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Generali Group2012 First-Half Results                                 Milan, March xxx, 2, 2012                           ...
Agenda                                                     2            I. 1H 2012 results overview          Page 3       ...
Agenda                                                                                                                    ...
I. OVERVIEW1H 2012 results at a glance                                                                          4    Opera...
Agenda                                                      5            II. Group Financials            Profit & loss rev...
II. GROUP FINANCIALSRevenue development by segment                                                                        ...
II. GROUP FINANCIALSOperating result by segment                                                                           ...
II. GROUP FINANCIALSFocus on non operating result                                                                         ...
II. GROUP FINANCIALS From operating result to net result                                                                  ...
Agenda                                                      10            II. Group Financials            Profit & loss re...
II. GROUP FINANCIALS Life business development                                                                            ...
II. GROUP FINANCIALSLife profitability - Operating result                                                                 ...
II. GROUP FINANCIALS Life investment strategy and yields(1)                                                               ...
II. GROUP FINANCIALS Life new business value and profitability                                                            ...
II. GROUP FINANCIALS P&C gross written premiums                                                                           ...
II. GROUP FINANCIALS P&C profitability - Operating result                                                                 ...
II. GROUP FINANCIALSP&C profitability – Net combined ratio                                                        (1/2)   ...
II. GROUP FINANCIALSP&C profitability – Net combined ratio                                                                ...
II. GROUP FINANCIALS  P&C investment strategy and yields(1)                                                               ...
II. GROUP FINANCIALSFinancial segment                                                                                     ...
Agenda                                                      21            II. Group Financials            Profit & loss re...
II. GROUP FINANCIALSIFRS Shareholders’ equity roll forward                                                                ...
II. GROUP FINANCIALSSolvency I according to Italian regulation                                                            ...
II. GROUP FINANCIALSGroup Embedded Value roll-forward                                                                     ...
II. GROUP FINANCIALSEconomic Solvency                                                                                     ...
Agenda                                           26            III. Final RemarksAssicurazioni Generali Group – 1H 2012 re...
III. FINAL REMARKSFinal remarks                                                                       27              Exce...
Agenda                                           28            IV. Backup            P&L            Balance sheet         ...
Agenda                                           29            IV. Backup            P&L            Balance sheet         ...
IV. BACK UP 1H12 Total gross written premiums                                                                             ...
IV. BACK UP1H12 Life premiums by country and business line(1)                                                             ...
IV. BACK UP  1H12 P&C premiums by country and business line                                                               ...
IV. BACK UP1H12 technical ratios                                                                                     33 Li...
IV. BACK UP1H12 combined ratio reconciliation                                                                             ...
IV. BACK UP1H12 technical ratios by country                                                                               ...
IV. BACK UP   Focus on operating result                                                                                   ...
IV. BACK UPLife operating result                                                                                      37Op...
IV. BACK UPLife net inflows by country                                                             38         Country (Eur...
IV. BACK UPP&C operating result                                                                                      39Ope...
IV. BACK UP  Other operating and non operating expenses by segment                                                        ...
IV. BACK UP Focus on impairments(1)                                                                                       ...
IV. BACK UP  Focus on realised gains(1)                                                                                   ...
IV. BACK UP Focus on non operating items: interest expenses on financial debt                                             ...
IV. BACK UPReclassified P&L account                                                                                       ...
IV. BACK UP     Reclassified P&L account by segment - 1H11                                                                ...
IV. BACK UP        Reclassified P&L account by segment - 1H12                                                             ...
IV. BACK UPFocus on 2Q12 results                                                                                          ...
Agenda                                           48            IV. Backup            P&L            Balance sheet         ...
IV. BACK UP   Consolidated balance sheet                                                                                  ...
IV. BACK UP1H12 Assets under management                                                                                   ...
IV. BACK UP1H12 own investments at amortized cost and fair value(1)                                                       ...
IV. BACK UP  1H12 book value and market value of own investments(1)                                                       ...
IV. BACK UP Quality of 1H12 fixed income portfolio                                                                        ...
IV. BACK UPFocus on 1H12 government bond portfolio                                                                        ...
IV. BACK UPPeripheral government bond portfolio: focus on country exposure                                                ...
IV. BACK UPFocus on 1H12 corporate bond portfolio                                                                         ...
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
Generali Group 2012 First Half Results
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Generali Group 2012 First Half Results

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Transcript of "Generali Group 2012 First Half Results"

  1. 1. Generali Group2012 First-Half Results Milan, March xxx, 2, 2012 August 2010 March 2006
  2. 2. Agenda 2 I. 1H 2012 results overview Page 3 II. Group Financials Page 5 III. Final remarks Page 26 IV. Backup Page 28Assicurazioni Generali Group – 1H 2012 results
  3. 3. Agenda 3 I. 1H 2012 results overview 1H 2012 results at a glance Following the announcement of the sale of related stake, Migdal qualified as a non-current asset held for sale and discontinued operations. Therefore, in this presentation, Migdal is excluded from all 1H12 figures, except as follows: net income; shareholders equity; and the regulatory Solvency 1 margin. 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 – 1H 2012 results
  4. 4. I. OVERVIEW1H 2012 results at a glance 4 Operating result (Euro m) Combined ratio (%) Nat Cat impact -0.1%(1) +0.6%pts. CoR without Nat Cat impact 96.5 97.1 2,408 2,343 0.3 2.4 96.2 -1.5%pts. 94.7 1H11 1H12 1H11 1H12 (1) On like for like basis Net result (Euro m) Solvency I ratio (%) +4.5% +13%pts. 842 130 806 117 1H11 1H12 FY11 1H12Assicurazioni Generali Group – 1H 2012 results
  5. 5. Agenda 5 II. Group Financials Profit & loss review Life, P&C and financial segment profitability Balance sheet and capitalAssicurazioni Generali Group – 1H 2012 results
  6. 6. II. GROUP FINANCIALSRevenue development by segment 6 Gross written premiums (Euro m) (Euro m) Like for 1H11 1H12 like ∆ +2.0%(2) Gross written 35,853 35,648 +2.0% 35,853 premiums 35,648 Life(1) 23,842 23,230 +0.4% 1H11 1H12 P&C 12,011 12,418 +5.2% (1) Including investment contracts (Euro 1,637 m in 1H12, 1,530 m in 1H11) (2) On like for like basisAssicurazioni Generali Group – 1H 2012 results
  7. 7. II. GROUP FINANCIALSOperating result by segment 7 1H12 total operating result (Euro m) Like for like  Life 1,651 operating result 1,663 +3.1% P&C 755 Nat Cat impact 1H12 Euro 255 m operating result Nat Cat impact 1H11 Euro 33 m -5.9% 799 Financial services 211 operating result +2.4% 211 Operating holding -148 expenses +1.1% -147 Consolidation -126 adjustments +6.6% -118 Total 2,343 -0.1% operating result 2,408 1H12 1H11Assicurazioni Generali Group – 1H 2012 results
  8. 8. II. GROUP FINANCIALSFocus on non operating result 8 (Euro m) Non operating investment income (Euro m) Like for 1H11 1H12 like  179 12 (286) (470) (7) Non operating (470) (286) -40.8% investment income 1H11 1H12 (1) Non operating (330) (329) -0.1% holding expenses Δ Euro m Net Net Fair Value Net other realised impair- thr. P&L Non operating (158) (161) +1.9% gains ments expenses 1H12 (18) (300) 32 Total 1H11 (11) (479) 19 Non operating (957) (776) -20.1% result Δ(2) -5.9% -37.4% +121.5% (1) Including interest expenses on financial debt (2) On like for like basisAssicurazioni Generali Group – 1H 2012 results
  9. 9. II. GROUP FINANCIALS From operating result to net result 9(Euro m) Net income (Euro m) 1H11 1H12 Total operating result 2,408 2,343 -0.1%(1)Non operating result (957) (776) -20.1%(1) +4.5%Consolidated result before 1,451 1,568 +13.9%(1)taxes and minoritiesIncome taxes (481) (582) +21.0% 806 842Result for discontinued (1) 27.1 n.moperationsMinorities (163) (171) +4.7% 1H11 1H12Net result 806 842 +4.5%(1) On like for like basis Assicurazioni Generali Group – 1H 2012 results
  10. 10. Agenda 10 II. Group Financials Profit & loss review Life, P&C and financial segment profitability Balance sheet and capitalAssicurazioni Generali Group – 1H 2012 results
  11. 11. II. GROUP FINANCIALS Life business development 11Gross written premiums (Euro m) Net technical reserves(2) (Euro bn) +0.4%(1) +1.1% 316.6 304.9 301.5 0.9 2.4 58.3 47.9 50.3 15.1 23,842 23,230 Δ 258.3 253.6 254.5 1H11 1H12 FY11 Change FY11R Traditional Unit 1H12 in scope Linked Traditional Unit linkedNet inflows by country (Euro m) Country 1H11 1H12  Italy: in 1H12 the impact from one-off Italy 362 (603) outflows related to corporate policies was about Euro 1.2 bn France 629 (1,688)  France: 1H12 negative trend is linked to Germany 2,158 2,118 Group’s decision to reduce exposure to large CEE 215 215 premium contracts, whose profitability is not in line with required standards RoE 733 (841)  Spain: during 2Q12 it was decided not to RoW 722 420 renew a large Group contract, for about Euro TOTAL 4,818 (378) 1.6 bn, which was not profitable enough(1) On like for like basis(2) Including liabilities related to investment contracts Assicurazioni Generali Group – 1H 2012 results
  12. 12. II. GROUP FINANCIALSLife profitability - Operating result 12 Resilient life operating profitability despite challenging financial environment Life Operating Result by driver(1) Like for 1H11 1,663 (Euro m) 1H11 1H12 like  Tech. (104) M Technical Margin 3,093 2,988 +0.8% Inv.R (55) Investment Result 1,206 1,151 +2.9% Exp. 147 Expenses (2,636) (2,489) +0.3% 1H12 1,651 Operating Result 1,663 1,651 +3.1% Life operating ratio on 0.53% 0.54% Investments(1) For the definitions refer to the related section in the backupAssicurazioni Generali Group – 1H 2012 results
  13. 13. II. GROUP FINANCIALS Life investment strategy and yields(1) 13Life segment own investments(1) (%)  Confirmed strategic reduction of cross-border exposure to EU Euro 249.3 bn Euro 258.6 bn peripheral sovereign debt  Preference for domestic sovereign bonds for matching local 2.4% 2.4% liabilities 6.8% 4.6% 3.8%  Reallocation of liquidity buffer previously increased to face 3.9% 4.9% market volatility 5.3% Other 8.4%  Strong level of profitability confirmed despite economic 8.6% Cash & cash environment equivalent  Management of duration risk in a very low yield environment 34.0% Real estate 34.1% Equity Current Fixed Equity Real return(1) income Estate(2) Other fixed income Corporate 38.9% 41.9% bonds 1H11 1H12 1H11 1H12 1H11 1H12 Government bonds Euro m 4,812 4,671 418 299 330 349 FY11 1H12 % 2.2 2.2 2.3 2.3 3.5 3.6(1) For the definitions refer to the related section in the backup. Starting from 1Q12, assets and liabilities of Group’s Israeli companies have been classified as “held forsale” and are therefore excluded. Comparative figures have been restated accordingly.(2) Real estate current returns are gross of related expenses Assicurazioni Generali Group – 1H 2012 results
  14. 14. II. GROUP FINANCIALS Life new business value and profitability 14Resilient NBV at Euro 493 m (down 2.0% from 1H11), as a result of: moderate contraction of APE (-4.8%), more marked in Italy and Germany significant improvement of NBM (up by 1.2%pts. from year-end 2011 to 21.6%), thanks to more favourable business mix and product features (average guarantee in Eurozone further decreases from 1.5% at year-end to 1.2% at half-year) (Euro m) APE Margins on APE NBV Historical Like for Historical Like for 1H11 1H12 1H11 FY11 1H12 1H11 1H12  like   like Italy 863 790 -8.5% -8.5% 20.9% 21.8% 23.8% 180 188 +4.1% +4.1%France 532 581 +9.3% +9.3% 14.1% 13.7% 12.5% 75 73 -2.7% -2.7%Germany 488 400 -17.9% -17.9% 17.3% 18.3% 20.7% 84 83 -1.5% -1.5%CEE 81 74 -8.1% -3.2% 31.1% 35.8% 35.0% 25 26 +3.4% +9.1%RoE 325 322 -1.0% -1.2% 26.4% 20.4% 24.9% 86 80 -6.5% -6.7%RoW 224 112 -50.0% +1.2% 33.4% 28.8% 38.2% 75 43 -42.8% -19.8%Total 2,513 2,280 -9.3% - 4.8% 20.9% 20.4% 21.6% 525 493 -6.2% -2.0% Assicurazioni Generali Group – 1H 2012 results
  15. 15. II. GROUP FINANCIALS P&C gross written premiums 15  Significant growth driven by Personal Non-Motor and Commercial  Positive development of Motor in Germany and Spain, Italy still benefiting from pricing measures of the last two years  Commercial still under competitive pressure in Italy and Spain, while CEE overperformingGross written premiums (Euro m) Like for like (Euro m) 1H11 1H12  +5.2%(1) Italy 3,614 3,582 -0.9% 12,011 12,418 France 2,184 2,240 +2.6% Germany 1,855 1,987 +7.1% CEE 1,176 1,228 +8.2% RoE 2,451 2,579 +4.3% 1H11 1H12 RoW 732 802 +46.2% Total 12,011 12,418 +5.2%(1) On like for like basis Assicurazioni Generali Group – 1H 2012 results
  16. 16. II. GROUP FINANCIALS P&C profitability - Operating result 16P&C operating result hit by nat cat developmentP&C Operating Result by driver(1) Like for 1H11 799 (Euro m) 1H11 1H12 like  Tech.R (58) Technical Result 330 272 -21.0% Inv.R (17) Investment Result 577 560 -1.3% Other 31 Other (108) (77) -29.4% 1H12 755 Operating Result 799 755 -5.9% P&C operating ratio on 2.22% 2.11% Investments(1) For the definitions refer to the related section in the backup Assicurazioni Generali Group – 1H 2012 results
  17. 17. II. GROUP FINANCIALSP&C profitability – Net combined ratio (1/2) 17Combined ratio (%) Combined ratio by country (%) +0.6%pts. 1H11 1H12 ∆ 96.5 0.0 0.6 97.1 Italy 97.2% 99.7%(1) +2.6%pts. 27.6 27.6 France 98.5% 98.4% -0.1%pts. Germany 95.3% 95.8% +0.5%pts. 69.5 CEE 88.2% 87.5% -0.7%pts. 68.9 RoE 96.4% 96.1% -0.3%pts. 1H11  Expense  Loss 1H12 ratio ratio RoW 102.4% 96.9% -5.5%pts. Loss ratio Expense ratio Total 96.5% 97.1%(2) +0.6%pts. (1) Excluding Nat Cat impact 1H12 Combined Ratio was 94.0%(1H11 97.2%) (2) Excluding Nat Cat impact 1H12 Combined Ratio was 94.7% (1H11 96.2%)Assicurazioni Generali Group – 1H 2012 results
  18. 18. II. GROUP FINANCIALSP&C profitability – Net combined ratio (2/2) 18Loss ratio (%) Reserving ratio (%) +0.6%pts -2.2%pts (1) 68.9 -0.8 +2.1 -0.7 69.5 280.6% 276.3% Current NAT Prior 1H11 year(1) CAT years 1H12 1H12 70.6 2.4 -3.5 69.5 1H11 1H12 1H11 71.4 0.3 -2.9 68.9(1) Excluding natural catastrophes (1) On an annualized basisExpense ratio (%) 27.6 +0.0%pts 27.6  Current year Loss Ratio confirms good quality of pricing and underwriting 5.9 -0.1 +0.1 5.8  Severe Nat Cat impact mainly due to the Emilia earthquake, although properly mitigated by reinsurance 21.7 Δ%pts 21.8 Acq. costs Adm. costs  Confirmed positive prior years development and prudent reserving policy 1H11 Δ Admin Δ Acq. 1H12Assicurazioni Generali Group – FY 2009 results
  19. 19. II. GROUP FINANCIALS P&C investment strategy and yields(1) 19 P&C segment own investments(1) (%)  Confirmed de-risking strategy with limited impact on Euro 34.4 bn Euro 35.5 bn current return of the portfolio 1.7% 1.7% 7.2%  Slight increase of government bond exposure within 10.0% Fixed Income instruments 15.0% Other 15.8%  Preference for short term and low capital intensive 8.0% Cash & cash equivalent corporate bonds 9.1% 9.4% Real estate 8.6% Equity Current Fixed income Equity Real 28.0% return(1) Estate(2) 26.8% Other fixed income Corporate bonds 1H11 1H12 1H11 1H12 1H11 1H12 Government bonds 28.0% 30.7% Euro m 425 469 72 54 257 222 FY11 1H12 % 1.8 2.0 1.8 1.8 4.3 4.1(1) For the definitions refer to the related section in the backup. Starting from 1Q12, assets and liabilities of Group’s Israeli companies have been classified as “held forsale” and are therefore excluded. Comparative figures have been restated accordingly.(2) Real estate current returns are gross of related expenses Assicurazioni Generali Group – 1H 2012 results
  20. 20. II. GROUP FINANCIALSFinancial segment 20 Operating result (Euro m) Net fees and commissions (Euro m) +2.4%(1) -3.2%(2) 449 415 211 211 1H11 1H12 1H11 1H12(1) On like for like basis (2) On like for like basis Third party AUM(3) (Euro bn) Cost/income ratio (%) +7.6%(4) -1.1%pts 88.2 90.7 68.5 67.4 FY11 1H12 1H11 1H12(3) Including only third party AUM related to financial segment companies(4) On like for like basisAssicurazioni Generali Group – 1H 2012 results
  21. 21. Agenda 21 II. Group Financials Profit & loss review Life, P&C and financial segment profitability Balance sheet and capitalAssicurazioni Generali Group – 1H 2012 results
  22. 22. II. GROUP FINANCIALSIFRS Shareholders’ equity roll forward 22(Euro m) +12.1% 1,335 842 73 17,359 15,486 (63) (311) (2) Shareholders’ Δ in AFS 1H 2012 Δ Currency Δ Cash Flow Dividend Other Shareholders’ Equity FY11 Reserve Net Result Translation Hedge Equity 1H12 Reserve Reserve Change in AFS reserve (Euro m) 1,316 35 (821) (2,156) (16) AFS Reserve Impact Equity Impact Bond Other AFS Reserve FY11 Investments Investments 1H12Assicurazioni Generali Group – 1H 2012 results
  23. 23. II. GROUP FINANCIALSSolvency I according to Italian regulation 23(Euro bn) Required margin Available margin 117% Main drivers of change 130% Available margin  Consolidated result: + 1.0 23.5 20.8  Financial markets and other elements: + 1.2 17.8 18.1  Cap on locally admitted unrealized gains on real estate: + 0.5 Required Margin + 0.3 FY11 1H12Assicurazioni Generali Group – 1H 2012 results
  24. 24. II. GROUP FINANCIALSGroup Embedded Value roll-forward 24(Euro m) Out of which -1.5 bn due to the decrease in interest rates 1,700 22,431 22,213 (1,608) (311) Robust return on embedded value, mainly driven by positive combined ratio at 97.1% and Life NBV of Euro 493 m EV FY11 Normalised EV Investment and Tax Cash Dividend EV 1H12 earnings Variances Return on Embedded Value Group Embedded Value Group EV 1H12 15.2% Normalised RoEV (1) 0.8% RoEV (1) €14.4 Group EV per share (1) For the definitions refer to the related section within the backupAssicurazioni Generali Group – 1H 2012 results
  25. 25. II. GROUP FINANCIALSEconomic Solvency 25  Economic Solvency Ratio based on Group Internal Model calibrated on 1year VAR at 99.95% confidence level  The ratio based on a 99.5% confidence level (consistent with a BBB rating) would be about 151% at 1H12 Economic Solvency Ratio (Euro bn) FY11 1H12 ESR = 124%(1) ESR = 121% 29.0 28.3 23.2 23.4 Group Group AC AC Group Group RAC 99,5% RAC 99,5% Conf. Level Conf. Level Group Group RAC 18.0 RAC 18.7 ESR 159% ESR 151% Available Group Available Group Capital Risk Capital Capital Risk Capital (1) ESR FY11 = AC FY11 (net of dividend 2011 equal to Euro 0.3 bn) divided by Risk Capital FY11Assicurazioni Generali Group – 1H 2012 results
  26. 26. Agenda 26 III. Final RemarksAssicurazioni Generali Group – 1H 2012 results
  27. 27. III. FINAL REMARKSFinal remarks 27 Excellent underlying P&C performance excluding Nat Cat events Robust Life profitability in a challenging market environment Resilient investment return notwithstanding de-risking action Outlook of 2012 Operating Result confirmedAssicurazioni Generali Group – 1H 2012 results
  28. 28. Agenda 28 IV. Backup P&L Balance sheet Life DefinitionsAssicurazioni Generali Group – 1H 2012 results
  29. 29. Agenda 29 IV. Backup P&L Balance sheet Life DefinitionsAssicurazioni Generali Group – 1H 2012 results
  30. 30. IV. BACK UP 1H12 Total gross written premiums 30 (Euro m) Total gross written premiums Gross life written premiums(1) Gross P&C written premiums Country YoY Weight on YoY Weight on YoY Weight on GWP % increase total GWP GWP % increase total GWP GWP % increase total GWP (2) (2) (2) Italy 9,650 -2.7% 27.1% 6,069 -3.8% 26.1% 3,582 -0.9% 28.8% France 7,705 +3.0% 21.6% 5,465 +3.2% 23.5% 2,240 2.6% 18.0% Germany 8,514 -0.8% 23.9% 6,527 -3.0% 28.1% 1,987 7.1% 16.0% CEE 2,070 +7.0% 5.8% 842 +5.2% 3.6% 1,228 8.2% 9.9% RoE 5,560 +6.2% 15.6% 2,981 +8.0% 12.8% 2,579 4.3% 20.8% Of which: Spain 1,333 +2.3% 3.7% 535 +0.8% 2.3% 797 3.3% 6.4% Austria 1,353 -3.7% 3.8% 565 -10.5% 2.4% 787 1.9% 6.3% Switzerland 1,041 +5.2% 2.9% 559 +6.6% 2.4% 482 3.6% 3.9% RoW 2,148 +20.6% 6.0% 1,346 +8.6% 5.8% 802 46.2% 6.5% Total 35,648 +2.0% 100.0% 23,230 +0.4% 100.0% 12,418 5.2% 100.0%(1) Including investment contracts(2) On like for like basis with constant exchange rates Assicurazioni Generali Group – 1H 2012 results
  31. 31. IV. BACK UP1H12 Life premiums by country and business line(1) 31 Savings and Unit/Index (Euro m) pension Protection linked Total YoY % YoY % YoY % YoY % GDP increase(2) GDP increase(2) GDP increase(2) GDP increase(2) Italy 5,537 - 3.8% 128 + 4.6% 261 - 12.7% 5,925 - 4.0% France 4,237 + 16.0% 697 - 0.4% 412 - 51.0% 5,347 + 2.9% Germany 2,810 - 8.1% 2,020 + 1.8% 1,697 + 0.5% 6,526 - 3.0% CEE 516 + 2.9% 117 + 9.1% 209 + 9.1% 842 + 5.2% RoE 1,079 - 3.5% 483 + 12.2% 1,405 + 17.2% 2,967 + 8.0% Of which: Spain 410 + 2.6% 121 - 2.7% 4 - 38.2% 535 + 0.8% Austria 295 - 20.7% 127 + 2.6% 133 + 2.5% 555 - 11.3% Switzerland 103 + 42.2% 63 + 12.7% 393 - 0.7% 559 + 6.6% RoW 565 + 6.9% 343 + 17.4% 16 - 21.0% 924 + 9.9% Total Life gross 14,743 + 0.9% 3,788 + 4.1% 4,000 - 5.7% 22,532 + 0.2 direct premiums (1) Including investment contracts (2) On like for like basis with constant exchange ratesAssicurazioni Generali Group – 1H 2012 results
  32. 32. IV. BACK UP 1H12 P&C premiums by country and business line 32 Accident/ (1)(Euro m) Motor Personal Commercial Health Total YoY % YoY % YoY % YoY % YoY % GDP increase(2) GDP increase(2) GDP increase(2) GDP increase(2) GDP increase(2) Italy 1,701 - 0.4% 435 + 2.7% 816 - 1.9% 577 - 5.3% 3,530 - 1.2% France 584 - 2.9% 796 + 8.7% 482 + 3.3% 244 + 0.4% 2,107 + 3.0% Germany 821 + 7.3% 711 + 4.9% 188 + 10.0% 265 + 10.4% 1,984 + 7.1% CEE 493 - 5.7% 176 + 4.4% 318 + 11.2% 215 + 62.1% 1,201 + 8.0% RoE 923 + 4.2% 552 + 5.0% 602 - 0.2% 426 + 7.7% 2,503 + 3.8% Of which: Spain 206 + 10.6% 215 + 9.9% 247 - 7.6% 112 + 0.8% 780 +2.6% Austria 306 + 1.5% 167 + 2.8% 224 + 1.7% 78 + 2.4% 775 +1.9% Switzerland 237 + 3.7% 110 - 2.3% 2 - 7.1% 130 + 8.6% 479 +3.4% RoW 443 + 24.8% 8 + 1.0% 223 + 94.0% 75 + 70.9% 749 + 43.5%Total P&C gross 4,964 + 2.6% 2,678 + 5.6% 2,630 + 6.3% 1,802 + 8.3% 12,074 +4.9%direct premiums(1) Including fleets(2) On like for like basis with constant exchange rates Assicurazioni Generali Group – 1H 2012 results
  33. 33. IV. BACK UP1H12 technical ratios 33 Life - Expense ratio (%) P&C - Combined ratio (%) 96.5 97.1 Expense ratio 27.6 27.6 Loss 11.0 10.9 68.9 69.5 ratio 1H11 1H12 1H11 1H12 Total - Expense ratio (%) 16.1 16.2 1H11 1H12Assicurazioni Generali Group – 1H 2012 results
  34. 34. IV. BACK UP1H12 combined ratio reconciliation 34 (Euro m) A Net earned premiums (net of consolidation adjustments) 10,564.8 B Consolidated net insurance benefits and claims 7,338.8 Consolidated acquisition costs 2,307.9 Consolidated administration costs 652.0 Non insurance related administration costs(1) 39.4 Insurance related consolidated administration costs 612.5 C Total acquisition and insurance related administration costs 2,920.4 B/A Loss ratio 69.5% C/A Expense ratio 27.6%(B+C)/A Combined ratio 97.1% D Other technical items 33.8A-B-C-D Technical result 271.7 (1) Administration expenses related to service companies, real estates and other companies not belonging to P&C segmentAssicurazioni Generali Group – 1H 2012 results
  35. 35. IV. BACK UP1H12 technical ratios by country 35(%) ITA FRA GER CEE RoE SPA AUT SWI RoW ConsolidatedP&C Loss ratio 1H12 78.5 71.6 67.5 50.3 67.3 64.9 67.0 70.7 58.1 69.5 1H11 75.0 71.3 66.3 54.7 67.9 66.6 67.2 70.5 65.3 68.9P&C Expense ratio 1H12 21.2 26.8 28.3 37.2 28.9 27.9 28.3 26.1 38.9 27.6 1H11 22.1 27.1 29.1 33.5 28.5 26.8 28.4 26.4 37.1 27.6P&C Combined ratio 1H12 99.7 98.4 95.8 87.5 96.1 92.9 95.3 96.8 96.9 97.1 1H11 97.2 98.5 95.3 88.2 96.4 93.5 95.6 96.9 102.4 96.5Life expense ratio by country 1H12 10.0 8.3 12.0 19.8 12.1 4.6 15.1 19.4 15.5 10.9 1H11 9.7 8.2 12.1 18.9 12.6 4.5 13.5 19.9 16.0 11.0Assicurazioni Generali Group – 1H 2012 results
  36. 36. IV. BACK UP Focus on operating result 36 Operating result by country(1) (Euro m) Operating result breakdown(1) (Euro m) Like for 1H11 1H12 like ∆ Italy 994 971 -2.4% 971 France 451 466 +3.4% 110 119 Germany 326 315 -3.2% CEE 256 263 +2.8% 466 454 RoE 478 454 -5.1% 129 315 263 64 742 26 184 RoW 167 147 +40.5% 12 127 147 337 157 207 40 Operating result(1) 2,673 2,617 +0.3% 162 108 94 Op. holding expenses -147 -148 +1.1% Italy France Germany CEE RoE RoW Consolidation Adj. -118 -126 +6.6% Life P&C Financial Total operating 2,408 2,343 -0.1% result(1) Operating result = operating result of life, P&C and financial segments, before holding expenses and consolidation adjustments Assicurazioni Generali Group – 1H 2012 results
  37. 37. IV. BACK UPLife operating result 37Operating result (Euro m) Operating result by country (Euro m) 1H11 1H12 Like for like  +3.1% Italy 747 742 -0.7% France 314 337 +7.5% 1,663 1,651 Germany 157 162 +3.0% CEE 100 94 -6.2% RoE 217 207 -4.8% Of which: Spain 51 52 +1.2% Austria 29 30 +3.8% Switzerland 66 60 -8.5% RoW 128 109 +64.6% 1H11 1H12 Total 1,663 1,651 +3.1%Assicurazioni Generali Group – 1H 2012 results
  38. 38. IV. BACK UPLife net inflows by country 38 Country (Euro m) 1H11 1H12 Like for like Δ Italy 362 (602) - 266.3% France 629 (1,688) - 368.5% Germany 2,158 2,118 - 1.9% CEE 215 215 + 4.0% RoE 733 (841) - 216.9% Of which: Spain (115) (1,661) - 1,338.5% Austria 116 38 - 67.0% Switzerland 199 311 + 48.3% RoW 722 420 + 16.5% TOTAL 4,818 (378) - 108.7%Assicurazioni Generali Group – 1H 2012 results
  39. 39. IV. BACK UPP&C operating result 39Operating result (Euro m) Operating result by country (Euro m) 1H11 1H12 Like for like  -5.9% Italy 185 119 -35.7% France 137 129 -6.0% 799 755 Germany 142 127 -10.5% CEE 142 157 +10.2% RoE 172 184 +6.5% Of which: Spain 80 84 +4.4% Austria 55 52 -4.4% Switzerland 22 23 +5.8% RoW 20 40 +67.7% 1H11 1H12 Total 799 755 -5.9%Assicurazioni Generali Group – 1H 2012 results
  40. 40. IV. BACK UP Other operating and non operating expenses by segment 40 (Euro m) Life Non Life Financial 1H11 1H12 1H11 1H12 1H11 1H12 Total net operating expenses (49.9) (27.9) (131.5) (103.0) (10.5) (46.8) Restructuring costs (3.2) (2.7) (28.9) (14.6) (5.9) (4.6) Other net non operating expenses(1) (61.4) (65.8) (37.2) (56.1) (18.0) (10.1) Total net non operating expenses (64.5) (68.5) (66.1) (70.7) (23.9) (14.6)(1) Other non operating expenses include mainly amortization of VOBA Assicurazioni Generali Group – 1H 2012 results
  41. 41. IV. BACK UP Focus on impairments(1) 41 (Euro m) Life P&C Financial Total Net impairments 1H11 1H12 1H11 1H12 1H11 1H12 1H11 1H12 Equity instruments 147 457 66 96 1 3 214 555 Fixed income 934 (2) 129 12 2 7 1,066 17 Real estate 5 19 0 5 0 0 5 24 Other investments(2) 317 7 104 65 (1) 9 419 81 Total net impairments 1,404 480 299 179 2 18 1,704 677 Of which Operating net 1,222 362 0 0 3 15 1,225 378 impairments Non operating net 181 118 299 179 (1) 3 479 300 impairments(1) Net of reverse impairments(2) Including subsidiaries and associated companies Assicurazioni Generali Group – 1H 2012 results
  42. 42. IV. BACK UP Focus on realised gains(1) 42 (Euro m) Life P&C Financial Total 1H11 1H12 1H11 1H12 1H11 1H12 1H11 1H12 Net realized gains on Equities 451 85 31 (28) 1 0 510 57 Realised gains 813 305 102 47 3 0 945 353 Realised losses (362) (220) (71) (75) (2) 0 (435) (295) Net realized gains on Fixed Income 447 178 11 4 2 0 461 183 Realised gains 620 1,853 52 81 3 1 677 1,935 Realised losses (173) (1,675) (40) (77) (1) (1) (216) (1,753) Net realized gains on Real Estate 8 66 41 68 0 0 49 134 Realised gains 21 70 41 72 0 0 62 142 Realised losses (13) (4) 0 (4) 0 0 (14) (7) Net realized gains on Other(2) 17 6 (39) 21 0 (1) (22) 26 Realised gains 43 6 0 21 0 1 44 29 Realised losses (26) (1) (39) 0 0 (2) (66) (3) Total net realized gains 923 335 45 66 3 (1) 998 400 Operating net realized gains 979 418 0 0 3 0 1,008 418 Non operating net realized gains (55) (82) 45 66 0 (2) (11) (18)(1) Excluding financial instruments at fair value through profit and loss(2) Including subsidiaries and associated companies Assicurazioni Generali Group – 1H 2012 results
  43. 43. IV. BACK UP Focus on non operating items: interest expenses on financial debt 43Interest expenses on financial debt (Euro m) Total financial debt (Euro m) 12,425 12,124 12.3% 8.7% 319 327 51.8% 54.5% 1H11 1H12Average cost & maturity of financial debt (%) 35.9% 36.8% 1H11 1H12 1H11 1H12 Average cost (%) 5.39% 5.40% Senior Sub/Hybrid Other Average maturity (years) 6.25 5.41 Assicurazioni Generali Group – 1H 2012 results
  44. 44. IV. BACK UPReclassified P&L account 44 Total (Euro m) 1H11 1H12 Total Operating result 2,408 2,343 Net earned premiums 32,072 31,650 Net insurance benefits and claims (29,289) (30,995) Acquisition and administration costs (5,835) (5,767) Net fee and commission income and net income from financial service activities 478 395 Operating income from other financial instruments 5,661 5,665 Operating income from financial instruments at fair value through profit or loss (331) 1,727 of which net income from fin. assets and liabilities where the risk is borne by the policyholders (556) 1,293 Operating holding expenses (147) (148) Net other operating expenses (200) (184) Non-operating result (957) (776) Non-operating income from other financial instruments (489) (318) Non-operating income from financial instruments at fair value through profit or loss 2 32 Non-operating holding expenses (330) (329) Interest expenses on financial debt (319) (327) Other non-operating holding expenses (11) (2) Net other non-operating expenses (141) (161) Earnings before taxes 1,451 1,568 Income taxes (481) (582) Result from discontinued operations (1) 27 Consolidated result of the period 969 1,012 Result of the period attributable to minority interests (163) (171) Result of the period 806 842Assicurazioni Generali Group – 1H 2012 results
  45. 45. IV. BACK UP Reclassified P&L account by segment - 1H11 45 Unallocated holding Consolidation (Euro m) Life Non life Financial(1) expenses adjustments Total Total Operating result 1,663 799 211 (147) (118) 2,408 Net earned premiums 21,764 10,308 - - - 32,072 Net insurance benefits and claims (22,175) (7,099) - - (15) (29,289) of which var. of provisions related to unit linked business 626 - - - - 626 Acquisition and administration costs (2,527) (2,856) (453) - - (5,835) Net fee and commission income and net income from financial service activities 89 - 449 - (61) 478 Operating income from other fin. Instruments 4,979 563 153 - (34) 5,661 Operating income from fin. Instruments at fair value through profit or loss (417) 14 72 - - (331) of which net income from fin.assets and liabilities where the risk is borne by the policyholders (556) - - - - (556) Operating holding expenses - - - (147) - (147) Net other operating expenses (50) (132) (11) - (8) (200) Non-operating result (301) (301) (23) (330) (3) (957) Non-operating income from other fin.instr. (236) (254) 1 - - (489) Non-operating income from fin. instr.at fair value through profit or loss - 2 - - - 2 Non-operating holding expenses - - - (330) - (330) Net other non-operating expenses (65) (49) (24) - (3) (141) Earnings before taxes 1,362 498 188 (477) (121) 1,451(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report Assicurazioni Generali Group – 1H 2012 results
  46. 46. IV. BACK UP Reclassified P&L account by segment - 1H12 46 Unallocated holding Consolidation (Euro m) Life Non life Financial(1) expenses adjustments Total Total Operating result 1,651 755 211 (148) (126) 2,343 Net earned premiums 21,085 10,565 - - - 31,650 Net insurance benefits and claims (23,656) (7,339) - - - (30,995) of which var. of provisions related to unit linked business (1,212) - - - - (1,212) Acquisition and administration costs (2,415) (2,928) (424) - - (5,767) Net fee and commission income and net income from financial service activities 47 - 415 - (66) 395 Operating income from other fin. Instruments 4,986 536 195 - (53) 5,665 Operating income from fin. Instruments at fair value through profit or loss 1,632 23 72 - - 1,727 of which net income from fin.assets and liabilities where the risk is borne by the policyholders 1,293 - - - - 1,293 Operating holding expenses - - - (148) - (148) Net other operating expenses (28) (103) (47) - (7) (184) Non-operating result (269) (152) (19) (329) (7) (776) Non-operating income from other fin.instr. (200) (113) (4) - - (318) Non-operating income from fin. instr.at fair value through profit or loss - 32 - - - 32 Non-operating holding expenses - - - (329) - (329) Net other non-operating expenses (69) (71) (15) - (7) (161) Earnings before taxes 1,382 603 192 (477) (132) 1,568(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report Assicurazioni Generali Group – 1H 2012 results
  47. 47. IV. BACK UPFocus on 2Q12 results 47(Euro m) 2Q12/ 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 2Q11 Life premiums(1) 12,340 11,503 10,543 12,009 12,815 10,415 -6.6%(2) P&C premiums 6,792 5,219 4,931 5,823 6,999 5,419 +5.9%(2) Total premiums 19,131 16,722 15,474 17,832 19,814 15,834 -2.7%(2) Life net inflows 2,819 1,999 1,678 (651) 760 (1,138) -162.8%(2) Combined ratio % 96.1% 96.9% 96.7% 96.4% 95.4% 98.8% (3) +1.9% pts. Life operating result 881 782 315 564 819 832 +11.4%(2) P&C operating result 393 406 405 357 411 344 -15.3%(2) Financial operating 115 96 68 63 126 85 -9.3%(2) result Operating holding (133) (132) (96) (155) (126) (148) +12.4%(2) expenses and cons. adj. Total operating result 1,256 1,153 692 827 1,230 1,113 +2.1%(2) Net result 616 190 20 31 567 274 +44.5%(1) Including investment contracts(2) On like for like basis(3) 94.8% excluding CATAssicurazioni Generali Group – 1H 2012 results
  48. 48. Agenda 48 IV. Backup P&L Balance sheet Life DefinitionsAssicurazioni Generali Group – 1H 2012 results
  49. 49. IV. BACK UP Consolidated balance sheet 49 (Euro bn) FY11 1H12 (Euro bn) FY11 1H12 Shareholders’ Equity Intangible assets 10.4 10.0 (Group share) 15.5 17.4 Minority interests 2.6 2.7 Investments 346.7 350.4 Shareholders’ Equity 18.1 20.1 Cash 25.6 20.3 Operating debt 46.9 50.5 Other credits 11.3 13.4 Financial debt 12.2 12.1 Tangible assets 4.9 4.9 Technical reserves 325.0 318.6 Payables and other provisions 9.0 10.2 Other assets (1) 24.2 38.2 Other liabilities 11.8 25.8 Total Liabilities and Total Assets 423.1 437.3 Shareholders’ Equity 423.1 437.3(1) Including reinsurance amounts of technical reserve, deferred tax assets, deferred acquisition costs and other assets Assicurazioni Generali Group – 1H 2012 results
  50. 50. IV. BACK UP1H12 Assets under management 50 Total Euro 459.2 bn Third parties AUM 92.0 Unit Linked 50.2 Available for sale Loans Fixed income Other 60.8% 22.2% 3.9% instruments Real Estate 80.3% 4.1% Real Estate 4.8% Group 317.0 participations Equity 0.6% 5.1% Held to maturity Cash & equival. Fin. Instr. at fair 2.4% 6.0% value thr. P&L Cash & equival. 3.9% 6.0% “Own Investments”(1)(1) For definitions refer to the related section in the backupAssicurazioni Generali Group – 1H 2012 results
  51. 51. IV. BACK UP1H12 own investments at amortized cost and fair value(1) 51 Total Euro 317.0 bn 19.0 Fixed income instruments 90.3% Of which bonds 86.2% 205.0 Equity 7.9% Fixed income instruments 74.6% Other Of which bonds 51.8% 1.8% Of which loans 22.8% Real estate 13.9% Cash & equivalents Other 93.0 9.5% Investments at amortized cost Investments at fair value Subs, ass. & JVs 2.1%(1) Excluding unit linked and third partiesAssicurazioni Generali Group – 1H 2012 results
  52. 52. IV. BACK UP 1H12 book value and market value of own investments(1) 52 (Euro m) Life P&C Financial Total(2) Asset classes BV MV BV MV BV MV BV MV Equity 12,656 12,656 2,840 2,840 603 603 16,099 16,099 Fixed income 218,147 220,743 24,166 24,155 14,631 14,834 254,532 257,319 instruments Government 108,427 109,481 10,890 10,941 5,194 5,135 124,512 125,556 Corporate 88,079 89,423 9,939 9,881 2,764 2,741 100,321 101,582 Other fixed income 21,641 21,839 3,337 3,333 6,672 6,959 29,700 30,181 Real estate 9,757 12,327 5,340 8,252 24 38 15,121 20,616(1) Excluding unit linked and third parties(2) Net of consolidation adjustments Assicurazioni Generali Group – 1H 2012 results
  53. 53. IV. BACK UP Quality of 1H12 fixed income portfolio 53Fixed income portfolio composition: Euro 254.5 bn By issuer (Euro bn) Average bond portfolio 21.7 3.3 29.7 duration (years) Life P&C 6.7 88.0 9.9 100.3 2.8 Government 7.4 5.9 108.4 10.9 124.5 5.2 Life P&C Financials Total Corporate 5.3 3.3 Government Corporate Other fixed income Bond portfolio by rating (%) Current Comprehensive % return return 2.8% Life 2.2 5.3 31.1% 10.8% 40.3% 14.1% 1.0% P&C 2.0 4.3 AAA AA A BBB NIG NR Assicurazioni Generali Group – 1H 2012 results
  54. 54. IV. BACK UPFocus on 1H12 government bond portfolio 54 Government bonds: Euro 124.5, 48.9% of total fixed income portfolio Of which Split by rating (Euro bn) Total Split by country (Euro bn) Total domestic AAA 39.1 Italy 53.6 46.6 AA 16.3 Germany 10.6 8.1 A 57.2 France 21.6 16.7 BBB 8.9 CEE 7.9 5.6 Not investment grade 2.8 RoE 23.8 7.7 Not rated 0.3 RoW 7.0 3.2 Split by accounting treatment Weight on own investments 108.4 10.9 5.2 58% 14.4% 69% 82% 85.6% 42% 31% 18% 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 – 1H 2012 results
  55. 55. IV. BACK UPPeripheral government bond portfolio: focus on country exposure 55Italian government bonds(1): Euro 53.6 bn Spanish government bonds(2): Euro 5.4 bn 3.4 2.6 0.9 0.2 Italy 1.0 Spain Germany Germany France 0.8 France RoE RoE 46.6 3.4Portuguese government bonds: Euro 1.3 bn Irish government bonds: Euro 1.5 bn 0.1 0.0 0.0 Italy 0.2 Italy Germany Germany 0.5 France 0.4 France RoE RoE 0.7 0.9(1) Domestic and German exposures to Italian government bonds as at 31.12.2011 erroneously reported in the 2011 year-end results presentation have been restated respectively to Euro 37,7 bn (published: Euro 39,8 bn) and Euro 4,2 bn (published: Euro 2,1 bn).(2) Including Spanish autonomous regions for Euro 0.7 bn (at 31/12/2011 the total Spanish exposure amounted to Euro 6.3 bn, including Euro 0.8 bn related to autonomous regions)Assicurazioni Generali Group – 1H 2012 results
  56. 56. IV. BACK UPFocus on 1H12 corporate bond portfolio 56Corporate bonds: Euro 100.3 bn, 39.4% of total fixed income portfolio Split by rating (Euro bn) Total Split by industry (Euro bn) Life P&C Financials 31.1 4.5 AAA 30.7 Covered bonds 28.9 2.3 AA 7.9 Utilities 6.1 0.6 A 33.4 ABS 2.2 0.4 BBB 22.8 Telecom 4.0 0.7 Not investment grade 3.6 Industrial 6.7 0.5 Not rated 1.9 Other 9.1 1.0 Split by accounting treatment Weight on own investments 88.1 9.9 2.8 30.2% 66% 69.8% 72% 91% 34% 28% 9% Amortized cost Fair Value Life P&C FinancialAssicurazioni Generali Group – 1H 2012 results
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