Generali Group 1Q 2010 results

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Generali Group 1Q 2010 results

  1. 1. Generali Group 1Q 2010 Results Milan, May 12, 2010
  2. 2. Agenda 2 I. Overview II. Group financials III. Final remarks IV. Backup Assicurazioni Generali Group – 1Q 2010 results
  3. 3. Agenda 3 I. Overview 1Q 2010 results at a glance Assicurazioni Generali Group – 1Q 2010 results
  4. 4. I. OVERVIEW 1Q 2010 results at a glance 4 Life net inflows (Euro m) Operating result (Euro m) +90.0%(1) +22.0%(2) 6,111 1,201 1,009 3,184 1Q09 1Q10 1Q09 1Q10 (1) On like for like basis (2) Excluding Intesa Vita, according to IFRS 5 treatment for discontinued operations. On historical terms, the variations would be +19.1% Net result (Euro m) Shareholders’ equity (Euro bn) +407.7% +8.1% 18,002 16,652 527 104 1Q09 1Q10 FY09 1Q10 Assicurazioni Generali Group – 1Q 2010 results
  5. 5. Agenda 5 II. Group financials Profit & loss review Shareholders’ equity Life & P&C profitability Assicurazioni Generali Group – 1Q 2010 results
  6. 6. II. GROUP FINANCIALS Revenue development by segment 6 1Q 1Q ∆ historical ∆ like for like (Euro m) 2009 2010 (%) (%) Gross written premiums 18,479 20,864 +12.9 +16.2 Life(1) 11,889 14,214 +19.6 +25.7 P&C 6,590 6,650 +0.9 +0.0 APE(2) 1,196 1,532 +28.1 +21.3 (1) Including investment contracts for Euro 1,274.0 m in 1Q10 (2) APE amounts are calculated with end of period perimeter and exchange rates – like for like variations neutralize impacts of variations of perimeter and exchange rates Assicurazioni Generali Group – 1Q 2010 results
  7. 7. II. GROUP FINANCIALS Operating result by segment 7 Operating result by segment (Euro m) (1) (%) Life 866 operating result 563 +60.8 P&C 335 operating result 449 -25.4 Financial services 98 operating result 92 +6.4 Operating holding -67 -63 -7.0 expenses Consolidation -31 adjustments -33 +5.2 Total 1,201 +22.0 operating result 1,009 1Q10 1Q09 (1) Excluding Intesa Vita in 1Q09 and 1Q10, according to IFRS 5 treatment for discontinued operations. On historical terms, the variations would be +53.8% for the life operating result and +19.1% for the consolidated operating result Assicurazioni Generali Group – 1Q 2010 results
  8. 8. II. GROUP FINANCIALS Focus on operating result 8 Operating result by country(1) Operating result breakdown(1) (Euro m) (Euro m) 1Q09 1Q10 ∆% Italy 398 472 +26.1(2) 33 France 155 199 +28.8 89 Germany 128 162 +26.9 CEE 204 158 -22.7 2 RoE 188 190 +1.4 350 68 12 36 5 21 44 11 RoW 31 118 +275.0 94 19 130 129 111 Operating result(1) 1,104 1,299 +20.3(2) 59 88 Op. holding expenses 63 67 -7.0 Italy France Germany CEE RoE RoW Consolidation Adj. 33 31 +5.2 Life P&C Financial Total operating 1,009 1,201 +22.0(2) result (1) Operating result = operating result of life, P&C and financial segments, before holding expenses and consolidation adjustments (2) On like for like basis Assicurazioni Generali Group – 1Q 2010 results
  9. 9. II. GROUP FINANCIALS From operating result to net result 9 (Euro m) 1Q09 1Q10 (%) Total operating result 1,009 1,201 +22.0(1) Non operating investment income (522) 2 Non-operating holding expenses(2) (172) (193) Net other non operating expenses (94) (105) Total non operating result (788) (296) +62.4 Consolidated result of the period before taxes 221 905 +309.3 and minority interests Income taxes (62) (295) Result from discontinued operations (Intesa Vita) - 15 Minority interests (55) (99) Net result of the period 104 527 +407.7 (1) Excluding Intesa Vita in 1Q09 and 1Q10, according to IFRS 5 treatment for discontinued operations. On historical terms, the variation would be +19.1% (2) Including interest expenses on financial debt Assicurazioni Generali Group – 1Q 2010 results
  10. 10. II. GROUP FINANCIALS IFRS Shareholders’ equity roll forward 10 IFRS Shareholders’ equity roll forward (Euro m) +8.1% 527 294 42 18,002 16,652 512 (25) Shareholders’ Δ in AFS 1Q 2010 Δ Currency Δ Cash Flow Other Shareholders’ Equity FY09 Reserve Net Result Translation Hedge Reserve Equity 1Q10 Reserve Change in AFS reserve (Euro m) 412 5 1,241 730 94 AFS Reserve Impact Equity Impact Bond Other AFS Reserve FY09 Investments Investments 1Q10 Assicurazioni Generali Group – 1Q 2010 results
  11. 11. II. GROUP FINANCIALS Solvency I update 11 (Euro bn) Required margin Available margin Solvency I ratio 128% 129% 21.6 22.3 16.9 17.3 FY09 1Q10(1) (1) Estimated figures Assicurazioni Generali Group – 1Q 2010 results
  12. 12. II. GROUP FINANCIALS Investments(1) 12 (Euro bn) EXPOSURE TO PERIPHERAL EUROPE GOVERNMENT BONDS +4.1% (Euro bn) Gross Net 453.4 435.6 Portugal 3.98 0.67 Spain 4.16 0.80 Third parties 89.0 Ireland 1.79 0.28 83.6 AUM Greece 4.08 0.81 Total 14.01 2.57 42.5 45.0 Unit Linked Fixed income Other (4) instruments (3) 4.1% 79.0% Real Estate (5) 4.6% “Own 319.4 309.5 Investments” (2) Equity 9.4% Cash & equival. 2.8% FY09 1Q10 (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 € 322.6 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 Assicurazioni Generali Group – 1Q 2010 results
  13. 13. II. GROUP FINANCIALS Life New Business Annual Premium Equivalent 13 Best first quarter ever for the Group, with APE exceeding 1.5 Euro bn Excellent growth of APE from 1Q2009 to 1Q2010 (+21.3% on a like for like basis), driven by the strong contribution of single premiums and the recovery of unit linked business (Euro m) APE 1Q 1Q Historical Like for like 2009 2010 % % Italy 301 466 +54.7 +34.6 France 329 413 +25.7 +25.7 Germany 278 266 -4.3 -5.2 CEE 37 40 +10.1 -0.5 RoE 135 221 +63.5 +56.6 RoW 116 125 +7.6 -0.4 Total 1,196 1,532 +28.1 +21.3 Assicurazioni Generali Group – 1Q 2010 results
  14. 14. II. GROUP FINANCIALS Strong growth in life business 14 Life gross written premiums (Euro bn) Life net technical reserves(2) (Euro m) +25.7%(3) +3.4% 7.2 2.5 296.1 286.4 14.2 11.9 Δ 1Q09 1Q10 Traditional Unit FY09 1Q10 Linked 1Q 2010 251.0 45.1 FY 2009 243.8 42.6 Δ% +2.9% +5.9% Life net inflows by country(1) (Euro m) Life operating result (Euro m) Country 1Q09 1Q10 Δ%(3) +60.8%(3) Italy (420) 883 n. a. France 1,495 2,298 +53.7 866 Germany 1,207 1,203 -0.4 563 CEE 133 129 -8.4 TOTAL 3,184 6,111 +90.0 1Q09 1Q10 (1) Net inflow: premiums written in the period less surrenders and maturity. It does (2) Including investment contracts; excluding Intesa Vita in FY09 and 1Q10, not include revaluation of mathematical reserves according to IFRS 5 treatment for discontinued operations (3) On like for like basis Assicurazioni Generali Group – 1Q 2010 results
  15. 15. II. GROUP FINANCIALS P&C Gross Written Premiums 15 First signs of premium recovery in Italy and France Stable production thanks to geographical diversification Growth in Retail Non-Motor; Motor and Commercial still under pressure Historical Like for like(1) (Euro m) 1Q09 1Q10 % % Italy 1,703 1,715 +0.8 +0.8 France 1,164 1,223 +5.1 +5.0 Germany 1,312 1,292 -1.5 -1.5 CEE 565 613 +8.4 -1.6 RoE 1,508 1,489 -1.3 -1.8 RoW 339 319 -6.0 -5.2 Total 6,590 6,650 +0.9 +0.0 (1) Calculated considering equivalent exchange rates and scope of consolidation Assicurazioni Generali Group – 1Q 2010 results
  16. 16. II. GROUP FINANCIALS P&C profitability (1/2) 16 Combined ratio (%) Combined ratio by country (%) +1.7%pts. 1Q 2009 1Q 2010 %pts 0.3 1.4 98.0 96.3 Italy 96.7 97.6 +0.9 France 100.6 99.0 -1.6 27.5 27.8 Germany 96.5 99.5(1) +3.0 CEE 85.9 87.1 +1.2 68.8 70.2 RoE 95.9 101.2 +5.3 RoW 95.2 96.6 +1.4 1Q09 Expense Loss 1Q10 ratio ratio Total 96.3 98.0 +1.7 Loss ratio Expense ratio (1) Excluding Nat Cat, the ratio would be 95.7% Assicurazioni Generali Group – 1Q 2010 results
  17. 17. II. GROUP FINANCIALS P&C profitability (2/2) 17 Loss ratio (%) Reserving ratio (%)(1) +0.9%pts 1.4 70.2 68.8 508.2 509.1 1Q09 Nat 1Q10 1Q10 1Q09 CAT 1Q 2010 2.3 70.2 1Q 2009 0.9 68.8 (1) On three months basis Expense ratio (%) P&C operating result (Euro m) 27.5 0.0 0.4 27.8 6.0 6.0 -25.4% 21.5 21.9 Acq. costs Δ%pts 449 Adm. costs 335 1Q09 Δ Admin Δ Acq. 1Q10 1Q09 1Q10 Assicurazioni Generali Group – 1Q 2010 results
  18. 18. II. GROUP FINANCIALS Global Added Value (GAV)(1) 18 GAV (Euro m) 2009 GAV breakdown (%) +5.2% Shareholders(2) 13.9% Employees 14,157 Community 12,635 31.1% 12,011 0.3% Credit capital providers(3) 10,0% State 4.0% 2007 2008 2009 Agents & FAs 40.7% (1) The Global Added Value (GAV) derives from the reclassification of the consolidated financial statements and expresses the wealth generated by Group operations over the year for the various stakeholder categories. In practice, GAV is calculated as the difference between the value of goods and services provided by the company and the value of the goods and services it acquires from third parties (2) Consolidated result of the period (including minority interests) (3) Total interest expense (including operating debt) Assicurazioni Generali Group – 1Q 2010 results
  19. 19. Agenda 19 III. Final Remarks Assicurazioni Generali Group – 1Q 2010 results
  20. 20. III. FINAL REMARKS Final remarks 20 Business model strength confirmed in a challenging environment Balanced operating result thanks to sound risk geographical diversification Results confirm the effectiveness of cost saving initiatives Non life benefits from repricing actions and high exposure to retail business Confirmed focus on preserving current yields and protecting value of investments Assicurazioni Generali Group – 1Q 2010 results
  21. 21. Agenda 21 IV. Backup Assicurazioni Generali Group – 1Q 2010 results
  22. 22. IV. BACK UP 1Q10 total gross written premiums 22 (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 (2) (2) (2) Italy 5,394 +22.6 25.9 3,678 +36.4 17.6 1,715 +0.8 8.2 France 5,255 +21.7 25.2 4,033 +27.8 19.3 1,223 +5.0 5.9 Germany 4,450 +2.4 21.3 3,158 +4.2 15.1 1,292 -1.5 6.2 Eastern Europe 1,013 +0.1 4.9 400 +2.8 1.9 613 -1.6 2.9 RoE 3,437 +25.4 16.5 1,948 +58.9 9.3 1,489 -1.8 7.1 Of which: Of which: Of which: Spain 686 -18.6 3.3 232 -34.9 1.1 453 -6.5 2.2 Austria 789 +3.1 3.8 322 +11.1 1.5 468 -1.8 2.2 Switzerland 548 +4.9 2.6 219 +5.8 1.1 328 +4.4 1.6 RoW 1,315 +14.9 6.3 997 +23.1 4.8 319 -5.2 1.5 Total 20,864 +16.2 100.0 14,214 +25.7 68.1 6,650 +0.0 31.9 (1) Including investment contracts (2) Calculated considering equivalent exchange rates and scope of consolidation Assicurazioni Generali Group – 1Q 2010 results
  23. 23. IV. BACK UP Life Premiums by Country & Business Line 23 Life 1Q10 (Euro m) Unit/index Traditional linked Health Group Total Italy 88.0% 1.5% 0.0% 10.5% 3,663 France 76.9% 12.7% 5.3% 5.0% 3,985 Germany 46.4% 23.9% 21.1% 8.6% 3,158 CEE 65.9% 22.1% 10.5% 1.5% 400 RoE 24.3% 58.4% 3.4% 13.8% 1,946 Of which: Spain 54.9% 1.9% 0.0% 43.2% 232 Austria 53.6% 28.8% 17.7% 0.0% 320 Switzerland 20.2% 78.6% 1.0% 0.2% 219 RoW 33.3% 0.4% 10.0% 56.3% 841 Total life gross 62.7% 18.2% 7.7% 11.5% 13,993 direct premiums Assicurazioni Generali Group – 1Q 2010 results
  24. 24. IV. BACK UP P&C Premiums by Country & Business Line 24 P&C 1Q10 (Euro m) Accident/ (1) Motor Health Personal Commercial Total Italy 47.8% 17.6% 11.8% 22.8% 1,686 France 28.1% 11.4% 34.6% 26.0% 1,163 Germany 48.8% 9.7% 32.2% 9.4% 1,290 CEE 52.1% 9.5% 13.9% 24.5% 608 RoE 37.2% 17.3% 17.8% 27.6% 1,447 Of which: Spain 24.0% 17.3% 22.0% 36.7% 438 Austria 38.4% 8.9% 16.6% 36.0% 460 Switzerland 55.5% 27.0% 17.1% 0.3% 327 RoW 61.4% 7.6% 4.5% 26.5% 315 Total P&C gross 43.2% 13.6% 21.1% 22.1% 6,509 direct premiums (1) Including fleets Assicurazioni Generali Group – 1Q 2010 results
  25. 25. IV. BACK UP Life New Business APE 25 (Euro m) New Business APE 1Q 2009 1Q 2010 % historical % like for like Italy 301 466 +54.7 +34.6 France 329 413 +25.7 +25.7 Germany 278 266 -4.3 -5.2 CEE 37 40 +10.1 -0.5 RoE 135 221 +63.5 +56.6 of which Spain 36 29 -19.2 -19.2 of which Austria 19 28 +47.9 +18.7 of which Switzerland 20 19 -4.6 -10.0 RoW 116 125 +7.6 -0.4 Total 1,196 1,532 +28.1 +21.3 Assicurazioni Generali Group – 1Q 2010 results
  26. 26. IV. BACK UP Ratios 26 Life – Expense ratio (%) P&C – Combined ratio (%) 96.3 98.0 Expense 27.5 27.8 ratio Loss 11.1 9.3 68.8 70.2 ratio 1Q09 1Q10 1Q09 1Q10 Total – Expense ratio (%) 16.0 14.2 1Q09 1Q10 Assicurazioni Generali Group – 1Q 2010 results
  27. 27. IV. BACK UP Ratios by country 27 P&C ratios by ITA FRA GER CEE SPA AUT SWI Consolidated country (%) Loss ratio 1Q10 75.8 71.9 70.8 57.2 73.1 66.0 71.2 70.2 1Q09 74.8 73.4 67.4 56.0 67.0 67.1 70.1 68.8 Expense ratio 1Q10 21.8 27.1 28.7 30.0 25.9 31.2 22.6 27.8 1Q09 21.9 27.1 29.1 29.8 24.1 31.3 25.0 27.5 Combined ratio 1Q10 97.6 99.0 99.5(1) 87.1 99.0 97.3 93.8 98.0 1Q09 96.7 100.6 96.5 85.9 91.1 98.4 95.1 96.3 Life expense ratios by country (%) 1Q10 8.4 5.6 14.3 18.7 5.1 12.3 18.6 9.3 1Q09 10.8(2) 7.1 15.3 20.0 4.3 13.7 20.9 11.1 (1) Excluding Nat Cat, the ratio would be 95.7% (2) Excluding Intesa Vita. On historical terms, the ratio would be 9.3% Assicurazioni Generali Group – 1Q 2010 results
  28. 28. IV. BACK UP Combined ratio reconciliation 28 (Euro m) 1Q 2009 1Q 2010 A Net earned premiums (net of consolidation adjustments) 5,012.7 5,052.5 B Consolidated net claims 3,449.1 3,544.6 Consolidated acquisition costs 1,076.3 1,104.6 Consolidated administration costs 316.2 315.9 Non insurance activity related administration costs(1) 15.5 14.8 Insurance activity related consolidated administration costs 300.7 301.1 C Total acquisition and administration costs 1,377.0 1,405.7 B/A Loss ratio 68.8% 70.2% C/A Expense ratio 27.5% 27.8% (B+C)/A Combined ratio 96.3% 98.0% (1) Administration expenses related to service companies, real estate and other companies not belonging to P&C segment Assicurazioni Generali Group – 1Q 2010 results
  29. 29. IV. BACK UP Operating result by country 29 Life operating result by market (Euro m) P&C operating result by market (Euro m) 1Q09 1Q10 % 1Q09 1Q10 % Italy 273 350 +40.7(1) Italy 110 89 -18.7 France 104 130 +25.2 France 52 68 +31.7 Germany 50 129 +160.4 Germany 66 21 -68.1 CEE 93 59 -37.1 CEE 107 94 -12.1 RoE 32 111 +245.6 RoE 99 44 -55.6 Of which: Of which: Spain 25 27 +9.7 Spain 53 24 -55.2 Austria 5 14 +202.1 Austria 14 20 +46.6 Switzerland 13 28 +118.0 Switzerland 11 17 +58.5 RoW 12 88 +645.3 RoW 15 19 +22.0 Total 563 866 +60.8(1) Total 449 335 -25.4 (1) On like for like basis. On historical terms, the variations would be 28.2% for the Italian life operating result and +53.8% for the consolidated life operating result Assicurazioni Generali Group – 1Q 2010 results
  30. 30. IV. BACK UP Reclassified P&L account 30 (Euro m) Total 1Q 2009 1Q 2010 Operating result(1) 1,009 1,201 Net earned premiums 16,129 17,800 Net insurance benefits and claims (13,217) (18,286) Acquisition and administration costs (2,831) (2,914) Net fee and commission income and net income from financial service activities 150 214 Operating income from investments 951 4,560 Operating holding expenses (63) (67) Net other operating expenses (110) (106) Non-operating result(1) (788) (296) Non-operating income from investments (522) 2 Non-operating holding expenses (172) (193) Interest expenses on financial debt (165) (185) Other non-operating holding expenses (7) (8) Net other non-operating expenses (94) (105) Earnings before taxes 221 905 Income taxes (62) (295) Result from discontinued operations (Intesa Vita) - 15 Consolidated result of the period 159 626 Result of the period attributable to minority interests (55) (99) Group result of the period 104 527 (1) Refer to the Methodological note on alternative performance measures included in the Consolidated Quarterly Report Assicurazioni Generali Group – 1Q 2010 results
  31. 31. IV. BACK UP Reclassified P&L account by segment – 1Q 2009 31 Unallocated holding Consolidation (Euro m) Life Non life Financial(2) expenses adjustments Total Operating result(1) 563 449 92 (63) (33) 1,009 Net earned premiums 11,116 5,013 0 - - 16,129 Net insurance benefits and claims (9,768) (3449) 0 - - (13,217) Acquisition and administration costs (1,281) (1,382) (168) - - (2,831) Net fee and commission income and net income from financial service activities 8 0 166 - (24) 150 Operating income from investments 533 306 122 - (10) 951 Operating holding expenses - - - (63) - (63) Net other operating expenses (45) (38) (28) - 1 (110) Non-operating result(1) (112) (484) (19) (172) - (788) Non-operating income from investments (82) (440) 0 - - (522) Non-operating holding expenses - - - (172) - (172) Net other non-operating expenses (30) (45) (19) - - (94) Earnings before taxes 451 (36) 74 (235) (33) 221 (1) Refer to the Methodological note on alternative performance measures included in the Consolidated Quarterly Report (2) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Quarterly Report Assicurazioni Generali Group – 1Q 2010 results
  32. 32. IV. BACK UP Reclassified P&L account by segment – 1Q 2010 32 Unallocated holding Consolidation (Euro m) Life Non life Financial(2) expenses adjustments Total Operating result(1) 866 335 98 (67) (31) 1,201 Net earned premiums 12,748 5,053 0 - - 17,800 Net insurance benefits and claims (14,741) (3,545) 0 - - (18,286) Acquisition and administration costs (1,297) (1,410) (207) - - (2,914) Net fee and commission income and net income from financial service activities 29 0 209 - (25) 214 Operating income from investments 4,160 290 116 - (6) 4,560 Operating holding expenses - - - (67) - (67) Net other operating expenses (34) (53) (20) - - (106) Non-operating result(1) (17) (73) (14) (193) - (296) Non-operating income from investments 18 (16) 0 - - 2 Non-operating holding expenses - - - (193) - (193) Net other non-operating expenses (34) (57) (14) - - (105) Earnings before taxes 849 262 84 (260) (30) 905 (1) Refer to the Methodological note on alternative performance measures included in the Consolidated Quarterly Report (2) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Quarterly Report Assicurazioni Generali Group – 1Q 2010 results
  33. 33. IV. BACK UP Total comprehensive income(1)(2) 33 (Euro m) 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 +3,000 m 1,916 459 1,308 794 (178) 181 (1,031) (505) (1,010) -3,000 m 1Q08 1H08 9M08 FY08 1Q09 1H09 9M09 FY09 1Q10 (1,031) (1,536) (1,354) (2,365) (178) 616 2,532 2,990 1,308 (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 Assicurazioni Generali Group – 1Q 2010 results
  34. 34. Investor Relations Team 34 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 Nicoletta Mendes (Tel.: +39-040-671402) IR Events Email: nicoletta_mendes@generali.com Assicurazioni Generali Group – 1Q 2010 results
  35. 35. Disclaimer 35 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. Assicurazioni Generali Group – 1Q 2010 results
  36. 36. Generali Group 1Q 2010 Results Milan, May 12, 2010

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