The document summarizes Generali Group's 2012 financial results. Key points include: - Operating result increased 10.5% to €4.2 billion, while operating RoE rose to 11.9%. - Life business premiums grew 3.1% to €46.8 billion despite challenging markets. Operating result increased 9.7% to €2.7 billion through improved technical margins and investment returns. - Impairment charges of €1.4 billion were taken in Q4 2012 to align impairment criteria with European peers, reducing net income 89.5% to €90 million. - A new management team and remuneration structure was put in place to focus on the

1. Generali Group
2012 Results
Milan, March xxx, 2010
March 14, 2013

2. Agenda 2
I. Business overview Page 3
Mario Greco - Group CEO
II. Group Financials Page 9
Alberto Minali - Group CFO
III. Backup Page 34
Assicurazioni Generali Group – FY 2012 results

3. Agenda 3
I. Business overview
Mario Greco - Group CEO
Following the closing of the sale of related stake, Migdal qualified as a discontinued operations.
Therefore, in this presentation, Migdal is excluded from all FY12 figures, except net income. 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 – FY 2012 results

4. I. BUSINESS OVERVIEW
Generali: Our vision for 2015 4
Reshaped approach to maximise value creation
1 Focused on core insurance business, with greater contribution from P&C
2 Stronger capital position and disciplined balance sheet management
3 Superior customer acquisition and retention, with focus on retail and affluent space
4 Consistent technical excellence and tight control of costs
The mission is to deliver
top quartile shareholder returns and profitability
Assicurazioni Generali Group – FY 2012 results

5. I. BUSINESS OVERVIEW
Update on strategy 5
Restructuring underway
 Group Management Committee in place
 Italian re-organisation commenced
 Cost saving initiatives underway
Asset review completed
 Detailed review of all asset positions to ensure proper valuation
 Euro 1.7 bn impact on net Income in 2012 (Euro 1.3 bn in Q4)
 Limited impact on capital adequacy (-2.7%pts. impact on Solvency I; negligible from economic
and rating capital perspective)
 Impairment criteria aligned with European insurance peers
New remuneration structure in place
 Aligns incentives for senior management with new strategy and the delivery of enhanced
shareholder value
Positive start to mix shift to P&C
 Strong performance provides solid base for further growth in operating profitability
Assicurazioni Generali Group – FY 2012 results

6. I. BUSINESS OVERVIEW
New incentive plans align strategic objectives to reward 6
The mission is to deliver top quartile shareholder
returns and profitability
Short term incentive Long term incentive
 Operating and net result drive  Top 160 managers eligible
overall funding
 Based on operating RoE, and
 Individual awards based on Total Shareholder Return
personal targets relative to peer group
 Paid in cash  Paid in shares after 3 years; A
portion cannot be sold for a
further 1-2 years
Assicurazioni Generali Group – FY 2012 results

7. I. BUSINESS OVERVIEW
FY 2012 results at a glance 7
Operating result (Euro m) Operating RoE (%)
+10.5%(1) +1.1%pts
Target 2015: Euro >5 bn
Target 2015: >13%
4,219
3,928 11.9
10.8
FY11 FY12 FY11 FY12
(1) On like for like basis
Solvency ratios (%) Cash flow (Euro bn)
Solvency I Target 2015: >160% +17.0%
159 159
150
117 Target 2015: Euro >2 bn
Solvency I
1.5
Economic
solvency 1.3
FY11 FY12 FY11 FY12 FY11 FY12
Assicurazioni Generali Group – FY 2012 results

8. I. BUSINESS OVERVIEW
Summary 8
A positive base from which to reshape the business
 Solid operating results but conservative approach to dividend
 Maintained at Euro 0.20 to balance FY12 net income with underlying performance
and confidence in the future
 New Generali management installed at GPH as first step in full control
 Planned disposals on track
 Vigilance required as political uncertainty continues and economic growth remains muted but
team focused on delivering the turnaround
Assicurazioni Generali Group – FY 2012 results

9. Agenda 9
II. Group Financials
Alberto Minali - Group CFO
Profit & loss review
Life, P&C and financial segment profitability
Balance sheet and capital
Assicurazioni Generali Group – FY 2012 results

10. II. GROUP FINANCIALS
Revenue development by segment 10
Gross written premiums (Euro m) (Euro m)
Like for
FY11 FY12
like ∆
+3.2%(2)
69,613 Gross written
69,159 69,159 69,613 +3.2%
premiums
Life(1) 46,394 46,810 +3.1%
FY11 FY12
P&C 22,765 22,803 +3.3%
(1) Including investment contracts (Euro 3,667 m in FY12, 3,187 m in FY11)
(2) On like for like basis
Assicurazioni Generali Group – FY 2012 results

11. II. GROUP FINANCIALS
Operating result by segment 11
FY12 total operating result (Euro m)
Like for like 
Life 2,658
operating result 2,542 +9.7%
P&C 1,664
operating result +5.6%
1,561
Financial services 408
operating result +21.8%
342
Operating holding -313
expenses
-6.8%
-294
Consolidation -197
adjustments
+11.4%
-222
Total 4,219 +10.5%
operating result 3,928
FY12
FY11
Assicurazioni Generali Group – FY 2012 results

12. II. GROUP FINANCIALS
Focus on non operating result 12
(Euro m) Non operating investment income (Euro m)
Like for
FY11 FY12
like 
Non operating
(941) (1,363) -43.2%
investment income
(941)
(177)
Non operating 64
(680) (673) +0.9% (1,363)
holding expenses (309)
FY11 FY12
Of which: interest costs (646) (668) -3.5%
Net other Δ Euro m
Non operating (392) (460) -17.3% Net Net Fair Value
expenses realised impair- thr. P&L
gains ments
Of which: VOBA
amortization
(196) (184) +6.5% FY12 3 (1,396) 30
Total FY11 180 (1,087) (34)
Non operating (2,013) (2,496) -23.4% Δ(1) -98.4% +28.8% n.m.
result
(1) On like for like basis
Assicurazioni Generali Group – FY 2012 results

13. II. GROUP FINANCIALS
Results of balance sheet review: focus on Q4 impairments 13
(Euro m)
Asset AFS Telco Real Estate Loans and Other assets TOTAL
investments receivables
KPI
Operating profit
(45) (1) (3) 0 (2) (52)
Net Income
(792) (148) (56) (118) (156) (1,271)
Shareholders’
Equity (47) (148) (55) (118) (136) (505)
Solvency I
-0.3%pts. -0.8%pts. -0.3%pts. -0.7%pts. -0.6%pts. -2.7%pts.
 Table shows impact of impairment charges taken in Q4 2012
 No material impact on Economic Solvency
 Impairment triggers for AFS securities changed from 3 years or 50% fall in value on average (differing by
sector), to 1 year or 30% decline in value (with no differentiation between sectors)
 Better aligns Generali with European peers
Assicurazioni Generali Group – FY 2012 results

14. II. GROUP FINANCIALS
From operating result to net result 14
(Euro m) Net income (Euro m)
FY11 FY12 
Total operating result 3,928 4,219 +10.5%(1)
Non operating result (2,013) (2,496) -23.4%(1)
-89.5%
Consolidated result before 1,914 1,723 -4.1%(1)
taxes and minorities
Income taxes (762) (1,326) -74.1%
856
Result for discontinued 0 (30) n.m. 90
operations
Minorities (297) (277) +6.5% FY11 FY12
Net result 856 90 -89.5%
(1) On like for like basis
Assicurazioni Generali Group – FY 2012 results

15. II. GROUP FINANCIALS
Operating Return on Equity: calculation 15
(Euro m)
FY 2012 FY 2011 FY 2010
Consolidated Operating result 4,219 3,928 4,077
Interest expenses on financial debt (668) (646) (704)
Operating taxes(1) (1,225) (1,132) (1,163)
Minority interest (287) (278) (258)
Net IFRS Total Operating result 2,040 1,872 1,951
Average shareholder's equity (excluding OCI(2)) 17,131 17,252 16,699
Operating RoE 11.9% 10.8% 11.7%
(1) Taxes based on mid-point of long term expected range of 33-36%
(2) For the definitions refer to the related section in the backup
Assicurazioni Generali Group – FY 2012 results

16. Agenda 16
II. Group Financials
Profit & loss review
Life, P&C and financial segment profitability
Balance sheet and capital
Assicurazioni Generali Group – FY 2012 results

17. II. GROUP FINANCIALS
Life business development 17
Gross written premiums (Euro m) Net technical reserves(2) (Euro bn)
+3.1%(1) +4.1%
316.6 313.8
301.5 6.6 5.7
46,810 58.3 47.9 53.6
46,394 (15.1)
Δ
258.3 253.6 260.2
FY11 FY12 FY11 Change FY11R Traditional Unit FY12
in scope Linked
Traditional Unit linked
Net inflows by country (Euro m)
Country FY11 FY12
 Italy: positive trend continued in 4Q12, although
Italy 1,085 91 overall FY12 flows are neutral due to the decision
of not renewing low margin corporate policies
France (2,061) (2,236) during 1H12
Germany 3,433 4,551  France: negative trend linked to Group’s
decision to reduce exposure to large premium
CEE 475 390
contracts with low profitability
RoE 1,473 (90)
 Germany: strong growth triggered by lower
RoW 1,441 835 maturities and positive single premium
development
TOTAL 5,846 3,542
(1) On like for like basis
(2) Including liabilities related to investment contracts
Assicurazioni Generali Group – FY 2012 results

18. II. GROUP FINANCIALS
Life profitability – Operating result 18
Resilient life operating profitability despite challenging financial environment
Life Operating Result by driver(1)
(Euro m) FY11 FY12 Like for like 
Technical Margin 6,225 6,094 +2.0%
Investment Result 1,715 1,744 +12.8%
Expenses (5,398) (5,180) +1.7%
Operating Result 2,542 2,658 +9.7%
2,542 218 2,658
29
(131)
Life operating Δ Technical margin Δ Investment result Δ Expenses Life operating
result FY11 result FY12
Life operating ratio on
0.80% 0.84%
Investments
(1) For the definitions refer to the related section in the backup
Assicurazioni Generali Group – FY 2012 results

19. II. GROUP FINANCIALS
Life investment strategy and yields(1) 19
Life segment own investments(1) (%)
 Value of investments positively impacted by
Euro 249.3 bn Euro 277.0 bn
declining yields and improved market conditions
 Completed de-risking process related to the
2.4% 2.1%
6.8% 4.7% reduction of cross-border exposure to peripheral EU
3.5%
3.9% 4.5% Sovereign debt
5.3% Other
8.4%  Current profitability generally affected by
8.6%
Cash & cash reinvestment program in a lower yields environment.
equivalent
33.9% Real estate
34.1%
Equity Current Fixed Equity Real
return(1) income Estate
Other fixed
income
Corporate
38.9%
43.0% bonds FY11 FY12 FY11 FY12 FY11 FY12
Government
bonds
Euro m 9,736 9,390 628 427 696 712
FY11 FY12 % 4.5 4.2 3.8 3.3 7.3 7.3
(1) For the definitions refer to the related section in the backup. Comparative figures have been restated excluding assets and liabilities of Group’s Israeli companies.
Assicurazioni Generali Group – FY 2012 results

20. II. GROUP FINANCIALS
Life new business: value and profitability 20
NBV at Euro 863 m as a result of:
• APE essentially stable (-1.4%), with moderate slowdown of annual premiums (-5.1%) partially offset by
the recovery of single premiums registered in Germany
• Solid NBM (19.2%), thanks to further decrease of guarantees mitigating the impact of the interest rates
drop throughout the year
(Euro m) APE Margins on APE (NBM) NBV
Historical Like for Historical Like for
FY11 FY12 FY11 1H12 FY12 FY11 FY12
 like   like 
Italy 1,715 1,637 -4.5% -4.5% 21.8% 23.8% 17.2% 374 281 -24.7% -24.7%
France 939 944 +0.5% +0.5% 13.7% 12.5% 12.8% 128 120 -6.1% -6.1%
Germany 908 917 +1.0% +1.0% 18.3% 20.7% 20.2% 166 186 +11.9% +11.9%
CEE 147 187 +27.4% +23.6% 35.8% 35.0% 31.4% 52 59 +11.7% +8.3%
RoE 657 622 -5.4% -5.5% 20.4% 24.9% 20.8% 134 129 -3.7% -3.8%
RoW 421 201 -52.4% +0.2% 28.8% 38.2% 44.1% 121 88 -27.2% -9.4%
Total 4,787 4,508 -5.8% -1.4% 20.4% 21.6% 19.2% 976 863 -11.5% -9.5%
Assicurazioni Generali Group – FY 2012 results

21. II. GROUP FINANCIALS
Focus on new business guarantees 21
Further decrease of average guarantee (mainly in Italy and Germany), with a stable weight (despite
the drop of unit-linked production) of low capital intensive types of guarantees.
Total APE by type of guarantee
YE 2011
NIL
At maturity 22%
2011 Eurozone Average Guarantee(1): 1.5%
26%
 Yearly basis : 1.4%
Matched Yearly basis =0
3% 17%  At maturity: 1.9%
Yearly basis >0
33%
YE 2012
NIL
At maturity 22%
2012 Eurozone Average Guarantee(1): 1.3%
18%
 Yearly basis : 1.1%
Matched Yearly basis =0
2% 24%  At maturity: 1.9%
Yearly basis >0
34%
(1) Weighted on APE
Assicurazioni Generali Group – FY 2012 results

22. II. GROUP FINANCIALS
P&C gross written premiums 22
 Premium development driven by Personal Non-Motor
 Positive growth of Motor in Germany and Spain, signs of competitive pressure in Italy
 Commercial under pressure in Italy and Spain, while CEE is overperforming
Gross written premiums (Euro m)
Like for like
(Euro m) FY11 FY12 
+3.3%(1)
Italy 7,501 7,352 -2.0%
22,765 22,803
France 4,056 3,676 +0.2%
Germany 3,062 3,278 +7.0%
CEE 2,261 2,445 +9.8%
RoE 4,329 4,435 +2.1%
FY11 FY12 RoW 1,555 1,617 +27.9%
Total 22,765 22,803 +3.3%
(1) On like for like basis
Assicurazioni Generali Group – FY 2012 results

23. II. GROUP FINANCIALS
P&C profitability – Operating result 23
Positive P&C operating profitability thanks to strong technical result
P&C Operating Result by driver(1)
Like for like
(Euro m)
FY11 FY12 
Technical Result 669 857 +21.5%
Investment Result 1,127 1,082 -2.4%
Other (236) (275) -15.5%
Operating Result 1,561 1,664 +5.6%
1,561 188 1,664
(45) (39)
P&C operating Δ Technical result Δ Investment result Δ Other P&C Operating
result FY11 result FY12
P&C operating ratio on Investments 4.32% 4.59%
(1) For the definitions refer to the related section in the backup
Assicurazioni Generali Group – FY 2012 results

24. II. GROUP FINANCIALS
P&C profitability – Net combined ratio (1/2) 24
Combined ratio (%) Combined ratio by country (%)
-0.8%pts.
FY11 FY12 ∆
96.5 95.7
(0.1) (0.8) Italy 96.8% 95.2% -1.6%pts.
27.6 27.5
France 98.7% 98.9% +0.2%pts.
Germany 94.4% 94.5% +0.1%pts.
68.2 CEE 89.5% 88.5% -1.0%pts.
69.0
RoE 96.4% 96.4% 0.0%pts.
FY11  Expense  Loss FY12
ratio ratio RoW 104.2% 99.5% -4.6%pts.
Loss ratio Expense ratio
Total 96.5% 95.7% -0.8%pts.
Assicurazioni Generali Group – FY 2012 results

25. II. GROUP FINANCIALS
P&C profitability – Net combined ratio (2/2) 25
Loss ratio (%)
-0.8%pts  Current year Loss Ratio
confirms good quality of pricing,
69.0 -1.6 +0.5 +0.2 68.2
underwriting and distribution in
the main Countries
Current NAT Prior
 Nat Cat impact mainly due to
FY11 year CAT years FY12 the Emilia earthquake,
FY12 70.0 1.4 -3.3 68.2
mitigated by reinsurance
FY11 71.6 0.9 -3.5 69.0
 Confirmed stability in
Expense ratio (%) administrative and acquisition
costs
-0.1%pts
27.6 27.5
6.0 0.0 -0.1 6.0
21.6 Δ%pts 21.5 Acq. costs
Adm. costs
FY11 Δ Admin Δ Acq. FY12
Assicurazioni Generali Group – FY 2012 results

26. II. GROUP FINANCIALS
P&C investment strategy and yields(1) 26
P&C segment own investments(1) (%)
Euro 34.4 bn Euro 37.9 bn
 Reduced weight of equity and real estate exposure
 Preference for high quality and non financial
1.7% 1.6%
10.0% 8.0% corporate bonds
13.9% Other
15.8%
6.9% Cash & cash
equivalent
9.1%
10.7%
Real estate
8.6%
Equity Current Fixed Equity Real
29.2%
return(1) income Estate
26.8% Other fixed income
Corporate bonds
FY11 FY12 FY11 FY12 FY11 FY12
Government bonds
28.0% 29.7%
Euro m 887 912 105 75 497 403
FY11 FY12 % 3.9 3.8 2.8 2.6 8.6 7.5
(1) For the definitions refer to the related section in the backup. Comparative figures have been restated excluding assets and liabilities of Group’s Israeli companies.
Assicurazioni Generali Group – FY 2012 results

27. II. GROUP FINANCIALS
Financial segment 27
Operating result (Euro m) Net fees and commissions (Euro m)
+21.7%(1) +0.1%(2)
859 827
408
342
FY11 FY12 FY11 FY12
(1) On like for like basis (2) On like for like basis
Third party AUM(3) (Euro bn) Cost/income ratio (%)
+14.4%(4) -4.2%pts
88.2 96.4
73.2 69.0
FY11 FY12 FY11 FY12
(3) Including only third party AUM related to financial segment companies
(4) On like for like basis
Assicurazioni Generali Group – FY 2012 results

28. Agenda 28
II. Group Financials
Profit & loss review
Life, P&C and financial segment profitability
Balance sheet and capital
Assicurazioni Generali Group – FY 2012 results

29. II. GROUP FINANCIALS
Total expected cash flow generation 29
2011 (Euro bn) 2012 (Euro bn)
Life Free 1.0 Life Free 1.1
Cash Flow(1) Cash Flow(1)
P&C and P&C and 1.1
0.9
Financial Financial
Free Cash Free Cash
Flow(2) Flow(2)
Holding expenses(3) (0.7) Holding expenses(3) (0.7)
Free Cash Flow 1.3 Free Cash Flow 1.5
(1) Life Free cash flow = Expected profit based on EV calculations, net of change in required capital
(2) P&C and Financial cash flow = Operating profit after taxes and minorities, net of change in required capital
(3) Holding expenses = IFRS holding company result (including interest expense on debt) after tax and minorities
Assicurazioni Generali Group – FY 2012 results

30. II. GROUP FINANCIALS
IFRS Shareholders’ equity roll forward 30
(Euro m)
+28.0%
4,746 90 19,828
(26) (93) (311) (65)
15,486
Shareholders’ Δ in AFS FY 2012 Δ Currency Δ Cash Flow Dividend Other Shareholders’
Equity FY11 Reserve Net Result Translation Hedge Equity FY12
Reserve Reserve
Change in AFS reserve (Euro m)
3,670 2,591
145
932
(2,156)
AFS Reserve Impact Equity Impact Bond Other AFS Reserve
FY11 Investments Investments FY12
Assicurazioni Generali Group – FY 2012 results

31. II. GROUP FINANCIALS
Solvency I according to Italian regulation 31
(Euro bn)
Required margin Available margin
117% Main drivers of change 150%
Available margin
 Consolidated result: + 0.4
 Subordinated debt: + 1.2
26.9
 Financial markets and other elements: + 5.0
20.8
 Proposed dividends(1): - 0.5
17.8 17.9
Required Margin
 Growth of technical provisions : + 0.5
 Migdal disposal: - 0.4
FY11 FY12
(1) Proposed dividend for Shareholders: Euro 0.3 bn; proposed dividend for Minorities: Euro 0.2 bn
Assicurazioni Generali Group – FY 2012 results

32. II. GROUP FINANCIALS
Group Embedded Value roll-forward 32
(Euro m)
Including
24,066
+ Euro 1.5 bn: spread narrowing and
increase in stock market
- Euro 2.6 bn: decrease in interest rates (VIF
and P&C liab)
3,499
23,742
22,431
(1,335)
(311)
(543)
Robust return on embedded value, mainly driven
by Life NBV at Euro 863 m and a positive
combined ratio at 95.7%
EV Official FY11 Change in Normalised EV Investment and Cash Dividend EV FY12
Perimeter earnings Tax Variances
Return on Embedded Value Group Embedded Value
Group EV FY12
16.0% Normalised RoEV (1) 9.9% RoEV (1) 15.4€ Group EV per share
(1) For the definitions refer to the related section in the backup
Assicurazioni Generali Group – FY 2012 results

33. II. GROUP FINANCIALS
Economic Solvency 33
Economic Solvency Ratio
ESR = 159%(1) FY11 ESR = 159%(2) FY12
31.9
29.0
19.9
18.0
Group Group
AC AC
Group Group
RAC RAC
(1) ESR FY11 = AC FY11 (net of dividend 2011 equal to 0.3bn) divided by Risk Capital FY11
(2) ESR FY12 = AC FY12 (net of proposed dividend 2012 equal to 0.3 bn) divided by Risk Capital FY12
 Economic Solvency Ratio based on Group Internal Model calibrated on 1 year VaR at 99.5% confidence level
 Risk Adjusted Capital movement is mainly affected by model enhancements, volumes increase and distressed
credit rating profile
Assicurazioni Generali Group – FY 2012 results

34. Agenda 34
IV. Backup
P&L
Balance sheet
Life
Capital
Definitions
Assicurazioni Generali Group – FY 2012 results

35. Agenda 35
IV. Backup
P&L
Balance sheet
Life
Capital
Definitions
Assicurazioni Generali Group – FY 2012 results

36. IV. BACK UP
FY12 Total gross written premiums 36
(1)
(Euro m) Total gross written premiums Gross life written premiums Gross P&C written premiums
YoY YoY YoY
Weight on Weight on Weight on
Country GWP % increase total GWP GWP % increase total GWP GWP % increase total GWP
(2) (2) (2)
Italy 20,115 -0.5% 28.9% 12,763 +0.4% 27.3% 7,352 -2.0% 32.2%
France 13,141 +0.6% 18.9% 9,465 +0.8% 20.2% 3,676 +0.2% 16.1%
Germany 17,587 +6.0% 25.3% 14,310 +5.7% 30.6% 3,278 +7.0% 14.4%
CEE 4,136 +6.9% 5.9% 1,691 +2.9% 3.6% 2,445 +9.8% 10.7%
RoE 10,262 +3.1% 14.7% 5,827 +3.8% 12.4% 4,435 +2.1% 19.4%
Of which:
Spain 2,559 +5.5% 3.7% 1,183 +12.5% 2.5% 1,376 +0.2% 6.0%
Austria 2,519 -0.7% 3.6% 1,147 -4.0% 2.4% 1,373 +2.2% 6.0%
Switzerland 1,846 +2.5% 2.7% 1,157 +2.6% 2.5% 689 +2.4% 3.0%
RoW 4,371 +16.1% 6.3% 2,755 +9.9% 5.9% 1,617 +27.9% 7.1%
Total 69,613 +3.2% 100.0% 46,810 +3.1% 100.0% 22,803 +3.3% 100.0%
(1) Including investment contracts
(2) On like for like basis with constant exchange rates
Assicurazioni Generali Group – FY 2012 results

37. IV. BACK UP
FY12 Life premiums by country and business line(1) 37
Savings and pension Protection Unit/Index linked Total
YoY % YoY % YoY % YoY %
GDP
increase (2)
GDP
increase (2)
GDP
increase (2)
GDP increase (2)
(Euro mln)
Italy 11,624 +1.0% 222 +7.1% 515 -14.7% 12,360 +0.3%
France 6,564 +6.5% 1,745 -1.0% 912 -27.6% 9,221 +0.4%
Germany 6,909 +14.5% 4,103 +1.0% 3,298 -4.1% 14,309 +5.7%
CEE 1,019 +3.3% 244 +11.4% 428 -2.0% 1,691 +2.9%
RoE 2,338 +5.3% 824 +11.0% 2,639 +0.7% 5,801 +3.9%
Of which:
Spain 988 +16.2% 185 -1.1% 9 -32.6% 1,183 +12.5%
Austria 627 -5.0% 248 +2.8% 252 -8.8% 1,127 -4.3%
Switzerland 189 +9.7% 134 +14.2% 834 -0.5% 1,157 +2.6%
RoW 1,192 +8.0% 631 +18.2% 53 +16.9% 1,876 +11.5%
Total Life gross
direct premiums 29,645 +5.8% 7,768 +3.2% 7,844 -6.7% 45,258 +3.0%
(1) Including investment contracts
(2) On like for like basis with constant exchange rates
Assicurazioni Generali Group – FY 2012 results

38. IV. BACK UP
FY12 P&C premiums by country and business line 38
(1)
Motor Personal Commercial Accident/Health Total
YoY % YoY % YoY % YoY % YoY %
GDP
increase (2)
GDP
increase (2)
GDP
increase (2)
GDP
increase (2)
GDP increase (2)
(Euro mln)
Italy 3,174 -2.7% 878 +2.0% 1,851 -3.4% 1,303 -0.8% 7,207 -2.0%
France 1,077 -3.2% 1,472 +2.3% 779 +3.0% 97 +7.5% 3,425 +0.8%
Germany 1,185 +8.4% 1,289 +6.4% 270 -4.4% 529 +12.0% 3,272 +7.0%
CEE 918 -6.8% 345 +1.8% 618 +13.6% 519 +65.7% 2,400 +9.7%
RoE 1,604 +2.7% 1,047 +5.0% 944 -3.3% 678 +3.7% 4,273 +2.0%
Of which:
Spain 385 +4.7% 417 +7.6% 372 -9.9% 173 +1.2% 1,347 +0.6%
Austria 534 +1.5% 320 +2.9% 351 +1.9% 147 +2.6% 1,353 +2.1%
Switzerland 331 +2.6% 188 -1.5% 3 +1.5% 163 +5.7% 686 +2.1%
RoW 920 +24.8% 33 +89.5% 418 +23.6% 153 +32.9% 1,524 +26.1%
Total Life gross
direct premiums 8,879 +1.4% 5,064 +4.1% 4,881 +1.4% 3,278 +10.8% 22,102 +3.3%
(1) Including fleets
(2) On like for like basis with constant exchange rates
Assicurazioni Generali Group – FY 2012 results

39. IV. BACK UP
FY12 technical ratios 39
Life - Expense ratio (%) P&C - Combined ratio (%)
96.5 95.7
Expense
ratio 27.6 27,5
11.6 Loss
11.2 69.0 68.2
ratio
FY11 FY12 FY11 FY12
Total - Expense ratio (%)
16.6 16.3
FY11 FY12
Assicurazioni Generali Group – FY 2012 results

40. IV. BACK UP
FY12 combined ratio reconciliation 40
(Euro m)
FY11 FY12
A Net earned premiums (net of consolidation adjustments) 20,662 20,700
B Consolidated net claims 14,247 14,114
Consolidated acquisition costs 4,462 4,453
Consolidated administration costs 1,297 1,290
Non insurance activity related administration costs (1) 59 45
Insurance activity related consolidated administration costs 1,238 1,246
C Total acquisition and administration costs 5,700 5,699
B/A Loss ratio 69.0% 68.2%
C/A Expense ratio 27.6% 27.5%
(B+C)/A Combined ratio 96.5% 95.7%
D Other technical items 46 31
A-B-C-D Technical result 669 857
(1) Administration expenses related to service companies, real estates and other companies not belonging to P&C segment
Assicurazioni Generali Group – FY 2012 results

41. IV. BACK UP
FY12 technical ratios by country 41
(%) ITA FRA GER CEE RoE SPA AUT SWI RoW Consolidated
P&C Loss ratio
FY12 74.3% 70.9% 65.6% 50.5% 68.1% 66.3% 67.7% 69.5% 62.0% 68.2%
FY11 74.7% 71.2% 65.1% 54.5% 68.3% 68.0% 68.2% 69.0% 65.4% 69.0%
P&C Expense ratio
FY12 20.9% 28.0% 28.9% 37.9% 28.3% 28.2% 27.1% 25.6% 37.6% 27.5%
FY11 22.0% 27.5% 29.4% 35.0% 28.1% 26.8% 27.1% 26.5% 38.8% 27.6%
P&C Combined ratio
FY12 95.2% 98.9% 94.5% 88.5% 96.4% 94.5% 94.8% 95.1% 99.5% 95.7%
FY11 96.8% 98.7% 94.4% 89.5% 96.4% 94.8% 95.3% 95.5% 104.2% 96.5%
Life expense ratio by country
FY12 9.6% 10.1% 11.4% 21.8% 11.9% 4.1% 14.2% 17.8% 16.0% 11.2%
FY11 9.7% 9.5% 12.8% 19.8% 12.1% 4.4% 13.3% 18.6% 16.3% 11.6%
Assicurazioni Generali Group – FY 2012 results

42. IV. BACK UP
Focus on operating result 42
Operating result by country(1) (Euro m) Operating result breakdown(1) (Euro m)
Like for
FY11 FY12 like ∆
1,749
Italy 1,510 1,749 +15.8%
224
France 545 680 +24.9%
466
Germany 685 630 -8.1% 899
680 630 115
CEE 503 514 +2.2% 514
216 46 354
1060 26
257 257
RoE 878 899 +2.4% 304
464 430 67
327
RoW 322 257 +20.4% 184 193
-3
Italy France Germany CEE RoE RoW
Operating result(1) 4,444 4,730 +9.1%
Op. holding expenses (294) (313) +6.8%
Consolidation Adj. (222) (197) -11.4%
Life P&C Financial
Total operating 3,928 4,219 +10.5%
result
(1) Operating result = operating result of life, P&C and financial segments, before holding expenses and consolidation adjustments
Assicurazioni Generali Group – FY 2012 results

43. IV. BACK UP
Life operating result 43
Operating result (Euro m) Operating result by country (Euro m)
FY11 FY12 Like for
like 
+9.7%(1) Italy 969 1,060 +9.3%
France 295 464 +57.4%
Germany 378 327 -13.6%
2,542 2,658
CEE 195 184 -5.6%
RoE 444 430 -3.2%
Of which:
Spain 114 127 +11.3%
Austria 61 61 +0.9%
Switzerland 116 116 -0.2%
RoW 259 193 +36.3%
FY11 FY12
Total 2,542 2,658 +9,7%
(1) On like for like basis
Assicurazioni Generali Group – FY 2012 results

44. IV. BACK UP
Life net inflows by country 44
Country FY11 FY12 Like for like 
Italy 1,085 91 -91.6%
France -2,061 -2,236 -15.2%
Germany 3,433 4,551 +32.6%
CEE 475 390 -16.4%
RoE 1,473 -90 -107.1%
Spain -252 -1,569 -521.6%
Austria 171 141 -17.4%
Switzerland 549 655 +16.6%
RoW 1,441 835 +20.1%
Total 5,846 3,542 -32.5%
Assicurazioni Generali Group – FY 2012 results

45. IV. BACK UP
P&C operating result 45
Operating result (Euro m) Operating result by country (Euro m)
FY11 FY12 Like for
like 
+5.6%(1) Italy 402 466 +15.9%
1,664 France 250 216 -13.4%
1,561
Germany 259 257 -0.8%
CEE 286 304 +6.3%
RoE 335 354 +5.6%
Of which:
Spain 139 144 +3.7%
Austria 107 110 +2.8%
Switzerland 51 56 +8.5%
RoW 29 67 +51.7%
FY11 FY12
Total 1,561 1,664 +5.6%
(1) On like for like basis
Assicurazioni Generali Group – FY 2012 results

46. IV. BACK UP
Other operating and non operating expenses by segment 46
(Euro m) Life Non Life Financial
FY11 FY12 FY11 FY12 FY11 FY12
Total net operating expenses (47) 13 (266) (288) (40) (98)
Restructuring costs (33) (19) (39) (48) (13) (7)
Other net non operating expenses(1) (132) (135) (123) (322) (52) 71
Total net non operating expenses (165) (154) (162) (370) (65) 65
(1) Other non operating expenses include mainly amortization of VOBA
Assicurazioni Generali Group – FY 2012 results

47. IV. BACK UP
Focus on impairments(1) 47
(Euro m) Life P&C Financial Total
Net impairments FY11 FY12 FY11 FY12 FY11 FY12 FY11 FY12
Equity instruments 637 1,782 178 426 1 3 816 2,212
Fixed income 2,115 222 242 47 3 56 2,359 326
Real estate 16 164 8 53 0 0 25 217
Other investments(2) 637 408 225 306 1 22 864 736
Total net impairments 3,405 2,577 653 832 6 82 4,046 3,491
Of which
Operating net
2,967 1,986 0 0 6 22 2,975 2,008
impairments
Non operating net
438 591 653 832 0 59 1,089 1,483
impairments
(1) Net of reverse impairments
(2) Including subsidiaries and associated companies

48. IV. BACK UP
Focus on realised gains(1) 48
(Euro m) Life P&C Financial Total
FY11 FY12 FY11 FY12 FY11 FY12 FY11 FY12
Net realized gains on Equities 119 68 (15) (17) 1 1 91 52
Realised gains 1,159 555 169 97 2 2 1,316 653
Realised losses (1,040) (487) (184) (114) (1) 0 (1,225) (601)
Net realized gains on Fixed Income 1,419 561 18 34 3 6 1,440 601
Realised gains 2,384 2,269 134 191 5 26 2,523 2,486
Realised losses (965) (1,709) (116) (157) (2) (20) (1,083) (1,886)
Net realized gains on Real Estate 178 156 151 144 - - 329 300
Realised gains 191 170 161 150 - - 351 321
Realised losses (13) (14) (10) (6) - - (23) (20)
Net realized gains on Other(2) 160 19 90 9 79 (2) 329 26
Realised gains 160 19 121 16 82 1 363 36
Realised losses - - (31) (7) (3) (4) (34) (10)
Total net realized gains 1,876 803 244 170 84 5 2,189 978
Operating net realized gains 2,019 967 - - 4 7 2,009 975
Non operating net realized gains (143) (164) 244 170 79 (2) 180 3
(1) Excluding financial instruments at fair value through profit and loss
(2) Including subsidiaries and associated companies

49. IV. BACK UP
Focus on non operating items: interest expenses on financial debt 49
Interest expenses on financial debt (Euro m) Total financial debt (Euro m)
12,218 13,234
646 668 9.5% 7.1%
54.1% 59.2%
36.5% 33.7%
FY11 FY12 FY11 FY12
Senior Sub/Hybrid Other
Average cost & maturity of financial debt (%) Adjusted Financial Leverage (%) & FCC
FY11 FY12 FY11 FY12
Average cost (%) 5.37% 5.86% Adjusted Financial Leverage(1) 31.2% 29.4%
Average maturity (years) 5.88 6.01 Fixed Charge Coverage 3.8x 3.6x
(1) Calculated as per Moody’s methodology
Assicurazioni Generali Group – FY 2012 results

50. IV. BACK UP
Reclassified P&L account 50
Total
(Euro m) FY11 FY12
Total Operating result 3,928 4,219
Net earned premiums 62,739 62,838
Net insurance benefits and claims (55,036) (63,218)
Acquisition and administration costs (11,807) (11,563)
Net fee and commission income and net income from financial service activities 933 764
Operating income from other financial instruments 10,665 9,975
Operating income from financial instruments at fair value through profit or loss (2,905) 6,141
of which net income from fin. assets and liabilities where the risk is borne by the policyholders (3,159) 4,563
Operating holding expenses (294) (313)
Net other operating expenses (367) (404)
Non-operating result (2,013) (2,496)
Non-operating income from other financial instruments (907) (1,393)
Non-operating income from financial instruments at fair value through profit or loss (34) 30
Non-operating holding expenses (680) (673)
Interest expenses on financial debt (646) (668)
Other non-operating holding expenses (34) (5)
Net other non-operating expenses (392) (460)
Consolidated result before taxes and minorities 1,914 1,723
Income taxes (762) (1,326)
Result from discontinued operations - (30)
Consolidated result of the period 1,153 367
Result of the period attributable to minority interests (297) (277)
Result of the period 856 90
Assicurazioni Generali Group – FY 2012 results

51. IV. BACK UP
Reclassified P&L account by segment - FY11 51
Unallocated
holding Consolidation
(Euro m) Life Non life Financial(1) expenses adjustments Total
Total Operating result 2,542 1,561 342 (294) (222) 3,928
Net earned premiums 42,076 20,662 - - - 62,739
Net insurance benefits and claims (40,770) (14,247) - - (19) (55,036)
of which var. of provisions related to unit linked business 2,132 - - - - 2,132
Acquisition and administration costs (5,176) (5,715) (915) - - (11,807)
Net fee and commission income and net income
from financial service activities 178 - 859 - (103) 933
Operating income from other fin. Instruments 9,336 1,086 328 - (86) 10,665
Operating income from fin. Instruments at fair
value through profit or loss (3,055) 41 109 - - (2,905)
of which net income from fin.assets and liabilities where
the risk is borne by the policyholders (3,159) - - - - (3,159)
Operating holding expenses - - - (294) - (294)
Net other operating expenses (47) (266) (40) - (14) (367)
Non-operating result (744) (606) 16 (680) - (2,013)
Non-operating income from other fin.instr. (579) (409) 81 - - (907)
Non-operating income from fin. instr.at fair value
through profit or loss - (34) - - - (34)
Non-operating holding expenses - - - (680) - (680)
Net other non-operating expenses (165) (162) (65) - - (392)
Earnings before taxes 1,798 955 357 (974) (222) 1,914
(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report
Assicurazioni Generali Group – FY 2012 results

52. IV. BACK UP
Reclassified P&L account by segment - FY12 52
Unallocated
holding Consolidation
(Euro m) Life Non life Financial(1) expenses adjustments Total
Total Operating result 2,658 1,664 408 (313) (197) 4,219
Net earned premiums 42,138 20,700 - - - 62,838
Net insurance benefits and claims (49,099) (14,114) - - (5) (63,218)
of which var. of provisions related to unit linked business (4,150) - - - - (4,150)
Acquisition and administration costs (4,985) (5,716) (862) - - (11,563)
Net fee and commission income and net income from
financial service activities 56 - 827 - (118) 764
Operating income from other fin. Instruments 8,600 1,031 387 - (44) 9,975
Operating income from fin. Instruments at fair value
through profit or loss 5,937 50 154 - - 6,141
of which net income from fin.assets and liabilities where the
risk is borne by the policyholders 4,563 - - - - 4,563
Operating holding expenses - - - (313) - (313)
Net other operating expenses 13 (288) (98) - (30) (404)
Non-operating result (908) (916) 3 (673) (3) (2,496)
Non-operating income from other fin.instr. (754) (576) (61) - (3) (1,393)
Non-operating income from fin. instr.at fair value
through profit or loss - 30 - - - 30
Non-operating holding expenses - - - (673) - (673)
Net other non-operating expenses (154) (370) 65 - (460)
Earnings before taxes 1,750 747 411 (986) (200) 1,723
(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report
Assicurazioni Generali Group – FY 2012 results

53. IV. BACK UP
Focus on 4Q12 results 53
(Euro m) 4Q12/
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
4Q11(2)
Life premiums(1) 12,340 11,503 10,543 12,009 12,815 10,415 10,271 13,309 +10.6%
P&C premiums 6,792 5,219 4,931 5,823 6,999 5,419 5,027 5,359 -0.6%
Total premiums 19,131 16,722 15,474 17,832 19,814 15,834 15,298 18,668 +7.0%
Life net inflows 2,819 1,999 1,678 (651) 760 (1,138) 1,521 2,399 +369.1%
Combined ratio % 96.1% 96.9% 96.7% 96.4% 95.4% 98.8% 95.7%(3) 92.8% -3.7%
Life operating result 881 782 315 564 819 832 545 462 -14.2%
P&C operating result 393 406 405 357 411 344 404 505 +38.3%
Financial operating
115 96 68 63 126 85 109 88 +42.4%
result
Operating holding
expenses and cons. (133) (132) (96) (155) (126) (148) (109) (128) -18.0%
adj.
Total operating result 1,256 1,153 692 827 1,230 1,113 949 928 +14.4%
Net result 616 190 20 31 567 274 291 (1,043) n.m.
(1) Including investment contracts
(2) On like for like basis
Assicurazioni Generali Group – FY 2012 results

54. Agenda 54
IV. Backup
P&L
Balance sheet
Life
Capital
Definitions
Assicurazioni Generali Group – FY 2012 results

55. IV. BACK UP
Consolidated balance sheet 55
(Euro bn) FY11 FY12 (Euro bn) FY11 FY12
Shareholders’ Equity
Intangible assets 10.4 9.9 (Group share) 15.5 19.8
Minority interests 2.6 2.7
Investments 346.7 374.1
Shareholders’ Equity 18.1 22.6
Cash 25.6 21.6
Operating debt 46.9 50.7
Other credits 11.3 11.1
Financial debt 12.2 13.2
Tangible assets 4.9 5.0 Technical reserves 325.0 336.4
Payables and other
provisions 9.0 9.5
Other assets (1) 24.2 20.0 Other liabilities 11.8 9.4
Total Liabilities and
Total Assets 423.1 441.7 Shareholders’ Equity 423.1 441.7
(1) Including reinsurance amounts of technical reserve, deferred tax assets, deferred acquisition costs and other assets
Assicurazioni Generali Group – FY 2012 results

56. IV. BACK UP
Assets under management 56
FY11 total FY12 total
Euro 467 bn Euro 490 bn
Third parties AUM
97.4
Unit Linked
53.8
Fixed income Other
instruments 3.7%
81.2%
Real Estate
4.4%
338.8
Equity
4.6%
Cash & equival.
6.1%
“Own Investments”(1)
(1) For definitions refer to the related section in the backup
Assicurazioni Generali Group – FY 2012 results

57. IV. BACK UP
FY12 own investments at amortized cost and fair value(1) 57
Total
Euro 339 bn
20.6
Fixed income instruments
91.3%
Of which bonds 87.2%
Equity 225.7
6.9% Fixed income instruments
74.5%
Other Of which bonds 50.7%
1.8% Of which loans 23.8%
Real estate
13.9%
Cash & equivalents Other
92.5 9.8%
Investments at amortized cost
Investments at fair value Subs, ass. & JVs
1.8%
(1) Excluding unit linked and third parties AUM
Assicurazioni Generali Group – FY 2012 results

58. IV. BACK UP
FY12 book value and market value of own investments(1) 58
(Euro m) Life P&C Financial Total(2)
Asset classes BV MV BV MV BV MV BV MV
Equity 12,487 12,487 2,601 2,601 564 564 15,652 15,652
Fixed income instruments 236,107 241,267 26,419 26,501 15,585 15,969 274,916 280,542
Corporate 93,954 96,815 11,077 11,090 2,479 2,485 107,228 110,108
Government 119,019 121,115 11,279 11,344 6,245 6,300 136,542 138,760
Other fixed income 23,133 23,336 4,063 4,066 6,861 7,184 31,145 31,674
Real estate 9,751 12,234 5,289 8,103 24 36 15,064 20,373
(1) Excluding unit linked and third parties
(2) Net of consolidation adjustments
Assicurazioni Generali Group – FY 2012 results