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Generali Group 9M 2013 Results
 

Generali Group 9M 2013 Results

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    Generali Group 9M 2013 Results Generali Group 9M 2013 Results Presentation Transcript

    • Generali Group 9M 2013 Results November 7, 2013
    • Agenda 2 I. Overview Page 3 II. Group financials Page 5 III. Final remarks Page 24 IV. Backup Page 26 Assicurazioni Generali Group – 9M 2013 results
    • Agenda I. 9M 2013 results overview 9M 2013 results at a glance Following the announcement of the sale of related stake, Generali Banorte and Generali US Life RE qualified as a “non-current asset held for sale and discontinued operations”. The like for like change of written premiums and net cash inflows is on equivalent terms (on equivalent exchange rates and consolidation area). The like for like change of operating results and own investments is calculated excluding Generali Banorte and Generali US Life RE from the comparative period. Assicurazioni Generali Group – 9M 2013 results 3
    • I. OVERVIEW 9M 2013 results at a glance Operating result (Euro m) 4 Net result (Euro m) +6.2%(1) +40.4% 1,591 3,361 3,292 1,133 9M13 9M12 9M12 9M13 (1) On like for like basis Shareholders’ equity (Euro m) Solvency I ratio (%) 152% at October 24 +1.1% -2%pts. 19,013 19,223 145 143 01/01/13(2) 9M13 01/01/13(2) 9M13 (2) FY12 shareholders’ equity was restated including the effects of revised IAS 19 Assicurazioni Generali Group – 9M 2013 results
    • Agenda II. Group financials Profit & loss review Life and P&C segment profitability Balance sheet and solvency I Assicurazioni Generali Group – 9M 2013 results 5
    • II. GROUP FINANCIALS Revenue development by segment Gross written premiums (Euro m) 6 (Euro m) 9M12 9M12 excluding Mexico & US Life Re 9M13 Like for like ∆ 50,945 49,393 49,053 +0.6% Life(1) 33,500 32,354 32,808 +0.9% P&C 17,444 17,039 16,245 +0.1% Contribution from US Life Reassurance and Mexican operations +0.6%(2) 50,945 1,552 49,053 Gross written premiums 49,393 9M12 9M13 (1) Including investment contracts (Euro 2,549 m in 9M13, Euro 2,669 m in 9M12) (2) On like for like basis Assicurazioni Generali Group – 9M 2013 results
    • II. GROUP FINANCIALS Operating result by segment 7 9M13 total operating result (Euro m) Like for like  Life operating result 2,114 P&C operating result 1,113 Financial services operating result Operating holding expenses Consolidation adjustments 2,071 2,196 -2.0% 1,339 1,158 +20.3% 367 320 +14.8% -268 -221 +21.0% -149 -161 Total operating result Contribution from US Life Reassurance and Mexican operations(1) -7.9% 3,164 3,361 3,292 +6.2% 9M13 9M12 (1) The contribution for 9M12 life operating result was Euro 82 m, for 9M12 P&C operating result was Euro 45 m and for total operating result was Euro 128 m Assicurazioni Generali Group – 9M 2013 results
    • II. GROUP FINANCIALS Focus on non operating result 8 (Euro m) Non operating investment income (Euro m) 9M12 9M13 Like for like  92 333 26 (95) (304) Non operating investment income (304) 26 n.m. 9M12 Non operating holding expenses Of which: interest costs Net other Non operating expenses Of which: VOBA amortization Total Non operating result (496) (597) +20.4% (493) (564) +14.4% 9M13 (246) (318) (Euro m) Net realised gains +29.3% Net impairments Fair Value thr. P&L 9M 13 (1,046) (132) (889) (280) (75) 9M 12 (138) 381 48 (372) 20 n.m. -24.7% n.m. -4.4%% -14.9% Δ(1) (1) On like for like basis Assicurazioni Generali Group – 9M 2013 results
    • II. GROUP FINANCIALS From operating result to net result 9 (Euro m) Net income (Euro m) 9M12 Total operating result Non operating result 9M13  3,292 3,361 +6.2%(1) (1,046) (889) -14.9%(1) +40.4% 2,473 +16.7%(1) Consolidated result before taxes and minorities 2,246 Income taxes (869) (738) -15.1% (22) 60 n.m. Minorities (222) (205) -8.0% Net result 1,133 1,591 +40.4% 1,591 Result for discontinued operations (1) On like for like basis Assicurazioni Generali Group – 9M 2013 results 1,133 9M12 9M13
    • Agenda II. Group financials Profit & loss review Life and P&C segment profitability Balance sheet and solvency I Assicurazioni Generali Group – 9M 2013 results 10
    • II. GROUP FINANCIALS Life business development 11 Gross written premiums (Euro m) Net technical reserves(2) (Euro bn) +3.4%(1) +0.9%(1) 33,500 32,808 313.8 7.5 53.6 3.0 56.6 (3.4) 264.3 260.2 9M12 FY12 9M13 320.9 Change in perimeter Traditional Traditional Unit Linked 9M13 Unit linked Net inflows by country (Euro m) Country 9M12 9M13 Italy (535) 787 (1,949) 67 3,333 3,635 CEE 282 424 RoE (611) 1,163 RoW 623 400 1,142 6,477 France Germany TOTAL (1) On like for like basis (2) Including liabilities related to investment contracts Assicurazioni Generali Group – 9M 2013 results  Italy: Positive development thanks to significant decrease of outflows, in particular maturities  France: Positive trend due the significant drop in surrenders  Germany: Confirms good development thanks to the positive development of volumes  Rest of Europe: 9M12 negatively influenced by the decision not to renew a large Group contract with low profitability
    • II. GROUP FINANCIALS Life profitability – Operating result 12 Life operating profitability hit by low interest rate environment Life Operating Result by driver (Euro m) 9M12 9M13  Like for like Technical Margin 4,365 4,264 +0.4% Investment Result 1,498 1,443 -1.2% (3,667) (3,636) +1.2% 2,196 2,071 -2.0% Expenses Operating Result 31 2,196 (101) Life operating result 9M12 Δ Technical margin Life operating ratio on Investments Assicurazioni Generali Group – 9M 2013 results 2,071 (55) Δ Investment result 0.70% Δ Expenses 0.62% Life operating result 9M13
    • II. GROUP FINANCIALS Life investment strategy and yields 13 Life segment own investments (%)  Current +1.9%(1) Euro 277.0 bn 2.0% 3.4% 3.6% 4.8% 8.4% 8.4% remains affected by a low reinvestment yield environment Euro 278.6 bn 2.1% 4.7% 3.5% 4.5% profitability  Reduction in Cash and cash equivalents, that have been deployed in more profitable investments Other  Increased exposure to corporate bonds to improve the overall return and diversification of the investment Cash & cash equivalent 33.9% 35.0% portfolio Real estate Equity Current return Fixed income Equity Real Estate Other fixed income 43.0% 42.9% Corporate bonds Government bonds FY12 9M13 (1) On like for like basis Assicurazioni Generali Group – 9M 2013 results 9M12 Euro m % 9M13 9M12 9M13 9M12 9M13 7,006 6,929 372 343 544 538 3.2 2.9 2.9 2.7 5.6 5.4
    • II. GROUP FINANCIALS Life new business value and profitability 14  APE increases (+1.1%), with positive development of unit linked (+11.3%) and protection business (+7.7%);  Profitability improves to 20.9% thanks to the improved product mix and to the lower guarantees offered on saving business Margin on APE (NBM) APE (Euro m) NBV 9M12 9M13 Like for like  9M12 9M13 9M12 9M13 1,106 1,235 11.6% 21.2% 17.8% 234 219 -5.3% France 742 573 -22.7% 12.4% 13.2% 92 76 -17.8% Germany 621 724 15.6% 19.8% 24.9% 123 181 45.7% CEE 108 126 -14.1% 35.2% 44.5% 38 56 6.6% RoE 447 440 -1.2% 22.6% 25.7% 101 113 12.9% RoW 159 113 2.3% 40.7% 22.6% 65 25 -10.4% Total 3,184 3,211 1.1% 20.5% 20.9% 653 670 7.3% Italy Like for like  9M13 amounts include the contributions from USA and MEXICO only for 1Q13. Such contributions, as well as other perimeter and FX rates changes, are neutralized in the like for like variation. Assicurazioni Generali Group – 9M 2013 results
    • II. GROUP FINANCIALS P&C gross written premiums 15  Slightly positive performance of Motor lines, thanks in particular to the excellent performance in Germany  Non Motor lines remained stable, despite negative trends in Italy and France that offset the good performance in Germany  Commercial under pressure mainly in Spain, Italy and France, due to the difficult economic environment Gross written premiums (Euro m) (Euro m) 9M12 9M13 Like for like  Italy 4,963 4,690 -5.6% France 3,231 2,752 -5.6% Germany 2,687 2,804 +4.4% CEE 1,820 1,465 -1.1% RoE 3,542 3,541 +0.6% RoW 1,202 993 +42.4% Total 17,444 16,245 +0.1% +0.1%(1) 17.444 9M12 16.245 9M13 (1) On like for like basis Assicurazioni Generali Group – 9M 2013 results
    • II. GROUP FINANCIALS P&C profitability – Operating result 16 Confirmed strong P&C operating profitability driven by excellent technical results P&C Operating Result by driver 9M12 9M13  like for like Technical Result 490 699 +52.0% Investment Result 798 789 +0.7% Other (130) (149) +14.9% Operating Result 1,158 1,339 +20.3% (Euro m) 209 1,158 1,339 (9) P&C operating result 9M12 Δ Technical result P&C operating ratio on Investments Assicurazioni Generali Group – 9M 2013 results (19) Δ Investment result 3.24% Δ Other P&C Operating result 9M13 3.57%
    • II. GROUP FINANCIALS P&C profitability – Net combined ratio Combined ratio (%) 17 (1/2) Combined ratio by country -1.6%pts. 9M12 97.6% 91.5% -6.1%pts. France 98.5% 98.4% -0.1%pts. 94.9% 95.9% +1.0%pts. 90.4% 89.3% -1.1%pts. RoE 96.3% 95.8% -0.5%pts. RoW 97.7% 105.7% +8.0%pts. Total 96.6% 95.1% -1.6%pts. (1.1) (0.4) 27.2 26.7 69.5 9M12 Italy CEE 95.1%  Germany 96.6% 9M13 68.3  Expense ratio  Loss ratio Loss ratio Assicurazioni Generali Group – 9M 2013 results 9M13 Expense ratio
    • II. GROUP FINANCIALS P&C profitability – Net combined ratio (2/2) Loss ratio (%)  Current loss ratio still improving, both in Motor and non-Motor -1.1%pts. 69.5 9M12 -0.8 Current year +0.5 -0.8 NAT CAT 68.3  Positive development of prior years confirmed, returning to more normal level in Q3 Prior years 9M13 9M13 69.9 2.5 -4.1 68.3 9M12 70.8 2.0 -3.3 69.5  Nat Cat affecting Q2 and Q3 2013 Expense ratio (%) -0.4%pts. 27.2 5.9 26.7 0.0 -0,5 Acq. costs Δ%pts 20.9 21.3 9M12 Δ Admin 5.9 Δ Acq. Assicurazioni Generali Group – 2009 results Assicurazioni Generali Group – FY 9M 2013 results 9M13 Adm. costs 18
    • II. GROUP FINANCIALS P&C investment strategy and yields 19 P&C segment own investments (%)  Higher incidence of Equities mainly due to positive +1.9%(1) Euro 38.0 bn Euro 37.2 bn 1.6% 8.0% 1.4% 7.5% 13.9% 13.9% market performance and tactical acquisitions  Increased exposure to corporate bonds to improve the overall return and diversification of the investment 6.9% 9.0% 10.7% 6.8% Other Cash & cash equivalent portfolio  Current profitability remains affected by a low reinvestment yield environment Real estate Equity 29.2% 31.3% Other fixed income Current return Fixed income Equity Real Estate Corporate bonds 9M12 9M13 9M12 9M13 9M12 9M13 Euro m 685 661 63 68 330 276 % 2.9 2.6 2.1 2.4 6.1 5.3 Government bonds 29.7% FY12 30.2% 9M13 (1) On like for like basis Assicurazioni Generali Group – 9M 2013 results
    • II. GROUP FINANCIALS Financial segment 20 Operating result (Euro m) Net fees and commissions (Euro m) +3.3% +14.8% 367 320 621 9M12 9M13 Third party AUM(1) (Euro bn) 641 9M12 9M13 Cost/income ratio (%) -1.9%pts. +3.7% 96.4 99.9 67.9 FY12 9M13 (1) Including only third party AUM related to financial segment companies Assicurazioni Generali Group – 9M 2013 results 66.0 9M12 9M13
    • Agenda II. Group financials Profit & loss review Life and P&C segment profitability Balance sheet and solvency I Assicurazioni Generali Group – 9M 2013 results 21
    • II. GROUP FINANCIALS IFRS Shareholders’ equity roll forward 22 (Euro m) +1.1% 19,828 19,223 (128) (815) Shareholders’ Equity FY12 1,591 19,013 60 (311) (440) Impact from revised IAS 19 01/01/2013 Δ in AFS Reserve 9M 2013 Net Result Δ Currency Translation Reserve Δ Cash Flow Hedge Reserve Dividend paid Change in AFS reserve (Euro m) 2,591 2,151 272 (732) AFS Reserve FY12 Impact Equity Investments Assicurazioni Generali Group – 9M 2013 results Impact Bond Investments 19 Other AFS Reserve 9M13 (563) Other (including Euro 477 m GPH 25% minorities buyout) Shareholders’ Equity 9M13
    • II. GROUP FINANCIALS Solvency I update (Euro bn) 23 Required margin Available margin Solvency I ratio 152% at October 24 150% 26.9 17.9 Main drivers of change 145%(1) Main drivers of change 143% 26.1 17.9 26.0 Available margin: 18.2  Consolidated result: +1.8  GPH 25% minorities buyout: - 1.3  Other M&A + 0.2 transactions(2)  Eligible debt: - 0.2  Financial markets and other elements: - 0.6 Required Margin: FY12 01/01/13 (1) FY12 shareholders’ equity was restated including the effects of revised IAS 19 (2) Banca Generali and own shares placement, GDH 3% minorities buyout Assicurazioni Generali Group – 9M 2013 results + 0.2 9M13
    • Agenda III. Final Remarks Assicurazioni Generali Group – 9M 2013 results 24
    • III. FINAL REMARKS Final remarks 25 Excellent underlying P&C performance Resilient Life profitability in a challenging market environment Progressing reinvestment of excess cash Assicurazioni Generali Group – 9M 2013 results
    • Agenda IV. Backup P&L Balance sheet Life Definitions Assicurazioni Generali Group – 9M 2013 results 26
    • Agenda IV. Backup P&L Balance sheet Life Definitions Assicurazioni Generali Group – 9M 2013 results 27
    • IV. BACK UP 9M13 Total gross written premiums (Euro m) Total gross written premiums 28 Gross life written premiums(1) YoY Country GWP % increase YoY Weight on total GWP GWP (2) Italy Gross P&C written premiums % increase YoY Weight on total GWP GWP (2) % increase Weight on total GWP (2) 13,910 +2.0% 28.4% 9,220 +6.4% 28.1% 4,690 -5.6% 28.9% 8,635 -18.0% 17.6% 5,883 -22.8% 17.9% 2,752 -5.6% 16.9% 14,082 +10.0% 28.7% 11,278 +11.5% 34.4% 2,804 +4.4% 17.3% CEE 2,637 -1.3% 5.4% 1,172 -1.6% 3.6% 1,465 -1.1% 9.0% RoE 7,801 +2.3% 15.9% 4,260 +3.8% 13.0% 3,541 +0.6% 21.8% Spain 1,700 -6.0% 3.5% 724 -1.9% 2.2% 976 -8.8% 6.0% Austria 1,966 +0.8% 4.0% 845 -1.2% 2.6% 1,121 +2.3% 6.9% Switzerland 1,373 -4.2% 2.8% 745 -7.9% 2.3% 628 +0.6% 3.9% RoW 1,988 +29.4% 4.1% 995 +18.0% 3.0% 993 +42.4% 6.1% Total 49,053 +0.6% 100.0% 32,808 +0.9% 100.0% 16,245 +0.1% 100.0% France Germany Of which: (1) Including investment contracts (2) On like for like basis with constant exchange rates Assicurazioni Generali Group – 9M 2013 results
    • IV. BACK UP 9M13 Life premiums by country and business line(1) Savings and pension (Euro mln) GDP YoY % (2) increase Protection Unit/Index linked YoY % GDP 29 (2) increase YoY % GDP (2) increase Total GDP YoY % (2) increase Italy 8,423 +7.1% 159 -7.8% 373 -4.0% 8,955 +6.3% France 3,468 -36.5% 1,287 -3.8% 913 +46.7% 5,668 -23.7% Germany 5,698 +23.2% 3,077 +1.6% 2,503 +1.9% 11,278 +11.5% CEE 636 -11.1% 185 +8.6% 350 +15.5% 1,172 -1.5% RoE 1,514 -3.3% 672 +3.5% 2,054 +9.7% 4,241 +3.8% Spain 573 -1.8% 144 -3.3% 7 +17.7% 724 -1.9% Austria 454 -2.0% 197 +4.9% 180 -6.2% 831 -1.4% Switzerland 117 -14.8% 97 +3.4% 531 -8.1% 745 -7.9% 575 +14.6% 350 +13.3% 69 +150.6% 994 +18.7% 20,315 -2.0% 5,730 +1.1% 6,262 +10.5% 32,307 +0.7% Of which: RoW Total Life gross direct premiums (1) Including investment contracts (2) On like for like basis with constant exchange rates Assicurazioni Generali Group – 9M 2013 results
    • IV. BACK UP 9M13 P&C premiums by country and business line Motor (1) (Euro mln) Italy GDP Personal YoY % increase(2) Commercial YoY % GDP increase(2) YoY % GDP increase(2) 30 Accident/Health YoY % GDP increase(2) Total GDP YoY % increase (2) 2,151 -9.6% 604 +1.6% 1,045 -4.4% 772 -5.1% 4,571 -6.3% 779 -8.6% 1,189 -4.2% 601 -5.8% 0 n.a. 2,569 -6.0% 1,141 +7.9% 1,033 +2.5% 223 +2.2% 402 +1.0% 2,800 +4.4% CEE 695 -2.6% 265 +1.9% 392 -0.3% 80 -0.3% 1,432 -1.1% RoE 1,304 +0.7% 814 +3.4% 720 -6.3% 568 +3.3% 3,405 +0.2% Spain 267 -8.4% 315 +1.8% 241 -20.1% 137 -1.7% 960 -7.9% Austria 430 +1.0% 251 +2.1% 304 +2.9% 118 +3.3% 1,102 +2.0% Switzerland 316 -1.9% 154 +3.5% 3 -7.1% 155 +4.3% 627 +0.9% 655 +49.9% 33 +145.7% 194 +27.2% 46 +92.4% 928 +48.0% 6,725 +0.4% 3,938 +0.9% 3,175 -2.5% 1,868 +0.2% 15,706 -0.1% France Germany Of which: RoW Total P&C gross direct premiums (1) Including fleets (2) On like for like basis with constant exchange rates Assicurazioni Generali Group – 9M 2013 results
    • IV. BACK UP Life net inflows by country 31 Country 9M12 9M13 Like for like Δ Italy (535) 787 n.a. (1,949) 67 n.a. 3,333 3,635 +9.1% CEE 282 424 +68.1% RoE (611) 1,163 n.a. (1,709) (141) -91.8% Austria 114 133 +15.8% Switzerland 476 410 -11.9% 623 400 +36.2% 1,142 6,477 +605.6% France Germany Of which: Spain RoW TOTAL Assicurazioni Generali Group – 9M 2013 results
    • IV. BACK UP 9M13 technical ratios 32 Life - Expense ratio (%) P&C - Combined ratio (%) 96.6 11.2 9M12 27.2 26.7 Loss ratio 69.5 68.3 9M12 11.1 95.1 Expense ratio 9M13 9M13 Total - Expense ratio (%) 16.4 9M12 Assicurazioni Generali Group – 9M 2013 results 16.1 9M13
    • IV. BACK UP 9M13 combined ratio reconciliation 33 (Euro m) 9M12 9M13 A Net earned premiums (net of consolidation adjustments) 15,763 15,173 B Consolidated net claims 10,949 10,369 Consolidated acquisition costs 3,358 3,164 Consolidated administration costs 983 926 56 33 927 893 4,284 4,057 69.5% 27.2% 96.6% 68.3% 26.7% 95.1% 40 48 490 699 Non insurance activity related administration costs (1) Insurance activity related consolidated administration costs C Total acquisition and administration costs B/A Loss ratio C/A Expense ratio (B+C)/A Combined ratio D Other technical items A-B-C-D Technical result (1) Administration expenses related to service companies, real estates and other companies not belonging to P&C segment Assicurazioni Generali Group – 9M 2013 results
    • IV. BACK UP 9M13 technical ratios by country (%) 34 ITA FRA GER CEE RoE SPA AUT SWI RoW Consolidated 9M13 71.3% 71.1% 67.5% 57.5% 67.8% 65.9% 67.8% 70.6% 65.1% 68.3% 9M12 77.4% 71.8% 66.5% 52.6% 67.8% 65.9% 69.1% 70.0% 59.3% 69.5% 9M13 20.2% 27.3% 28.4% 31.8% 28.0% 27.9% 27.2% 24.5% 40.6% 26.7% 9M12 20.2% 26.7% 28.4% 37.8% 28.5% 28.1% 27.5% 26.0% 38.5% 27.2% 9M13 91.5% 98.4% 95.9% 89.3% 95.8% 93.8% 95.0% 95.1% 105.7% 95.1% 9M12 97.6% 98.5% 94.9% 90.4% 96.3% 94.0% 96.6% 96.0% 97.7% 96.6% P&C Loss ratio P&C Expense ratio P&C Combined ratio Life expense ratio by country 9M13 9.8% 12.8% 10.1% 18.0% 12.3% 4.9% 14.6% 19.2% 23.2% 11.1% 9M12 10.3% 9.0% 11.5% 19.9% 12.8% 4.8% 14.6% 18.8% 15.1% 11.2% Assicurazioni Generali Group – 9M 2013 results
    • IV. BACK UP Focus on operating result 35 Operating result by country(1) (Euro m) Operating result breakdown(1) (Euro m) 9M12 Italy 9M13 Like for like ∆ 1,432 1,590 11.0% 1,590 190 France 529 560 5.8% Germany 463 490 6.0% CEE 349 307 -12.1% 517 733 560 RoE RoW Operating result(1) 700 201 733 98 4.7% 883 33.4% 3,674 3,778 6.5% Op. holding expenses (221) (268) (161) (149) 155 34 208 405 248 127 307 274 19 159 129 333 CEE RoE +21.0% Consolidation Adj. 490 -7.9% Italy France Germany Life Total operating result 3,292 3,361 +6.2% (1) Operating result = operating result of life, P&C and financial segments, before holding expenses and consolidation adjustments Assicurazioni Generali Group – 9M 2013 results P&C Financial 98 26 74 -2 RoW
    • IV. BACK UP Operating Return on Equity: calculation 36 (Euro m) 9M 2013(1) FY 2012 FY 2011 FY 2010 Consolidated Operating result 3,361 4,219 3,928 4,077 Interest expenses on financial debt (564) (668) (646) (704) Operating taxes(2) (965) (1,225) (1,132) (1,163) Minority interest (123) (287) (278) (258) Net IFRS Total Operating result 1,710 2,040 1,872 1,951 Average shareholder's equity (excluding OCI(3)) 17,268 17,131 17,252 16,699 9.9% 11.9% 10.8% 11.7% Operating RoE (1) 9M13 Operating RoE not annualised (2) Taxes based on mid-point of long term expected range of 33-36% (3) For the definitions refer to the related section in the backup Assicurazioni Generali Group – 9M 2013 results
    • IV. BACK UP Life operating result 37 Operating result (Euro m) Operating result by country (Euro m) 9M12 883 -10.9% 348 405 +16.3% Germany 236 248 +5.1% CEE 136 129 -5.0% RoE 2,071 991 France 2,196 Like for like  Italy -2.0%(1) 9M13 335 333 -0.7% Of which: % Spain Assicurazioni Generali Group – 9M 2013 results 51 57 +12.7% 90 103 +15.0% RoW 150 74 +9.2% Total (1) On like for like basis -6.8% Switzerland 9M13 82 Austria 9M12 88 2,196 2,071 -2.0%
    • IV. BACK UP P&C operating result 38 Operating result (Euro m) Operating result by country (Euro m) 9M12 517 +87.9% 181 155 -14.5% Germany 187 208 +11.0% CEE 195 159 -18.7% RoE 1,158 275 France 1,339 Like for like  Italy +20.3%(1) 9M13 267 274 +2.6% Of which: % Spain 67 83 +24.9% 38 40 +5.6% RoW 53 26 +249.5% Total Assicurazioni Generali Group – 9M 2013 results +2.6% Switzerland (1) On like for like basis 117 Austria 9M12 114 1,158 1,339 +20.3% 9M13
    • IV. BACK UP Focus on impairments(1) Life (Euro m) Net impairments 39 P&C Financial Total 9M12 9M13 9M12 9M13 9M12 9M13 9M12 9M13 Equity instruments 461 262 99 43 3 1 563 307 Fixed income 163 (18) 16 (4) 6 (1) 184 (23) 36 89 5 10 0 0 41 99 Other investments(2) 8 108 91 112 7 (4) 106 216 Total net impairments 667 441 212 163 16 (4) 894 599 Operating net impairments 509 319 0 0 13 0 522 319 Non operating net impairments 158 122 212 163 3 (4) 372 280 Real estate Of which (1) Net of reverse impairments (2) Including subsidiaries and associated companies Assicurazioni Generali Group – 9M 2013 results
    • IV. BACK UP Focus on realised gains(1) (Euro m) 40 Life P&C Financial Total 9M12 9M13 9M12 9M13 9M12 9M13 9M12 9M13 124 387 (20) 72 1 118 105 573 443 478 82 95 1 118 526 687 (319) (90) (102) (23) 0 0 (421) (114) 238 1,169 43 133 (1) 16 280 1,318 2,308 1,294 173 151 6 19 2,487 1,465 (2,070) (125) (130) (18) (7) (3) (2,207) (146) 70 52 72 101 0 0 142 154 Realised gains 76 59 76 117 0 0 153 176 Realised losses (7) (7) (4) (15) 0 0 (11) (22) 11 20 26 1 (2) 2 35 24 Realised gains 11 35 26 6 1 2 38 43 Realised losses 0 (15) 0 (5) (3) 0 (3) (20) Total net realized gains 443 1,629 121 306 (2) 136 561 2,069 Operating net realized gains 512 1,641 0 0 0 50 513 1,688 Non operating net realized gains (69) (11) 121 306 (2) 86 48 381 Net realized gains on Equities Realised gains Realised losses Net realized gains on Fixed Income Realised gains Realised losses Net realized gains on Real Estate Net realized gains on Other(2) (1) Excluding financial instruments at fair value through profit and loss (2) Including subsidiaries and associated companies Assicurazioni Generali Group – 9M 2013 results
    • IV. BACK UP Reclassified P&L account 41 Total (Euro m) Total Operating result Net earned premiums Net insurance benefits and claims Acquisition and administration costs Net fee and commission income and net income from financial service activities Operating income from other financial instruments Operating income from financial instruments at fair value through profit or loss of which net income from fin. assets and liabilities where the risk is borne by the policyholders Operating holding expenses Net other operating expenses Non-operating result Non-operating income from other financial instruments Non-operating income from financial instruments at fair value through profit or loss Non-operating holding expenses Interest expenses on financial debt Other non-operating holding expenses Net other non-operating expenses Earnings before taxes Income taxes Result from discontinued operations Consolidated result of the period Result of the period attributable to minority interests Result of the period Assicurazioni Generali Group – 9M 2013 results 9M12 9M13 3,292 45,847 (46,972) (8,487) 590 8,325 4,463 3,361 44,893 (45,782) (8,184) 592 9,545 2,906 3,409 2,278 (221) (253) (1,046) (324) 20 (496) (268) (341) (889) 101 (75) (597) (493) (564) (3) (33) (246) 2,246 (869) (22) 1,355 (222) 1,133 (318) 2,473 (738) 60 1,795 (205) 1,591
    • IV. BACK UP Reclassified P&L account by segment – 9M12 42 Life Non life Financial(1) Unallocated holding expenses 2,196 1,158 320 (221) (161) 3,292 30,084 15,763 - - 0 45,847 (36,023) (10,949) - - (1) (46,972) (3,279) - - - - (3,279) (3,555) (4,295) (637) - - (8,487) 70 - 621 - (101) 590 Operating income from other fin. Instruments 7,314 764 297 - (51) 8,325 Operating income from fin. Instruments at fair value through profit or loss 4,322 35 106 - - 4,463 3,409 - - - - 3,409 - - - (221) - (221) (17) (160) (67) - (9) (253) (341) (173) (26) (496) (11) (1,046) (227) (91) (5) - (2) (324) Non-operating income from fin. instr.at fair value through profit or loss - 20 - - - 20 Non-operating holding expenses - - - (496) - (496) (114) (102) (21) - (9) (246) 1,855 986 294 (717) (172) 2,246 (Euro m) Total Operating result Net earned premiums Net insurance benefits and claims of which var. of provisions related to unit linked business Acquisition and administration costs Net fee and commission income and net income from financial service activities of which net income from fin.assets and liabilities where the risk is borne by the policyholders Operating holding expenses Net other operating expenses Non-operating result Non-operating income from other fin.instr. Net other non-operating expenses Earnings before taxes (1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report Assicurazioni Generali Group – 9M 2013 results Consolidation adjustments Total
    • IV. BACK UP Reclassified P&L account by segment – 9M13 43 Unallocated holding expenses Consolidation adjustments Total Life Non life Financial(1) 2,071 1,339 367 (268) (149) 3,361 29,720 15,173 - - - 44,893 (35,413) (10,369) - - - (45,782) (2,605) - - - - (2,605) (3,487) (4,069) (628) - - (8,184) 61 - 641 - (110) 592 Operating income from other fin. Instruments 8,495 763 324 - (36) 9,545 Operating income from fin. Instruments at fair value through profit or loss 2,763 26 116 - - 2,906 2,278 - - - - 2,278 - - - (268) - (268) (67) (185) (86) - (3) (341) (267) (79) 55 (597) - (889) (133) 144 91 - - 101 Non-operating income from fin. instr.at fair value through profit or loss - (75) - - - (75) Non-operating holding expenses - - - (597) - (597) (134) (148) (36) - - (318) 1,804 1,259 422 (864) (149) 2,473 (Euro m) Total Operating result Net earned premiums Net insurance benefits and claims of which var. of provisions related to unit linked business Acquisition and administration costs Net fee and commission income and net income from financial service activities of which net income from fin.assets and liabilities where the risk is borne by the policyholders Operating holding expenses Net other operating expenses Non-operating result Non-operating income from other fin.instr. Net other non-operating expenses Earnings before taxes (1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report Assicurazioni Generali Group – 9M 2013 results
    • IV. BACK UP Focus on 3Q13 results (Euro m) 44 3Q13/ 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 Life premiums(1) 10,543 12,009 12,815 10,415 10,271 13,309 12,282 11,259 9,687 -2.2% P&C premiums 4,931 5,823 6,999 5,419 5,027 5,359 6,863 5,050 4,530 -1.5% Total premiums 15,474 17,832 19,814 15,834 15,298 18,668 19,145 16,309 14,217 -2.0% Life net inflows 1,678 (651) 760 (1,138) 1,515 2,399 2,913 2,109 1,566 +11.3% Combined ratio % 96.7% 96.4% 95.4% 98.8% 95.7% 92.8% 93.6% 95.8% 95.9% +0.3% Life operating result 315 564 819 832 545 462 797 683 591 +13.2% P&C operating result 405 357 411 344 404 505 520 389 430 +11.7% 68 63 126 85 109 88 119 153 95 -12.1% Operating holding expenses and cons. adj. (96) (155) (126) (148) (109) (128) (108) (176) (133) +21.8% Total operating result 692 827 1,230 1,113 949 928 1,328 1,049 984 +8.5% 20 31 567 274 291 (1,043) 603 478 510 +75.2% Financial operating result Net result (1) Including investment contracts (2) On like for like basis Assicurazioni Generali Group – 9M 2013 results Q312(2)
    • Agenda IV. Backup P&L Balance sheet Life Definitions Assicurazioni Generali Group – 9M 2013 results 45
    • IV. BACK UP Consolidated balance sheet 46 9.7 19.8 19.2 2.7 1.8 Shareholders’ Equity 22.6 21.1 50.7 50.2 13.2 12.7 336.4 340.7 Payables and other provisions 9.9 9M13 9M13 Financial debt Intangible assets FY12 FY12 Operating debt (Euro bn) 9.5 10.2 Other liabilities 9.4 15.6 441.7 450.5 (Euro bn) Shareholders’ Equity (Group share) Minority interests Investments Cash Other credits Tangible assets Other assets (1) Total Assets 374.1 381.0 21.6 17.7 11.1 5.0 12.1 5.0 20.0 25.0 441.7 450.5 Technical reserves Total Liabilities and Shareholders’ Equity (1) Including reinsurance amounts of technical reserve, deferred tax assets, deferred acquisition costs and other assets Assicurazioni Generali Group – 9M 2013 results
    • IV. BACK UP Assets under management 47 Total Total Euro 490 bn Euro 497 bn 97.4 53.8 99.9 56.7 Third parties AUM Unit Linked Fixed income instruments 81.2% 338.8 339.0 Other 3.4% Real Estate 4.5% Equity 5.1% Cash & equival. 4.9% “Own Investments”(1) FY12 (1) For definitions refer to the related section in the backup Assicurazioni Generali Group – 9M 2013 results 9M13
    • IV. BACK UP Investment yields(1) Fixed Income 48 Investment Properties Equities Other Total 9M12 9M13 9M12 9M13 9M12 9M13 9M12 9M13 9M12 9M13 Current 3.2 2.9 2.9 2.7 5.6 5.4 1.2 1.5 3.1 2.9 Total P&L 3.4 3.5 1.6 5.4 4.1 3.2 1.8 -0.1 3.2 3.3 Comprehensive 9.6 1.9 7.7 9.7 3.7 3.1 1.8 -0.1 8.6 2.1 Current 2.9 2.6 2.1 2.4 6.1 5.3 1.3 2.6 3.2 2.9 Total P&L 3.1 3.1 -1.8 3.4 3.9 4.0 1.8 1.6 2.5 2.9 Comprehensive 7.6 2.2 4.0 8.3 3.8 3.9 1.6 1.7 5.9 2.7 Current 3.1 2.9 2.7 2.7 5.7 5.4 0.9 1.1 3.0 2.8 Total P&L 3.3 3.4 1.1 5.7 3.9 3.5 1.3 0.2 3.0 3.2 Comprehensive 9.1 1.9 7.0 9.9 3.7 3.4 1.2 0.2 7.9 2.2 Return (%) LIFE P&C TOTAL (1) For definitions refer to the related section in the backup. Assicurazioni Generali Group – 9M 2013 results
    • IV. BACK UP IFRS Shareholders’ equity roll forward – Quarterly evolution 49 (Euro m) +4.3% 18,433 510 213 (4) Shareholders’ Equity 1H2013 Δ in AFS Reserve 3Q 2013 Net Result 35 37 Δ Currency Translation Reserve 0 Δ Cash Flow Hedge Reserve Dividend paid Change in AFS reserve (Euro m) 1,938 288 38 2,151 (113) AFS Reserve 1H13 Impact Equity Investments Assicurazioni Generali Group – 9M 2013 results Impact Bond Investments 19,223 Other AFS Reserve 9M13 Other Shareholders’ Equity 9M13
    • IV. BACK UP AFS reserve breakdown 50 FY12 1H13 9M13 1,889 1,271 1,158 1,111 764 665 778 507 493 Equity 549 534 822 Investment funds and other 152 134 171 2,591 1,938 2,151 (Euro m) Fixed income instruments Government Corporate TOTAL Assicurazioni Generali Group – 9M 2013 results
    • IV. BACK UP Regulatory Solvency I development in 3Q13 51 (Euro bn) Required margin 139% Solvency I ratio Available margin Main drivers of change 143% 26.0 25.1 Available margin + 0.2 - 0.2  Financial markets and other elements: + 0.2 Required Margin Assicurazioni Generali Group – 9M 2013 results + 0.6  GDH 3% minorities buyout 1H13  Consolidated result:  Own shares placement: 18.1 + 0.1 18.2 9M13
    • IV. BACK UP Total comprehensive income(1) 52 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 (Euro m) 681 1,850 +4,000 m 2,530 1,032 (344) 1,308 (644) (244) 270 773 196 425 (12) (1,326) -1,000 m 3M10 6M10 9M10 12M10 1,308 1,064 2,096 1,452 (307) 3M11 6M11 9M11 12M11 3M12 6M12 9M12 12M12 270 466 (860) (1,166) 2,530 2,186 4,036 (1) For definitions refer to the related section in the backup Assicurazioni Generali Group – 9M 2013 results 4,717 3M13 6M13 9M13 425 413 1.186
    • Agenda IV. Backup P&L Balance sheet Life Definitions Assicurazioni Generali Group – 9M 2013 results 53
    • IV. BACK UP Life new business: APE 54 APE (Euro m) Annual Premiums Single Premiums 9M12 9M13 Like for like  9M12 9M13 Like for like  9M12 9M13 Like for like  1,106 1,235 11.6% 730 795 8.9% 3,765 4,401 16.9% France 742 573 -22.7% 225 237 5.4% 5,171 3,365 -34.9% Germany 621 724 15.6% 409 403 -2.4% 2,119 3,207 50.5% CEE 108 126 -14.1% 100 120 -11.8% 78 66 -41.2% RoE 447 440 -1.2% 298 272 -8.3% 1,494 1,685 12.9% Austria 73 66 -9.0% 57 50 -12.4% 160 164 3.0% Spain 79 90 13.0% 33 38 15.0% 463 517 11.6% Switzerland 70 44 -35.9% 63 43 -30.4% 75 14 -81.4% RoW 159 113 2.3% 131 93 1.9% 279 198 5.8% Total 3,184 3,211 1.1% 1,893 1,919 1.5% 12,906 12,921 0.7% Italy 9M13 amounts include the contributions from USA and MEXICO only for 1Q13. Such contributions, as well as other perimeter and FX rates changes, are neutralized in the like for like variation. Assicurazioni Generali Group – 9M 2013 results
    • Agenda IV. Backup P&L Balance sheet Life Definitions Assicurazioni Generali Group – 9M 2013 results 55
    • IV. BACK UP Definitions: P&L and balance sheet Investments Returns (1/3) 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 Generali Banorte and Generali US Life RE from the comparative period Operating Result Operating result of life, P&C and financial segments, before holding expenses and consolidation adjustments Assicurazioni Generali Group – 9M 2013 results 56
    • IV. BACK UP Definitions: P&L and balance sheet Own Investments (2/3) 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 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. 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 information's 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 – 9M 2013 results 57
    • IV. BACK UP Definitions: P&L and balance sheet Operating RoE (3/3) 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 Income (OCI) Other Comprehensive Income includes net unrealized gains and losses on AFS investments, foreign currency translation differences, net unrealized gains and losses on hedging derivatives. Assicurazioni Generali Group – 9M 2013 results 58
    • IV. BACK UP Definitions: Life APE and NBV Annual Premium Equivalent (APE) is defined as new business annualised regular premiums plus 10% of single premiums New Business Value (NBV) is the present value, at the point of sale, of the projected stream of after tax industrial profits expected to be generated by the covered new business written in the period, taking into account the actual acquisition costs incurred in the period of sale, 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 NBV is defined as the sum of quarterly NBV, calculated with beginning of period economic and operating assumptions New Business Margin (NBM) is defined as the New Business Value divided by Annual Premium Equivalent Assicurazioni Generali Group – 9M 2013 results 59
    • What’s next November 27, 2013 - Investor Day Assicurazioni Generali Group – 9M 2013 results 60
    • Investor Relations Team 61 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) Email: emanuele_marciante@generali.com Assicurazioni Generali Veronica Cherini (Tel.: +39-040-671488) Email: veronica_cherini@generali.com Rodolfo Svara (Tel.: +39-040-671823) Email: rodolfo_svara@generali.com P.za Duca degli Abruzzi 2 34132 Trieste, Italy Fax: +39 040 671338 e-mail: generali_ir@generali.com Marta Porczynska (Tel.: +39-040-671402) IR Events Email: marta_porczynska@generali.com Martina Vono (Tel.: +39-040-671548) IR Events Email: martina_vono@generali.com Assicurazioni Generali Group – 9M 2013 results www.generali.com
    • Disclaimer Certain of the statements contained herein are statements of future expectations and other forward-looking statements. These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties. The user of such information should recognise that actual results, performance or events may differ materially from such expectations because they relate to future events and circumstances which are beyond our control including, among other things, general economic and sector conditions. Neither Assicurazioni Generali S.p.A. nor any of its affiliates, directors, officers employees or agents owe any duty of care towards any user of the information provided herein nor any obligation to update any forward-looking information contained in this document. The manager charged with preparing the company’s financial reports, 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 – 9M 2013 results 62
    • Generali Group 9M 2013 Results November 7, 2013 March 2006