1. May 10, 2013
Generali Group
1Q 2013 Results

2. 2
Assicurazioni Generali Group – 1Q 2013 results
Agenda
I. Overview
II. Group financials
III. Final remarks
IV. Backup
Page 3
Page 5
Page 24
Page 26

3. 3Agenda
I. Overview
1Q 2013 results at a glance
Assicurazioni Generali Group – 1Q 2013 results

4. 4
Assicurazioni Generali Group – 1Q 2013 results
Operating result (Euro m)
1,230 1,328
+8.0%
1Q12 1Q13 1Q12 1Q13
1Q 2013 results at a glance
I. OVERVIEW
Shareholders’ equity (Euro m)
19,013 18,775
-1.2%(1)
01/01/13 1Q13
Solvency I ratio (%)
1Q13
603567
+6.3%
Net result (Euro m)
145
138
-7%pts.(1)
(1) FY12 shareholders’ equity was restated (- Euro 815 m) to include the effects of
revised IAS 19
01/01/13

5. 5
Assicurazioni Generali Group – 1Q 2013 results
Agenda
II. Group financials
Profit & loss review
Life and P&C segment profitability
Balance sheet and solvency I

6. 6
Assicurazioni Generali Group – 1Q 2013 results
Revenue development by segment
II. GROUP FINANCIALS
(1) Including investment contracts (Euro 1,044 m in 1Q13, Euro 786 m in 1Q12)
(2) On like for like basis
1Q12 1Q13
Historical
∆
Like for
like ∆
Gross written
premiums
19,814 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 19.145
1Q131Q12
-2.6%(2)
Gross written premiums (Euro m)

7. 7
Assicurazioni Generali Group – 1Q 2013 results
Consolidation
adjustments
Total
operating result
Financial services
operating result
P&C
operating result
Operating holding
expenses
Life
operating result
797
520
119
-83
-25
1,328
819
411
126
-74
-52
1,230
1Q13 total operating result (Euro m)
Operating result by segment
1Q13
1Q12
-52.4%
+8.0%
-6.1%
+26.6%
+12.2%
-2.6%

II. GROUP FINANCIALS

8. 8
Assicurazioni Generali Group – 1Q 2013 results
Focus on non operating result
II. GROUP FINANCIALS
(25) (18)
87
(54) (25)
Non operating investment income (Euro m)
1Q131Q12
(Euro m)
Net
realised
gains
Net
impair-
ments
Fair Value
thr. P&L
1Q 13 97 (106) (8)
1Q 12 10 (52) 17
Δ n.m. +104.5% n.a.
(Euro m)
1Q12 1Q13 
Non operating
investment income
(25) (18) -29.2%
Non operating
holding expenses
(163) (187) +15.2%
Of which: interest costs (162) (187) +15.9%
Net other
Non operating
expenses
(77) (80) +3.5%
Of which: VOBA
amortization
(46) (44) -4.3%
Total
Non operating
result
(266) (286) +7.5%

9. 9
Assicurazioni Generali Group – 1Q 2013 results
1Q12 1Q13 
Total operating result 1,230 1,328 +8.0%
Non operating result (266) (286) +7.5%
Consolidated result before
taxes and minorities
964 1,042 +8.1%
Income taxes(1) (334) (370) +10.8%
Result for discontinued
operations
14 0 n.a.
Minorities (77) (69) -10.3%
Net result 567 603 +6.3%
II. GROUP FINANCIALS
Net income (Euro m)
567
603
+6.3%
1Q131Q12
From operating result to net result
(Euro m)

10. 10
Assicurazioni Generali Group – 1Q 2013 results
Agenda
II. Group financials
Profit & loss review
Life and P&C segment profitability
Balance sheet and solvency I

11. 11
Assicurazioni Generali Group – 1Q 2013 results
Life business development
Gross written premiums (Euro m)
12.815 12.282
-4.7%(1)
II. GROUP FINANCIALS
1Q12 1Q13
(1) On like for like basis
(2) Including liabilities related to investment contracts
Net technical reserves(2) (Euro bn)
Country 1Q12 1Q13
Italy (235) 212
France (888) 70
Germany 994 1,494
CEE 106 143
RoE 534 683
RoW 250 310
TOTAL 760 2,913
Net inflows by country (Euro m)
 Italy: positive development thanks to both lower
maturities and surrenders
 France: positive trend thanks to Unit Linked and
Health & Protection vs. planned decrease in
traditional savings; decreasing outflows
 Germany: resilient growth triggered by positive
development in both saving single premiums
and protection regular premiums
1Q13FY12 Traditional Unit
Linked
+1.4%
Traditional Unit linked
260.2 263.1
53.6 55.1
1.62.9313.8 318.3

12. 12
Assicurazioni Generali Group – 1Q 2013 results
Life 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 environment
Life Operating Result by driver(1)
Life operating ratio on
Investments
0.26% 0.24%
II. GROUP FINANCIALS
(1) For the definitions refer to the related section in the backup
Life operating
result 1Q12
Δ Technical margin Δ Investment result Δ Expenses Life operating
result 1Q13
819 797151
(37)

13. 13
Assicurazioni Generali Group – 1Q 2013 results
Life investment strategy and yields
Current
return
Fixed
income
Equity Real
Estate
1Q12 1Q13 1Q12 1Q13 1Q12 1Q13
Euro m 2,331 2,299 61 17 192 182
% 1.1 1.0 0.5 0.1 2.0 1.9
43,0% 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 1Q13
Other
Cash & cash
equivalent
Real estate
Equity
Other fixed
income
Corporate
bonds
Government
bonds
Life segment own investments (%)
Euro 277.0 bn Euro 279.0 bn
II. GROUP FINANCIALS
 Increased attention to improve the diversification of the
investments, especially in corporate bonds
 Current profitability remains affected by a low
reinvestment yield environment
 Increased cash position ready to be deployed in
attractive assets

14. 14Life new business: value and profitability
II. GROUP FINANCIALS
(Euro m) APE
Margin on APE
(NBM) NBV
1Q12 1Q13
Historical

Like for
like 
1Q12 1Q13 1Q12 1Q13
Historical

Like for
like 
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 millions
Assicurazioni Generali Group – 1Q 2013 results

15. 15
Assicurazioni Generali Group – 1Q 2013 results
P&C gross written premiums
(Euro m) 1Q12 1Q13
Like 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 basis
Gross written premiums (Euro m)
6.999 6.863
1Q131Q12
+1.5%(1)
 Strong development in Non Motor, driven by Personal Lines across the geographies due to the excellent
performances 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
Assicurazioni Generali Group – 1Q 2013 results
P&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 results
II. GROUP FINANCIALS
(1) For the definitions refer to the related section in the backup
P&C operating
result 1Q12
Δ Technical result Δ Investment result Δ Other P&C Operating
result 1Q13
411
2 520109
(2)

17. 17
Assicurazioni Generali Group – 1Q 2013 results
P&C profitability – Net combined ratio (1/2)
(0.7) (1.1)
1Q131Q12
Combined ratio (%)
 Expense
ratio
 Loss
ratio
-1.8%pts.
II. GROUP FINANCIALS
Combined ratio by country
1Q12 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.
27.2
66.4
27.9
67.5
93.6%
95.4%
Loss ratio Expense ratio

18. 18
Assicurazioni Generali Group – FY 2009 results
5.9
22.1
0.1 -0.85.8
21.4
P&C profitability – Net combined ratio (2/2)
1Q13 69.5 0.0 -3.2 66.4
1Q12 70.3 0.7 -3.5 67.5
II. GROUP FINANCIALS
Loss ratio (%)
1Q131Q12
67.5 66.4-0.8 -0.7 +0.3
Current
year
NAT
CAT
Prior
years
1Q131Q12 Δ Admin Δ Acq.
Acq. costs
Adm. costs
27.2
Expense ratio (%)
Δ%pts
27.9
-1.1%pts.
-0.7%pts.
Assicurazioni Generali Group – 1Q 2013 results
 Particularly favorable quarter without
significant Nat Cat event
 Current loss ratio still decreasing
due to a continuous improvement in
Motor frequency
 Positive development of prior years
confirmed

19. 19
Assicurazioni Generali Group – 1Q 2013 results
P&C investment strategy and yields
P&C segment own investments (%)
Euro 37.9 bn Euro 37.4 bn
Current
return
Fixed
income
Equity Real
Estate
1Q12 1Q13 1Q12 1Q13 1Q12 1Q13
Euro m 227 218 13 12 114 91
% 1.0 0.8 0.4 0.5 2.1 1.7
29,7% 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 1Q13
Other
Cash & cash
equivalent
Real estate
Equity
Other fixed income
Corporate bonds
Government bonds
II. GROUP FINANCIALS
 Strong focus on deploying the existing cash in the portfolio
 Increased attention to improve the diversification of the
investments, especially in corporate bonds
 Slight increase of equity exposure
 Current profitability remains affected by a low reinvestment
yield environment
 Solid liquidity buffer maintained during the quarter

20. 20
Assicurazioni Generali Group – 1Q 2013 results
64.5 66.6
Financial segment
Operating result (Euro m)
Third party AUM(1) (Euro bn)
Net fees and commissions (Euro m)
126 119
1Q131Q12
-6.1%
218 218
1Q131Q12
+0.2%
96,4 100.8
1Q13FY12
+4.4% +2.1%pts.
1Q131Q12
Cost/income ratio (%)
II. GROUP FINANCIALS
(1) Including only third party AUM related to financial segment companies

21. 21
Assicurazioni Generali Group – 1Q 2013 results
Agenda
II. Group financials
Profit & loss review
Life and P&C segment profitability
Balance sheet and solvency I

22. 22
Assicurazioni Generali Group – 1Q 2013 results
18,77519,013
(815)
19,828
(611)(45)
603
(184)
IFRS Shareholders’ equity roll forward
Shareholders’
Equity FY12
Impact from
revised IAS 19
01/01/2013 Δ in AFS
Reserve
1Q 2013
Net Result
Δ Currency
Translation
Reserve
Other (including
Euro 477 m
GPH 25%
minorities
buyout)
Shareholders’
Equity 1Q13
-1.2%
II. GROUP FINANCIALS
(Euro m)
Change in AFS reserve (Euro m)
2,591
46 2,406
28
(259)
AFS Reserve
FY12
Impact Equity
Investments
Impact Bond
Investments
Other AFS Reserve
1Q13

23. 23
Assicurazioni Generali Group – 1Q 2013 results
17.9 17.9 18.2
26.9 26.1 25.0
Solvency I update
II. GROUP FINANCIALS
Required margin Available margin
01/01/13FY12
145%(1)
(Euro bn)
1Q13
138%
Solvency I ratio
(1) FY12 shareholders’ equity was restated including the effects of revised IAS 19
Main drivers of changeMain drivers of change
Available margin
 Consolidated result:
 Financial markets and other
elements:
 GPH 25% minorities buyout
 Eligible debt
Required Margin
+ 0.7
- 0.3
- 1.3
- 0.2
+ 0.3
150%

24. 24
Assicurazioni Generali Group – 1Q 2013 results
III. Final Remarks
Agenda

25. 25
Assicurazioni Generali Group – 1Q 2013 results
Final remarks
III. FINAL REMARKS
Excellent underlying P&C performance
Resilient Life profitability in a challenging market environment
Prioritising reinvestment of excess cash

26. 26
IV. Backup
Agenda
P&L
Balance sheet
Life
Definitions
Assicurazioni Generali Group – 1Q 2013 results

27. 27
IV. Backup
Agenda
P&L
Balance sheet
Life
Definitions
Assicurazioni Generali Group – 1Q 2013 results

28. 281Q13 Total gross written premiums
IV. 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 premiums
Country GWP
Weight on
total GWP GWP
Weight on
total GWP GWP
Weight on
total GWP
Assicurazioni Generali Group – 1Q 2013 results

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 rates
GDP
YoY %
increase(2) GDP
YoY %
increase(2) GDP
YoY %
increase(2) GDP
YoY %
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 gross
direct 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 Total
Assicurazioni Generali Group – 1Q 2013 results

30. 301Q13 P&C premiums by country and business line
IV. BACK UP
(1) Including fleets
(2) On like for like basis with constant exchange rates
GDP
YoY %
increase(2) GDP
YoY %
increase(2) GDP
YoY %
increase(2) GDP
YoY %
increase(2) GDP
YoY %
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 gross
direct 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 Commercial
Assicurazioni Generali Group – 1Q 2013 results

31. 31
Loss
ratio
Expense
ratio
P&C - Combined ratio(%)
Total - Expense ratio (%)
67.5 66.4
27.9 27.2
1Q131Q12
1Q131Q12
1Q131Q12
95.4 93.6
1Q13 technical ratios
IV. BACK UP
Life - Expense ratio (%)
15.4 15.6
10.510.1
Assicurazioni Generali Group – 1Q 2013 results

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 UP
1Q12 1Q13
A Net earned premiums (net of consolidation adjustments) 5,311 5,284
B Consolidated net claims 3,586 3,508
Consolidated acquisition costs 1,175 1,129
Consolidated administration costs 320 319
Non insurance activity related administration costs(1)
14 9
Insurance activity related consolidated administration costs 307 310
C Total acquisition and administration costs 1,481 1,439
B/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 6
A-B-C-D Technical result 221 331
Assicurazioni Generali Group – 1Q 2013 results

33. 331Q13 technical ratios by country
IV. BACK UP
(%) ITA FRA GER CEE RoE SPA AUT SWI RoW Consolidated
1Q13 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 ratio
P&C Expense ratio
P&C Combined ratio
Life expense ratio by country
Assicurazioni Generali Group – 1Q 2013 results

34. 34Focus on operating result
1Q12 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 operating
result
1,230 1,328 +8.0%
Operating result by country(1) (Euro m)
339
168
92
41
110
46
167
80
66
74
92
40
61
14
7
38
-1
Italy France Germany CEE RoE RoW
Life P&C Financial
Operating result breakdown(1) (Euro m)
(1) Operating result = operating result of life, P&C and financial segments, before holding expenses and consolidation adjustments
568
249
172
121
241
85
IV. BACK UP
Assicurazioni Generali Group – 1Q 2013 results

35. 35
819
797
Life operating result
Operating result (Euro m)
1Q131Q12
-2.6%
Operating result by country (Euro m)
IV. BACK UP
1Q12 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
411
520
P&C operating result
1Q131Q12
+26.6%
IV. BACK UP
1Q12 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 basis
Assicurazioni Generali Group – 1Q 2013 results

37. 37
Assicurazioni Generali Group – 1Q 2013 results
(Euro m) Life P&C Financial Total
Net impairments 1Q12 1Q13 1Q12 1Q13 1Q12 1Q13 1Q12 1Q13
Equity instruments 16 198 13 28 0 1 29 227
Fixed income 4 (12) 1 (4) 6 0 11 (17)
Real estate 2 46 0 1 0 0 2 47
Other investments(2) 4 1 30 46 1 2 35 49
Total net impairments 24 232 45 72 8 2 77 306
Of which
Operating net
impairments
20 199 0 0 5 1 25 200
Non operating net
impairments
4 33 45 72 3 1 52 106
Focus on impairments(1)
(1) Net of reverse impairments
(2) Including subsidiaries and associated companies
IV. BACK UP

38. 38
Assicurazioni Generali Group – 1Q 2013 results
(Euro m) Life P&C Financial Total
1Q12 1Q13 1Q12 1Q13 1Q12 1Q13 1Q12 1Q13
Net realized gains on Equities 84 173 (12) 22 0 33 72 227
Realised gains 188 204 37 28 0 33 225 265
Realised losses (104 (32) (49) (6) 0 0 (153) (38)
Net realized gains on Fixed Income 26 408 1 22 0 5 27 435
Realised gains 632 449 46 26 1 5 679 480
Realised losses (606) (41) (45) (4) (1) 0 (652) (46)
Net realized gains on Real Estate 2 32 48 52 0 0 50 84
Realised gains 4 33 51 59 0 0 55 91
Realised losses (1) (1) (4) (6) 0 0 (5) (7)
Net realized gains on Other(2) 1 16 3 (5) 0 0 4 12
Realised gains 2 21 3 1 1 1 5 22
Realised losses 0 (4) 0 (6) 0 0 (1) (10)
Total net realized gains 114 629 40 91 0 38 154 758
Operating net realized gains 144 654 0 0 0 8 144 661
Non operating net realized gains (30) (25) 40 91 0 31 10 97
Focus on realised gains(1)
(1) Excluding financial instruments at fair value through profit and loss
(2) Including subsidiaries and associated companies
IV. BACK UP

39. 39Reclassified P&L account
Total
(Euro m) 1Q12 1Q13
Total Operating result 1,230 1,328
Net earned premiums 17,082 16,194
Net 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 217 207
Operating income from other financial instruments 2,808 3,119
Operating income from financial instruments at fair value through profit or loss 3,234 1,304
of which net income from fin. assets and liabilities where the risk is borne by the policyholders 2,609 1,102
Operating 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) 0
Net other non-operating expenses (77) (80)
Earnings before taxes 964 1,042
Income taxes (334) (370)
Result from discontinued operations 14 0
Consolidated result of the period 644 672
Result of the period attributable to minority interests (77) (69)
Result of the period 567 603
IV. BACK UP
Assicurazioni Generali Group – 1Q 2013 results

40. 40
(Euro m) Life Non life Financial(1)
Unallocated
holding
expenses
Consolidation
adjustments Total
Total Operating result 819 411 127 (74) (52) 1,230
Net earned premiums 11,771 5,311 - - - 17,082
Net 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 income
from financial service activities 24 - 218 - (25) 217
Operating income from other fin. Instruments 2,482 244 106 - (24) 2,808
Operating income from fin. Instruments at fair
value through profit or loss 3,185 7 42 - - 3,235
of which net income from fin.assets and liabilities where
the risk is borne by the policyholders 2,609 - - - - 2,609
Operating 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 value
through profit or loss - 17 - - - 17
Non-operating holding expenses - - - (163) - (163)
Net other non-operating expenses (38) (34) (6) - - (77)
Earnings before taxes 747 388 118 (237) (52) 964
Reclassified P&L account by segment – 1Q12
IV. BACK UP
(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report
Assicurazioni Generali Group – 1Q 2013 results

41. 41
(Euro m) Life Non life Financial(1)
Unallocated
holding
expenses
Consolidation
adjustments Total
Total Operating result 797 520 119 (83) (25) 1,328
Net earned premiums 10,910 5,284 - - - 16,194
Net 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 from
financial service activities 24 - 218 - (34) 207
Operating income from other fin. Instruments 2,765 240 101 - 14 3,119
Operating income from fin. Instruments at fair value
through profit or loss 1,254 10 40 - - 1,304
of which net income from fin.assets and liabilities where the
risk is borne by the policyholders 1,102 - - - - 1,102
Operating 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 value
through 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) 1,042
Reclassified P&L account by segment – 1Q13
IV. BACK UP
(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report
Assicurazioni Generali Group – 1Q 2013 results

42. 42
IV. BACK UP
Focus on 1Q13 results
(1) Including investment contracts
(2) On like for like basis
(Euro m)
2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
1Q13/
1Q12
Life 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 expenses
and 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
IV. Backup
Agenda
P&L
Balance sheet
Life
Definitions
Assicurazioni Generali Group – 1Q 2013 results

44. 44Consolidated balance sheet
(1) Including reinsurance amounts of technical reserve, deferred tax assets, deferred acquisition costs and other assets
(Euro bn) FY12 1Q13
Intangible assets 9.9 9.8
Investments
Cash
374.1
21.6
376.0
23.4
Other credits 11.1 13.1
Tangible assets 5.0 5.0
Other assets (1) 20.0 20.3
Total Assets 441.7 447.6
(Euro bn) FY12 1Q13
Shareholders’ Equity
(Group share) 19.8 18.8
Minority interests 2.7 1.9
Shareholders’ Equity 22.6 20.6
Operating debt 50.7 51.2
Financial debt 13.2 13.1
Technical reserves 336.4 340.9
Payables and other
provisions 9.5 10.1
Other liabilities 9.4 11.7
Total Liabilities and
Shareholders’ Equity 441.7 447.6
IV. BACK UP
Assicurazioni Generali Group – 1Q 2013 results

45. 451Q13 Assets under management
Total
Euro 498.2 bn
Fixed income
instruments
Other
Real Estate
Equity
Available for sale Loans
Real Estate
Group
participations
Held to maturity
Fin. Instr. at fair
value thr. P&L
Unit Linked
Third parties AUM
“Own Investments”(1)
IV. BACK UP
(1) For definitions refer to the related section in the backup
Cash & equival.
Cash & equival.
101.9
62.9% 20.1%
3.7%
0.5%
2.3%
4.1% 6.4%
340.7
55.6
4.5%
3.6%
81.2%
4.4%
6.4%
Assicurazioni Generali Group – 1Q 2013 results

46. 46Investment yields(1)
(1) For definitions refer to the related section in the backup.
IV. BACK UP
Return (%) 1Q12 1Q13 1Q12 1Q13 1Q12 1Q13 1Q12 1Q13 1Q12 1Q13
LIFE
Current 1.1 1.0 0.5 0.1 2.0 1.9 0.3 0.4 1.0 0.9
Total P&L 1.2 1.2 1.9 1.0 1.4 1.1 0.8 -0.4 1.2 1.1
Comprehensive 5.2 0.8 8.3 1.4 2.3 1.0 0.8 -0.4 4.8 0.7
NON LIFE
Current 1.0 0.8 0.4 0.5 2.1 1.7 0.2 0.6 1.0 0.9
Total P&L 1.1 0.9 -0.3 0.2 1.8 1.8 0.6 -0.9 0.9 0.9
Comprehensive 4.2 0.6 5.2 2.4 1.8 1.8 0.6 -0.8 3.4 0.8
TOTAL
Current 1.1 0.9 0.5 0.2 2.0 1.8 0.3 0.4 1.0 0.9
Total P&L 1.2 1.1 1.6 1.2 1.6 1.4 0.6 -0.3 1.1 1.0
Comprehensive 4.9 0.7 7.6 1.8 2.1 1.3 0.6 -0.3 4.4 0.7
Fixed Income Equities
Investment
Properties
Other Total
Assicurazioni Generali Group – 1Q 2013 results

47. 47
425
681
1,850
(344)
2,530
(307)
(1,326)
196
270
(644)
1,032
(244)
1,308
1Q134Q123Q122Q121Q124Q113Q112Q111Q114Q103Q102Q101Q10
Total comprehensive income(1)
(Euro m)
3M10 6M10 9M10 12M10 3M11 6M11 9M11 12M11 3M12 6M12 9M12 12M12 3M13
1,308 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 m
IV. BACK UP
(1) For definitions refer to the related section in the backup
Assicurazioni Generali Group – 1Q 2013 results

48. 48AFS reserve breakdown
IV. BACK UP
(Euro m) FY11 FY12 1Q13
Fixed income instruments (1,780) 1,889 1,631
Government (1,216) 1,111 860
Corporate (564) 778 770
Equity (382) 549 578
Investment funds and other 7 152 198
TOTAL (2,156) 2,591 2,406
Assicurazioni Generali Group – 1Q 2013 results

49. 49
IV. Backup
Agenda
P&L
Balance sheet
Life
Definitions
Assicurazioni Generali Group – 1Q 2013 results

50. 50
Assicurazioni Generali Group – 1Q 2013 results
Life new business: APE
(Euro m) APE Annual Premiums Single Premiums
1Q12 1Q13
Like for like
 1Q12 1Q13
Like for like
 1Q12 1Q13
Like 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
Assicurazioni Generali Group – 1Q 2013 results
IV. Backup
P&L
Balance sheet
Life
Definitions

52. 52
Assicurazioni Generali Group – 1Q 2013 results
Definitions: P&L and balance sheet (1/2)
IV. BACK UP
Investments 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 unrealized
gains reported in P&L) – investments related expenses
Comprehensive 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 return
Investment returns for Life segment include income from bonds and loans issued by Group companies and
investments in consolidated subsidiaries backing policyholders’ liabilities
Life Net Inflows Premiums inflows in the period less benefits paid to the policyholders. It does not include revaluation of
mathematical reserves
Life Operating Result consists of the following elements:
i) "Technical Margin" includes loadings, risk result, surrender result; it is gross of acquisition and administration costs
ii) "Investment Result" includes interests and dividends, interest expenses on operating debt, G/L on foreign currency
and investment expenses, net of policyholder benefits; it includes also operating realised and unrealised G/L, net of
policyholder benefits
iii) "Expenses" include acquisition and administration costs and other net operating items (it does not consider any
loading charged to policyholders)
“Operating ratio on Investments” is calculated as Operating result on the average of Investments at book
value
Like for Like changes The change of written premiums, net cash inflow, APE and NBV is on equivalent terms (on equivalent
exchange rates and consolidation area).
Operating Result Operating result of life, P&C and financial segments, before holding expenses and consolidation adjustments

53. 53
Assicurazioni Generali Group – 1Q 2013 results
Own 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 business
accepted and term deposits with credit institutions
ii) Equity-like instruments as quoted and unquoted equities and alternative investments
iii) Real estate investments excluding own used properties
iv) Cash and cash equivalent including Repo and Reverse repo
v) Other investments 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 basis
Own investments for life segment include bonds and loans issued by Group companies and investments in
consolidated subsidiaries backing policyholders’ liabilities.
P&C Operating Result consists of the following elements:
I) "Technical Result" is net of acquisition and administration costs
ii) "Investment Result" includes interests and dividends, interest expenses on operating debt and investment expenses
iii) “Other" includes other net operating items not considered in Technical Result and in Investment Result
“Operating ratio on Investments” is calculated as Operating result on the average of Investments at book
value
Total Comprehensive
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.
Total Operating Result Operating result of life, P&C and financial segments, after holding expenses and consolidation adjustments.
Operating result is a non-GAAP indicator and may differ from similar measure presented by other companies.
Management uses this non-GAAP measure as key indicator in assessing Generali’s performance and believes
that the presentation of these KPI provide useful and relevant information's to shareholders and users on
Generali’s performance. Please refer to the ‘Methodological note on alternative performance measures’
included in the Management Report for details on operating result methodology.”
Definitions: P&L and balance sheet (2/2)
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54. 54
Assicurazioni Generali Group – 1Q 2013 results
Definitions: Life new business value and profitability
IV. BACK UP
Annual Premium
Equivalent (APE)
is defined as new business annualised regular premiums plus 10% of single premiums
New Business Value
(NBV)
is the present value, at point of sale, of the projected stream of after tax industrial profits expected to be
generated 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
Assicurazioni Generali Group – 1Q 2013 results
What’s next
August 2, 2013 - 1H 2013 Results
November 8, 2013 - 9M 2013 Results
November 27, 2013 - Investor Day

56. 56Investor Relations Team
Spencer Horgan (Tel.: +44-20-72656480)
Head of Investor Relations
Email: spencer_horgan@generali.com
Stefano Burrino (Tel.: +39-040-671202)
Email: stefano_burrino@generali.com
Emanuele Marciante (Tel.: +39-040-671347)
Email: emanuele_marciante@generali.com
Veronica Cherini (Tel.: +39-040-671488)
Email: veronica_cherini@generali.com
Rodolfo Svara (Tel.: +39-040-671823)
Email: rodolfo_svara@generali.com
Martina Vono (Tel.: +39-040-671402)
IR Events
Email: martina_vono@generali.com
Assicurazioni Generali
P.za Duca degli Abruzzi 2
34132 Trieste, Italy
Fax: +39 040 671338
e-mail: generali_ir@generali.com
www.generali.com
Assicurazioni Generali Group – 1Q 2013 results

57. 57Disclaimer
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.
Assicurazioni Generali Group – 1Q 2013 results

58. March 2006
May 10, 2013
Generali Group
1Q 2013 Results