This document summarizes Generali Investor Day 2010 discussions on strategic asset allocation and risk management. It shows that from 2005 to 9M10: - Generali increased its total assets under management from €274.8 billion to €331.1 billion despite some sales and acquisitions. - For life insurance, Generali maintained an asset allocation consistent with its technical reserves, with over 80% in fixed income instruments to match liabilities. - An increased allocation to corporate bonds allowed Generali to benefit from narrowing credit spreads.

1. Generali Investor Day 2010
Strategic Asset Allocation &
Risk Management Strategy
Amerigo Borrini
Chief Risk Officer
Salvatore Colotti
Chief Life Actuary
Venice, November 26, 2010

2. Disclaimer 2
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 in charge of 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 – Investor Day 2010 – Investment Management of Insurance Assets

3. II. Strategic Asset Allocation & Risk Management Strategy 3
I. Introduction: How we managed and performed
II. Asset and Liabilities integration
III. Final remarks
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

4. Agenda 4
I. Introduction:
How we managed and performed
Strategic Asset Allocation & Risk Management
Increased investment portfolio
Our track record on investment management
Group risk capital and financial risks
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

5. I. INTRODUCTION: HOW WE MANAGED AND PERFORMED
Strategic Asset Allocation & Risk Management 5
At 30.09.2010
“Own Investments”
including own use real estate(1)
Euro 331.1 bn
Asset Allocation Insurance Liabilities
Fixed income
Cash & equival. instruments
BV 3.0% BV 79.1%
MV 2.9% MV 78.1%
Equity
BV 8.4%
MV 8.1% Traditional Life
ALM 258.1
Real Estate (3) Reserves(4)
BV 5.5%
MV 7.1%
Other(2) “Own Investments”
BV 4.0% including own use real
MV 3.8%
estate(1) 30.5 P&C Reserves(4)
(1) Including own use real estate within own investments. Own investments include own capital and insurance funds (i.e. unit linked excluded)
(2) Including investments in subsidiaries, associated companies and JVs, derivatives, receivables from banks or customer
(3) Including real estate mutual funds & own use real estate
(4) Net technical reserves; life reserves including investment contracts
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

6. I. INTRODUCTION: HOW WE MANAGED AND PERFORMED
We increased our investment portfolio 6
Strong growth trend of total Assets Under Management (Euro bn)
+ 8.1% AUM net of sale and
+ 13.1% acquisition (∆% YoY)
+ 1.2% - 7.2%
+ 6.2% + 8.1% AUM (∆% YoY)
+ 7.1%
+ 0.6% + 0.3%
+ 8.6%
95.9
83.6
62.9 61.4 68.6 Third parties AUM
57.6 47.6
42.5
47.9 50.7 41.4
41.2 Unit Linked
Own Investments
(including own use
real estate)
312.7 331.1
295.0 296.2 299.6
274.8
(1) (2) (3) (4)
2005 2006 2007 2008 2009 9M10
(1) Acquisition of Toro Group impact Own Investment for Euro 8.4 bn and Unit Linked for Euro 587 m
(2) Sale of Nuova Tirrena impact Own Investment for Euro 2.2 bn and Unit Linked for Euro 107m
(3) Acquisition of Banca del Gottardo impact Own Investment for Euro 8.2 bn and Third parties AUM for Euro 14 bn
Acquisition of PPF Group impact Own Investment for Euro 5.4 bn, Unit Linked for Euro 67m and Third parties AUM for Euro 2.4 bn
(4) Sale of Intesa Vita impact Own Investment for Euro 13.5 bn and Unit Linked for Euro 8.6 bn
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

7. I. INTRODUCTION: HOW WE MANAGED AND PERFORMED
Our investments – Life 7
Asset allocation (%) - Eur 269.7 bn at 9M10
1.4% 1.8%1.7%1.5%1.7%2.1%2.0%2.1%1.7%1.9% 2.0% Maintained an asset
2.6% 1.6% Cash
3.0% 3.8% 4.2% 4.0% 3.7% allocation consistent with the
Other
structure of our technical
investment
reserves
Investment
83.3% 81.6% 80.1% 83.9% 83.3% 84.2% properties Increase in corporate bonds
(incl. self-
used) exposure has allowed
Generali to benefit from
Fixed Income
10.9% 12.2% 12.3% Instruments narrowing in spreads and to
7.7% 9.1% 8.5%
sustain current return
2005 2006 2007 2008 2009 9M10 Equities
Maintained high quality of
Focus on bond portfolio (%) - Eur 204.3 bn at 9M10 corporate bond portfolio and
improved portfolio
diversification
58.8% 57.7% 56.1% 55.1% Lengthened duration of
66.5% 65.6% Government
bonds bonds (from 6.0 at FY07 to
6.6 at 9M10)
Strategic decrease of equity
41.2% 42.3% 43.9% 44.9% Corporate
33.5% 34.4% exposure
2005 2006 2007 2008 2009 9M10
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

8. I. INTRODUCTION: HOW WE MANAGED AND PERFORMED
Own investments – P&C 8
Asset allocation (%) - Eur 38.6 bn at 9M10
4.0% 4.8% 6.9% 6.0% 7.8% 5.6% Increases in the share of
2.5% 2.7% 3.8% 2.8% Cash
3.3% 2.4% corporate bonds within bond
22.6% 20.3% 17.8% 20.7% 20.3% 20.9% Other
portfolio has allowed Generali
investment
to exploit the narrowing of
Investment
properties spreads and to generate
52.0% 54.6% 54.7% 56.2% 57.4% 59.2% (incl. self- fixed income revenues
used)
Increased diversification in
Fixed Income
18.8% 17.7% 17.3% corporate bond portfolio
13.3% 12.1% 11.4% Instruments
Lengthened duration of
2005 2006 2007 2008 2009 9M10 Equities
bonds in P&C (from 2.9 at
Focus on bond portfolio (%) - Eur 19.2 bn at 9M10 FY07 to 4.7 at 9M10), based
on a ongoing portfolio
approach, has allowed us to
47.0% 46.6% 46.6%
realise capital gains through
52.5% 55.6% 48.1%
Government
a tactical reduction of
bonds duration started at the
beginning of 4Q10
51.9% 53.0% 53.4% 53.4% Active management of equity
47.8% 44.4% Corporate
portfolio to cope with market
volatility
2005 2006 2007 2008 2009 9M10
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

9. I. INTRODUCTION: HOW WE MANAGED AND PERFORMED
Our track record on investment management 9
Assets: Limited net exposure to structured finance: Euro 1.5 bn
diversification
and prudent No exposure to US subprime assets
approach
Negligible exposure to credit default swaps: only hedging and
investment with no arbitrage activity
Limited net exposure to Lehman: Euro 110 m
Limited net exposure to Portugal, Ireland, Greece and Spain:
Euro 2.0 bn
No exposure to Dubai World
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

10. I. INTRODUCTION: HOW WE MANAGED AND PERFORMED
Group risk capital and financial risks 10
At 31.12.2009
Significant portion Diversification
(Euro bn / Percentage) within business units
of Group risk capital €26.7bn
Not under IM(1) 1.9 / 7%
related to financial Group
(4.5)
risks (64%) Operational 2.1/ 8% diversification 32%
Non-life U/W 2.8 / 11%
17% (4.1)
Life U/W 2.9 / 11%
€18.1bn
Credit & 3.9 (of which 3.1 on Life and 19%
Currency 0.8 on Non-life) / 15%
3.2 (of which 2.9 on Life and
Interest rate
0.3 on Non-life) / 12%
3.3 (of which 1.5 on Life and
Real estate
1.8 on Non-life) / 12%
6.6 (of which 5.0 on Life and
Equity
1.6 on Non-life) / 25%
Total 26.7 / 100% Group risk capital Group risk capital Group risk capital
before diversification after diversification after diversification
within business units
(1) Not under Internal Model refers to entities currently based on previous top-down model
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

11. Agenda 11
II. Asset and Liabilities integration
Centralised strategic investment framework
Life Liabilities existing business / new business
P&C asset liability management
Asset allocation process and Solvency II
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

12. II. ASSET AND LIABILITIES INTEGRATION
Overview 12
Financial crisis has given an acceleration in
renewing financial system processes
Current environment is characterised by the need for changes (Solvency II) at
system level updating governance, processes, profitability metrics, products
Local regulators are defining new set of rules aligned
with this systemic change
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

13. II. ASSET AND LIABILITIES INTEGRATION
Centralised strategic investment framework 13
Corporate Centre coordination and control of strategic investment
Group Risk Guidelines (SAA, Credit, Market Risk Concentration,
Derivative & Structured Products, Alternative Investments,...)
Committees structure governance (Group Risk Committee, Group Investment
committee, Company Investment committees,...)
Strategic asset allocation activity
Coordinate the deployment of the group strategic investment objectives to the
companies
Guarantee coherency of risk and performance metrics
Centralise the distribution of the market financial scenarios
Create a platform allowing for the enforcement of:
Homogeneous asset classification
Uniform definition of the investment objectives
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

14. II. ASSET AND LIABILITIES INTEGRATION
Life liabilities: Existing business(1) 14
FY 2009 Total Reserves: Area/Product FY 2009 Total Reserves: Area/Premium type
By Area (Euro bn) By Area (Euro bn)
90 Unit Saving 90 Single
80 Unit Pension 80
70 Regular
Traditional Saving 70
60 Traditional Risk 60
50 Traditional Pension 50
40 40
30 30
20 20
10 10
0 0
Italy Germany France CEE RoE RoW Italy Germany France CEE RoE RoW
By Product (%) By Premium type (%)
Unit Saving Traditional Single Regular
14% Pension 10% 45% 55%
Traditional
Risk 5%
Unit Pension Traditional
6% Saving 65%
(1) Perimeter life/health EV, net of minorities
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

15. II. ASSET AND LIABILITIES INTEGRATION
Life liabilities existing business(1): Guarantees 15
Total Reserves by type of guarantee
NIL At maturity Yearly basis (Cliquet)
22% 9% Guarantee
Profit sharing granted and
consolidated every year
Matched Yearly basis At Maturity Guarantee
3% 66% Profit sharing granted only at
event (maturity, death)
3.20 Yearly basis Yearly discretionary bonuses not
3.00
At maturity guaranteed
2.80
2009 Average Guarantee: 2.37%
2.60
Yearly basis (Cliquet): 2.4%
2.40
At maturity: 2.3%
2.20
31.12.03 31.12.05 31.12.07 31.12.09
(1) Perimeter life/health EV, net of minorities
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

16. II. ASSET AND LIABILITIES INTEGRATION
Life liabilities: new business(1) 16
FY 2009 APE: Area/Product FY 2009 APE: Area/Premium type
By Area (Euro m) By Area (Euro m)
1,800 Unit Saving 1,800 Single
1,600 Unit Pension 1,600
1,400 Regular
Traditional Saving 1,400
1,200 Traditional Risk 1,200
1,000 Traditional Pension 1,000
800 800
600 600
400 400
200 200
0 0
Italy Germany France CEE RoE RoW Italy Germany France CEE RoE RoW
By Product (%) By Premium type (%)
Unit Saving Traditional Single Regular
14% Pension 10% 42% 58%
Traditional
Risk 14%
Unit Pension Traditional
11% Saving 51%
(1) Perimeter life/health EV, net of minorities
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

17. II. ASSET AND LIABILITIES INTEGRATION
Life liabilities(1): new business guarantees 17
Total APE by type of guarantee
FY
2008 NIL At maturity 2008 Average Guarantee: 1.56%
30% 11%
Yearly basis: 1.5%
Matched Yearly basis
At maturity: 1.9%
3% 56%
FY
2009 NIL At maturity 2009 Average Guarantee: 1.56%
30% 19%
Yearly basis: 1.4%
Matched Yearly basis
At maturity: 2.0%
2% 49%
9M
2010 NIL At maturity 2010 Average Guarantee: 1.54%
31% 20%
Yearly basis: 1.3%
Matched Yearly basis
At maturity: 2.0%
1% 48%
(1) Perimeter life/health EV, net of minorities
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

18. II. ASSET AND LIABILITIES INTEGRATION
Life liabilities: focus on Italian new production 18
Absence of volatility absorbers (beyond book accounting) in Italian traditional
business, as opposed to Germany and France, that use policyholder/capital gains
funds
Penalised NBV computation due to widening of spread between Italian bonds and
Swap rate Cost of Guarantee: Cliquet vs. Maturity(1)
Cost of guarantee
The solution implemented: (in terms of NBM, expressed in % of APE)
Higher portion in terms of APE 16%
Cliquet
14%
of “at maturity” guarantees: Maturity
12%
From 31% at FY08
10%
to 55% at 9M10 8%
6%
Cliquet guarantees reduction: 4%
From 1.99% at FY08 2%
to 1.27% at 9M10 0%
37% of APE with 0% guarantee 0% 1% 2%
Minimum guarantee
Results:
Improved profitability thanks to lower cost of guarantees
Reduction in Solvency II capital strain
(1) Illustrative example based on FY09 financial assumptions
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

19. II. ASSET AND LIABILITIES INTEGRATION
Life liabilities: Portfolio guarantees development(1) 19
Expected guarantees development (%) Reserves composition (%)
2.50 New Business
Old Business
100.00
2.25 Strong reduction
80.00
in the average
2.00 60.00
guarantee
1.75 40.00 thanks to back
20.00 book run off and
1.50
31.12.09 31.12.20 0.00 new production
2009 2011 2013 2015 2017 2019
Based on expected run off, future new production included
Breakdown cliquet guarantees at FY09 Higher cliquet guarantees development
weight on total reserves weight on total reserves By 2020:
100%
19.2% 90% Average
80% >=4.5%
15.0% guarantee
12.6% 13.1% 70% 4%-4.49%
60% at 1.7%
3.5%-3.99%
50%
3%-3.49% Portfolio with
5.2% 40%
30% ≥ 2.75%
0.6% 20%
guarantee
10%
0%- 1%- 2%- 3%- 4%- >5% 0% ≤10% of total
0.99% 1.99% 2.99% 3.99% 4.99% 2009 2011 2013 2015 2017 2019
(1) Perimeter life/health EV, net of minorities
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

20. II. ASSET AND LIABILITIES INTEGRATION
P&C asset liability management 20
Net technical Reserves (Euro bn)
29.0 29.3 29.6
28.4
24.2 Lengthened duration on bonds
(from 2.9 at FY07 to 4.7 at
9M10)
P&C liabilities duration at 3.3
Duration mismatch on P&C is
2005 2006 2007 2008 2009 based on a ongoing view of the
business with net technical
Reserving ratio (%)
Reserves stable over years
175%
157% 149% Dynamic management of
145% 145%
portfolio’s duration is
implemented according to
market expectations
2005 2006 2007 2008 2009
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

21. II. ASSET AND LIABILITIES INTEGRATION
Asset allocation process in a Solvency II environment 21
New regulatory framework and the changing market environment are
strengthening the focus on a liability driven approach where
asset liability management is the cornerstone
Investment strategies defined coherently with capital allocation and risk profiles
Group Risk guidelines enforced to align and control investments
Stochastic approach in portfolio modeling in order to consider options
embedded in the insurance products
Centralisation of economic capital methodologies, financial
assumptions and AM mandate structure
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

22. II. ASSET AND LIABILITIES INTEGRATION
Strategic Asset Allocation process 22
Strong Corporate Centre Coordination and Enhancement of granularity
improve efficiency in the investment process
Financial assumptions Consolidation of bottom up
Strategic Plan targets strategies
Corporate Centre Guidelines and model definition Coherency with group targets
Level Capital allocation and risk tolerance
Group Investment Strategy
Asset allocation at portfolio/product level is coherent with Group
Investment Strategy and is based on:
Liability profile
Portfolio Level Features of in-force and future products
Risk tolerance
Capital efficiency
ALM coherency
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

23. II. ASSET AND LIABILITIES INTEGRATION
SAA Life Process 23
Strategic Plan coherency Portfolio analysis Liability portfolio structure
and market outlook
Investment targets Portfolio assets mapped Analysis of reserves split by
Market expected return into SAA categories guarantee level and structure
Group/Company risk Regulatory constraints and New production volumes
tolerance Group Risk Guidelines Analysis of shareholder’s
coherency financial profit vs. fund returns
ALM Analysis Value and Risk Analysis MC PVFP sensitivity and
liabilities migation
Cash flow matching Analysis of the Market MC PVFP sensitivity analysis
analysis Consistent Present Value with respect to different
Asset & Liabilities of Future Profit (MC PVFP) allocation scenarios
projections and Risk Adjusted Capital Impact of liabilities risk
Asset mix optimisation (RAC) at segregated fund mitigation in different loss
scenarios
level
Strategic Allocation definition that maximizes investment contribution
to value creation

24. II. ASSET AND LIABILITIES INTEGRATION
SAA Non-life Process 24
Strategic Plan coherency Portfolio analysis
and market outlook
Investment targets Portfolio assets mapped
Market expected return into SAA categories
Group/Company risk Regulatory constraints and
tolerance Group Risk Guidelines
coherency
Quantitative Analysis
Optimisation process based on
risk / return target profile
Analysis of Economic Balance
Sheet (EBS) indicators
Define SAA portfolio targets with the optimal risk/return profile

25. II. ASSET AND LIABILITIES INTEGRATION
Return on capital optimisation: Life 25
Manage exposure to risky assets due to higher capital requirements
Corporate
Govt Bonds Equities Real Estate
Bonds
Short / Long
Exposure Trend
Government bonds are a very attractive asset class in order to
better manage duration mismatch.
Optimise risk /
Short term and high quality corporate bonds look most return profile
interesting at the expense of long corporate bonds, owing to the
better return in respect to capital requirements. Guarantee
excess return
over minimum
Equity exposure will be cyclical.
guaranteed level
Real Estate looks attractive based on long-term value creation
capacity
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

26. II. ASSET AND LIABILITIES INTEGRATION
Return on capital optimisation: P&C 26
Begin a de-risking process in order to reduce risk capital
Corporate
Govt Bonds Equities Real Estate
Bonds
Short / Long
Exposure Trend
Preference for government bond and short / high quality
corporate bond
Reduce
exposure to risky
Equities look relatively unattractive due to the high capital asset classes
requirement with high capital
requirement
Real Estate exposure should decrease Maximise return
on capital
Liquidity is a key consideration
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

27. Agenda 27
III. Final remarks
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

28. III. FINAL REMARKS
Final remarks 28
More transparent and flexible investment process in a clear governance
structure
Liability driven management approach
Portfolio tailored asset allocation in order to increase capital efficiency
Strong Corporate Centre coordination in the definition of asset allocation
strategy
ALM as cornerstone in the definition of investment constraints related to
profitability and capital
SAA as function to integrate market outlook and ALM in order to define
investment strategy optimising capital efficiency
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

29. Generali Investor Day 2010
Strategic Asset Allocation &
Risk Management Strategy
Amerigo Borrini
Chief Risk Officer
Salvatore Colotti
Chief Life Actuary
Venice, November 26, 2010