Generali Grup 9M 2010 Results

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Generali Grup 9M 2010 Results

  1. 1. Rome, November 11, 2010 Generali Group 9M 2010 Results
  2. 2. Assicurazioni Generali Group – 9M 2010 results 2Agenda I. Overview II. Group financials III. Final remarks IV. Backup
  3. 3. Assicurazioni Generali Group – 9M 2010 results 3Agenda I. Overview 9M 2010 results at a glance
  4. 4. Assicurazioni Generali Group – 9M 2010 results 4 Life net inflows (Euro m) Operating result (Euro m) 9M 2010 results at a glance 2,862 3,189 +11.4% I. OVERVIEW 9M09 9M10 894 1,313 +46.8% 9M09 9M10 Net result (Euro m) 16,652 18,201 +9.3% FY09 9M10 Shareholders’ equity (Euro m) 11,090 12,622 +12.7%(1) 9M09 9M10 (1) On like for like basis
  5. 5. Assicurazioni Generali Group – 9M 2010 results 5Agenda II. Group financials Profit & loss review Shareholders’ equity Life & P&C profitability
  6. 6. Assicurazioni Generali Group – 9M 2010 results 6Revenue development by segment II. GROUP FINANCIALS (1) Including investment contracts for Euro 3,750.7 m in 9M10 (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 (Euro m) 9M10 ∆ historical 9M10/9M09 ∆ like for like 9M10/9M09 3Q10 ∆ like for like 3Q10/3Q09 Gross written premiums 53,829 +6.8% +5.8% 15,700 -1.6% Life(1) 37,272 +8.9% +8.0% 10,921 -3.0% P&C 16,557 +2.4% +1.0% 4,780 +1.7% Life annual premium equivalent(2) 3,827 +13.4% +6.1% 1,056 -4.2%
  7. 7. Assicurazioni Generali Group – 9M 2010 results 7 Consolidation adjustments Consolidated operating result Financial services operating result P&C operating result Operating holding expenses Life operating result 2,302 939 277 -204 -125 3,189 1,840 1,071 342 -193 -198 2,862 734 276 74 -66 -42 976 571 361 120 -66 -57 928 +26.2% +5.1% -37.8% -23.6% +0.3% +28.6% 3Q10 3Q09 9M10 operating result (Euro m) Operating result by segment II. GROUP FINANCIALS 9M10 9M09 3Q10 operating result (Euro m) 3Q10/3Q09 +37.0% +11.4% -19.0% -12.3% -5.6% +25.1% 9M10/9M09
  8. 8. Assicurazioni Generali Group – 9M 2010 results 8Focus on operating result (Euro m) 9M09 9M10 ∆ Italy 947 1,338 +41.2% France 509 513 +1.0% Germany 411 540 +31.3% CEE 516 269 -48.0% RoE 699 579 -17.1% RoW 171 279 +63.1% Operating result(1) 3,253 3,518 +8.1% Op. holding expenses (193) (204) -5.6% Consolidation Adj. (198) (125) +37.0% Total operating result 2,862 3,189 +11.4% II. GROUP FINANCIALS Operating result by country(1) 1,004 362 262 136 335 202 240 145 239 114 160 41 94 7 39 18 83 36 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
  9. 9. Assicurazioni Generali Group – 9M 2010 results 9From operating result to net result (Euro m) 9M09 9M10 Total operating result 2,862 3,189 +11.4% Non operating investment income (570) (152) Income and exp. from fin. assets at FV thr. P&L (203) (19) Income and exp. from other financial instruments (367) (132) Non-operating holding expenses (539) (561) Net other non operating expenses (230) (368) Total non operating result (1,340) (1,081) +19.3% Consolidated result of the period before taxes and minority interests 1,522 2,108 +38.5% Income taxes (337) (654) Result from discontinued operations (Intesa Vita) 86 51 Minority interests (377) (192) Net result of the period 894 1,313 +46.8% II. GROUP FINANCIALS (1) Including interest expenses on financial debt (1)
  10. 10. Assicurazioni Generali Group – 9M 2010 results 10 16,652 18,201 (3) 398 1,313 487 (102) (544) IFRS Shareholders’ equity roll forward Shareholders’ Equity FY09 Δ in AFS Reserve 9M 2010 Net Result Δ Currency Translation Reserve Δ Cash Flow Hedge Reserve Dividend Other Shareholders’ Equity 9M10 +9.3% II. GROUP FINANCIALS (Euro m) Change in AFS reserve (Euro m) 730 7 1,128 (203) 594 AFS Reserve FY09 Impact Equity Investments Impact Bond Investments Other AFS Reserve 9M10
  11. 11. Assicurazioni Generali Group – 9M 2010 results 11 16.9 23.9 16.6 24.8 Solvency I update II. GROUP FINANCIALS Required margin Available margin FY09 142%(1) (Euro bn) 9M10 150%(1) Solvency I ratio (1) Including off balance sheet unrealized gains on real estate, 8%pts of which subject to authorities’ authorization
  12. 12. Assicurazioni Generali Group – 9M 2010 results 12 327.8 47.6 309.5 42.5 95.9 83.6 Investments(1) 435.6 Fixed income instruments (3) 79.9% Other (4) 4.1% Real Estate (5) 4.6% Equity 8.4% Unit Linked Third parties AUM “Own Investments” (2) FY09 9M10 (Euro bn) 471.3 +8.2% II. GROUP FINANCIALS (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 € 331.1 bn, compared to € 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. 3.0%
  13. 13. Assicurazioni Generali Group – 9M 2010 results 13 Assicurazioni Generali Group – 9M 2010 results Life New Business Annual Premium Equivalent Solid growth of APE (+6.1%): significant progression of Unit Linked business (+16.9%) coupled with positive development of traditional products (+2.9%) II. GROUP FINANCIALS (Euro m) APE 9M 2009 9M 2010 Historical Like for like Italy 881 1,177 +33.6% +12.0% France 984 899 -8.6% -8.6% Germany 730 729 -0.2% -1.2% CEE 117 122 +3.9% +0.9% RoE 408 594 +45.6% +38.4% RoW 256 307 +20.2% +7.9% Total 3,375 3,827 +13.4% +6.1%
  14. 14. Assicurazioni Generali Group – 9M 2010 results 14Strong growth in life business 9M 2010 258.1 47.7 FY 2009 243.8 42.6 Δ% +5.9% +12.1% II. GROUP FINANCIALS Life net technical reserves(2) (Euro bn)Life gross written premiums (Euro m) 37,27234,237 9M109M09 Life net inflows by country(1) (Euro m) +8.0%(3) 9M10FY09 286.4 14.3 5.1 Traditional Unit Linked Δ 305.8 Country 9M09 9M10 Δ(3) Italy 98 1,543 +1468.9% France 5,338 3,518 -34.1% Germany 3,149 3,760 +19.4% CEE 492 297 -41.2% TOTAL 11,090 12,622 +12.7% +6.8% (2) Including investment contracts (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 1,840 2,302 +25.1% 9M09 9M10 Life operating result (Euro m)
  15. 15. Assicurazioni Generali Group – 9M 2010 results 15P&C Gross Written Premiums II. GROUP FINANCIALS (Euro m) 9M09 9M10 Historical Like for like(1) Italy 4,925 4,969 +0.9% +0.9% France 2,953 3,077 +4.2% +4.2% Germany 2,490 2,468 -0.9% -0.9% CEE 1,632 1,712 +4.9% -2.6% RoE 3,308 3,330 +0.7% -0.5% RoW 868 1,002 +15.5% +8.6% Total 16,175 16,557 +2.4% +1.0% (1) Calculated considering equivalent exchange rates and scope of consolidation Light signs of P&C premium recovery, despite the challenging environment Growth sustained by Non-Motor retail and Accident/Health Motor recovering in Italy and France Commercial still under pressure in several countries
  16. 16. Assicurazioni Generali Group – 9M 2010 results 16P&C profitability (1/2) 0.20.7 9M109M09 Combined ratio (%) Expense ratio Loss ratio +0.9%pts. II. GROUP FINANCIALS Combined ratio by country (%) 9M09 9M10 Italy 101.8 98.9 -2.9%pts France 99.0 100.3 +1.3%pts Germany 95.2 95.7 +0.5%pts CEE 87.7 95.2(*) +7.5%pts RoE 96.1 99.9 +3.8%pts RoW 101.8 100.9 -0.9%pts Total 97.9 98.8 +0.9%pts 27.3 71.5 26.6 71.3 98.897.9 Loss ratio Expense ratio (1) Excluding nat cat, the ratio would be 87.6%
  17. 17. Assicurazioni Generali Group – 9M 2010 results 17 6.0 20.4 -0.2 0.9 6.2 21.3 P&C profitability (2/2) 9M10 2.1 69.4 71.5 9M09 1.7 69.6 71.3 II. GROUP FINANCIALS Loss ratio (%) 9M109M09 71.3 71.5 0.4 (0.2) Nat CAT Loss ratio w/o NAT CAT 9M109M09 Δ Admin Δ Acq. Acq. costs Adm. costs 27.3 Expense ratio (%) Δ%pts Reserving ratio (%) -1.0%pts 26.6 201.7% 200.7% 1,071 939 -12.3% 9M09 9M10 P&C operating result (Euro m) 9M09 9M10
  18. 18. Assicurazioni Generali Group – 9M 2010 results 18 III. Final Remarks Agenda
  19. 19. Assicurazioni Generali Group – 9M 2010 results 19Final remarks III. FINAL REMARKS Robust life performance both in terms of volumes and profitability Non life business in progress but hit by natural catastrophes Confirmed focus on cost efficiency improvement 2010 total operating profit outlook (range: Euro 3.6 – 4.2 bn) confirmed
  20. 20. Assicurazioni Generali Group – 9M 2010 results 20Agenda IV. Backup
  21. 21. Assicurazioni Generali Group – 9M 2010 results 219M10 total gross written premiums (Euro m) Total Gross Written Premiums Country GWP ∆%(2) % weight Italy 14,482 +10.0% 26.9% France 11,769 -9.0% 21.9% Germany 12,423 +9.4% 23.1% Eastern Europe 2,937 -2.2% 5.5% RoE 8,432 +16.2% 15.7% Of which: Spain 1,733 -13.2% 3.2% Austria 1,975 +4.0% 3.7% Switzerland 1,208 +2.2% 2.2% RoW 3,786 +19.8% 7.0% Total 53,829 +5.8% 100.0% Gross Life Written Premiums(1) GWP ∆%(2) % weight 9,513 +15.4% 17.7% 8,692 -12.9% 16.1% 9,955 +12.3% 18.5% 1,225 -1.5% 2.3% 5,102 +30.6% 9.5% Of which: 675 -22.6% 1.3% 894 +8.8% 1.7% 682 +1.2% 1.3% 2,785 +24.4% 5.2% 37,272 +8.0% 69.2% Gross P&C Written Premiums GWP ∆%(2) % weight 4,969 +0.9% 9.2% 3,077 +4.2% 5.7% 2,468 -0.9% 4.6% 1,712 -2.6% 3.2% 3,330 -0.5% 6.2% Of which: 1,058 -5.9% 2.0% 1,081 +0.4% 2.0% 526 +3.5% 1.0% 1,002 +8.6% 1.9% 16,557 +1.0% 30.8% (2) Calculated considering equivalent exchange rates and scope of consolidation (1) Including investment contracts IV. BACK UP
  22. 22. Assicurazioni Generali Group – 9M 2010 results 22Life Premiums by Country & Business Line Life 9M10 (Euro m) Traditional Unit/index linked Health Group Total Italy 86.4% 1.8% 0.0% 11.8% 9,324 France 71.2% 15.3% 7.2% 6.3% 8,538 Germany 50.2% 24.0% 17.8% 7.9% 9,955 CEE 66.3% 22.0% 10.5% 1.2% 1,225 RoE 26.5% 58.1% 3.8% 11.5% 5,090 Of which: Spain 57.3% 1.8% 0.0% 40.9% 675 Austria 55.5% 25.5% 19.0% 0.0% 888 Switzerland 20.8% 78.1% 0.9% 0.2% 682 RoW 35.8% 0.6% 10.2% 53.5% 2,244 Total life gross direct premiums 60.8% 19.5% 8.1% 11.6% 36,377 IV. BACK UP
  23. 23. Assicurazioni Generali Group – 9M 2010 results 23P&C Premiums by Country & Business Line P&C 9M10 (Euro m) Motor(1) Accident/ Health Personal Commercial Total Italy 47.5% 17.5% 11.5% 23.5% 4,913 France 29.6% 12.5% 36.1% 21.7% 2,888 Germany 39.4% 14.1% 37.4% 9.1% 2,465 CEE 51.2% 12.8% 14.7% 21.3% 1,685 RoE 37.1% 15.2% 21.4% 26.3% 3,214 Of which: Spain 26.7% 12.7% 25.9% 34.7% 1,032 Austria 40.0% 10.7% 19.8% 29.5% 1,056 Switzerland 51.5% 23.5% 24.6% 0.4% 525 RoW 60.1% 6.2% 3.9% 29.8% 974 Total P&C gross direct premiums 42.1% 14.5% 21.7% 21.7% 16,139 (1) Including fleets IV. BACK UP
  24. 24. Assicurazioni Generali Group – 9M 2010 results 24 Assicurazioni Generali Group – 9M 2010 results Life & Health: New Business APE (Euro m) New Business APE 9M09 9M10 ∆ historical ∆ like for like Italy 881 1,177 +33.6% +12.0% France 984 899 -8.6% -8.6% Germany 730 729 -0.2% -1.2% CEE 117 122 +3.9% +0.9% RoE 408 594 +45.6% +38.4% of which Spain 86 84 -2.0% -2.1% of which Austria 54 74 +38.0% +10.9% of which Switzerland 59 61 +3.5% -9.0% RoW 256 307 +20.2% +7.9% Total 3,375 3,827 +13.4% +6.1% IV. BACK UP
  25. 25. Assicurazioni Generali Group – 9M 2010 results 25 Loss ratio Expense ratio Life – Expense ratio (%) P&C – Combined ratio (%) Total – Expense ratio (%) 71.571.3 26.6 27.3 15.7 15.4 10.8 10.4 9M109M09 9M109M09 9M109M09 97.9 98.8 Ratios IV. BACK UP
  26. 26. Assicurazioni Generali Group – 9M 2010 results 26Ratios by country P&C ratios by country (%) ITA FRA GER CEE SPA AUT SWI Consolidated Loss ratio 9M10 77.6 71.7 66.5 63.8 70.6 68.2 70.2 71.5 9M09 80.1 71.0 65.7 59.6 68.5 69.0 66.9 71.3 Expense ratio 9M10 21.3 28.6 29.2 31.5 26.6 27.7 26.1 27.3 9M09 21.7 28.0 29.5 28.1 24.6 27.5 27.5 26.6 Combined ratio 9M10 98.9 100.3 95.7 95.2 97.2 95.9 96.3 98.8 9M09 101.8 99.0 95.2 87.7 93.1 96.5 94.3 97.9 Life expense ratios by country (%) 9M10 9.1 8.1 12.4 17.6 7.1 13.0 20.8 10.4 9M09 9.9 6.4 14.3 18.8 5.1 13.3 17.3 10.8 IV. BACK UP
  27. 27. Assicurazioni Generali Group – 9M 2010 results 27Combined ratio reconciliation 9M09 9M10 A Net earned premiums (net of consolidation adjustments) 14,856.9 15,130.9 B Consolidated net claims 10,590.1 10,812.6 Consolidated acquisition costs 3,029.7 3,216.7 Consolidated administration costs 971.7 962.3 Non insurance activity related administration costs(1) 49.2 47.5 Insurance activity related consolidated administration costs 922.5 914.8 C Total acquisition and administration costs 3,952.3 4,131.5 B/A Loss ratio 71.3% 71.5% C/A Expense ratio 26.6% 27.3% (B+C)/A Combined ratio 97.9% 98.8% (1) Administration expenses related to service companies, real estate and other companies not belonging to P&C segment (Euro m) IV. BACK UP
  28. 28. Assicurazioni Generali Group – 9M 2010 results 28Operating result by country P&C operating result by market (Euro m)Life operating result by market (Euro m) 9M09 9M10 Italy 755 1,004 +32.9% France 316 362 +14.8% Germany 144 262 +82.3% CEE 254 136 -46.4% RoE 263 335 +27.6% Of which: Spain 79 83 +3.9% Austria 26 64 +143.3% Switzerland 92 89 -3.0% RoW 109 202 +86.3% Total 1,840 2,302 +25.1% 9M09 9M10 Italy 114 240 +110.2% France 190 145 -23.8% Germany 223 239 +7.2% CEE 247 115 -53.8% RoE 262 160 -38.9% Of which: Spain 133 86 -35.5% Austria 56 67 +18.1% Switzerland 35 40 +15.2% RoW 35 41 +18.1% Total 1,071 939 -12.3% IV. BACK UP
  29. 29. Assicurazioni Generali Group – 9M 2010 results 29Reclassified P&L account (Euro m) Total 9M09 9M10 Operating result 2,862 3,189 Net earned premiums 46,923 47,986 Net insurance benefits and claims (49,950) (48,798) Acquisition and administration costs (8,136) (8,554) Net fee and commission income and net income from financial service activities 563 645 Operating income from other financial instruments 8,008 9,330 Operating income from financial instruments at fair value through profit or loss 5,826 3,052 Of which net income from fin. assets and liabilities where the risk is borne by the policyholders 4,014 1,341 Operating holding expenses (193) (204) Net other operating expenses (180) (267) Non-operating result (1,340) (1,081) Non-operating income from other financial instruments (367) (132) Non-operating income from financial instruments at fair value through profit or loss (203) (19) Non-operating holding expenses (539) (561) Interest expenses on financial debt (517) (540) Other non-operating holding expenses (22) (22) Net other non-operating expenses (230) (368) Earnings before taxes 1,522 2,108 Income taxes (337) (654) Result from discontinued operations (Intesa Vita) 86 51 Consolidated result of the period 1,271 1,504 Result of the period attributable to minority interests (377) (192) Result of the period 894 1,313 IV. BACK UP
  30. 30. Assicurazioni Generali Group – 9M 2010 results 30 (Euro m) Life Non life Financial(1) Unallocated holding expenses Consolidation adjustments Total Operating result 1,840 1,071 342 (193) (198) 2,862 Net earned premiums 32,067 14,857 0 - - 46,923 Net insurance benefits and claims (39,360) (10,590) 0 - - (49,950) of which var. of provisions related to unit linked business (4,862) - - - (4,862) Acquisition and administration costs (3,596) (3,970) (570) - - 8,136 Net fee and commission income and net income from financial service activities 53 (1) 584 - (73) 563 Operating income from other fin. Instruments 7,030 866 238 - (125) 8,008 Operating income from fin. Instruments at fair value through profit or loss 5,647 64 115 - - 5,826 of which net income from fin.assets and liabilities where the risk is borne by the policyholders 4,014 - - - 4,014 Operating holding expenses - - - (193) - (193) Net other operating expenses 0 (155) (25) - - (180) Non-operating result (248) (505) (48) (539) - (1,340) Non-operating income from other fin.instr. (142) (220) (5) - - (367) Non-operating income from fin. instr.at fair value through profit or loss 0 (203) - - - (203) Non-operating holding expenses - - - (539) - (539) Net other non-operating expenses (106) (82) (42) - - (230) Earnings before taxes 1,592 566 294 (732) (198) 1,522 Reclassified P&L account by segment – 9M 2009 IV. BACK UP (1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report
  31. 31. Assicurazioni Generali Group – 9M 2010 results 31 (Euro m) Life Non life Financial(1) Unallocated holding expenses Consolidation adjustments Total Operating result 2,302 939 277 (204) (125) 3,189 Net earned premiums 32,855 15,131 0 - - 47,986 Net insurance benefits and claims (37,985) (10,813) 0 - - (48,798) of which var. of provisions related to unit linked business (2,693) - - - (2,693) Acquisition and administration costs (3,747) (4,147) (660) - - (8,554) Net fee and commission income and net income from financial service activities 92 0 651 - (98) 645 Operating income from other fin. Instruments 8,279 863 216 - (28) 9,330 Operating income from fin. Instruments at fair value through profit or loss 2,879 87 86 - - 3,052 of which net income from fin.assets and liabilities where the risk is borne by the policyholders 1,341 - - - 1,341 Operating holding expenses - - - (204) - (204) Net other operating expenses (70) (182) (16) - 1 (267) Non-operating result (220) (257) (48) (561) 4 (1,081) Non-operating income from other fin.instr. (88) (48) (1) - 4 (132) Non-operating income from fin. instr.at fair value through profit or loss 0 19 - - - (19) Non-operating holding expenses - - - (561) - (561) Net other non-operating expenses (132) (189) (47) - - (368) Earnings before taxes 2,082 682 229 (765) (121) 2,108 Reclassified P&L account by segment – 9M 2010 IV. BACK UP (1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report
  32. 32. Assicurazioni Generali Group – 9M 2010 results 32Total comprehensive income(1)(2) (1,031) 1,308 1,033 (245) 794 4591,916 (178) (1,010) 181 (505) 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 (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 1Q08 1H08 9M08 FY08 1Q09 1H09 9M09 FY09 1Q10 1H10 9M10 (1,031) (1,536) (1,354) (2,365) (178) 616 2,532 2,990 1,308 1,063 2,096 +3,000 m -3,000 m
  33. 33. Assicurazioni Generali Group – 9M 2010 results 33IFRS Shareholders’ equity roll forward 18,201 17,14616,652 23 (89)(140) 440 821 +6.2% IFRS Shareholders’ equity roll forward (Euro m) Shareholders’ Equity FY09 Shareholders‘ Equity 1H10 Δ in AFS Reserve 3Q 2010 Net Result Δ Currency Translation Reserve Δ Cash Flow Hedge Reserve Other Shareholders’ Equity 9M10 IV. BACK UP Change in AFS reserve (Euro m) 89 307 1,128 273 459 AFS Reserve 1H10 Impact Equity Investments Impact Bond Investments Other AFS Reserve 9M10
  34. 34. Assicurazioni Generali Group – 9M 2010 results 34What’s next November 26, 2010 – Investor Day in Venice
  35. 35. Assicurazioni Generali Group – 9M 2010 results 35Investor 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
  36. 36. Assicurazioni Generali Group – 9M 2010 results 36Disclaimer Certain of the statements contained herein are statements of future expectations and other forward-looking statements. These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties. The user of such information should recognise that actual results, performance or events may differ materially from such expectations because they relate to future events and circumstances which are beyond our control including, among other things, general economic and sector conditions. Neither Assicurazioni Generali S.p.A. nor any of its affiliates, directors, officers employees or agents owe any duty of care towards any user of the information provided herein nor any obligation to update any forward-looking information contained in this document. The manager charged with preparing the company’s financial reports, Raffaele Agrusti, declares, pursuant to paragraph 2 of article 154-bis of the Consolidated Law on Financial Intermediation, that the accounting information contained in this presentation corresponds to document results, books and accounts records.
  37. 37. Rome, November 11, 2010 Generali Group 9M 2010 Results

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