Generali Group 1Q 2013 Results

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Generali Group 1Q 2013 Results

  1. 1. May 10, 2013Generali Group1Q 2013 Results
  2. 2. 2Assicurazioni Generali Group – 1Q 2013 resultsAgendaI. OverviewII. Group financialsIII. Final remarksIV. BackupPage 3Page 5Page 24Page 26
  3. 3. 3AgendaI. Overview1Q 2013 results at a glanceAssicurazioni Generali Group – 1Q 2013 results
  4. 4. 4Assicurazioni Generali Group – 1Q 2013 resultsOperating result (Euro m)1,230 1,328+8.0%1Q12 1Q13 1Q12 1Q131Q 2013 results at a glanceI. OVERVIEWShareholders’ equity (Euro m)19,013 18,775-1.2%(1)01/01/13 1Q13Solvency I ratio (%)1Q13603567+6.3%Net result (Euro m)145138-7%pts.(1)(1) FY12 shareholders’ equity was restated (- Euro 815 m) to include the effects ofrevised IAS 1901/01/13
  5. 5. 5Assicurazioni Generali Group – 1Q 2013 resultsAgendaII. Group financialsProfit & loss reviewLife and P&C segment profitabilityBalance sheet and solvency I
  6. 6. 6Assicurazioni Generali Group – 1Q 2013 resultsRevenue development by segmentII. GROUP FINANCIALS(1) Including investment contracts (Euro 1,044 m in 1Q13, Euro 786 m in 1Q12)(2) On like for like basis1Q12 1Q13Historical∆Like forlike ∆Gross writtenpremiums19,814 19,145 -3.4% -2.6%Life(1) 12,815 12,282 -4.2% -4.7%P&C 6,999 6,863 -1.9% +1.5%(Euro m)19.814 19.1451Q131Q12-2.6%(2)Gross written premiums (Euro m)
  7. 7. 7Assicurazioni Generali Group – 1Q 2013 resultsConsolidationadjustmentsTotaloperating resultFinancial servicesoperating resultP&Coperating resultOperating holdingexpensesLifeoperating result797520119-83-251,328819411126-74-521,2301Q13 total operating result (Euro m)Operating result by segment1Q131Q12-52.4%+8.0%-6.1%+26.6%+12.2%-2.6%II. GROUP FINANCIALS
  8. 8. 8Assicurazioni Generali Group – 1Q 2013 resultsFocus on non operating resultII. GROUP FINANCIALS(25) (18)87(54) (25)Non operating investment income (Euro m)1Q131Q12(Euro m)NetrealisedgainsNetimpair-mentsFair Valuethr. P&L1Q 13 97 (106) (8)1Q 12 10 (52) 17Δ n.m. +104.5% n.a.(Euro m)1Q12 1Q13 Non operatinginvestment income(25) (18) -29.2%Non operatingholding expenses(163) (187) +15.2%Of which: interest costs (162) (187) +15.9%Net otherNon operatingexpenses(77) (80) +3.5%Of which: VOBAamortization(46) (44) -4.3%TotalNon operatingresult(266) (286) +7.5%
  9. 9. 9Assicurazioni Generali Group – 1Q 2013 results1Q12 1Q13 Total operating result 1,230 1,328 +8.0%Non operating result (266) (286) +7.5%Consolidated result beforetaxes and minorities964 1,042 +8.1%Income taxes(1) (334) (370) +10.8%Result for discontinuedoperations14 0 n.a.Minorities (77) (69) -10.3%Net result 567 603 +6.3%II. GROUP FINANCIALSNet income (Euro m)567603+6.3%1Q131Q12From operating result to net result(Euro m)
  10. 10. 10Assicurazioni Generali Group – 1Q 2013 resultsAgendaII. Group financialsProfit & loss reviewLife and P&C segment profitabilityBalance sheet and solvency I
  11. 11. 11Assicurazioni Generali Group – 1Q 2013 resultsLife business developmentGross written premiums (Euro m)12.815 12.282-4.7%(1)II. GROUP FINANCIALS1Q12 1Q13(1) On like for like basis(2) Including liabilities related to investment contractsNet technical reserves(2) (Euro bn)Country 1Q12 1Q13Italy (235) 212France (888) 70Germany 994 1,494CEE 106 143RoE 534 683RoW 250 310TOTAL 760 2,913Net inflows by country (Euro m) Italy: positive development thanks to both lowermaturities and surrenders France: positive trend thanks to Unit Linked andHealth & Protection vs. planned decrease intraditional savings; decreasing outflows Germany: resilient growth triggered by positivedevelopment in both saving single premiumsand protection regular premiums1Q13FY12 Traditional UnitLinked+1.4%Traditional Unit linked260.2 263.153.6 55.11.62.9313.8 318.3
  12. 12. 12Assicurazioni Generali Group – 1Q 2013 resultsLife profitability – Operating result(Euro m) 1Q12 1Q13 Technical Margin 1,543 1,544 +0.1%Investment Result 554 517 -6.8%Expenses (1,279) (1,264) -1.2%Operating Result 819 797 -2.6%Stable life operating profitability in a challenging financial environmentLife Operating Result by driver(1)Life operating ratio onInvestments0.26% 0.24%II. GROUP FINANCIALS(1) For the definitions refer to the related section in the backupLife operatingresult 1Q12Δ Technical margin Δ Investment result Δ Expenses Life operatingresult 1Q13819 797151(37)
  13. 13. 13Assicurazioni Generali Group – 1Q 2013 resultsLife investment strategy and yieldsCurrentreturnFixedincomeEquity RealEstate1Q12 1Q13 1Q12 1Q13 1Q12 1Q13Euro m 2,331 2,299 61 17 192 182% 1.1 1.0 0.5 0.1 2.0 1.943,0% 42,1%33,9% 34,7%8,4% 8,0%4,5% 4,3%3,5% 3,5%4,7% 5,4%2,1% 2,0%FY12 1Q13OtherCash & cashequivalentReal estateEquityOther fixedincomeCorporatebondsGovernmentbondsLife segment own investments (%)Euro 277.0 bn Euro 279.0 bnII. GROUP FINANCIALS Increased attention to improve the diversification of theinvestments, especially in corporate bonds Current profitability remains affected by a lowreinvestment yield environment Increased cash position ready to be deployed inattractive assets
  14. 14. 14Life new business: value and profitabilityII. GROUP FINANCIALS(Euro m) APEMargin on APE(NBM) NBV1Q12 1Q13HistoricalLike forlike 1Q12 1Q13 1Q12 1Q13HistoricalLike forlike Italy 416 401 -3.7% -3.7% 23.8% 16.5% 99 66 -33.1% -33.0%France 432 248 -42.5% -42.5% 12.6% 14.4% 54 36 -33.9% -33.9%Germany 217 303 +39.7% +39.7% 21.1% 23.7% 46 72 +57.2% +57.2%CEE 39 36 -6.2% -31.0% 35.4% 44.7% 14 16 +18.6% -12.5%RoE 165 169 +2.6% +2.8% 27.5% 25.5% 45 43 -4.9% -4.6%RoW 60 56 -6.7% -10.2% 30.6% 36.1% 18 20 +10.2% +5.0%Total 1,328 1,213 -8.7% -9.7% 20.8% 20.9% 276 254 -8.3% -10.1% APE slowdown driven by one-off single premiums written in 1Q12 in France Improved NBM thanks to more favourable product mix and lower guarantees Solid NBV at 254 millionsAssicurazioni Generali Group – 1Q 2013 results
  15. 15. 15Assicurazioni Generali Group – 1Q 2013 resultsP&C gross written premiums(Euro m) 1Q12 1Q13Like for likeItaly 1,708 1,648 -3.5%France 1,271 1,146 -1.6%Germany 1,383 1,443 +4.3%CEE 623 523 -1.8%RoE 1,598 1,590 -0.1%RoW 415 513 +31.4%Total 6,999 6,863 +1.5%II. GROUP FINANCIALS(1) On like for like basisGross written premiums (Euro m)6.999 6.8631Q131Q12+1.5%(1) Strong development in Non Motor, driven by Personal Lines across the geographies due to the excellentperformances of the distribution network Growing competition in Motor in Italy, France and Spain Commercial under pressure mainly in Spain and Italy, due to the difficult economic environment
  16. 16. 16Assicurazioni Generali Group – 1Q 2013 resultsP&C profitability – Operating result(Euro m) 1Q12 1Q13 Technical Result 221 331 +49.3%Investment Result 251 249 -0.8%Other (62) (60) -3.4%Operating Result 411 520 +26.6%P&C Operating Result by driver(1)P&C operating ratio on Investments 1.15% 1.38%Confirmed strong P&C operating profitability driven by good technical resultsII. GROUP FINANCIALS(1) For the definitions refer to the related section in the backupP&C operatingresult 1Q12Δ Technical result Δ Investment result Δ Other P&C Operatingresult 1Q134112 520109(2)
  17. 17. 17Assicurazioni Generali Group – 1Q 2013 resultsP&C profitability – Net combined ratio (1/2)(0.7) (1.1)1Q131Q12Combined ratio (%) Expenseratio Lossratio-1.8%pts.II. GROUP FINANCIALSCombined ratio by country1Q12 1Q13 Italy 95.0% 91.1% -3.9%pts.France 97.2% 95.5% -1.7%pts.Germany 95.5% 93.8% -1.7%pts.CEE 91.0% 84.6% -6.3%pts.RoE 95.6% 95.3% -0.4%pts.RoW 96.5% 100.6% +4.1%pts.Total 95.4% 93.6% -1.8%pts.27.266.427.967.593.6%95.4%Loss ratio Expense ratio
  18. 18. 18Assicurazioni Generali Group – FY 2009 results5.922.10.1 -0.85.821.4P&C profitability – Net combined ratio (2/2)1Q13 69.5 0.0 -3.2 66.41Q12 70.3 0.7 -3.5 67.5II. GROUP FINANCIALSLoss ratio (%)1Q131Q1267.5 66.4-0.8 -0.7 +0.3CurrentyearNATCATPrioryears1Q131Q12 Δ Admin Δ Acq.Acq. costsAdm. costs27.2Expense ratio (%)Δ%pts27.9-1.1%pts.-0.7%pts.Assicurazioni Generali Group – 1Q 2013 results Particularly favorable quarter withoutsignificant Nat Cat event Current loss ratio still decreasingdue to a continuous improvement inMotor frequency Positive development of prior yearsconfirmed
  19. 19. 19Assicurazioni Generali Group – 1Q 2013 resultsP&C investment strategy and yieldsP&C segment own investments (%)Euro 37.9 bn Euro 37.4 bnCurrentreturnFixedincomeEquity RealEstate1Q12 1Q13 1Q12 1Q13 1Q12 1Q13Euro m 227 218 13 12 114 91% 1.0 0.8 0.4 0.5 2.1 1.729,7% 31,0%29,2%30,3%10,7% 8,4%6,9% 7,1%13,9% 14,0%8,0% 7,8%1,6% 1,4%FY12 1Q13OtherCash & cashequivalentReal estateEquityOther fixed incomeCorporate bondsGovernment bondsII. GROUP FINANCIALS Strong focus on deploying the existing cash in the portfolio Increased attention to improve the diversification of theinvestments, especially in corporate bonds Slight increase of equity exposure Current profitability remains affected by a low reinvestmentyield environment Solid liquidity buffer maintained during the quarter
  20. 20. 20Assicurazioni Generali Group – 1Q 2013 results64.5 66.6Financial segmentOperating result (Euro m)Third party AUM(1) (Euro bn)Net fees and commissions (Euro m)126 1191Q131Q12-6.1%218 2181Q131Q12+0.2%96,4 100.81Q13FY12+4.4% +2.1%pts.1Q131Q12Cost/income ratio (%)II. GROUP FINANCIALS(1) Including only third party AUM related to financial segment companies
  21. 21. 21Assicurazioni Generali Group – 1Q 2013 resultsAgendaII. Group financialsProfit & loss reviewLife and P&C segment profitabilityBalance sheet and solvency I
  22. 22. 22Assicurazioni Generali Group – 1Q 2013 results18,77519,013(815)19,828(611)(45)603(184)IFRS Shareholders’ equity roll forwardShareholders’Equity FY12Impact fromrevised IAS 1901/01/2013 Δ in AFSReserve1Q 2013Net ResultΔ CurrencyTranslationReserveOther (includingEuro 477 mGPH 25%minoritiesbuyout)Shareholders’Equity 1Q13-1.2%II. GROUP FINANCIALS(Euro m)Change in AFS reserve (Euro m)2,59146 2,40628(259)AFS ReserveFY12Impact EquityInvestmentsImpact BondInvestmentsOther AFS Reserve1Q13
  23. 23. 23Assicurazioni Generali Group – 1Q 2013 results17.9 17.9 18.226.9 26.1 25.0Solvency I updateII. GROUP FINANCIALSRequired margin Available margin01/01/13FY12145%(1)(Euro bn)1Q13138%Solvency I ratio(1) FY12 shareholders’ equity was restated including the effects of revised IAS 19Main drivers of changeMain drivers of changeAvailable margin Consolidated result: Financial markets and otherelements: GPH 25% minorities buyout Eligible debtRequired Margin+ 0.7- 0.3- 1.3- 0.2+ 0.3150%
  24. 24. 24Assicurazioni Generali Group – 1Q 2013 resultsIII. Final RemarksAgenda
  25. 25. 25Assicurazioni Generali Group – 1Q 2013 resultsFinal remarksIII. FINAL REMARKSExcellent underlying P&C performanceResilient Life profitability in a challenging market environmentPrioritising reinvestment of excess cash
  26. 26. 26IV. BackupAgendaP&LBalance sheetLifeDefinitionsAssicurazioni Generali Group – 1Q 2013 results
  27. 27. 27IV. BackupAgendaP&LBalance sheetLifeDefinitionsAssicurazioni Generali Group – 1Q 2013 results
  28. 28. 281Q13 Total gross written premiumsIV. BACK UP(1) Including investment contracts(2) On like for like basis with constant exchange rates(Euro m)YoY YoY YoY% increase % increase % increase(2) (2) (2)Italy 4,647 -5.4% 24.3% 2,999 -6.4% 24.4% 1,648 -3.5% 24.0%France 3,375 -32.5% 17.6% 2,229 -41.9% 18.2% 1,146 -1.6% 16.7%Germany 5,602 +21.1% 29.3% 4,159 +28.3% 33.9% 1,443 +4.3% 21.0%CEE 916 -1.4% 4.8% 393 -0.9% 3.2% 523 -1.8% 7.6%RoE 3,279 +5.3% 17.1% 1,689 +10.9% 13.7% 1,590 -0.1% 23.2%Of which:Spain 731 +2.7% 3.8% 322 +16.5% 2.6% 409 -6.0% 6.0%Austria 781 +2.7% 4.1% 298 +1.9% 2.4% 483 +3.2% 7.0%Switzerland 668 -1.3% 3.5% 247 -5.0% 2.0% 421 +0.9% 6.1%RoW 1,325 +23.1% 6.9% 813 +18.2% 6.6% 513 +31.4% 7.5%Total 19,145 -2.6% 100.0% 12,282 -4.7% 100.0% 6,863 +1.5% 100.0%Total gross written premiums Gross life written premiums(1)Gross P&C written premiumsCountry GWPWeight ontotal GWP GWPWeight ontotal GWP GWPWeight ontotal GWPAssicurazioni Generali Group – 1Q 2013 results
  29. 29. 291Q13 Life premiums by country and business line(1)IV. BACK UP(1) Including investment contracts(2) On like for like basis with constant exchange ratesGDPYoY %increase(2) GDPYoY %increase(2) GDPYoY %increase(2) GDPYoY %increase(2)Italy 2,778 -6.1% 67 -9.2% 110 -18.8% 2,955 -6.7%France 1,308 -57.5% 444 -3.3% 413 +72.8% 2,165 -42.7%Germany 2,252 +57.1% 1,127 +9.3% 780 +0.4% 4,159 +28.3%CEE 219 -6.5% 61 +6.0% 113 +8.0% 393 -0.9%RoE 597 +7.8% 335 +17.4% 755 +11.0% 1,686 +11.0%Of which:Spain 240 +23.6% 80 -0.3% 2 +3.9% 322 +16.5%Austria 168 +5.8% 65 +3.8% 63 -8.3% 296 +2.1%Switzerland 39 -21.2% 32 +11.7% 175 -3.2% 247 -5.0%RoW 340 +14.3% 236 +20.0% 25 +417.3% 601 +20.7%Total Life grossdirect premiums 7,493 -12.4% 2,270 +8.0% 2,196 +13.2% 11,959 -5.0%(Euro mln)Protection Unit/Index linkedSavings and pension TotalAssicurazioni Generali Group – 1Q 2013 results
  30. 30. 301Q13 P&C premiums by country and business lineIV. BACK UP(1) Including fleets(2) On like for like basis with constant exchange ratesGDPYoY %increase(2) GDPYoY %increase(2) GDPYoY %increase(2) GDPYoY %increase(2) GDPYoY %increase(2)Italy 781 -6.5% 209 +1.5% 334 -4.7% 280 -5.2% 1,604 -4.9%France 306 -9.1% 463 +10.3% 309 -1.9% 0 -100.0% 1,078 -1.8%Germany 714 +4.1% 458 +5.8% 121 -5.1% 148 +9.9% 1,442 +4.3%CEE 246 -3.5% 90 +2.3% 144 -4.0% 28 +3.6% 509 -2.3%RoE 604 +0.6% 320 +5.5% 331 -4.8% 298 -2.0% 1,554 -0.2%Of which:Spain 102 -7.5% 114 +3.2% 103 -15.2% 80 -0.7% 399 -5.6%Austria 178 +0.1% 92 +2.6% 163 +4.6% 44 +4.4% 476 +2.5%Switzerland 227 -0.1% 75 +4.0% 2 -11.0% 118 +2.8% 421 +1.4%RoW 278 +37.0% 21 +353.8% 138 +31.7% 57 +23.1% 494 +37.8%Total P&C grossdirect premiums 2,930 +0.7% 1,561 +7.3% 1,378 -1.2% 812 -2.8% 6,680 +1.3%TotalAccident/Health(Euro mln)Motor(1)Personal CommercialAssicurazioni Generali Group – 1Q 2013 results
  31. 31. 31LossratioExpenseratioP&C - Combined ratio(%)Total - Expense ratio (%)67.5 66.427.9 27.21Q131Q121Q131Q121Q131Q1295.4 93.61Q13 technical ratiosIV. BACK UPLife - Expense ratio (%)15.4 15.610.510.1Assicurazioni Generali Group – 1Q 2013 results
  32. 32. 321Q13 combined ratio reconciliation(1) Administration expenses related to service companies, real estates and other companies not belonging to P&C segment(Euro m)IV. BACK UP1Q12 1Q13A Net earned premiums (net of consolidation adjustments) 5,311 5,284B Consolidated net claims 3,586 3,508Consolidated acquisition costs 1,175 1,129Consolidated administration costs 320 319Non insurance activity related administration costs(1)14 9Insurance activity related consolidated administration costs 307 310C Total acquisition and administration costs 1,481 1,439B/A Loss ratio 67.5% 66.4%C/A Expense ratio 27.9% 27.2%(B+C)/A Combined ratio 95.4% 93.6%D Other technical items 22 6A-B-C-D Technical result 221 331Assicurazioni Generali Group – 1Q 2013 results
  33. 33. 331Q13 technical ratios by countryIV. BACK UP(%) ITA FRA GER CEE RoE SPA AUT SWI RoW Consolidated1Q13 71.2% 69.3% 65.3% 52.7% 65.7% 63.6% 64.4% 70.3% 63.8% 66.4%1Q12 74.5% 71.4% 66.7% 53.9% 66.4% 64.9% 65.1% 71.8% 56.8% 67.5%1Q13 19.9% 26.1% 28.5% 31.9% 29.6% 28.0% 30.5% 25.2% 36.8% 27.2%1Q12 20.5% 25.8% 28.8% 37.1% 29.2% 26.9% 31.1% 25.0% 39.7% 27.9%1Q13 91.1% 95.5% 93.8% 84.6% 95.3% 91.6% 94.9% 95.5% 100.6% 93.6%1Q12 95.0% 97.2% 95.5% 91.0% 95.6% 91.7% 96.2% 96.8% 96.5% 95.4%1Q13 10.1% 11.2% 9.9% 18.4% 9.9% 3.7% 13.7% 17.7% 13.9% 10.5%1Q12 9.7% 6.4% 12.7% 19.1% 11.9% 4.5% 14.7% 20.4% 14.3% 10.1%P&C Loss ratioP&C Expense ratioP&C Combined ratioLife expense ratio by countryAssicurazioni Generali Group – 1Q 2013 results
  34. 34. 34Focus on operating result1Q12 1Q13 ∆Italy 562 568 +1.0%France 246 249 +1.2%Germany 130 172 +32.0%CEE 122 121 -0.3%RoE 219 241 +9.9%RoW 76 85 +11.1%Operating result(1) 1,356 1,436 +5.9%Op. holding expenses (74) (83) +12.2%Consolidation Adj. (52) (25) -52.4%Total operatingresult1,230 1,328 +8.0%Operating result by country(1) (Euro m)33916892411104616780667492406114738-1Italy France Germany CEE RoE RoWLife P&C FinancialOperating result breakdown(1) (Euro m)(1) Operating result = operating result of life, P&C and financial segments, before holding expenses and consolidation adjustments56824917212124185IV. BACK UPAssicurazioni Generali Group – 1Q 2013 results
  35. 35. 35819797Life operating resultOperating result (Euro m)1Q131Q12-2.6%Operating result by country (Euro m)IV. BACK UP1Q12 1Q13 Italy 364 339 -6.7%France 166 168 +1.3%Germany 84 92 +10.3%CEE 58 41 -28.8%RoE 94 110 +16.6%Of which:Spain 26 26 +0.5%Austria 18 19 +7.1%Switzerland 34 35 +4.8%RoW 53 46 -12.7%Total 819 797 -2.6%Assicurazioni Generali Group – 1Q 2013 results
  36. 36. 36411520P&C operating result1Q131Q12+26.6%IV. BACK UP1Q12 1Q13 Italy 138 167 +21.4%France 80 80 +0.9%Germany 34 66 +91.8%CEE 59 74 +25.0%RoE 76 92 +22.5%Of which:Spain 44 45 +3.0%Austria 21 27 +26.5%Switzerland 11 12 +18.0%RoW 24 40 +64.8%Total 411 520 +26.6%Operating result (Euro m) Operating result by country (Euro m)(1) On like for like basisAssicurazioni Generali Group – 1Q 2013 results
  37. 37. 37Assicurazioni Generali Group – 1Q 2013 results(Euro m) Life P&C Financial TotalNet impairments 1Q12 1Q13 1Q12 1Q13 1Q12 1Q13 1Q12 1Q13Equity instruments 16 198 13 28 0 1 29 227Fixed income 4 (12) 1 (4) 6 0 11 (17)Real estate 2 46 0 1 0 0 2 47Other investments(2) 4 1 30 46 1 2 35 49Total net impairments 24 232 45 72 8 2 77 306Of whichOperating netimpairments20 199 0 0 5 1 25 200Non operating netimpairments4 33 45 72 3 1 52 106Focus on impairments(1)(1) Net of reverse impairments(2) Including subsidiaries and associated companiesIV. BACK UP
  38. 38. 38Assicurazioni Generali Group – 1Q 2013 results(Euro m) Life P&C Financial Total1Q12 1Q13 1Q12 1Q13 1Q12 1Q13 1Q12 1Q13Net realized gains on Equities 84 173 (12) 22 0 33 72 227Realised gains 188 204 37 28 0 33 225 265Realised losses (104 (32) (49) (6) 0 0 (153) (38)Net realized gains on Fixed Income 26 408 1 22 0 5 27 435Realised gains 632 449 46 26 1 5 679 480Realised losses (606) (41) (45) (4) (1) 0 (652) (46)Net realized gains on Real Estate 2 32 48 52 0 0 50 84Realised gains 4 33 51 59 0 0 55 91Realised losses (1) (1) (4) (6) 0 0 (5) (7)Net realized gains on Other(2) 1 16 3 (5) 0 0 4 12Realised gains 2 21 3 1 1 1 5 22Realised losses 0 (4) 0 (6) 0 0 (1) (10)Total net realized gains 114 629 40 91 0 38 154 758Operating net realized gains 144 654 0 0 0 8 144 661Non operating net realized gains (30) (25) 40 91 0 31 10 97Focus on realised gains(1)(1) Excluding financial instruments at fair value through profit and loss(2) Including subsidiaries and associated companiesIV. BACK UP
  39. 39. 39Reclassified P&L accountTotal(Euro m) 1Q12 1Q13Total Operating result 1,230 1,328Net earned premiums 17,082 16,194Net insurance benefits and claims (18,981) (16,412)Acquisition and administration costs (2,930) (2,873)Net fee and commission income and net income from financial service activities 217 207Operating income from other financial instruments 2,808 3,119Operating income from financial instruments at fair value through profit or loss 3,234 1,304of which net income from fin. assets and liabilities where the risk is borne by the policyholders 2,609 1,102Operating holding expenses (74) (83)Net other operating expenses (126) (126)Non-operating result (266) (286)Non-operating income from other financial instruments (42) (10)Non-operating income from financial instruments at fair value through profit or loss 17 (8)Non-operating holding expenses (163) (187)Interest expenses on financial debt (162) (187)Other non-operating holding expenses (1) 0Net other non-operating expenses (77) (80)Earnings before taxes 964 1,042Income taxes (334) (370)Result from discontinued operations 14 0Consolidated result of the period 644 672Result of the period attributable to minority interests (77) (69)Result of the period 567 603IV. BACK UPAssicurazioni Generali Group – 1Q 2013 results
  40. 40. 40(Euro m) Life Non life Financial(1)UnallocatedholdingexpensesConsolidationadjustments TotalTotal Operating result 819 411 127 (74) (52) 1,230Net earned premiums 11,771 5,311 - - - 17,082Net insurance benefits and claims (15,395) (3,586) - - - (18,981)of which var. of provisions related to unit linked business (2,666) - - - - (2,666)Acquisition and administration costs (1,237) (1,486) (208) - - (2,930)Net fee and commission income and net incomefrom financial service activities 24 - 218 - (25) 217Operating income from other fin. Instruments 2,482 244 106 - (24) 2,808Operating income from fin. Instruments at fairvalue through profit or loss 3,185 7 42 - - 3,235of which net income from fin.assets and liabilities wherethe risk is borne by the policyholders 2,609 - - - - 2,609Operating holding expenses - - - (74) - (74)Net other operating expenses (12) (80) (30) - (4) (126)Non-operating result (72) (23) (9) (163) - (266)Non-operating income from other fin.instr. (34) (5) (3) - - (42)Non-operating income from fin. instr.at fair valuethrough profit or loss - 17 - - - 17Non-operating holding expenses - - - (163) - (163)Net other non-operating expenses (38) (34) (6) - - (77)Earnings before taxes 747 388 118 (237) (52) 964Reclassified P&L account by segment – 1Q12IV. BACK UP(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated ReportAssicurazioni Generali Group – 1Q 2013 results
  41. 41. 41(Euro m) Life Non life Financial(1)UnallocatedholdingexpensesConsolidationadjustments TotalTotal Operating result 797 520 119 (83) (25) 1,328Net earned premiums 10,910 5,284 - - - 16,194Net insurance benefits and claims (12,905) (3,508) - - - (16,412)of which var. of provisions related to unit linked business (1,185) - - - - (1,185)Acquisition and administration costs (1,228) (1,442) (203) - - (2,873)Net fee and commission income and net income fromfinancial service activities 24 - 218 - (34) 207Operating income from other fin. Instruments 2,765 240 101 - 14 3,119Operating income from fin. Instruments at fair valuethrough profit or loss 1,254 10 40 - - 1,304of which net income from fin.assets and liabilities where therisk is borne by the policyholders 1,102 - - - - 1,102Operating holding expenses - - - (83) - (83)Net other operating expenses (23) (63) (37) - (4) (126)Non-operating result (86) (34) 21 (187) 1 (286)Non-operating income from other fin.instr. (58) 19 29 - - (10)Non-operating income from fin. instr.at fair valuethrough profit or loss - (8) - - - (8)Non-operating holding expenses - - - (187) - (187)Net other non-operating expenses (27) (45) (8) - 1 (80)Earnings before taxes 712 486 140 (270) (24) 1,042Reclassified P&L account by segment – 1Q13IV. BACK UP(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated ReportAssicurazioni Generali Group – 1Q 2013 results
  42. 42. 42IV. BACK UPFocus on 1Q13 results(1) Including investment contracts(2) On like for like basis(Euro m)2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q131Q13/1Q12Life premiums(1) 11,503 10,543 12,009 12,815 10,415 10,271 13,309 12,282 -4.7%P&C premiums 5,219 4,931 5,823 6,999 5,419 5,027 5,359 6,863 +1.5%Total premiums 16,722 15,474 17,832 19,814 15,834 15,298 18,668 19,145 -2.6%Life net inflows 1,999 1,678 (651) 760 (1,138) 1,515 2,399 2,913 +269.3%Combined ratio % 96.9% 96.7% 96.4% 95.4% 98.8% 95.7% 92.8% 93.5% -1.8%Life operating result 782 315 564 819 832 545 462 797 -2.6%P&C operating result 406 405 357 411 344 404 505 520 +26.6%Financial operating result 96 68 63 126 85 109 88 119 -6.1%Operating holding expensesand cons. adj.(132) (96) (155) (126) (148) (109) (128) (108) -14.5%Total operating result 1,153 692 827 1,230 1 949 928 1,328 +8.0%Net result 190 20 31 567 274 291 (1,043) 603 +6.3%Assicurazioni Generali Group – 1Q 2013 results
  43. 43. 43IV. BackupAgendaP&LBalance sheetLifeDefinitionsAssicurazioni Generali Group – 1Q 2013 results
  44. 44. 44Consolidated balance sheet(1) Including reinsurance amounts of technical reserve, deferred tax assets, deferred acquisition costs and other assets(Euro bn) FY12 1Q13Intangible assets 9.9 9.8InvestmentsCash374.121.6376.023.4Other credits 11.1 13.1Tangible assets 5.0 5.0Other assets (1) 20.0 20.3Total Assets 441.7 447.6(Euro bn) FY12 1Q13Shareholders’ Equity(Group share) 19.8 18.8Minority interests 2.7 1.9Shareholders’ Equity 22.6 20.6Operating debt 50.7 51.2Financial debt 13.2 13.1Technical reserves 336.4 340.9Payables and otherprovisions 9.5 10.1Other liabilities 9.4 11.7Total Liabilities andShareholders’ Equity 441.7 447.6IV. BACK UPAssicurazioni Generali Group – 1Q 2013 results
  45. 45. 451Q13 Assets under managementTotalEuro 498.2 bnFixed incomeinstrumentsOtherReal EstateEquityAvailable for sale LoansReal EstateGroupparticipationsHeld to maturityFin. Instr. at fairvalue thr. P&LUnit LinkedThird parties AUM“Own Investments”(1)IV. BACK UP(1) For definitions refer to the related section in the backupCash & equival.Cash & equival.101.962.9% 20.1%3.7%0.5%2.3%4.1% 6.4%340.755.64.5%3.6%81.2%4.4%6.4%Assicurazioni Generali Group – 1Q 2013 results
  46. 46. 46Investment yields(1)(1) For definitions refer to the related section in the backup.IV. BACK UPReturn (%) 1Q12 1Q13 1Q12 1Q13 1Q12 1Q13 1Q12 1Q13 1Q12 1Q13LIFECurrent 1.1 1.0 0.5 0.1 2.0 1.9 0.3 0.4 1.0 0.9Total P&L 1.2 1.2 1.9 1.0 1.4 1.1 0.8 -0.4 1.2 1.1Comprehensive 5.2 0.8 8.3 1.4 2.3 1.0 0.8 -0.4 4.8 0.7NON LIFECurrent 1.0 0.8 0.4 0.5 2.1 1.7 0.2 0.6 1.0 0.9Total P&L 1.1 0.9 -0.3 0.2 1.8 1.8 0.6 -0.9 0.9 0.9Comprehensive 4.2 0.6 5.2 2.4 1.8 1.8 0.6 -0.8 3.4 0.8TOTALCurrent 1.1 0.9 0.5 0.2 2.0 1.8 0.3 0.4 1.0 0.9Total P&L 1.2 1.1 1.6 1.2 1.6 1.4 0.6 -0.3 1.1 1.0Comprehensive 4.9 0.7 7.6 1.8 2.1 1.3 0.6 -0.3 4.4 0.7Fixed Income EquitiesInvestmentPropertiesOther TotalAssicurazioni Generali Group – 1Q 2013 results
  47. 47. 474256811,850(344)2,530(307)(1,326)196270(644)1,032(244)1,3081Q134Q123Q122Q121Q124Q113Q112Q111Q114Q103Q102Q101Q10Total comprehensive income(1)(Euro m)3M10 6M10 9M10 12M10 3M11 6M11 9M11 12M11 3M12 6M12 9M12 12M12 3M131,308 1,064 2,096 1,452 270 466 (860) (1,166) 2,530 2,186 4,036 4,717 425+4,000 m-1,000 mIV. BACK UP(1) For definitions refer to the related section in the backupAssicurazioni Generali Group – 1Q 2013 results
  48. 48. 48AFS reserve breakdownIV. BACK UP(Euro m) FY11 FY12 1Q13Fixed income instruments (1,780) 1,889 1,631Government (1,216) 1,111 860Corporate (564) 778 770Equity (382) 549 578Investment funds and other 7 152 198TOTAL (2,156) 2,591 2,406Assicurazioni Generali Group – 1Q 2013 results
  49. 49. 49IV. BackupAgendaP&LBalance sheetLifeDefinitionsAssicurazioni Generali Group – 1Q 2013 results
  50. 50. 50Assicurazioni Generali Group – 1Q 2013 resultsLife new business: APE(Euro m) APE Annual Premiums Single Premiums1Q12 1Q13Like for like 1Q12 1Q13Like for like 1Q12 1Q13Like for likeItaly 416 401 -3.7% 258 261 +1.4% 1,584 1,395 -11.9%France 432 248 -42.5% 134 112 -16.4% 2,983 1,367 -54.2%Germany 217 303 +39.7% 168 173 +3.4% 494 1,299 +162.8%CEE 39 36 -31.0% 34 34 -27.2% 45 23 -61.1%RoE 165 169 +2.8% 109 99 -9.2% 554 699 +26.2%Austria 24 25 +2.8% 19 19 +0.0% 44 51 +15.1%Spain 29 38 +28.3% 13 14 +7.3% 159 233 +46.0%Switzerland 24 18 -25.0% 22 17 -21.1% 19 6 -68.9%RoW 60 56 -10.2% 50 43 -18.0% 97 133 +29.5%Total 1,328 1,213 -9.7% 752 722 -5.8% 5,757 4,916 -14.9%IV. BACK UP
  51. 51. 51Assicurazioni Generali Group – 1Q 2013 resultsIV. BackupP&LBalance sheetLifeDefinitions
  52. 52. 52Assicurazioni Generali Group – 1Q 2013 resultsDefinitions: P&L and balance sheet (1/2)IV. BACK UPInvestments Returns are calculated on quarterly average asset base at IFRS book value and are defined as follows:Current return: interests, dividends and similar income (gross of investments related expenses)Total P&L return: = current return + harvesting return (net realized gains, net impairments and net unrealizedgains reported in P&L) – investments related expensesComprehensive return:i) for fair value investment (AFS, FVthPL) = current return + total change in fair value;ii) for investment at amortised cost (Real estates, loans, HtM) = Total P&L returnInvestment returns for Life segment include income from bonds and loans issued by Group companies andinvestments in consolidated subsidiaries backing policyholders’ liabilitiesLife Net Inflows Premiums inflows in the period less benefits paid to the policyholders. It does not include revaluation ofmathematical reservesLife Operating Result consists of the following elements:i) "Technical Margin" includes loadings, risk result, surrender result; it is gross of acquisition and administration costsii) "Investment Result" includes interests and dividends, interest expenses on operating debt, G/L on foreign currencyand investment expenses, net of policyholder benefits; it includes also operating realised and unrealised G/L, net ofpolicyholder benefitsiii) "Expenses" include acquisition and administration costs and other net operating items (it does not consider anyloading charged to policyholders)“Operating ratio on Investments” is calculated as Operating result on the average of Investments at bookvalueLike for Like changes The change of written premiums, net cash inflow, APE and NBV is on equivalent terms (on equivalentexchange rates and consolidation area).Operating Result Operating result of life, P&C and financial segments, before holding expenses and consolidation adjustments
  53. 53. 53Assicurazioni Generali Group – 1Q 2013 resultsOwn Investments do not include unit/index linked investments and consist of the following asset class (*):i) Fixed income instruments as quoted and unquoted bonds, loans including deposits under reinsurance businessaccepted and term deposits with credit institutionsii) Equity-like instruments as quoted and unquoted equities and alternative investmentsiii) Real estate investments excluding own used propertiesiv) Cash and cash equivalent including Repo and Reverse repov) Other investments as investments in non-consolidated subsidiaries, derivatives, receivables from banks or customers(*) Investment fund units are allocated to each asset class on a look through basisOwn investments for life segment include bonds and loans issued by Group companies and investments inconsolidated subsidiaries backing policyholders’ liabilities.P&C Operating Result consists of the following elements:I) "Technical Result" is net of acquisition and administration costsii) "Investment Result" includes interests and dividends, interest expenses on operating debt and investment expensesiii) “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 bookvalueTotal ComprehensiveIncomeChange in shareholders’ equity during the period related to income and expenses recognized in profit or lossor directly in shareholders’ equity resulting from transactions and events other than transactions with equityOwners.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 believesthat the presentation of these KPI provide useful and relevant informations to shareholders and users onGenerali’s performance. Please refer to the ‘Methodological note on alternative performance measures’included in the Management Report for details on operating result methodology.”Definitions: P&L and balance sheet (2/2)IV. BACK UP
  54. 54. 54Assicurazioni Generali Group – 1Q 2013 resultsDefinitions: Life new business value and profitabilityIV. BACK UPAnnual PremiumEquivalent (APE)is defined as new business annualised regular premiums plus 10% of single premiumsNew Business Value(NBV)is the present value, at point of sale, of the projected stream of after tax industrial profits expected to begenerated by the covered new business written in the quarter, taking into account the actual acquisition costs,after allowance for: the cost of financial guarantees and options granted to policyholders; the frictional costs of setting up and holding the required capital; the cost of non hedgeable risks.Each quarterly NBV is calculated using beginning of period economic and operating assumptions.Full-year NBV is calculated as the algebraic sum of the NBV of each quarter.Margin on APE(NBM)is defined as the NBV divided by the APE
  55. 55. 55Assicurazioni Generali Group – 1Q 2013 resultsWhat’s nextAugust 2, 2013 - 1H 2013 ResultsNovember 8, 2013 - 9M 2013 ResultsNovember 27, 2013 - Investor Day
  56. 56. 56Investor Relations TeamSpencer Horgan (Tel.: +44-20-72656480)Head of Investor RelationsEmail: spencer_horgan@generali.comStefano Burrino (Tel.: +39-040-671202)Email: stefano_burrino@generali.comEmanuele Marciante (Tel.: +39-040-671347)Email: emanuele_marciante@generali.comVeronica Cherini (Tel.: +39-040-671488)Email: veronica_cherini@generali.comRodolfo Svara (Tel.: +39-040-671823)Email: rodolfo_svara@generali.comMartina Vono (Tel.: +39-040-671402)IR EventsEmail: martina_vono@generali.comAssicurazioni GeneraliP.za Duca degli Abruzzi 234132 Trieste, ItalyFax: +39 040 671338e-mail: generali_ir@generali.comwww.generali.comAssicurazioni Generali Group – 1Q 2013 results
  57. 57. 57DisclaimerCertain of the statements contained herein are statements of future expectations andother forward-looking statements.These expectations are based on managements current views and assumptions andinvolve known and unknown risks and uncertainties.The user of such information should recognise that actual results, performance or eventsmay differ materially from such expectations because they relate to future events andcircumstances which are beyond our control including, among other things, generaleconomic and sector conditions.Neither Assicurazioni Generali S.p.A. nor any of its affiliates, directors, officersemployees or agents owe any duty of care towards any user of the information providedherein nor any obligation to update any forward-looking information contained in thisdocument.The manager charged with preparing the company’s financial reports, Alberto Minali,declares, pursuant to paragraph 2 of article 154-bis of the Consolidated Law on FinancialIntermediation, that the accounting information contained in this presentationcorresponds to document results, books and accounts records.Assicurazioni Generali Group – 1Q 2013 results
  58. 58. March 2006May 10, 2013Generali Group1Q 2013 Results

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