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Generali Group 1Q 2011 Results

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  • 1. Generali Group1Q 2011 Results May 13, 2011
  • 2. Agenda 2 I. Overview Page 3 II. Group financials Page 5 III. Final remarks Page 20 IV. Backup Page 22Assicurazioni Generali Group – 1Q 2011 results
  • 3. Agenda 3 I. Overview 1Q 2011 results at a glanceAssicurazioni Generali Group – 1Q 2011 results
  • 4. I. OVERVIEW1Q 2011 results at a glance 4 Net result (Euro m) Operating result (Euro m) +16.8% +6.6% 1,256 1,178 616 527 1Q10 1Q11 1Q10 1Q11 Shareholders’ equity (Euro m) Combined ratio (%) +1.3% -1.9%pts. 17,725 98.0 96.1 17,490 FY10 1Q11 1Q10 1Q11Assicurazioni Generali Group – 1Q 2011 results
  • 5. Agenda 5 II. Group financials Profit & loss review Shareholders’ equity Life & P&C profitabilityAssicurazioni Generali Group – 1Q 2011 results
  • 6. II. GROUP FINANCIALSRevenue development by segment 6 1Q 1Q (Euro m) 2010 2011 ∆ historical ∆ like for like Gross written premiums 20,864 19,131 -8.3% -9.0% Life(1) 14,214 12,340 -13.2% -13.8% P&C 6,650 6,792 +2.1% +1.2% Life annual premium equivalent(2) 1,532 1,311 -14.4% -14.5%(1) Including investment contracts for Euro 755 m in 1Q11(2) For the definitions refer to the related section within the backupAssicurazioni Generali Group – 1Q 2011 results
  • 7. II. GROUP FINANCIALSOperating result by segment 7Operating result by segment (Euro m) Life 881 operating result 866 +1.7% P&C 393 operating result 312 +26.0% Financial services 115 operating result 98 +16.7% Operating holding -74 -67 -10.4% expenses Consolidation -59 adjustments -91.3% -31 Total 1,256 +6.6% operating result 1,178 1Q11 1Q10Assicurazioni Generali Group – 1Q 2011 results
  • 8. II. GROUP FINANCIALS Focus on operating result 8Operating result by country(1) Operating result breakdown(1) (Euro m) (Euro m) 1Q10 1Q11 ∆ Italy 472 495 +4.9% France 195 268 +37.3% Germany 161 169 +5.1% 35 CEE 152 142 -6.5% 106 RoE 178 248 +39.3% 2 70 49 RoW 118 67 -43.8% 354 11 8 71 55 Operating result(1) 1,276 1,389 +8.8% 196 76 11 103 128 14 58 41 Op. holding expenses (67) (74) -10.4% Italy France Germany CEE RoE RoW Consolidation Adj. (31) (59) -91.3% Life P&C Financial Total operating 1,178 1,256 +6.6% result(1) Operating result = operating result of life, P&C and financial segments, before holding expenses and consolidation adjustments Assicurazioni Generali Group – 1Q 2011 results
  • 9. II. GROUP FINANCIALSFrom operating result to net result 9 (Euro m) 1Q10 1Q11 Total operating result 1,178 1,256 +6.6% Non operating investment income 24 (7) Income and exp. from fin. assets at FV thr. P&L 28 0 Income and exp. from other financial instruments (4) (7) (1) Non-operating holding expenses (193) (163) Net other non operating expenses (105) (54) Total non operating result (273) (223) +18.3% Consolidated result of the period before taxes 905 1,032 +14.1% and minority interests Income taxes (295) (330) Result from discontinued operations (Intesa Vita) 15 0 Minority interests (99) (87) Net result of the period 527 616 +16.8%(1) Including interest expenses on financial debtAssicurazioni Generali Group – 1Q 2011 results
  • 10. II. GROUP FINANCIALSInvestment portfolio 10Own investments(1) at 31.03.11 (% on total) Maintained stable asset +0.8% allocation with active portfolio management Euro 321.7 bn Euro 324.2 bn 7.3% 7.3% 4.9% 4.9% Other 8.5% 8.4% Preference for government 9.0% 9.0% Real estate bonds, representing 55.8% of Equity total bond portfolio 31.0% 31.1% Other fixed income Corporate Maintained a selective bonds approach within corporate bond 39.3% 39.2% Government bonds portfolio with preference for high credit rating and capital FY10 1Q11 efficient investments. (1) For the definitions refer to the related section within the backupAssicurazioni Generali Group – 1Q 2011 results
  • 11. II. GROUP FINANCIALSIFRS Shareholders’ equity roll forward 11(Euro m) +1.3% 616 14 17,725 17,490 (169) (35) (190) Shareholders’ ∆ in AFS 1Q 2011 ∆ Currency ∆ Cash Flow Other Shareholders’ Equity FY10 Reserve Net Result Translation Hedge Reserve Equity 1Q11 Reserve Change in AFS reserve (Euro m) 89 (184) (265) (15) (375) AFS Reserve Impact Equity Impact Bond Other AFS Reserve FY10 Investments Investments 1Q11Assicurazioni Generali Group – 1Q 2011 results
  • 12. II. GROUP FINANCIALSSolvency I update 12(Euro bn) Required margin Available margin Solvency I ratio 140%(1) 140%(1) 23.6 23.9 16.9 17.0 FY10 1Q11(1) Including off balance sheet unrealized gains on real estate, 8%pts of which subject to authorities’ authorizationAssicurazioni Generali Group – 1Q 2011 results
  • 13. II. GROUP FINANCIALSLife profitability – operating result 13 Resilient life operating result Life Operating Result by driver(1) 1Q10 1Q11 1Q10 866 (Euro m) Technical Margin 1,564 1,600 +2.3% Tech.M 36 Investment Result 643 644 +0.3% Inv.R 2 Expenses (1,340) (1,363) -1.7% Exp. (23) Operating Result 866 881 +1.7% 1Q11 881 Life quarterly operating ratio 0.29% 0.28% on investments (1) For the definitions refer to the related section within the backupAssicurazioni Generali Group – 1Q 2011 results
  • 14. II. GROUP FINANCIALSLife business development 14Life gross written premiums (Euro m) Life net technical reserves(2) (Euro m) -13.8%(1) +0.7% 313.3 2.1 0.0 315.5 14,214 12,340 ∆ 1Q10 1Q11 FY10 Traditional Unit Linked 1Q11Life net inflows by country(3) (Euro m) Country 1Q10 1Q11 ∆(1) 1Q 2011 265.0 50.5 Italy 883 157 -82.3% FY 2010 262.9 50.5 France 2,298 554 -75.9% ∆% +0.8% - Germany 1,203 1,095 -8.9% CEE 129 116 -13.1% RoE 1,062 489 -54.6% RoW 536 409 -27.3% TOTAL 6,111 2,819 -54.3%(1) On like for like basis(2) Including investment contracts(3) For the definitions refer to the related section within the backup Assicurazioni Generali Group – 1Q 2011 results
  • 15. II. GROUP FINANCIALSLife New Business Annual Premium Equivalent 15 Solid APE (over 1.3 bn), with stable annual premiums and year on year downturn entirely explained by the strong single premiums production registered in the 1st quarter 2010. (Euro m) APE 1Q 1Q Historical Like for like 2010 2011 Italy 466 428 -8.2% -8.2% France 413 294 -28.8% -28.8% Germany 266 256 -3.8% -3.8% CEE 40 40 -0.8% -0.7% RoE 221 174 -21.1% -21.6% RoW 125 118 -5.3% -4.7% Total 1,532 1,311 -14.4% -14.5%Assicurazioni Generali Group – 1Q 2011 results
  • 16. II. GROUP FINANCIALS P&C profitability - operating result 16Restoring P&C technical profitabilityP&C Operating Result by driver(1) (Euro m) 1Q10 1Q11 1Q10 312 Technical Result 92 185 +100.3% Tech.R 93 Investment Result 267 263 -1.6% Inv.R (4) Other Other (48) (55) -14.8% (7) Operating Result 312 393 +26.0% 1Q11 393 P&C quarterly operating 0.84% 1.07% ratio on investments(1) For the definitions refer to the related section within the backup Assicurazioni Generali Group – 1Q 2011 results
  • 17. II. GROUP FINANCIALSP&C Gross Written Premiums 17 In Motor, confirmation of premium recovery in Italy and France, first signs of recovery also in Germany Retail Non Motor growing across the geographies Commercial business under competitive pressure, especially in Italy and Spain Historical Like for like (Euro m) 1Q10 1Q11 Italy 1,715 1,701 -0.9% -0.9% France 1,223 1,263 +3.3% +3.3% Germany 1,292 1,325 +2.6% +2.6% CEE 613 617 +0.7% -1.0% RoE 1,489 1,501 +0.8% -2.2% RoW 319 384 +20.7% +17.6% Total 6,650 6,792 +2.1% +1.2%Assicurazioni Generali Group – 1Q 2011 results
  • 18. II. GROUP FINANCIALSP&C profitability (1/2) 18Combined ratio (%) Combined ratio by country (%) -1.9%pts. 1Q10 1Q11 98.0 0.0 96.1 Italy 97.6% 96.2% -1.4%pts. (1.9) France 99.0% 98.2% -0.8%pts. 27.8 27.8 Germany 99.5% 95.3% -4.2%pts. CEE 87.1% 87.6% +0.5%pts 70.2 68.3 RoE 101.2% 96.7% -4.5%pts. RoW 96.6% 99.3% +2.7%pts. 1Q10 Expense Loss 1Q11 ratio ratio Total 98.0% 96.1% -1.9%pts. Loss ratio Expense ratioAssicurazioni Generali Group – 1Q 2011 results
  • 19. II. GROUP FINANCIALSP&C profitability – Net combined ratio (2/2) 19Loss ratio (%) Reserving ratio (%) -1.9%pts -8%pts 70.2 -0.9 -1.9 +1.0 68.3 509% 501% Current NAT Prior 1Q 2010 year(1) CAT years 1Q 2011 1Q 2011 70.6 0.4 -2.7 68.3 1Q 2010 1Q 2011 1Q 2010 71.5 2.3 -3.6 70.2(1) Excluding natural catastrophesExpense ratio (%) 0%pts Nat cat activity particularly benign in the 27.8 27.8 Group geographies 6.0 0,0 0,0 6.0 Improved current year loss ratio, thanks to severe pricing discipline in Motor 21.8 21.8 ∆%pts Acq. costs Stable trend of expense ratio Adm. costs 1Q10 ∆ Admin ∆ Acq. 1Q11Assicurazioni Generali Group – 1Q 2011 results
  • 20. Agenda 20 III. Final RemarksAssicurazioni Generali Group – 1Q 2011 results
  • 21. III. FINAL REMARKSFinal remarks 21 Solid underlying development of revenues Excellent level of life operating result confirmed Improvement of non life technical profitability on track Investment policy focused on sustaining current returnsAssicurazioni Generali Group – 1Q 2011 results
  • 22. 22 IV. Backup P&L and Balance Sheet DefinitionsAssicurazioni Generali Group – 1Q 2011 results
  • 23. 23 IV. Backup P&L and Balance Sheet DefinitionsAssicurazioni Generali Group – 1Q 2011 results
  • 24. IV. BACK UP1Q11 total gross written premiums 24 (Euro m) Total Gross Written Premiums Gross Life Written Premiums(1) Gross P&C Written Premiums Country GWP ∆%(2) % weight GWP ∆%(2) % weight GWP ∆%(2) % weight Italy 4,912 -8.9 25.7 3,211 -12.7 16.8 1,701 -0.9 8.9 France 4,190 -20.3 21.9 2,927 -27.4 15.3 1,264 +3.3 6.6 Germany 4,663 +4.8 24.4 3,338 +5.7 17.4 1,325 +2.6 6.9 Eastern Europe 1,033 -0.6 5.4 416 -0.1 2.2 617 -1.0 3.2 RoE 2,946 -16.4 15.4 1,446 -27.3 7.6 1,501 -2.2 7.8 Of which: Of which: Of which: Spain 688 +0.4 3.6 271 +16.7 1.4 417 -7.9 2.2 Austria 839 +6.3 4.4 375 +16.7 2.0 464 -0.8 2.4 Switzerland 615 -1.2 3.2 239 -4.1 1.2 376 +0.7 2.0 Ireland 178 -75.3 0.9 178 -75.3 0.9 - - - RoW 1,387 +1.6 7.3 1,002 -3.5 5.2 384 +17.6 2.0 Total 19,131 -9.0 100.0 12,340 -13.8 64.6 6,792 1.2 35.4(1) Including investment contracts(2) On like for like basis with constant exchange ratesAssicurazioni Generali Group – 1Q 2011 results
  • 25. IV. BACK UPLife Premiums by Country & Business Line 25 Life 1Q11 (Euro m) Savings and Unit/index protection linked Health Group Total Italy 85.4% 1.8% 0.0% 12.8% 3,170 France 66.8% 17.5% 8.3% 7.4% 2,874 Germany 48.8% 23.1% 19.2% 8.9% 3,338 CEE 64.0% 23.1% 11.2% 1.7% 416 RoE 37.5% 38.6% 4.7% 19.2% 1,442 Of which: Spain 57.4% 1.2% 0.0% 41.5% 271 Austria 65.5% 18.9% 15.7% 0.0% 374 Switzerland 23.1% 75.8% 1.0% 0.2% 239 RoW 37.7% 0.8% 13.2% 48.4% 827 Total life gross 61.1% 16.5% 9.1% 13.3% 12,066 direct premiumsAssicurazioni Generali Group – 1Q 2011 results
  • 26. IV. BACK UPP&C Premiums by Country & Business Line 26 P&C 1Q11 (Euro m) Accident/ (1) Motor Health Personal Commercial Total Italy 48.9% 17.9% 12.1% 21.2% 1,678 France 28.4% 11.2% 34.3% 26.1% 1,182 Germany 49.4% 9.7% 31.8% 9.1% 1,323 CEE 47.2% 10.4% 14.9% 27.5% 607 RoE 38.3% 18.4% 19.3% 24.0% 1,470 Of which: Spain 23.7% 19.3% 24.6% 32.4% 409 Austria 38.1% 8.9% 19.0% 34.0% 460 Switzerland 56.0% 26.1% 17.5% 0.4% 374 RoW 61.2% 7.9% 4.5% 26.4% 371 Total P&C gross 43.5% 13.9% 21.4% 21.1% 6,630 direct premiums (1) Including fleetsAssicurazioni Generali Group – 1Q 2011 results
  • 27. IV. BACK UPLife & health new business: APE 27(Euro m) APE Annual Premiums Single Premiums Like for like Like for like Like for like 1Q2010 1Q2011 % 1Q2010 1Q2011 % 1Q2010 1Q2011 %Italy 466 428 -8.2% 254 268 +5.7% 2,127 1,599 -24.8%Germany 266 256 -3.8% 226 197 -12.9% 403 592 +46.9%France 413 294 -28.8% 84 79 -6.2% 3,290 2,153 -34.6%CEE 40 40 -0.7% 34 34 -1.8% 60 61 5.6%RoE 221 174 -21.6% 105 121 +13.2% 1,159 536 -53.7% Austria 28 45 +56.8% 22 35 +60.9% 67 96 +43.4% Spain 29 32 +11.8% 16 16 +1.3% 131 163 +24.7% Switzerland 19 17 -15.3% 17 16 -10.2% 21 10 -55.9% Ireland 74 14 -80.8% 6 3 -56.5% 675 114 -83.0%RoW 125 118 -4.7% 94 96 +2.6% 309 224 -26.9%Total 1,532 1,311 -14.5% 797 794 -0.5% 7,347 5,165 -29.7%Assicurazioni Generali Group – 1Q 2011 results
  • 28. IV. BACK UPLife net inflows by country 28 Country 1Q10 1Q11 Like for like ∆ Italy 883 157 -82.3% France 2,298 554 -75.9% Germany 1,203 1,095 -8.9% CEE 129 116 -13.1% RoE 1,062 489 -54.0% Of which: Spain (103) (31) +70.3% Austria 58 127 +117.5% Switzerland 119 58 -57.4% Ireland 707 139 -80.3% RoW 536 409 -27.3% TOTAL 6,111 2,819 -54.3%Assicurazioni Generali Group – 1Q 2011 results
  • 29. IV. BACK UPRatios 29Life – Expense ratio (%) P&C – Combined ratio (%) 98.0% 96.1% Expense 27.8 ratio 27.8 Loss 9.3 10.9 70.2 68.3 ratio 1Q10 1Q11 1Q10 1Q11 Total – Expense ratio (%) 14.2 16.0 1Q10 1Q11Assicurazioni Generali Group – 1Q 2011 results
  • 30. IV. BACK UPRatios by country 30 P&C ratios by ITA FRA GER CEE SPA AUT SWI Consolidated country (%) Loss ratio 1Q11 75.2 71.2 67.0 55.0 65.9 65.6 71.5 68.3 1Q10 75.8 71.9 70.8 57.2 73.1 66.0 71.2 70.2 Expense ratio 1Q11 21.0 27.0 28.3 32.6 26.5 30.9 25.9 27.8 1Q10 21.8 27.1 28.7 30.0 25.9 31.2 22.6 27.8 Combined ratio 1Q11 96.2 98.2 95.3 87.6 92.4 96.6 97.4 96.1 1Q10 97.6 99.0 99.5 87.1 99.0 97.3 93.8 98.0 Life expense ratios by country (%) 1Q11 9.7 8.3 12.4 18.5 4.5 12.1 20.1 10.9 1Q10 8.4 5.6 14.3 18.7 5.1 12.3 18.6 9.3Assicurazioni Generali Group – 1Q 2011 results
  • 31. IV. BACK UPCombined ratio reconciliation 31(Euro m) 1Q10 1Q11 A Net earned premiums (net of consolidation adjustments) 5,052 .5 5,165.0 B Consolidated net claims 3,544.6 3,527.8 Consolidated acquisition costs 1,104.6 1,128.2 Consolidated administration costs 315.9 324.3 Non insurance activity related administration costs(1) 14.8 16.8 Insurance activity related consolidated administration costs 301.1 307.5 C Total acquisition and administration costs 1,405.7 1,435.7 B/A Loss ratio 70.2 68.3 C/A Expense ratio 27.8 27.8(B+C)/A Combined ratio 98.0 96.1 D Other technical items 10.0 16.7A-B-C-D Technical result 92.2 184.7 (1) Administration expenses related to service companies, real estate and other companies not belonging to P&C segmentAssicurazioni Generali Group – 1Q 2011 results
  • 32. IV. BACK UPOperating result by country 32Life operating result by market (Euro m) P&C operating result by market (Euro m) 1Q10 1Q11 1Q10 1Q11 Italy 350 354 +1.2% Italy 90 106 +18.7% France 130 196 +51.5% France 64 70 +9.9% Germany 129 103 -20.0% Germany 20 55 +173.6% CEE 59 58 -0.7% CEE 88 76 -13.2% RoE 111 128 +15.2% RoE 31 71 +127.7% Of which: Of which: Spain 27 28 +3.3% Spain 23 41 +78.7% Austria 14 19 +36.2% Austria 18 22 +19.2% Switzerland 28 42 +46.9% Switzerland 14 10 -32.0% RoW 88 41 -53.0% RoW 19 14 -26.9% Total 866 881 +1.7% Total 312 393 +26.0%Assicurazioni Generali Group – 1Q 2011 results
  • 33. IV. BACK UP Reclassified P&L account 33(Euro m) Total 1Q10 1Q11Operating result 1,178 1,256 Net earned premiums 17,800 16,463 Net insurance benefits and claims (18,286) (15,311) Acquisition and administration costs (2,914) (2,969) Net fee and commission income and net income from financial service activities 214 241 Operating income from other financial instruments 3,013 3,326 Operating income from financial instruments at fair value through profit or loss 1,524 (294) Of which net income from fin. assets and liabilities where the risk is borne by the policyholders 758 (394) Operating holding expenses (67) (74) Net other operating expenses (106) (126)Non-operating result (273) (223) Non-operating income from other financial instruments (4) (7) Non-operating income from financial instruments at fair value through profit or loss 28 0 Non-operating holding expenses (193) (163) Interest expenses on financial debt (185) (160) Other non-operating holding expenses (8) (3) Net other non-operating expenses (105) (53)Earnings before taxes 905 1,032Income taxes (295) (330)Result from discontinued operations (Intesa Vita) 15 0Consolidated result of the period 625 703Result of the period attributable to minority interests (99) (87)Result of the period 527 616 Assicurazioni Generali Group – 1Q 2011 results
  • 34. IV. BACK UP Reclassified P&L account by segment – 1Q 2010 34 Unallocated holding Consolidation (Euro m) Life Non life Financial(1) expenses adjustments Total Operating result 866 312 98 (67) (31) 1,178 Net earned premiums 12,748 5,053 0 - - 17,800 Net insurance benefits and claims (14,741) (3,545) 0 - - (18,286) of which var. of provisions related to unit linked business (1,232) - - - - (1,232) Acquisition and administration costs (1,297) (1,410) (207) - - (2,914) Net fee and commission income and net income from financial service activities 29 0.0 209 - (24) 214 Operating income from other fin. Instruments 2,686 254 80 - (7) 3,013 Operating income from fin. Instruments at fair value through profit or loss 1,475 14 36 - - 1,524 of which net income from fin.assets and liabilities where the risk is borne by the policyholders 758 - - - - 758 Operating holding expenses - - - (67) - (67) Net other operating expenses (34) (53) (20) - - (106) Non-operating result (17) (50) (14) (193) - (273) Non-operating income from other fin.instr. 18 (21) 0 - - (4) Non-operating income from fin. instr.at fair value through profit or loss 0 28 0 - - 28 Non-operating holding expenses - - - (193) - (193) Net other non-operating expenses (34) (57) (14) - - (105) Earnings before taxes 849 262 84 (260) (31) 905(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report Assicurazioni Generali Group – 1Q 2011 results
  • 35. IV. BACK UP Reclassified P&L account by segment – 1Q 2011 35 Unallocated holding Consolidation (Euro m) Life Non life Financial(1) expenses adjustments Total Operating result 881 393 115 (74) (59) 1,256 Net earned premiums 11,298 5,165 0 - - 16,463 Net insurance benefits and claims (11,769) (3,528) 0 - (14) (15,311) of which var. of provisions related to unit linked business 42 - - - - 42 Acquisition and administration costs (1,303) (1,440) (226) - - (2,969) Net fee and commission income and net income from financial service activities 36 0.0 233 - (28) 241 Operating income from other fin. Instruments 3,003 256 80 - (13) 3,326 Operating income from fin. Instruments at fair value through profit or loss (340) 7 39 - - (294) of which net income from fin.assets and liabilities where the risk is borne by the policyholders (394) - - - - (394) Operating holding expenses - - - (74) - (74) Net other operating expenses (44) (67) (11) - (4) (126) Non-operating result (34) (18) (8) (163) - (223) Non-operating income from other fin.instr. (12) 4 1 - - (7) Non-operating income from fin. instr.at fair value through profit or loss 0 0 - - - 0 Non-operating holding expenses - - - (163) - (163) Net other non-operating expenses (23) (23) (8) - - (53) Earnings before taxes 847 375 107 (237) (59) 1,032(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report Assicurazioni Generali Group – 1Q 2011 results
  • 36. IV. BACK UP1Q11 Assets Under Management 36 Total Euro 474.9 bn Esposizioni nette a governativi di Grecia, Spagna, Third parties AUM Portogallo e Irlanda 100.5 50.2 Unit Linked Available for sale Loans Fixed income Other 59.2% 23.8% instruments 3.7% Real Estate 79.3% 4.2% Real Estate Group 4.9% 324.2 participations 0.8% Equity Held to maturity 8.4% 1.3% Fin. Instr. at fair value thr. P&L Cash & equival. “Own Investments”(1) Cash & equival. 7.1% 3.6% 3.6% (1) For the definitions refer to the related section within the backupAssicurazioni Generali Group – 1Q 2011 results
  • 37. IV. BACK UPInvestment yields(1) 37 Bonds and Loans Equities Investment Other Total properties % return 1Q10 1Q11 1Q10 1Q11 1Q10 1Q11 1Q10 1Q11 1Q10 1Q11 LIFE Current 1.1% 1.1% 0.1% 0.2% 1.8% 2.0% 0.5% 0.6% 1.0% 1.0% Total P&L 1.4% 1.1% 1.8% 1.5% 1.4% 1.6% 0.8% 0.3% 1.3% 1.2% Comprehensive 2.2% 0.3% 2.1% 1.4% 1.4% 2.1% 0.8% 0.3% 2.1% 0.5% NON LIFE Current 1.0% 0.9% 0.3% 0.4% 2.2% 2.1% 0.4% 0.5% 1.0% 1.0% Total P&L 1.0% 0.9% 0.6% 1.1% 1.4% 1.8% 0.1% 0.5% 1.0% 0.9% Comprehensive 2.3% 0.7% 0.6% 3.2% 1.3% 1.9% 0.1% 0.5% 1.7% 1.0% TOTAL Current 1.1% 1.1% 0.2% 0.3% 1.9% 2.0% 0.4% 0.4% 1.0% 1.0% Total P&L 1.3% 1.1% 1.6% 1.6% 1.4% 1.7% 0.5% 0.2% 1.3% 1.1% Comprehensive 2.2% 0.3% 1.8% 1.8% 1.4% 2.0% 0.5% 0.2% 2.0% 0.5% (1) For the definitions refer to the related section within the backupAssicurazioni Generali Group – 1Q 2011 results
  • 38. IV. BACK UP Total comprehensive income(1) 38(Euro m) 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 +3,000 m 1,916 459 1,033 794 1,308 (644) (245) 270 (178) 181 (1,031) (505) (1,010) -3,000 m 1Q08 1H08 9M08 FY08 1Q09 1H09 9M09 FY09 1Q10 1H10 9M10 FY10 1Q11 (1,031) (1,536) (1,354) (2,365) (178) 616 2,532 2,990 1,308 1,063 2,096 1,452 270 (1) For the definitions refer to the related section within the backup Assicurazioni Generali Group – 1Q 2011 results
  • 39. 39 IV. Backup P&L and Balance Sheet DefinitionsAssicurazioni Generali Group – 1Q 2011 results
  • 40. IV. BACK UPDefinitions: P&L and balance sheet (1/2) 40 Annual Premium is defined as new business annualised regular premiums plus 10% of single premiums. Equivalent (APE) 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 calculated considering equivalent exchange rates and scope of consolidation Operating Result Operating result of life, P&C and financial segments, before holding expenses and consolidation adjustmentsAssicurazioni Generali Group – 1Q 2011 results
  • 41. IV. BACK UPDefinitions: P&L and balance sheet (2/2) 41 Own Investments does not include unit/index linked investments and consist of the following asset class (*): i) Fixed income instruments include quoted and unquoted bonds, loans including deposits under reinsurance business accepted, term deposits with credit institutions; ii) Equity-like instruments include 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 include 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. They are net of consolidation adjustments. P&C Operating Result consists of the following elements: I) "Technical Result" is net of acquisition and administration costs ii) "Investment Result" includes interests and dividends, interest expenses on operating debt and investment expenses iii) “Other" includes other net operating items not considered in Technical Result and in Investment Result “Operating ratio on Investments” is calculated as Operating result on the average of Investments at book value Total Comprehensive Change in shareholders’ equity during the period related to income and expenses recognized in profit or loss Income or directly in shareholders’ equity resulting from transactions and events other than transactions with equity Owners. Total Operating Result Operating result of life, P&C and financial segments, after holding expenses and consolidation adjustments. Operating result is a non-GAAP indicator and may differ from similar measure presented by other companies. Management uses this non-GAAP measure as key indicator in assessing Generali’s performance and believes that the presentation of these KPI provide useful and relevant informations to shareholders and users on Generali’s performance. Please refer to the ‘Methodological note on alternative performance measures’ included in the Management Report for details on operating result methodology.”Assicurazioni Generali Group – 1Q 2011 results
  • 42. What’s next 42 August 5, 2011 - 1H 2011 Results November 11, 2011 - 9M 2011 ResultsAssicurazioni Generali Group – 1Q 2011 results
  • 43. Investor Relations Team 43 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) Assicurazioni Generali Email: emanuele_marciante@generali.com P.za Duca degli Abruzzi 2 34132 Trieste, Italy Veronica Cherini (Tel.: +39-040-671488) Email: veronica_cherini@generali.com Fax: +39 040 671338 e-mail: generali_ir@generali.com Rodolfo Svara (Tel.: +39-040-671823) Email: rodolfo_svara@generali.com www.generali.com Marta Porczynska (Tel.: +39-040-671402) IR Events Email: marta_porczynska@generali.comAssicurazioni Generali Group – 1Q 2011 results
  • 44. Disclaimer 44 Certain of the statements contained herein are statements of future expectations and other forward-looking statements. These expectations are based on managements current views and assumptions and involve known and unknown risks and uncertainties. The user of such information should recognise that actual results, performance or events may differ materially from such expectations because they relate to future events and circumstances which are beyond our control including, among other things, general economic and sector conditions. Neither Assicurazioni Generali S.p.A. nor any of its affiliates, directors, officers employees or agents owe any duty of care towards any user of the information provided herein nor any obligation to update any forward-looking information contained in this document. The manager charged with preparing the company’s financial reports, 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.Assicurazioni Generali Group – 1Q 2011 results
  • 45. Generali Group1Q 2011 Results May 13, 2011