Generali Group 2010 first half results

667 views

Published on

Published in: Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
667
On SlideShare
0
From Embeds
0
Number of Embeds
3
Actions
Shares
0
Downloads
7
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Generali Group 2010 first half results

  1. 1. March 2006 Generali Group 2010 First-Half Results Milan, March xxx, 2010August 5, 2010
  2. 2. Assicurazioni Generali Group – 1H 2010 results 2Agenda IV. Backup III. Group Financials Raffaele Agrusti - CFO II. Insurance operations Sergio Balbinot - Managing Director I. 1H 2010 results overview Giovanni Perissinotto - Group CEO Page 3 Page 8 Page 12 Page 34
  3. 3. Assicurazioni Generali Group – 1H 2010 results 3Agenda I. 1H 2010 results overview Giovanni Perissinotto - Group CEO
  4. 4. Assicurazioni Generali Group – 1H 2010 results 4 ! Recovery still weak Financial markets very volatile Corporate/Sovereign risks force more careful allocation Banks/States to cope with heavy debt exposures Economic and financial framework Euro dynamics favours exporters Global demand driven by Emerging Markets Proactive Government Policies – No Sovereign breakdown Savings and Competitive focus on the rise Insurance: strong life recovery; expected gradual P&C improvement I. 1H 2010 RESULTS OVERVIEW
  5. 5. Assicurazioni Generali Group – 1H 2010 results 5 16,652 17,146 Update on financial strength Shareholders’ Equity (Euro m) Solvency Margin (%) FY09 1H10 +3.0% 140% 161% 187% 142% FY09 Economic Solvency calibrated on AA rating Solvency I 1H10 I. 1H 2010 RESULTS OVERVIEW (1) (1) Including off balance sheet unrealized gains on real estate, 8%pts of which subject to authorities’ authorization
  6. 6. Assicurazioni Generali Group – 1H 2010 results 6 1,201 1,012 2,213 1,009 925 1,934 Net result (Euro m) Operating result (Euro m) 1H1Q 2Q 2009 2010 2009 2010 Results progression 1H1Q 2Q 504400 104 1H1Q 2Q 527 346 873 1H1Q 2Q I. 1H 2010 RESULTS OVERVIEW +14.5% +73.2%
  7. 7. Assicurazioni Generali Group – 1H 2010 results 72010 outlook I. 1H 2010 RESULTS OVERVIEW Confirmation of positive trend in life notwithstanding an expected less buoyant growth in 2H10 Improvement of Non Life technical profitability, thanks to first results from actions taken in Motor and Non Motor business Operating result to be supported by resilient current yields on investment portfolio Trend expected for 2H 2010 Outlook of 2010 Total Operating Result (Euro 3.6 - 4.2 bn) overall confirmed, but targets appear more challenging in the present scenario
  8. 8. Assicurazioni Generali Group – 1H 2010 results 8Agenda II. Insurance operations Sergio Balbinot - Managing Director
  9. 9. Assicurazioni Generali Group – 1H 2010 results 9Main industrial results Net Inflows (Euro bn) Net Technical Reserves (Euro bn) GWP (Euro bn) Loss ratio (%) NBM (%) +34.4%(1) +5.6% 302.4286.4 +0.7%(1) 7.1 +0.4%pts 70.8 70.4 Life P&C 17.8% 19.4% -1.6%pts 11.811.6 (1) On like for like basis (2) Including investment contracts (3) On like for like basis. On historical terms: +6.5% NBV (Euro m) 494464 -11.0 %(3) Combined ratio (%) +0.9%pts 98.8 97.9 Reserving ratio (%) II. INSURANCE OPERATIONS 1H09 1H10 288.7287.4 +1.3%pts FY09 1H10 1H09 1H10 1H09 1H10 GWP(2) (Euro bn) +13.3%(1) 9.6 23.1 26.4 1H09 1H10 1H09 1H10 1H09 1H10 1H09 1H10 1H09 1H10
  10. 10. Assicurazioni Generali Group – 1H 2010 results 10Strategic overview: focus on core European markets Germany Life and Health: Strong increase of Net Inflows (+ Euro 547 m), thanks to premium growth and higher persistency Growth of Life single premiums, aimed at retaining customers and future cross-selling initiatives Non Life: Motor market still competitive: disciplined approach in both underwriting and claims handling In terms of business mix, further increase of profitable Non-Motor share (+0.8%pts) Marginal CoR increase (+0.2%pts) despite Xynthia impact (Euro 25 m net) Satisfactory claims development in Personal and Commercial Special initiatives: Project Neue Generali well on track Company fully operating, without negative impacts on distribution IT Migration of Non-Life portfolio successfully completed at beginning 2010, now focus on Life Further reduction of General Expenses, thanks to restructuring and to material costs reduction program Italy II. INSURANCE OPERATIONS Life: Life segment still attractive for customers, also due to present market environment (GWP +17,3%) Opportunity to develop traditional insurance products characterized by low return’s volatility Good results in life direct sales Focus on technical margins and portfolio retention (Net Inflow +1,145 m) Non Life: First signs of recovery of Motor business GWP (increased average premium); Specific portfolio reform activities (health, disease); Strengthening of loss prevention activity in Corporate business Increase customization of motor tariff and product range Operational Improvement: Further acceleration of specialization in claims management Increased efficiency of traditional networks (agencies) Alleanza – Toro fully operational
  11. 11. Assicurazioni Generali Group – 1H 2010 results 11Strategic overview: focus on core European markets Life: Strong UL sales (+ 61% in terms of APE), accounting for > 15%; Resilient sales in Life Risks (Individual + 5%) Traditional guaranteed products down 2.1% Internet sales in excess of Euro 0.53 bn, up 30% Net inflows faring strong, close to Euro 2.9 bn Non Life: CoR continues to be impacted by Natural events: Q1 (Xynthia) and Q2 (Var floods and East hails) Strong emphasis on technical discipline: tariff increases > 6% across most lines of business claims factory roll-out on target (significant advances in areas such as body-shop networks, recoveries, fraud prevention, closed file review) Special initiatives: “Ambition Generali” project to put customer centricity as a top priority CEE France Life: GWP stable compared to last year New production shows positive signs in Hungary and Poland Life products margin increasing as effect of product redesign Non Life: Technical result affected by natural events in winter and spring (7.1%pts) but still showing good profitability of underlying portfolio New MTPL and Casco tariffs launched to enhance the segmentation in Czech Republic and Poland Special initiatives: Focus on adequacy of the Non Life tariffs i.r.o coverage of Natural Perils to properly address Cat exposure Launch of new Competence Centre for Retail Property & Casualty II. INSURANCE OPERATIONS
  12. 12. Assicurazioni Generali Group – 1H 2010 results 12Agenda III. Group Financials Raffaele Agrusti - CFO Profit & loss review Shareholders equity & Solvency I Life & P&C profitability RoEV Capital update
  13. 13. Assicurazioni Generali Group – 1H 2010 results 13Revenue development by segment III. GROUP FINANCIALS (1) Including investment contracts for Euro 2,742 m in 1H10 (2) APE amounts are calculated with end of period perimeter and exchange rates – like for like variations neutralise impacts of variations of perimeter and exchange rates +10.7 +0.7 +13.3 +9.1 ∆ like for like (%) 1,243 5,128 12,137 17,265 2Q10 +16.3 +1.9 +14.0 +9.9 ∆ historical (%) +0.12,784 Life annual premium equivalent(2) +1.526,351Life(1) +1.538,129 Gross written premiums +1.711,778P&C ∆ like for like (%)1H10(Euro m)
  14. 14. Assicurazioni Generali Group – 1H 2010 results 14 Consolidation adjustments Consolidated operating result Financial services operating result P&C operating result Operating holding expenses Life operating result (1) Excluding Intesa Vita in 2Q09 and 2Q10, according to IFRS 5 treatment for discontinued operations. On historical terms, the variations would be -0.6% for the life operating result and +9.4% for the consolidated operating result 2,213 -83 -138 203 663 1,568 1,934 -141 -127 223 710 1,269 1,012 -52 -71 105 328 702 925 -109 -64 130 261 706 +52.2 +6.6 -19.7 +25.7 -10.4 -3.9 2Q10 2Q09 1H10 operating result (Euro m) Operating result by segment III. GROUP FINANCIALS 1H10 1H09 2Q10 operating result (Euro m) (%)(1) +41.4 +14.5 -8.9 -6.6 -8.7 +23.5 (%)
  15. 15. Assicurazioni Generali Group – 1H 2010 results 15Focus on operating result +14.52,2131,934Total operating result +41.4(83)(141)Consolidation Adj. -8.7(138)(127)Op. holding expenses +30.6366280Germany -40.2225377CEE +10.5 +81.2 -18.8 +3.8 +47.9 ∆ % 13373RoW 2,4342,202Operating result(1) 388478RoE 347334France 975660Italy 1H101H09 (Euro m) III. GROUP FINANCIALS Operating result by country(1) 229 190 94 221 91 167 114 145 119 99 20 65 4 30 12 68743 22 Italy France Germany CEE RoE RoW Life P&C Financial Operating result breakdown(1) (Euro m) (1) Operating result = operating result of life, P&C and financial segments, before holding expenses and consolidation adjustments
  16. 16. Assicurazioni Generali Group – 1H 2010 results 16From operating result to net result (173)(527)Non operating investment income (187)(371)Income and exp. from other financial instruments 1739Result from discontinued operations (Intesa Vita) (383)(349)Non-operating holding expenses (144)(259)Minority interests +58.21,406889Consolidated result of the period before taxes and minority interests (405)(165)Income taxes +22.7(808)(1,045)Total non operating result 14(156)Income and exp. from fin. assets at FV thr. P&L +14.52,2131,934Total operating result +73.2873504Net result of the period (251)(170)Net other non operating expenses (%)1H101H09(Euro m) III. GROUP FINANCIALS (1) Including interest expenses on financial debt (1)
  17. 17. Assicurazioni Generali Group – 1H 2010 results 17Focus on non operating items: non operating investment income (527) (173) 108 76 170 +18.6% (409) (333) (156)381H09 n.a.+281.8%∆% 141461H10 Non operating investment income (Euro m) 1H101H09 Net realised gains Net impairments Fair Value thr. P&L III. GROUP FINANCIALS ∆ Euro m
  18. 18. Assicurazioni Generali Group – 1H 2010 results 18Focus on non operating items: interest expenses on financial debt 334 319 52 III. GROUP FINANCIALS Senior 36.2% Total financial debt(1) (Euro 12.2 bn)Interest expenses on financial debt (Euro m) 1H101H09 Other 10.3% Average cost & maturity of financial debt(1) (%) 7.37(1)7.83(1)Average maturity (years) Average cost (%) 1H10FY09 5.35(1)5.35(1) Sub/Hybrid 53.5% 371 (2) (1) Net of Euro 1,750 m senior bond refinanced in September 2009 (2) Interest related to Euro 1,750 m senior bond refinanced in September 2009
  19. 19. Assicurazioni Generali Group – 1H 2010 results 19A balanced investment(1) portfolio Own investments(2) (Euro 322.5 bn) at 30.06.10 III. GROUP FINANCIALS Fixed income instruments (3) 79.4% Other (4) 4.2% Real Estate (5) 4.6% Equity 8.4% (1) FY09 own investments restated in order to include cash and cash equivalents. The related weights of asset classes are: fixed income instruments 78.7%, real estate 4.7%, equity 9.0%, cash & cash equivalents 3.4%, other 4.2% (2) “Own Investments” exclude real estate for own use. With this asset class “Own Investments” would amount to Euro 326.1 bn, compared to Euro 312.8 bn at FY09 (3) Including mortgage loans, policy loans, deposits under reinsurance business accepted, term deposits with credit institutions and other financial investments, other loans (4) Including investments in subsidiaries, associated companies and JVs, derivatives, receivables from banks or customers (5) Including real estate mutual funds Cash & equival. 3.5% Government bonds represent 54.5% of total bond portfolio High quality corporate bond portfolio. 81.3% rated ≥ A Marginal decrease in equity exposure due to market movements and active management
  20. 20. Assicurazioni Generali Group – 1H 2010 results 20 17,146 16,652 (27)(544)(13) 627 873 (422) IFRS Shareholders’ equity roll forward Dividend∆ Currency Translation Reserve 1H 2010 Net Result Other Shareholders’ Equity 1H10 ∆ Cash Flow Hedge Reserve ∆ in AFS Reserve Shareholders’ Equity FY09 +3.0% III. GROUP FINANCIALS (Euro m) Change in AFS reserve (Euro m) 730 (82) 307 (476) 135 Other AFS Reserve 1H10 Impact Bond Investments Impact Equity Investments AFS Reserve FY09
  21. 21. Assicurazioni Generali Group – 1H 2010 results 21 16.9 17.4 23.9 24.3 Solvency I update III. GROUP FINANCIALS Required margin Available margin 1H10FY09 142%(1) 140%(1) (Euro bn) Main drivers of change (1) Including off balance sheet unrealized gains on real estate, 8%pts of which subject to authorities’ authorization Available margin Consolidated result: Financial markets and other elements: Required Margin Increase in required margin due to strong life business growth: +1.0 -0.6 +0.6
  22. 22. Assicurazioni Generali Group – 1H 2010 results 22Life profitability - Operating result +23.5 -2.7 +36.0 +1.8 (%) 1,5681,269Operating Result (2,580)(2,513)Expenses 1,190875Investment Result 2,9582,907Technical Margin 1H101H09(Euro m) III. GROUP FINANCIALS Life operating profit driven by a strong increase (+36%) of the investment result Expenses increasing much less than premiums Operating ratio on investments confirmed at satisfactory level Life Operating Result by driver Definitions: • "Technical Margin" includes loadings, risk result, surrender result; it is gross of acquisition and administration costs • "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 • "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 0.52%0.49% Life operating ratio on Investments 1,568 1,269 (67) 315 51 1H10 1H09 Tech.M Inv.R Exp.
  23. 23. Assicurazioni Generali Group – 1H 2010 results 23Strong growth in life business 42.6243.8FY 2009 +9.6%+4.9%∆% 46.7255.71H 2010 III. GROUP FINANCIALS Life net technical reserves(2) (Euro m)Life gross written premiums (Euro bn) 26.4 23.1 1H101H09 Life net inflows by country(1) (Euro m) +13.3%(3) 1H10FY09 286.4 11.9 4.1 Traditional Unit Linked ∆ 302.4 +133.41,758748RoE +34.9863607RoW +34.4 -48.5 +24.4 -8.6 +2,966.7 ∆%(3) 9,6017,100TOTAL 165313CEE 2,7882,241Germany 2,8823,153France 1,14537Italy 1H101H09Country +5.6% (2) Including investment contracts; excluding Intesa Vita in 1H09 and 1H10, according to IFRS 5 treatment for discontinued operations (3) On like for like basis (1) Net inflow: premiums written in the period less surrenders and maturity. It does not include revaluation of mathematical reserves
  24. 24. Assicurazioni Generali Group – 1H 2010 results 24Life investment strategy and yields(1) (1) Current return: interest, dividends and similar income / Quarterly average asset base at book value (excluding income related to unit/index linked investments) (2) Including cash and cash equivalents (3) Net of consolidation adjustments III. GROUP FINANCIALS 3.33.02.02.42.22.2% 464 1H10 434 1H09 Equity Real estate Fixed income Half Year Current return(1) 264 1H09 2884,6794,398Euro m 1H101H101H09 42,2% 42,2% 42,1% 32,2% 33,2% 9,2% 8,9% 8,0% 9,1% 8,4% 33,0% 8.6% 3,3%3,5%3,7% 4,0%3,6%4,7% 1H09 FY09 1H10 Other Real estate Equity Other fixed income Corporate bonds Government bonds Life segment own investments(2) (% on total) Euro 250.9 bn(3) Euro 262.8 bn(3) Euro 233.9 bn(3) Increased bond duration from 6 to 6.4 years No relevant change in bond portfolio composition. Sector rotation in corporate bonds in order to improve the portfolio diversification Decreased equity exposure due to market drop Preference for stocks with high dividend and strong fundamentals
  25. 25. Assicurazioni Generali Group – 1H 2010 results 25Life New Business valuation III. GROUP FINANCIALS 17.8% 30.8% 24.7% 35.8% 15.7% 10.5% 16.2% 1H10 21.7% 28.2% 23.3% 39.1% 17.7% 10.3% 28.5% FY09 19.4% 25.4% 25.7% 35.5% 18.2% 8.6% 24.2% 1H09 Margins on APE +10.7 +4.9 +48.7 -5.5 +2.1 +4.2 +10.9 Like for like % 2,393 182 276 81 504 644 705 1H09 APE 2,784 222 433 78 520 671 860 1H10 +16.3 +21.6 +56.8 -3.5 +3.1 +4.2 +22.0 Historical % +6.5 +47.6 +50.6 -2.5 -11.2 +26.0 -18.3 Historical % NBV(Euro m) +26.07056France -4.52829CEE -11.0494464Total 46 71 92 171 1H09 68 107 82 139 1H10 +28.0 +37.2 -12.0 -43.5 Like for like % RoW RoE Germany Italy APE: robust development (+10.7% on a like for like basis), driven by the excellent contribution of single premiums and the recovery of unit linked business NBM: despite the adverse actual economic environment, profitability remains in line with FY09 except for Italy, where the extraordinary widening of Italian Government bond default spread (+85bps vs FY09) led to a drop of 7.2%pts. and the related drop of Italian equity market led to an additional drop of 2.7%pts.
  26. 26. Assicurazioni Generali Group – 1H 2010 results 26P&C profitability - Operating result (%) -6.6 -33.4 +10.8 -44.0 663710Operating Result (106)(79)Other 661596Investment Result 108193Technical Result 1H101H09(Euro m) III. GROUP FINANCIALS P&C Operating Result by driver Definitions: • “Technical Result” is calculated as the balance of net earned premiums, net insurance claims, acquisition costs, administration costs and other net technical items • "Investment Result" includes interests and dividends, interest expenses on operating debt, G/L on foreign currency and investment expenses • “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 1.79%2.01% P&C operating ratio on Investments 663 710 (26) 64 (85) 1H10 1H09 Tech.R Inv.R Other Technical result reduction due to 0.9%pts of Combined Ratio increase Investment driver benefits from higher asset base and resilience of current income Operating ratio on investments almost in line with 1H09
  27. 27. Assicurazioni Generali Group – 1H 2010 results 27P&C Gross Written Premiums III. GROUP FINANCIALS +7.3+11.7653585RoW -2.3+6.31,1591,091CEE +4.4+4.42,1282,037France +1.9 -1.0 -1.5 +1.2 Historical % +0.7 -1.8 -1.5 +1.2 Like for like(1) % 2,4012,426RoE 11,77811,558Total 1,8281,855Germany 3,6103,566Italy 1H101H09(Euro m) (1) Calculated considering equivalent exchange rates and scope of consolidation Stable P&C premium base, despite the challenging economic environment Motor business: in Italy, continuing recovery signs (average new production premium up 6.8%; average portfolio premium up 1.3%); in Spain, CEE, Germany and France still under pressure Positive growth in Non-Motor retail and Accident/Health First signs of recovery in Commercial
  28. 28. Assicurazioni Generali Group – 1H 2010 results 28 0.40.5 P&C profitability - Net combined ratio (1/2) 1H101H09 Combined ratio (%) III. GROUP FINANCIALS Combined ratio by country(%) 98.8 97.9 Loss ratio Expense ratio +0.295.995.7Germany +9.292.9(1)83.7CEE +0.9 -1.6 +5.1 +0.3 -3.0 ∆ %pts. 100.4102.0RoW 98.897.9Total 100.595.4RoE 99.899.5France 99.5102.5Italy 1H101H09 +0.9%pts. Expense ratio Loss ratio 27.9 70.8 27.4 70.4 (1) Excluding Nat Cat, the ratio would be 85.8%
  29. 29. Assicurazioni Generali Group – 1H 2010 results 29 6.1 21.3 0.0 0.66.1 21.9 P&C profitability - Net combined ratio (2/2) 70.471.7-3.22.01H 2009 71.8 70.8-3.22.31H 2010 III. GROUP FINANCIALS Loss ratio (%) 1H 20101H 2009 70.4 70.8 0.3 0.0 0.1 Nat CAT Prior years Current year 1H 20101H 2009 ∆ Admin ∆ Acq. Acq. costs Adm. costs 27.9 Expense ratio (%) ∆%pts Reserving ratio (%) 1H 20101H 2009 1.3%pts 27.4 287.4% 288.7% Nat cat impact still an important driver of technical profitability Prior years development and Reserving ratio confirm stable and prudent reserving policy Current year Loss ratio under control, in spite of the competitive Motor environment
  30. 30. Assicurazioni Generali Group – 1H 2010 results 30P&C investment strategy and yields(1) III. GROUP FINANCIALS P&C segment own investments(2) (% on total) Euro 37.0 bn(3) 4.34.31.92.31.92.0% 89 1H10 104 1H09 Equity Real estate Fixed income Half Year Current return(1) 248 1H09 259425432Euro m 1H101H101H09 23,6% 23,4% 23,5% 24,8% 26,8% 28,1% 11,2% 9,9% 9,5% 13,5% 12,6% 12,3% 16,2%16,4%16,6% 10,4%10,8%10,3% 1H09 FY09 1H10 Other Real estate Equity Other fixed income Corporate bonds Government bonds Euro 36.4 bn(3) Euro 34.9 bn(3) Sustaining current return in low interest rate environment Further lengthening bond duration from 4 to 4.5 years in order to exploit the steepness of the yield curve Increased diversification in corporate bond portfolio with selective management Duration target on bonds remains 5 years based on a ongoing portfolio approach Active management of equity component to generate excess returns over market average (1) Current return: interest, dividends and similar income / Quarterly average asset base at book value (2) Including cash and cash equivalents (3) Net of consolidation adjustments
  31. 31. Assicurazioni Generali Group – 1H 2010 results 31 68.463.2 Financial segment III. GROUP FINANCIALS Operating result (Euro m) Third party AUM (Euro bn) Net fees and commissions (Euro m) 223 203 1H101H09 -8.9% 433375 1H101H09 +15.5% 94.5 83.6 1H10FY09 +13.0% +5.2%pts 1H101H09 Cost/income ratio (%)
  32. 32. Assicurazioni Generali Group – 1H 2010 results 32Group Embedded Value Group Embedded Value roll-forward (Euro m) Normalised Earnings Investment and Tax Variances Cash Dividend 09 EV 1H10 (3,165) 1,611 25,238 27,337 (545) Opening EV 10 Group EV per share16.4€ Graph of swap vs 10y government spreads 1.4 bn due to interest rates reduction 1.2 bn due to spread widening (mainly of Italian government bonds) 0.6 bn due to negative impact from equity investments and increased volatility, only partially reduced by positive impact from development of exchange rates Causes of Investment variance -80 -40 0 40 80 120 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 EUR Italy 10 Year EUR Germany 10 Year III. GROUP FINANCIALS 11.8% Normalised RoEV (1) (1) Normalised RoEV = Annualised and Normalised Earnings on opening EV
  33. 33. Assicurazioni Generali Group – 1H 2010 results 33Economic Solvency and Capital Allocation Economic Solvency Coverage (Euro bn) (1) ESC FY09 = AC FY09 (net of proposed dividend 2009 equal to 0.5 bn) divided by Risk Capital FY09 (2) ESC 1H10 = AC 1H10 divided by Risk Capital 1H10 31.8 19.8 ESC 161%(2) 1H10 Group EV Group RAC Available Capital Group Risk Capital Sub. Debt Available Capital Group Risk Capital Sub. Debt Group EV Group RAC 34.3 18.1 ESC 187%(1) FY09 Strong Economic Solvency Coverage at 161% despite negative market developments experienced in recent times III. GROUP FINANCIALS
  34. 34. Assicurazioni Generali Group – 1H 2010 results 34 IV. Backup Agenda P&L Balance sheet Life
  35. 35. Assicurazioni Generali Group – 1H 2010 results 35 IV. Backup Agenda P&L Balance sheet Life
  36. 36. Assicurazioni Generali Group – 1H 2010 results 361H10 Total gross written premiums IV. BACK UP Gross P&C written premiumsGross life written premiums(1)Total gross written premiumsEuro (m) 11,778 653 385 779 792 2,401 1,159 1,828 2,128 3,610 GWP +0.7 +7.3 +3.8 -0.8 -7.2 -1.8 -2.3 -1.5 +4.4 +1.2 (2) YoY % increase 30.9 1.7 1.0 2.0 2.1 6.3 3.0 4.8 5.6 9.5 Weight on consoli- dated 26,351 1,853 449 622 526 3,673 824 6,743 6,505 6,753 GWP +13.3 +19.2 +3.6 +10.8 -17.4 +37.0 -0.5 +12.4 +1.2 +17.3 (2) YoY % increase 69.1 4.9 1.2 1.6 1.4 9.6 2.2 17.7 17.1 17.7 Weight on consoli- dated 100.0 6.6 2.2 3.7 3.5 15.9 5.2 22.5 22.6 27.2 Weight on consoli- dated +4.01,401Austria -11.61,318Spain Of which: -1.61,982CEE (2) +15.82,506 +9.138,129Total RoW +3.7834Switzerland +18.56,073RoE +9.18,571Germany +1.98,633France +11.210,364Italy YoY % increaseGWPCountry (1) Including investment contracts (2) On like for like basis with constant exchange rates
  37. 37. Assicurazioni Generali Group – 1H 2010 results 37Life premiums by country & business line Life 1H10 Of which: 8241.3%10.2%21.4%67.1%CEE Total life gross direct premiums 25,80011.3%7.7%19.3%61.7% 1,51255.2%10.2%0.4%34.2%RoW 4490.2%1.0%78.3%20.6%Switzerland 618-18.4%27.6%54.0%Austria 52644.5%-1.7%53.8%Spain 3,66413.0%3.6%57.7%25.7%RoE 6,7437.5%18.0%24.0%50.5%Germany 6,3955.8%6.3%14.7%73.2%France 6,66410.9%-1.7%87.4%Italy TotalGroupHealth Unit/index linkedTraditional(Euro m) IV. BACK UP
  38. 38. Assicurazioni Generali Group – 1H 2010 results 38P&C premiums by country & business line P&C 1H10 Of which: 1,14123.5%14.4%9.5%52.5%CEE Total P&C gross direct premiums 11,49922.7%21.4%14.1%41.8% 64428.7%4.1%6.7%60.4%RoW 3830.5%23.4%26.7%49.4%Switzerland 76231.3%18.7%10.1%39.9%Austria 77637.2%24.0%13.5%25.3%Spain 2,32527.8%20.4%15.8%35.9%RoE 1,8259.4%36.5%12.9%41.1%Germany 1,99923.4%35.7%12.1%28.9%France 3,56524.3%11.6%17.6%46.5%Italy TotalCommercialPersonal Accident/ HealthMotor(1) (Euro m) IV. BACK UP (1) Including fleets
  39. 39. Assicurazioni Generali Group – 1H 2010 results 39 Loss ratio Expense ratio P&C - Combined ratio (%) Total - Expense ratio (%) 70.4 70.8 27.4 27.9 15.9 14.9 10.8 9.8 1H101H09 1H101H09 1H101H09 97.9 98.8 Ratios IV. BACK UP Life - Expense ratio (%)
  40. 40. Assicurazioni Generali Group – 1H 2010 results 401H10 combined ratio reconciliation 108.2Technical resultA-B-C-D 13.3Other technical itemsD 98.8Combined ratio(B+C)/A 27.9Expense ratioC/A 70.8Loss ratioB/A 2,802.2Total acquisition and insurance related administration costsC 607.1Insurance related consolidated administration costs 29.3Non insurance related administration costs(1) 636.3Consolidated administration costs 2,195.1Consolidated acquisition costs 7,103.8Consolidated net insurance benefits and claimsB 10,027.4Net earned premiums (net of consolidation adjustments)A (1) Administration expenses related to service companies, real estates and other companies not belonging to P&C segment (Euro m) IV. BACK UP
  41. 41. Assicurazioni Generali Group – 1H 2010 results 41Ratios by country 18.6 17.8 83.7 92.9 29.6 31.5 54.2 61.3 CEE 9.820.312.47.012.47.38.31H10 10.818.513.44.714.36.69.51H09 Life expense ratio by country P&C Combined ratio P&C Expense ratio P&C Loss ratio 97.9 98.8 27.4 27.9 70.4 70.8 Consolidated 94.7 96.1 27.4 26.1 67.2 70.0 SWI 97.2 96.0 29.0 29.0 68.2 67.0 AUT 92.0 96.5 24.1 26.6 67.9 69.8 SPAFRA 102.5 99.5 22.6 22.4 79.9 77.1 95.799.51H09 95.999.81H10 30.428.11H09 29.528.51H10 1H09 1H10 65.371.3 66.471.3 GERITA(%) IV. BACK UP
  42. 42. Assicurazioni Generali Group – 1H 2010 results 42Reclassified P&L account (187)(371)Non-operating income from other financial instruments 7191,498Of which net income from fin. assets and liabilities where the risk is borne by the policyholders 1,5322,548Operating income from financial instruments at fair value through profit or loss 1739Result from discontinued operations (Intesa Vita) (383)(349)Non-operating holding expenses 504 (259) 763 (165) 889 (170) (15) (334) (156) (1,045) (192) (127) 5,040 379 (5,532) (31,948) 31,766 1,934 1H 09 873Result of the period (144)Result of the period attributable to minority interests 1,017Consolidated result of the period (405)Income taxes 1,406Earnings before taxes (251)Net other non-operating expenses (12)Other non-operating holding expenses (371)Interest expenses on financial debt 14Non-operating income from financial instruments at fair value through profit or loss (808)Non-operating result (212)Net other operating expenses (138)Operating holding expenses 6,233Operating income from other financial instruments 433Net fee and commission income and net income from financial service activities (5,748)Acquisition and administration costs (33,060)Net insurance benefits and claims 33,174Net earned premiums 2,213Operating result 1H 10 Total(Euro m) IV. BACK UP
  43. 43. Assicurazioni Generali Group – 1H 2010 results 43 (156)---(156)- Non-operating income from fin. instr.at fair value through profit or loss (2,088)--(2,088)of which var. of provisions related to unit linked business 1,498----1,498 of which net income from fin.assets and liabilities where the risk is borne by the policyholders 2,548--89282,431 Operating income from fin. Instruments at fair value through profit or loss 5,040(104)-1675684,409Operating income from other fin. Instruments (476) - (349) - (349) - (127) - - - - (127) Unallocated holding expenses (349)----Non-operating holding expenses (127)----Operating holding expenses 889 (170) (371) (1,045) (192) 379 (5,532) (31,948) 31,766 1,934 Total (141) - - - - (37) - - - (141) Consolidation adjustments 187 (30) (5) (36) (45) 375 (364) 0.0 0.0 223 Financial(1)Non life 1,093 (66) (111) (177) (61) 41 (2,415) (24,916) 21,781 1,269 226Earnings before taxes (74)Net other non-operating expenses (255)Non-operating income from other fin.instr. (484)Non-operating result (86)Net other operating expenses - Net fee and commission income and net income from financial service activities (2,752)Acquisition and administration costs (7,032)Net insurance benefits and claims 9,985Net earned premiums 710Operating result Life(Euro m) Reclassified P&L account by segment - 1H 2009 IV. BACK UP (1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report
  44. 44. Assicurazioni Generali Group – 1H 2010 results 44 14---14- Non-operating income from fin. instr.at fair value through profit or loss (1,901)--(1,901)of which var. of provisions related to unit linked business 719----719 of which net income from fin.assets and liabilities where the risk is borne by the policyholders 1,532--66951,371 Operating income from fin. Instruments at fair value through profit or loss 6,233(24)-1635665,528Operating income from other fin. Instruments (521) - (383) - (383) - (138) - - - - (138) Unallocated holding expenses (383)----Non-operating holding expenses (138)----Operating holding expenses 1,406 (251) (187) (808) (212) 433 (5,748) (33,060) 33,174 2,213 Total (81) (1) 3 2 - (59) - - - (83) Consolidation adjustments 168 (34) (1) (35) (18) 433 (442) 0.0 0.0 203 Financial(1)Non life 1,388 (83) (97) (180) (84) 59 (2,495) (25,957) 23,147 1,568 452Earnings before taxes (133)Net other non-operating expenses (92)Non-operating income from other fin.instr. (211)Non-operating result (110)Net other operating expenses - Net fee and commission income and net income from financial service activities (2,811)Acquisition and administration costs (7,104)Net insurance benefits and claims 10,027Net earned premiums 663Operating result Life(Euro m) Reclassified P&L account by segment - 1H 2010 IV. BACK UP (1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report
  45. 45. Assicurazioni Generali Group – 1H 2010 results 45 1,269 1,568 Life operating result Life operating result (Euro m) 1H101H09 +23.5% Life Operating result by country (Euro m) IV. BACK UP Of which: -47.494179CEE Total +23.51,5681,269 +129.69140RoW +11.35549Switzerland +166.35019Austria -15.84958Spain +30.9221169RoE +66.9190114Germany +7.9229212France +33.6743556Italy %1H101H09 (Euro m)
  46. 46. Assicurazioni Generali Group – 1H 2010 results 46P&C operating result 1H101H09 -6.6% IV. BACK UP Of which: -37.0119189CEE Total -6.6663710 +58.42013RoW +21.32823Switzerland +21.24537Austria -31.66797Spain -47.899189RoE +3.6145140Germany -6.0114121France +184.716759Italy %1H101H09 (Euro m) 710 663 P&C operating result (Euro m) P&C Operating result by country (Euro m)
  47. 47. Assicurazioni Generali Group – 1H 2010 results 47Other operating and non operating costs by segment FinancialNon LifeLife (34.3) (24.0) (10.3) (18.2) 1H10 (19.7)(24.4)(23.3)(2.8)(2.9)Restructuring costs (45.0)(109.9)(85.7)(84.2)(61.0)TOTAL NET OPERATING EXPENSES (30.3) (10.6) 1H09 (73.7) (50.4) 1H09 (108.4)(79.8)(63.0)Other net non operating expenses(1) (132.7)(82.7)(65.9)TOTAL NET NON OPERATING EXPENSES 1H101H101H09(Euro m) (1) Other non operating expenses include mainly amortization of VOBA, run-off business and other non operating allocation to provisions IV. BACK UP
  48. 48. Assicurazioni Generali Group – 1H 2010 results 48 409 602 1,011 193 79 78 661 1H09 110 586 696 16 69 73 537 1H09 - 16 16 12 - 1 3 1H09 300 - 300 166 9 4 121 1H09 122410314Other investments(2) 333 321 655 37 35 461 1H10 - 10 10 - 5 1 1H10 227 - 227 2 24 101 1H10 106 311 418 39 6 359 1H10 Of which Total net impairments Total Operating net impairments Equity instruments Fixed income Real estate Financial Non operating net impairments Net impairments P&CLife(Euro m) IV. BACK UP Focus on impairments(1) (1) Net of reverse impairments (2) Including subsidiaries and associated companies
  49. 49. Assicurazioni Generali Group – 1H 2010 results 49 38 362 400 10 76 461 (147) 1H09 (1) 351 350 (47) 52 383 (37) 1H09 (5) 11 6 (5) - 12 (2) 1H09 45 - 45 41 46 66 (108) 1H09 16--13Other investments(2) 146 925 1,071 65 654 336 1H10 - 17 17 - 15 2 1H10 135 - 135 52 52 32 1H10 9 907 916 14 588 302 1H10 Of which Total net realized gains Total Operating net realized gains Equity instruments Fixed income Real estate Financial Non operating net realized gains Net realized gains P&CLife(Euro m) IV. BACK UP Focus on realised gains(1) (1) Excluding financial instruments at fair value through profit and loss (2) Including subsidiaries and associated companies
  50. 50. Assicurazioni Generali Group – 1H 2010 results 50 IV. Backup Agenda P&L Balance sheet Life
  51. 51. Assicurazioni Generali Group – 1H 2010 results 51Consolidated balance sheet (1) Including reinsurance amounts of technical reserve (2) Including assets and liabilities related to discontinued operations (Intesa Vita) Assets Liabilities 445.8423.8Total Assets 48.6(2)46.3(2)Other assets (1) 3.93.8Tangible assets 13.811.3Other credits 357.7 11.2 341.5 10.5 Investments Cash 10.610.4Intangible assets 1H10FY09(Euro bn) 10.69.2 Other debts and allowances 324.0309.6Technical reserves 445.8423.8 Total Liabilities and Shareholders’ Equity 36.2(2)34.7(2)Other liabilities 54.450.4 Subordinated and financial liabilities 20.520.0Shareholders’ Equity 3.33.3Minority interests 17.116.7 Shareholders’ Equity (Group share) 1H10FY09(Euro bn) IV. BACK UP
  52. 52. Assicurazioni Generali Group – 1H 2010 results 52 322.5 46.4 94.5 1H10 Assets Under Management Total Euro 463.4 bn Fixed income instruments 79.4% Other(2) 4.2% Real Estate (4) 4.6% Equity 8.4% Available for sale 57.5% Loans 25.6% Real Estate (3) 3.9% Group participations 0.7% Held to maturity 1.3% Fin. Instr. at fair value thr. P&L 7.6% Unit Linked Third parties AUM “Own Investments” (1) IV. BACK UP (1) Own investments include 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) Excluding real estate mutual funds; (4) Including real estate mutual funds Cash & equival. 3.5%Cash & equival. 3.5% GOVERNMENT BONDS EXPOSURE TO PERIPHERAL EUROPE 0.53.2Greece 0.53.2Spain 1.911.9Total 0.31.8Ireland 0.63.7Portugal NetGross(Euro bn)
  53. 53. Assicurazioni Generali Group – 1H 2010 results 53 101.5 209.8 11.2 Total Euro 322.5 bn Fixed income instruments 78.5% Of which bonds 55.0% Of which loans 23.5% Real estate 12.4% Other 6.9% Subs, ass. & JVs 2.2% IV. BACK UP 1H10 Own Investments at amortized cost and fair value(1) Fixed income instruments 84.0% Of which bonds 79.7% Equity 12.9% Other 3.1% Investments at amortized cost Investments at fair value (1) Excluding unit linked and third parties Cash & equivalents
  54. 54. Assicurazioni Generali Group – 1H 2010 results 54 33,89533,0146,4746,2423,6303,52523,96223,418Other fixed income 103,090101,5233,7763,79210,47710,40388,83687,329Corporate 123,608121,4452,2012,1978,7198,696112,688110,552Government 249,526 19,980 4,558 389 27,095 260,59212,45122,825 MVMVMV 10,430 225,486 22,147 MV 14,777 255,982 27,095 BV Total(2) 3894,55822,147Equity 12,23022,624221,299Fixed income instruments 245,9868,767Real estate BV Financial BVBVAsset classes P&CLife(Euro m) 1H10 book value & market value of Own Investments(1) IV. BACK UP (1) Excluding unit linked and third parties (2) Net of consolidation adjustments
  55. 55. Assicurazioni Generali Group – 1H 2010 results 55Quality of 1H10 fixed income portfolio 1.9 2.2 % Current return by segment 2.5Life 2.5 % Comprehensive return by segment P&C By issuer (%) Fixed income portfolio composition (Euro 256.0 bn) 50.0 38.4 18.0 47.4 39.5 46.0 31.0 39.7 12.9 51.0 15.610.5 Life P&C Financials Total Government Corporate Other fixed income IV. BACK UP Bond portfolio by rating (%) 34.6% 34.9% 19.3% 7.6% 1.8% 1.7% AAA AA A BBB NIG NR 4.0 6.0 FY 09 6.4Life 4.5 1H 10 P&C Average bond portfolio duration by segment (years)
  56. 56. Assicurazioni Generali Group – 1H 2010 results 56 39.440.0Italy 1.8 3.7 28.6 8.9 17.0 FY 09 10.2France 1.6 4.1 28.2 16.6 1H 10 Not rated RoW RoE Germany % Split by country Focus on 1H10 government bond portfolio 42% 24% 9% Life P&C Financial (Euro 121.4 bn, 47.4% of total fixed income portfolio) IV. BACK UP % of segmental own investments% Split by accounting treatment 18.981.1 Amortized cost Fair Value 38.840.4AAA 0.8 0.1 3.1 3.9 51.6 FY 09 5.5A 1.0 1.9 1.9 51.0 1H 10 Not rated Not investment grade BBB AA % Split by rating
  57. 57. Assicurazioni Generali Group – 1H 2010 results 57Focus on 1H10 corporate bond portfolio (Euro 101.5 bn, 39.7% of total fixed income portfolio) IV. BACK UP 32.4 67.6 Amortized cost Fair Value 33% 28% 16% Life P&C Financial % of segmental own investments% Split by accounting treatment (1) Net exposure to Tier 1 is Euro 0.6 bn 29.529.3AAA 3.1 1.3 11.4 37.4 17.5 FY 09 36.1A 2.5 1.7 14.5 15.7 1H 10 Not rated Not investment grade BBB AA % Split by rating 64.967.8Financials(1) 12.5 4.0 3.8 4.1 7.8 FY 09 4.1ABS 12.5 4.6 4.8 9.1 1H 10 Other Industrial Telecom Utilities % Split by industry
  58. 58. Assicurazioni Generali Group – 1H 2010 results 58Focus on 1H10 equity portfolio 8% 12% 2% Life P&C Financial 1.9 2.0 % Current return by segment -4.6Life -3.8 % Comprehensive return by segment P&C (Euro 27.1 bn) IV. BACK UP % of total own investments 7.0 27.1 (0.4)(1.0)(17.7) (0.9) Group net equity exposure MinoritiesTaxes Net equity exposure Policyholders’ interests HedgingGross equity exposure 22.224.9Financials 28.5 20.2 7.2 8.8 10.4 FY 09 9.0Telecom 30.1 22.2 6.5 10.0 1H 10 Funds Other Industrial Consumer % Split by industry
  59. 59. Assicurazioni Generali Group – 1H 2010 results 59Investment yields 2.3 2.3 3.5 3.1 3.1 4.3 2.0 2.0 3.0 1H09 4.8 0.7 2.6 4.6 -3.3 2.3 4.3 1.3 2.4 1H09 2.2 2.4 2.2 2.7 2.3 2.0 2.1 2.5 2.2 1H09 Bonds and Loans 2.4 2.5 2.1 2.5 2.1 1.9 2.5 2.6 2.2 1H10 2.71.4Total P&L return(2) 3.30.4Total P&L return(2) 2.31.7Total P&L return(2) Investment propertiesEquities TOTAL 2.7 3.7 3.3 4.3 2.3 3.3 1H10 -4.6Comprehensive return(3) LIFE NON LIFE 2.1Current return(1) -3.8Comprehensive return(3) 1.9Current return(1) -4.5Comprehensive return(3) 2.0Current return(1) 1H10(%) (1) Current return: interest, dividends and similar income / Quarterly average asset base at book value (excluding income related to unit/index linked investments) (2) Total P%L return: = current return + realised gains/losses + net impairments, net of investment expenses / Quarterly average asset base at book value (excluding income related to unit/index linked investments) (3) Comprehensive return: a. for fair value investment (AFS, FVthPL) = current return + total change in fair value, net of investment expenses / average asset base at fair value (excluding income related to unit/index linked investments) b. for investment at amortised cost (Real estates, loans, HtM) = current return + realised gains/losses + net impairments, net of investment expenses / quarterly average asset base at AC IV. BACK UP
  60. 60. Assicurazioni Generali Group – 1H 2010 results 60IFRS Shareholders’ equity roll forward 730 1,241 307 (276) (558) (100) 17,146 16,652 18,002 (68) 346 (934) 333 11 (544) -4.8% IFRS Shareholders’ equity roll forward (Euro m) Change in AFS reserve (Euro m) Shareholders‘ Equity 1Q10 Dividend∆ Currency Translation Reserve 1H 2010 Net Result Other Shareholders’ Equity 1H10 ∆ Cash Flow Hedge Reserve ∆ in AFS Reserve Shareholders’ Equity FY09 AFS Reserve 1Q10 Other AFS Reserve 1H10 Impact Bond Investments Impact Equity Investments AFS Reserve FY09 IV. BACK UP
  61. 61. Assicurazioni Generali Group – 1H 2010 results 61 140 127 129 151 135 136 Stress tests on Solvency I and Shareholders’ equity Impact on regulatory solvency ratio (%) Impact on 1H10 Shareholders’ equity (Euro bn) Total ratio 1H10 Equities -30% Interest rate +100bps Interest rate -100bps Credit spread +100bps Real estate -10% (2.2) (1.8) 1.9 (0.9) Equities -30% Interest rate +100bps Interest rate -100bps Credit spread +100bps (1) (1) (1) Before hedging impact IV. BACK UP
  62. 62. Assicurazioni Generali Group – 1H 2010 results 62Total comprehensive income(1)(2) 1,308 (1,031) 1,916 794 (178) (1,010) 181 (505) 459 (245) 1Q10 2Q104Q093Q092Q091Q094Q083Q082Q081Q08 (Euro m) IV. BACK UP (1) Total Comprehensive Income = Change in shareholders’ equity during the period related to income and expenses recognized in profit or loss or directly in shareholders’ equity resulting from transactions and events other than transactions with equity owners (2) According to new definition applied in annual report 2009, some residual change in equity components (FY09: Euro 11 m, FY08: Euro 28 m) were reclassified outside the other comprehensive income as transactions with equity holders. Comparative information was restated accordingly 1,308 1Q10 1,0632,9902,532616(178)(2,365)(1,354)(1,536)(1,031) 1H10FY099M091H091Q09FY089M081H081Q08 +3,000 m -3,000 m
  63. 63. Assicurazioni Generali Group – 1H 2010 results 63AFS reserve breakdown 163(416)(56)Corporate 197(38)281Government (0.2)(263)475Equity 307(889)730TOTAL (53)(172)29Investment funds and other 360 1H10 (454) 1H09 225Fixed income instruments FY09(Euro m) IV. BACK UP
  64. 64. Assicurazioni Generali Group – 1H 2010 results 64Financial debt schedule 0 500 1000 1500 2000 2500 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2024 2026 Hybrid Subordinated Senior Loans 2,500 2,000 1,500 1,000 500 0 Bonds (1) (1) Pro forma including refinancing of Euro 1,750 senior bond maturing in July 2010 already completed Financial debt breakdown by expiry date/call date (Euro m) IV. BACK UP
  65. 65. Assicurazioni Generali Group – 1H 2010 results 651H10 technical reserves IV. BACK UP 302,35746,686255,671GROUP TOTAL 6,5111,0985,412CEE 81,80611,20470,601Germany 13,782 6,597 Linked 79,01465,232France 82,71076,112Italy Life net technical reserves(1) TOTALTraditional(Euro m) (1) Including investment contracts for Euro 14,053 million 13,908 1,225 2,026 2,088 5,200 Motor 31,00217,094GROUP TOTAL 1,958733CEE 4,4612.434Germany 5,4573,369France 12,9867,786Italy P&C net technical reserves TOTALNon Motor(Euro m)
  66. 66. Assicurazioni Generali Group – 1H 2010 results 66Operating ratio on investments IV. BACK UP 0.49 3.09 0.16 0.33 0.64 1H09 (%) 0.52 1.37 0.24 0.30 0.92 1H10(%) +0.03GROUP TOTAL -1.72CEE +0.08Germany -0.03France +0.28Italy (%pts.) Life operating ratio on investments (%) P&C operating ratio on investments (%) 2.01 7.34 2.36 2.29 0.47 1H09 (%) 1.79 3.84 2.31 2.10 0.75 1H10 (%) -0.22GROUP TOTAL -3.50CEE -0.05Germany -0.19France +0.28Italy (%pts.) Definition: “Operating ratio on Investments” is calculated as Operating result on the average of Investments at book value
  67. 67. Assicurazioni Generali Group – 1H 2010 results 67Number of shares(1) 1,414,072,429 Weighted number of shares outstanding in year ending 12.31.2009 adjusted for the effects of all dilutive potential ordinary shares. 1, 357,891,906 Weighted number of shares outstanding in year ending 30.06.2009 adjusted for the effects of all dilutive potential ordinary shares. ---Stock options Potential (dilutive) shares: 1,540,840,351 Weighted number of shares outstanding in year ending 06.30.2010 1,540,841,68616,031,5971,556,873,283shares outstanding at 06.30.2010 163(163)-Generali shares purchase 8,800-8,800Exercise of stock options ---Stock grant plan ---Capital increase 1,540,832,72316,031,7601,556,864,483shares outstanding at 12.31.2009 1,414,072,429 Weighted number of shares outstanding in year ending 12.31.2009 Shares outstanding (1-2) Own shares (2) Ordinary Shares issued (1) (1) Calculation based on IAS 33 IV. BACK UP
  68. 68. Assicurazioni Generali Group – 1H 2010 results 68 IV. Backup Agenda P&L Balance sheet Life
  69. 69. Assicurazioni Generali Group – 1H 2010 results 69Life new business: APE +63.21,323803-9.5388424+2.1520504Germany +1.15,1515,097+16.1155134+4.2671644France -15.6352417+33.82922+1.36464Spain +43.213086-11.56572-5.57881CEE +93.32,1741,107+20.6216165+48.7433276RoE +64.614472+3.83930+15.45337Austria 12,801 494 39 3,530 1H10 Single Premiums 1,504 172 38 507 1H10 Annual PremiumsAPE 2,784 222 42 860 1H10 10,347 305 26 2,950 1H09 (Euro m) +26.9 +39.4 +31.9 +35.3 Like for like % -0.1 -2.1 -12.0 -1.5 Like for like % 1,358+10.72,393Total 182 40 705 1H09 +4.9 -9.2 +10.9 Like for like % 152RoW 37Switzerland 410 1H09 Italy IV. BACK UP
  70. 70. Assicurazioni Generali Group – 1H 2010 results 70 983 1,087 FY09 1H10 1H10 Valuation of Life based on: same market consistent methodology applied at FY09 1H10 actual economic scenario (interest rates, volatilities, market value of assets and asset-mix) FY09 operating assumptions (mortality, surrender, expenses) Life & Asset Gathering VIF 14,323 11,701 FY09 1H10 Life Value of In-force Business (Euro m) -18.3% (*) Asset Gathering Value of In-force Business (Euro m) +10.6% (*) (*) -20.6% on a like for like basis (*) -0.2% on a like for like basis IV. BACK UP
  71. 71. Assicurazioni Generali Group – 1H 2010 results 71What’s next November 11, 2010 - 9M 2010 Results
  72. 72. Assicurazioni Generali Group – 1H 2010 results 72Investor Relations Team Paola Buratti (Tel.: +39-040-671157) Head of Investor Relations 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 Rodolfo Svara (Tel.: +39-040-671823) Email: rodolfo_svara@generali.com Marta Porczynska (Tel.: +39-040-671402) IR Events Email: marta_porczynska@generali.com Assicurazioni Generali P.za Duca degli Abruzzi 2 34132 Trieste, Italy Fax: +39 040 671338 e-mail:generali_ir@generali.com www.generali.com
  73. 73. Assicurazioni Generali Group – 1H 2010 results 73Disclaimer 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 in charge of 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.
  74. 74. March 2006 Generali Group 2010 First-Half Results Milan, March xxx, 2010August 5, 2010

×