Generali Group reported its 1Q 2014 results. Operating result was stable at €1.296 billion compared to 1Q 2013. Net result increased 9.4% to €660 million mainly due to improved non-operating investment results. Shareholders' equity rose 9.9% to €21.741 billion and Solvency I ratio increased 11 percentage points to 152% due to net income and financial market developments. Life insurance operating result was stable at €779 million despite a challenging low yield environment. P&C insurance operating result increased 3.7% to €516 million from higher technical and investment results.

1. © Generali May 15, 2014 1Q 2014 Results
GENERALI GROUP
1Q 2014 Results
Please note that prior year’s figures have been restated throughout the whole presentation to reflect the new perimeter of the Group.
Net income, Shareholders’ Equity, Solvency I, Life Value KPIs are not adjusted for disposed entities.
The like for like change of written premiums, life net inflows, APE and NBV is on equivalent terms (on equivalent exchange rates and consolidation area).

2. © Generali May 15, 2014 1Q 2014 Results
Agenda
2
- Profit & Loss and Balance Sheet Page 3
- Business review Page 10
- Backup Page 24

3. © Generali May 15, 2014 1Q 2014 Results
Agenda
I. Profit & Loss and Balance Sheet
3

4. © Generali May 15, 2014 1Q 2014 Results
 Operating Result: Stable at the high level of last year
 Life: Steady despite low yield environment; strong net flows continue
 P&C: Increasing thanks to higher technical and investment results
 Net Result: Increasing mainly due to improvement in non-operating investment result
 Solvency I: Strong contribution from net result and financial market development. Following
the end of Q1:
 Ineligible loan of € 500 m repaid and replaced during Q2.
 Solvency I ratio at end April was ~ 160%
1Q13 1Q14 LFL D
Operating result (€ m)
Of which: Life
Of which: P&C
1,290
781
498
1,296
779
516
+0.5%
-0.2%
+3.7%
Net result (€ m) 603 660 +9.4%
Shareholders’ equity(1) 19,778 21,741 +9.9%
Solvency I(1) 141% 152% +11%pts.
4
Key 1Q 2014 financials at a glance
Profit & Loss
(1) Comparative data FY13

5. © Generali May 15, 2014 1Q 2014 Results
1,290 19 25
1,296
(1) (14) (22)
1Q13 LIFE P&C FINANCIAL
SERVICES
HOLDING EXP. CONS.AD 1Q14
5
Operating result by segment
Profit & Loss
(€ m)
+0.5%
1Q14 779 516 144 (97) (47)
1Q13 781 498 119 (83) (25)
D -0.2% +3.7% +21.0% +17.4% +87.5%

6. © Generali May 15, 2014 1Q 2014 Results
6
From operating result to net profit
Profit & Loss
1Q14 1,296 129 (210) (161) (323) 1 (72) 660
1Q13 1,290 (18) (187) (78) (347) 13 (69) 603
D +0.5% n.m. +11.9% n.m. -6.9% n.m. +3.5% +9.4%
1,296
129
(210)
(161)
(323)
1
(72)
660
OPERATING
RESULT
NON OPER.
INVESTMENT
INCOME
NON OPER.
HOLDING
EXPENSES
NET OTHER
NON OPER.
EXPENSES
INCOME TAXES DISC.
OPERATIONS
MINORITIES NET RESULT
(€ m)

7. © Generali May 15, 2014 1Q 2014 Results
7
Shareholders’ equity
Balance Sheet
Change in AFS reserve (€ m)
+ 9.9%
Shareholders’ equity rollforward (€ m)
19,778
1,344
660
0
21,741
(0) (41)
SHAREHOLDERS'
EQUITY FY13
Δ in AFS RESERVE 1Q 2014 NET RESULTS DIVIDEND OTHER SHAREHOLDERS
EQUITY 1Q14
2,513 83
1,216 45 3,857
AFS RESERVE FY13 IMPACT EQUITY
INVESTMENT
IMPACT BOND
INVESTMENTS
OTHER AFS RESERVE 1Q14

8. © Generali May 15, 2014 1Q 2014 Results
8
Solvency I
Capital
+11%pts.
Solvency I rollforward (%)
141% 0%pts 4%pts 7%pts 152%
SOLVENCY I FY13 REQUIRED MARGIN
GROWTH
CONSOLIDATED RESULT FINANCIAL MARKETS AND
OTHER
SOLVENCY I 1Q14 (1)
(1) For interim closings, no accrued dividends are deducted from available margin.

9. © Generali May 15, 2014 1Q 2014 Results
9
Debt refinancing operations completed
Financing until 2016 call dates completed; € 1 bn net reduction in debt levels by end 2015
Leverage
12.8
1.3 14.0
(0.5)
1.0
(2.3)
12.3
(0.5)
11.8
FY13 SENIOR BOND
ISSUED JAN
2014
1Q14 REPAYMENT OF
INELIGIBLE
LOAN
SUB DEBT
ISSUE MAY
2014
2014
MATURITIES
EXPECTED
FY14
2015
MATURITIES
EXPECTED
FY15
(€ bn)
 Advantage taken of market conditions to pre-finance until 2016 call dates:
 € 1.25 bn senior debt issued in January, with € 2.25 bn senior maturing this year (remainder financed from
internal resources, in excess of 1/3rd target)
 € 1.0 bn subordinated bond issued in May to 1) Replace € 500 m ineligible loan at year end, and 2) Pre-
finance 2015 maturities of € 0.5 bn.
 Net € 1 bn improvement in debt position expected by 2015, with lower interest expenses ( € 60 m)

10. © Generali May 15, 2014 1Q 2014 Results
Agenda
II. Business review
10

11. © Generali May 15, 2014 1Q 2014 Results
(€ m) 1Q13 1Q14 LFL D
Gross written premiums 11,860 12,061 +2.4%
Net inflows 2,810 2,888 +4.3%
Life operating result 781 779 -0.2%
Life operating ratio on
investments (bps)
24 22 -2
APE 1,213 1,270 +5.4%
New Business Value 254 320 +35.2%
Margins on APE (%) 20.9% 25.2% +5.2%pts.
11
Life key financial indicators
Life Insurance

12. © Generali May 15, 2014 1Q 2014 Results
781
29
85 779
(116)
1Q13 TECHNICAL MARGIN INVESTMENT RESULT EXPENSES 1Q14
12
Life Operating result by driver
Life Insurance
1Q14 1,384 546 (1,151)
1Q13 1,500 517 (1,236)
D % -7.7% +5.7% -6.9%
 Stable thanks to increasing investment result and decreasing expense ratio
 Technical margin lower due to policyholder share of lower expenses, and lower risk result
 Overall operating profit margin stable 22 bp of investments
(€ m)
-0.2%

13. © Generali May 15, 2014 1Q 2014 Results
13
Life inflows and technical reserves(1)
Life Insurance
(1) Including liabilities related to investment contracts
(€ m) 1Q13 1Q14
Italy 212 1,070
France 70 (224)
Germany 1,494 821
CEE 143 130
EMEA 671 949
Lat. Am. 88 58
Asia 111 63
International 21 23
TOTAL 2,810 2,888
 Increase in net inflows (+4.3%)
 Notable improvements in Italy and EMEA
 Decrease in Germany due to planned reduction of
single premiums
 Overall growth in reserves of 1.5%
+ 1.5%
+ 2.7%
+ 1.2%
Unit linked Traditional
(€ bn)
266.4
2.9 3.6
269.6
58.9 60.5
325.3 330.1
(1.4) (0.3)
FY13 NET INFLOWS LOADINGS,
RISK &
SURRENDER
RESULT
POLICYH.
SHARE OF
INVEST.
RESULT
EXCHANGE
RATES &
OTHER
1Q14

14. © Generali May 15, 2014 1Q 2014 Results
14
Life investment performance
Life Insurance
Life segment own investments (%)
Euro 282.4 bn Euro 294.6 bn
(1) Net of depreciation expenses.
43.3% 44.1%
34.6% 34.4%
8.1% 8.9%
4.7% 4.4%
3.5% 3.4%
3.8% 3.0%
1.9% 1.9%
FY13 1Q14
Other
Cash & cash
equivalent
Real estate
Equity
Other fixed
income
Corporate bonds
Government
bonds
Euro m %
Fixed income
1Q13 2,225 0.96
1Q14 2,274 0.91
Equity
1Q13 17 0.14
1Q14 91 0.70
Real Estate(1)
1Q13 151 1.55
1Q14 147 1.48
Total(1)
1Q13 2,474 0.90
1Q14 2,592 0.90
Current returns (not annualized)

15. © Generali May 15, 2014 1Q 2014 Results
 Positive development of APE (+5.4%) with good progressions of both annual and single premiums.
 NBM improves (+5.2%pts. on homogeneous basis) thanks to the more favourable economic assumptions
and to the further reduction of guarantees in Euro area (from 1.15% at FY13 to 0.97% at 1Q14).
 Solid NBV at Euro 320 m (+35.2%).
15
Life new business analysis
Life Insurance
(€ m) APE NBV MARGIN ON APE
1Q13 1Q14 LFL r 1Q13 1Q14 LFL r 1Q13 1Q14 LFL r
Italy 401 571 +42.6% 66 141 +114.6% 16.5% 24.7% +8.3%pts
France 248 222 -10.5% 36 34 -6.0% 14.4% 15.2% +0.7%pts
Germany 303 204 -34.9% 72 66 -10.7% 23.7% 32.6% +8.8%pts
CEE 36 32 -2.6% 16 12 -11.5% 44.7% 38.4% -3.9%pts
EMEA 169 198 +13.5% 43 60 +37.7% 25.5% 30.2% +5.3%pts
Lat. Am & Asia 56 42 +21.4% 20 6 +103.8% 36.2% 15.1% -4.9%pts
Total 1,213 1,270 +5.4% 254 320 +35.2% 20.9% 25.2% +5.2%pts

16. © Generali May 15, 2014 1Q 2014 Results
16
P&C key financial Indicators
P&C Insurance
(€ m) 1Q13 1Q14 LFL D
Gross written premiums, of which:
Primary Motor
Primary Non Motor
6,555
2,797
3,575
6,416
2,702
3,569
-0.1%
+0.0%
+0.8%
Combined ratio (%) 93.6% 92.7% -0.8%pts.
Of which:
Nat Cat impact (%)
0.0% 0.6% +0.6%pts.
P&C operating result 498 516 +3.7%

17. © Generali May 15, 2014 1Q 2014 Results
498 14
4 1 516
1Q13 TECHNICAL MARGIN INVESTMENT RESULT OTHER 1Q14
17
P&C Operating result by driver
P&C Insurance
1Q14 336 234 (54)
1Q13 323 230 (55)
D % +4.2% +1.7% -1.6%
 Improving result, despite higher Nat Cat impact, reflecting better underlying underwriting
margins
(€ m)
+3.7%

18. © Generali May 15, 2014 1Q 2014 Results
(€ m) 1Q13 1Q14 LFL r
Italy 1,524 1,464 -4.0%
France 922 869 -5.8%
Germany 1,443 1,460 +1.2%
CEE 534 515 +0.6%
EMEA 1,559 1,553 -0.3%
Lat Am 271 274 +40.4%
Asia 23 24 +6.7%
International 277 257 -7.2%
Total 6,555 6,416 -0.1%
18
P&C gross written premiums trends
P&C Insurance
Overall stable premium development:
 Decline in Italy primarily driven by Motor. Also
Non-Motor decreased due to Commercial and
Accident/Health that more than offset
improvement in Personal lines
 Decline in France driven by both Motor and Non-
Motor due to a competitive market environment
and strict underwriting guidelines
 Improvement in Germany thanks to Non-Motor
(driven by Personal and Commercial) that more
than offset a slight decrease in Motor
 Significant increase in Latin America (on like for
like basis), driven by Brazil and Argentina
(reflecting inflation)

19. © Generali May 15, 2014 1Q 2014 Results
66.1
0.6
65.7
(0.3) (0.8)
1Q13 Current year NATCAT Prior years 1Q14
66.1 65.7
27.4 27.0
(0.4)(0.4)
93.6 92.7
1Q13 Δ Expense ratio Δ Loss ratio 1Q14
21.6 21.3
5.9 5.7(0.2)
27.4 27.0
1Q13 Δ Admin Δ Acq. 1Q14
(0.2)
19
Combined ratio analysis
P&C Insurance
Combined ratio (%)
Loss ratio Expense ratio
Expense ratio (%)
Δ%pts
- 0.4%pts.
1Q14 69.2 0.6 -4.0 65.7
1Q13 69.4 0.0 -3.3 66.1
Loss ratio (%)
- 0.4%pts.
- 0.8%pts.
Acquisition
costs
Administr.
costs

20. © Generali May 15, 2014 1Q 2014 Results
20
Combined ratio by country
P&C Insurance
 Combined Ratio still improving in Italy,
thanks to current year loss ratio, despite
Nat Cat impact (+0.9%pts.)
 Nat Cat strongly impact Combined Ratio
in France (+2.7%pts.)
 CEE further improving
COUNTRY 1Q13 1Q14 ∆
Italy 92.0% 90.6% -1.5%pts.
France 97.2% 103.1% +6.0%pts.
Germany 93.8% 94.0% +0.2%pts.
CEE 84.4% 81.8% -2.6%pts.
EMEA 95.3% 94.9% -0.4%pts.
Lat Am 99.6% 102.0% +2.5%pts.
Asia 233.1% 110.0% n.m.
International 86.5% 76.2% -10.3%pts.
Total 93.6% 92.7% -0.8%pts.

21. © Generali May 15, 2014 1Q 2014 Results
21
P&C investment performance
P&C Insurance
P&C segment own investments (%)
Euro 37.7 bn Euro 40.3 bn
29.1%
24.9%
30.2%
30.4%
6.5% 10.6%
9.9% 8.8%
13.1%
12.3%
10.0% 12.1%
1.1% 0.9%
FY13 1Q14
Other
Cash & cash
equivalent
Real estate
Equity
Other fixed
income
Corporate
bonds
Government
bonds
(1) Net of depreciation expenses.
Euro m %
Fixed income
1Q13 212 0.83
1Q14 219 0.85
Equity
1Q13 12 0.46
1Q14 12 0.33
Real Estate(1)
1Q13 75 1.45
1Q14 70 1.41
Total(1)
1Q13 319 0.87
1Q14 317 0.81
Current returns (not annualized)

22. © Generali May 15, 2014 1Q 2014 Results
22
Financial segment key financial indicators
Financial Segment
1Q13 1Q14 LFL D
Operating result (€ m) 119 144 +21.0%
Net fees and commissions (€ m) 218 227 +4.2%
Cost / income ratio (%) 66.6% 61.9% -4.7%pts
Third party AUM(1) (€ bn) 104.3 104.3 -0.1%
(1) Comparative data FY13

23. © Generali May 15, 2014 1Q 2014 Results
23Final remarks
 Solvency significantly improved: optimistic to achieve
our balance sheet restructuring plans early
 Solid operating result despite low yield environment
 Net profit up, as non-operating result improves
Final remarks

24. © Generali May 15, 2014 1Q 2014 Results
Agenda
24
II. Backup
- Investments Page 25
- Financial debt Page 30

25. © Generali May 15, 2014 1Q 2014 Results
Agenda
25
II. Backup
- Investments Page 25
- Financial debt Page 30

26. © Generali May 15, 2014 1Q 2014 Results
26
Assets under management
Investments
68.0%
11.5%
20.4%
Own investments
Unit Linked
Third party AUM
5%
83%
4%
5%
3%
Equity
Fixed income
Real estate
Cash & Cash Equivalent
Other
By Asset Class
By Region
Total portfolio € 525 bn Breakdown by region and asset class
30%
22%
28%
3% 10%
9%
Italy
France
Germany
CEE
EMEA
RoW and other
operations

27. © Generali May 15, 2014 1Q 2014 Results
Total Portfolio € 296 bn
69%
11%
11%
6%
1% 2%
Covered € 33 bn
5% 8%
39%38%
8%
2%
Corporate € 83 bn
AAA AA A BBB Not Investment Grade Not Rated
13%
34%
3%
48%
2% 0%
Government € 146 bn (1)
27Investments
Fixed Income Portfolio
(1) Italian government bond exposure is 85% of BBB
Bond duration FY13 1Q14
Life 7.2 7.5
P&C 4.0 4.4
49.4%
12.1%
15.9%
11.0%
11.5%
Other fixed Income
Covered
Corporate non fin.
Corporate fin.
Government

28. © Generali May 15, 2014 1Q 2014 Results
61%
21%
17%
Equity Equity Funds Alternatives
28Investments
Equity & Equity-like
Life, P&C and
Financial
Total portfolio (€ 17.2 bn)
Equity (€ 10.6 bn)Alternative investments (€ 3.0 bn)
Life, P&C and
Financial
Life, P&C and
Financial
Listed and
Unlisted
65%
14%
21%
Life
P&C
Financial
80%
20%
0%
Life
P&C
Financial
75%
23%
2%
Life
P&C
Financial
84%
16%
Quoted
Unquoted

29. © Generali May 15, 2014 1Q 2014 Results
84%
16%
Breakdown by utilization (2)
Investment
properties
Own use
64%
17%
11%
3% 5%
Breakdown by use (2)
Office
Residential
Retail
Logistic
Other/Mixed
29Investments
37%
25%
16%
1%
20%
1% Breakdown by country (2)
Italy
France
Germany
CEE
RoE
RoW
Real Estate(1)
(1) Data, at fair value, includes indirect investments, investment properties, own use assets and property inventory
(2) Detail referred to direct investments in real estate only
Total portfolio (€ 24.8 bn (1))

30. © Generali May 15, 2014 1Q 2014 Results
Agenda
30
II. Backup
- Investments Page 25
- Financial debt Page 30

31. © Generali May 15, 2014 1Q 2014 Results
31
Focus on financial debt
Financial debt
Total financial debt (€ m)Average cost & maturity of financial debt (%)
4,468
5,708
7,612
7,627
678
652
FY13 1Q14
Senior Sub/Hybrid Other
FY13 1Q14
Average cost (%) 5.93% 5.66%
Subordinated/Hybrid 6.54% 6.54%
Senior 4.81% 4.39%
Average maturity (years) 5.27 5.10
€ 12,758 m
€ 13,988 m(1)
(1) The amount of financial debt as of March, 31, includes the senior bond issued in January 2014 for a nominal amount of € 1.25 bn to
refinance part of the 2014 maturities

32. © Generali May 15, 2014 1Q 2014 Results
2014 2015 2016 2017 2018 2019 2020 2022 2024 2026
Senior Hybrid Subordinated
32
Financial debt breakdown(1) by expiry date/call date
Financial debt
2,250
500
2,200
1,265
750 770
2,600
1,750
1,423
(1) This breakdown takes into account the new senior and subordinated issuances of January and April 2014
1,250
(€ m)

33. © Generali May 15, 2014 1Q 2014 Results
Disclaimer
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, Alberto Minali, 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.

34. © Generali May 15, 2014 1Q 2014 Results
34
Next events
31.07.2014
1H 2014 results reporting
06.11.2014
9M 2014 results reporting
19.11.2014
2014 Investor Day

35. © Generali May 15, 2014 1Q 2014 Results
Team
Marta PORCZYNSKA
Team assistant & event coordination
Marta.Porczynska@Generali.com
+39 040 671402
Martina VONO
Team assistant & event coordination
Martina.Vono@Generali.com
+39 040 671548
Assicurazioni Generali
P.za Duca degli Abruzzi 2
34132 Trieste, Italy
Fax: +39 040 671338
e-mail: ir@generali.com
www.generali.com
Spencer HORGAN
Head of Investor Relations
Spencer.Horgan@Generali.com
+44 20 7265 6480
Stefano BURRINO
Stefano.Burrino@Generali.com
+39 040 671202
Emanuele MARCIANTE
Emanuele.Marciante@Generali.com
+39 040 671347
Veronica CHERINI
Veronica.Cherini@Generali.com
+39 040 671488
Rodolfo SVARA
Rodolfo.Svara@Generali.com
+39 040 671823
35

36. © Generali May 15, 2014 1Q 2014 Results
Thank you
36

37. © Generali May 15, 2014 1Q 2014 Results
GENERALI GROUP
1Q 2014 Results