capital and risk capital, both at entity and Group level. Embedded Value (EV) An estimate of the value to shareholders of a book of insurance business at a given date, consisting of the following components:  Free surplus allocated to the covered business  Required capital, less the cost of holding required capital  Value of future shareholder cash flows from in-force covered business The embedded value concept is applicable to general insurance, although it is more commonly encountered in the life and health context. The value of renewals of existing contracts is included, but the value of future new contracts is excluded. Normalised RoEV Annualised and normalised earnings on opening Embedded Value Risk Capital or Risk Within the EBS framework of the Generali Group, it is the capital necessary to absorb the maximum loss of adjusted capital (RAC) available capital, identified according to a 1-year value-at-risk approach, at a specified confidence level consistent with the risk appetite (defined at 99,5% for Solvency II purposes and at higher level for Group internal and rating purposes). It corresponds to the SCR calculated with the internal model. RoEV Embedded Value earnings on opening Embedded ValueAssicurazioni Generali Group – FY 2012 results
    • What’s next 96April 30, 2013 - General Shareholders’ MeetingMay 10, 2013 - 1Q 2013 ResultsAugust 2, 2013 - 1H 2013 ResultsNovember 8, 2013 - 9M 2013 ResultsNovember 27, 2013 - Investor Day
    • Investor Relations Team 97 Spencer Horgan (Tel.: +44-20-72656480) Head of Investor Relations Email: spencer_horgan@generali.com Stefano Burrino (Tel.: +39-040-671202) Email: stefano_burrino@generali.com Emanuele Marciante (Tel.: +39-040-671347) Assicurazioni Generali Email: emanuele_marciante@generali.com P.za Duca degli Abruzzi 2 Veronica Cherini (Tel.: +39-040-671488) 34132 Trieste, Italy Email: veronica_cherini@generali.com Fax: +39 040 671338 Rodolfo Svara (Tel.: +39-040-671823) e-mail: generali_ir@generali.com Email: rodolfo_svara@generali.com www.generali.com Martina Vono (Tel.: +39-040-671402) IR Events Email: martina_vono@generali.comAssicurazioni Generali Group – FY 2012 results
    • Disclaimer 98 Certain of the statements contained herein are statements of future expectations and other forward-looking statements. These expectations are based on managements 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, Alberto Minali, 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 – FY 2012 results
    • Generali Group2012 Results Milan, March xxx, 2010 March 14, 2013