generali group 2014 first half results

© Generali

July 31, 2014 2014 First Half Results

GENERALI GROUP 2014 First Half 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, Embedded Value, Economic Solvency 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).

© Generali


Agenda

2

- Business Update Page 3 Mario Greco – Group CEO

- 2014 First Half Group Financials Page 10 Alberto Minali – Group CFO

- Backup Page 33

© Generali


Agenda

3

I. Business Update

Mario Greco – Group CEO

© Generali


4

All of the targets set out in the 2015 turnaround plan are either concluded or within sight: aiming to

achieve remaining targets as soon as practicable

Our business now has solid foundations and is well positioned for growth: TechEx and OpEx initiatives

bearing fruit with new products and markets delivering profitable growth

For the first time in many years we have a new normal for Generali: capital target reached,

transparency and cohesion across our businesses and enhanced profitability

The power of Discipline, Simplicity and Focus

Turning the page to a new normal for Generali

CEO – Business overview

© Generali


5

The power of Discipline, Simplicity and Focus

A focus on profitability and cost savings


Solid and continuous

improvement in operating profit

Great strides towards cost

savings goals

Solid net result despite

detrimental one-off items

€2.5 bn

€2.3 bn

1H14

1H13

1H12

1H11

€2.2 bn

€2.2 bn

+9.5%

Group operating profit

Life segment

€1.6 bn

€1.5 bn

€1.6 bn

€1.6 bn

1H14

1H13

1H12

1H11

New

Business

Margin

+6.2 %pts.

P&C segment

€1.0 bn

€0.9 bn

€0.7 bn

€0.8 bn

1H14

1H13

1H12

1H11

Combined

Ratio

-1.8 %pts.

1H14/1H13

1H14/1H13

P&C Expense Ratio

Life Expense Ratio

Well on track to achieve €520 m cost

savings cumulatively (2013/14)

+4.8%

+14.8%

806 842

1,081 1,075

(€ m)

Net Result

Net income excluding

discontinued

operations, +12.5%

1H11 1H12 1H13 1H14

27.6 27.6 27.5

27.1

1H11 1H12 1H13 1H14

11.0 10.9 10.6

9.6

1H11 1H12 1H13 1H14

© Generali


Operation Closing

Date

Proceeds

(€ bn)

Exit

multiple

(historic)

Solvency 1

impact

Migdal 4Q12 0.7 17x +2%pts.

Banca Generali (12% placement)

2Q13 0.2 12x +1%pts.

Generali USA

Life Re 4Q13 0.7 15x +1%pts.

Mexico 4Q13 0.6 18x +4%pts.

Fata 2Q 14 0.2 15.5x +1%pts.

BSI(1) By 1H15 1.2 n/m +9%pts

Cumulative

Total 3.7 +18%pts.

Completion of asset disposals a year ahead of schedule

Non-core asset disposal programme generated 18%pts of Solvency I capital


Disposal programme brings

multiple benefits

Completion of disposal

programme has significantly

contributed to higher solvency

and debt reduction

Together with the acquisition of

minority holdings the group is

simpler and more focus on the

business of insurance

With completion of BSI,

Generali will have minimal

exposure to non-insurance

activities

(1) Subject to final adjustment

© Generali


Completion of disposal programme, retained earnings, and improved financial market conditions

result in target being met one year early

Solvency I impact of the acquisition of GPH minorities (-7%pts) and the announced sale of BSI

(+9%pts)(1) expected in 3Q 2014 / 1H 2015 respectively

7

Balance sheet strength restored Solvency I ratio at target, and at highest level for a decade


136%

118%

143%

123%

128% 132%

117%

145% 141%

152%

162%

FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 1Q14 1H14

Target 160%

Solvency I Ratio(%)


© Generali


8

The power of discipline, simplicty and focus

Continued focus on delivering operational excellence and reducing costs and debt


Rapid delivery to complete remaining

targets

Refinancing completed to 2016 with €60m

lower interest costs and overall debt

reduction of €1bn

On track with delivery of additional €1bn

in cost savings

Generali Deutschland squeeze out and

Fata disposal completed and Telco

demerged approved

Issuance of first Cat Bond by the group for

European wind peril

S&P rating affirmed at A-, after the group

demonstrated its ability to withstand

S&P’s extreme sovereign stress scenario

Citylife restructuring completed after deal

reached with financing banks and Allianz

With our November investor day giving an

insight into the potential of our group as we

move to complete our 2015 vision

A detailed look “under the bonnet” of our

core markets from:

CEE, Luciano Cirinà

Generali Italy, Philippe Donnet

Generali France, Eric Lombard

Generali Deutschland, Dietmar Meister

And how each will help to deliver top

quartile returns for our shareholders

© Generali


Our vision for Generali in 2015

© Generali

July 31, 2014

2014 First Half Results

Superior customer acquisition

and retention; focus on retail

and affluent space

Consistent technical excellence

and tight control

of costs

Focused on core insurance

business, with greater

contribution from P&C

Stronger capital position and

disciplined balance sheet

management

The mission is to deliver top quartile

shareholder returns and profitability

© Generali


Agenda

2014 First Half Group Financials

10

Alberto Minali – Group CFO

- Profit & Loss and Balance Sheet Page 11

- Business review Page 19

© Generali


Agenda

11

- Profit & Loss and Balance Sheet

- Business review Page 19



© Generali


Operating Result: Good development thanks to all business segments

Life: Increasing thanks to lower expenses and improved investment result. Strong increase in

new business and net inflows, especially unit linked

P&C: Positive performance thanks to significantly higher technical result

Net Result: Stable reflecting one-off effects from discontinued operations

Solvency I: Significant improvement of Solvency capital position thanks to successful placement of

subordinated bond and financial market development

1H13 1H14 LFL D 2Q13 2Q14 LFL D

Operating result (€ m) 2,295 2,512 9.5% 1,040 1,253 +20.4%

Operating RoE 6.9% 7.3% +0.4%pts. 3.1% 3.6% +0.5%pts.

Net result (€ m) 1,081 1,075 -0.5% 478 415 -13.0%

EPS (€) 0.70 0.69 -1.5% 0.31 0.27 -13.9%

Net operating EPS (€) 0.76 0.84 +10.4% 0.34 0.43 +24.8%

Shareholders’ equity(1) 19,778 22,125 +11.9%

Solvency I(1) 141% 162% +21%pts

12

Key First Half 2014 financials at a glance

CFO – Profit & Loss

(1) Comparative data FY13


© Generali


2,295 71 133

31 14 2,512

(32)

1H13 LIFE P&C FINANCIALSERVICES

HOLDING EXP. CONS.AD 1H14

13

Operating result by segment


1H14 1,551 1,033 226 (197) (101)

1H13 1,481 900 195 (165) (116)

D +4.8% +14.8% +15.8% +19.3% -12.3%

(€ m) +9.5%

© Generali


14

From operating result to net profit


1H14 2,512 (74) (409) (170) (636) (24) (124) 1,075

1H13 2,295 (23) (395) (185) (603) 128 (135) 1,081

D +9.5% n.m. +3.4% -8.3% +5.4% n.m. -7.7% -0.5%

2,512

(74)

(409) (170)

(636) (24) (124)

1,075

OPERATING

RESULT

NON OPER.

INVESTMENT

INCOME

NON OPER.

HOLDING

EXPENSES

NET OTHER

NON OPER.

EXPENSES

INCOME TAXES DISC.

OPERATIONS

MINORITIES NET RESULT

(€ m)

Including:

- € 383 m: Interest costs

Including:

- € 70 m: VOBA amortization

Including:

- € 113 m: impact from BSI

disposal

Net income excluding discontinued operations, +12.5%

Including:

- € 190 m: Ingosstrakh

impairment

© Generali


19,778

2,420 1,075

22,125

(701) (447)

SHAREHOLDERS'EQUITY FY13

Δ AFS RESERVE 1H 2014 NETRESULTS

DIVIDEND OTHER SHAREHOLDERSEQUITY 1H14

15

Shareholders’ equity

CFO – Balance Sheet

Change in AFS reserve (€ m)

Shareholders’ equity sensitivities (€ bn)

-1.2

2.8

-2.9

-1.8

Credit spread + 100 bps

Interest rate -100 bps

Interest rate +100 bps

Equities -30%

+11.9%

Shareholders’ equity rollforward (€ m)

2,501

2,338

158

4,921

(77)

AFS RESERVE FY13 IMPACT EQUITYINVESTMENT

IMPACT BONDINVESTMENTS

OTHER AFS RESERVE 1H14

© Generali


16

Solvency I

CFO – Capital

+21%pts

157

154

177

144

151

162

Real estate -10%

Credit spread +100bps

Interest rate -100bps

Interest rate+100bps

Equities -30%

Total ratio30.06.2014

Solvency I ratio sensitivities (%)

Solvency I rollforward (%)

141% 7%pts. 5%pts 12%pts 162%

(2%pts.) (1%pts.)

SOLVENCY I FY13 REQUIREDMARGIN GROWTH

M&A (1) CONSOLIDATEDRESULT

SUBORDINATEDDEBT

FINANCIALMARKETS AND

OTHER

SOLVENCY I 1H14(2)

(1) Including disposal of Fata Danni and acquisition of the remaining minorities (4%) of GDH

(2) For interim closings, no accrued dividends are deducted from available margin

Significant improvement of Solvency capital position driven by:

result of the period

successful placement of subordinated bond

financial market development

Impact of GPH (-7%pts.) to be booked in 3Q14 and BSI

(+9%pts.) expected to close by 1H15

© Generali


28,830

1,789 28,873

(145) (900) (701)

EV Official FY13 Change in Perimeter Normalised EVearnings

Investment, Tax andother Variances

Cash Dividend EV 1H14

17

Group embedded value rollforward

Balance sheet – Capitalisation & Leverage

Return on Embedded Value

RoEV Normalised RoEV

Group Embedded Value

Group EV per share

Group EV 1H14

12.5% 6.2%

18.6 €

Including

- € 1.7 bn: decrease in interest

rates (VIF and P&C liab)

+ € 0.7 bn: spread narrowing and

increase in stock market

Robust return on embedded

value, mainly driven by Life

NBV at € 651 m and a

positive combined ratio at

92.8%

© Generali


184% 0%pts. +9%pts.

187%

(7%pts.)

ESR FY13 Change in perimeter Change in AC Change in RAC ESR 1H14

18

Economic solvency

Balance sheet – Capitalisation & Leverage

Economic solvency rollforward (%)

The increase in available capital is driven by the new placement of subordinated bond

Good overall performance of financial markets support the increase of available capital

Capital requirement increase due to asset allocation and lowered yield curve, partially mitigated by beneficial

effects of spread narrowing

Of which 5% attributable to new

subordinated bond issued

© Generali


Agenda

19

- Profit & Loss and Balance Sheet Page 11

- Business Review



© Generali


(€ m) 1H13 1H14 LFL D 2Q13 2Q14 LFL D

Gross written premiums 23,115 24,192 +5.4% 11,256 12,131 +8.5%

Net inflows 4,935 5,926 +22.0% 2,125 3,037 +44.7%

Life operating result 1,481 1,551 +4.8% 700 772 +10.3%

Life operating ratio on

investments (bps)(1) 45 42 -3 26 26 0

APE 2,303 2,520 +8.6% 1,089 1,250 +12.6%

New Business Value 473 651 +43.0% 220 332 +52.3%

Margins on APE (%) 20.6% 25.8% +6.2%pts. +20.2% 26.5% +6.9%pts.

20

Life key financial indicators

CFO – Life Insurance

(1) Not annualized

© Generali


1,481 35

154 1,551

(118)

1H13 TECHNICAL MARGIN INVESTMENT RESULT EXPENSES 1H14

21

Life Operating result by driver


1H14 2,692 1,146 (2,287)

1H13 2,809 1,112 (2,440)

D % -4.2% +3.1% -6.3%

Improving thanks to increasing investment result and decreasing expense ratio

Technical margin lower due to policyholder share of lower expenses, and lower risk

result

(€ m)

+4.8%

© Generali


22

Life inflows and technical reserves(1)


(1) Including liabilities related to investment contracts

(€ m) 1H13 1H14

Italy 486 2,203

France 95 41

Germany 2,893 1,649

CEE 270 219

EMEA 846 1,575

Lat. Am. 155 120

Asia 161 82

International 29 36

TOTAL 4,935 5,926

Sharp increase in net inflows (+ 22%)

- Notable improvement in Italy and EMEA

- Decrease in Germany due to contraction of cash-in

following planned reduction of single premiums

- Share of unit linked in total net inflows up from 30% to 53%

Overall growth in reserves of 3.4% from end 2013 (of which

+7.8% increase in unit linked) +3.4%

266.4

5.9 7.6 0.2

272.8

58.9 63.5

325.3 336.4

(2.7)

FY13RESTATED

NET INFLOWS LOADINGS,RISK &

SURRENDERRESULT

POLICYH.SHARE OF

INVEST.RESULT

EXCHANGERATES &OTHER

1H14

+7.8%

+ 2.4%

Unit linked Traditional

© Generali


23

Life investment performance


43.3% 44.5%

34.6% 35.1%

8.1% 8.9%

4.7% 4.3%

3.5% 3.3% 3.8% 2.0%

1.9% 1.8%

FY13 1H14

Other

Cash & cashequivalent

Real estate

Equity

Other fixedincome

Corporate bonds

Governmentbonds

Life segment general account investments (%)

Euro 282.4 bn

Current

return(1) Fixed income Equity

Real

Estate Total

1H13 1H14 1H13 1H14 1H13 1H14 1H13 1H14

Euro m 4,453 4,676 311 316 284 274 5,324 5,407

% 1.94 1.82 2.52 2.43 2.90 2.75 1.94 1.84

Euro 304.0 bn

Current return generally affected by reinvestment in a lower yield

environment

(1) Not annualized

© Generali


Good development of APE (+8.6%) with progressions for both annual (+5.9%) and single premiums

(+12.5%), boosted by strong unit linked production (+29.1%)

NBM improves (+6.2%pts. on homogeneous basis) thanks to the more favourable economic assumptions

and to the sharp reduction of guarantees (from 1.22% at 1H13 to 0.96% at 1H14 in Euro area)

Solid NBV at Euro 651 m (+43.0%)

24

Life new business analysis


(€ m) APE NBV Margin on APE (NBM)

1H13 1H14 LFL r 1H13 1H14 LFL r 1H13 1H14 LFL r

Italy 860 1,177 +36.9% 149 319 +115.2% 17.3% 27.1% +9.8%pts.

France 409 425 +3.8% 59 56 -4.7% 14.3% 13.1% -1.2%pts.

Germany 549 418 -28.0% 128 134 -1.0% 23.4% 32.1% +8.7%pts.

CEE 84 64 -12.2% 38 22 -20.3% 45.7% 34.8% -3.5%pts.

EMEA 315 363 +11.2% 77 110 +39.4% 24.6% 30.2% +6.1%pts.

Lat. Am & Asia 86 73 +9.8% 22 11 +94.4% 25.8% 14.5% +6.3%pts.

Total 2,303 2,520 +8.6% 473 651 +43.0% 20.6% 25.8% +6.2%pts.

© Generali


25

P&C key financial Indicators

CFO – P&C Insurance

(€ m) 1H13 1H14 LFL D 2Q13 2Q14 LFL D

Gross written premiums, of which: Primary Motor

Primary Non Motor

11,476 4,693

6,405

11,169 4,516

6,306

-0.7% +0.1%

-0.9%

4,921 1,896

2,830

4,753 1,815

2,737

-1.2% +0.2%

-2.5%

Combined ratio (%) 94.6% 92.8% -1.8%pts. 95.7% 92.9% -2.7%pts.

Nat Cat impact (%) 2.1% 1.3% -0.8%pts. 4.3% 2.0% -2.3%pts.

P&C operating result 900 1,033 +14.8% 402 517 +28.5%

© Generali


900

130 0 4 1,033

1H13 TECHNICAL MARGIN INVESTMENT RESULT OTHER 1H14

26

P&C Operating result by driver


1H14 638 499 (104)

1H13 508 500 (108)

D % +25.5% -0.0% -3.3%

Improving result reflecting better underlying underwriting margins

(€ m)

+14.8%

© Generali


(€ m) 1H13 1H14 LFL r

Italy 3,160 3,032 -4.0%

France 1,545 1,416 -8.4%

Germany 2,070 2,130 +2.9%

CEE 1,025 989 +0.2%

EMEA 2,490 2,465 -0.9%

Lat Am 553 524 +27.1%

Asia 50 49 +1.1%

International 584 563 -3.6%

Total 11,476 11,169 -0.7%

27

P&C gross written premiums trends


Overall stable premium development:

Decline in Italy primarily driven by Motor. Growth

in Personal and Commercial lines offset by lower

premiums in Accident & Health

Decline in France driven by a competitive market

environment and portfolio restructuring activities

Improvement in Germany thanks both to Motor

and Non-Motor (driven by Personal and

Commercial)

Sharp increase in Latin America (on like for like

basis), driven by Brazil and Argentina (reflecting

inflation effect)

© Generali


67.1

0.6 65.7

(1.1) (0.8)

1H13 Current year NATCAT Prior years 1H14

67.1 65.7

27.5 27.1

(1.4) (0.4)

94.6 92.8

1H13 Δ Expense ratio Δ Loss ratio 1H14

21.4 21.4

6.0 5.7 (0.1)

27.5 27.1

1H13 Δ Admin Δ Acq. 1H14

(0.3)

28

Combined ratio analysis


Combined ratio (%)

Loss ratio Expense ratio

Expense ratio (%)

Δ%pts

- 0.4%pts.

1H14 68.6 1.3 -4.2 65.7

1H13 69.8 2.1 -4.7 67.1

Loss ratio (%)

- 1.4%pts.

- 1.8%pts.

Acquisition

costs

Administr.

costs

Current year loss ratio improved 1.1%pts.

© Generali


29

Combined ratio by country


Combined Ratio still improving in Italy,

despite Nat Cat impact (+1.0%pts.)

Combined Ratio in France strongly

impacted by Nat Cat (3.6%pts. compared

to 0.7%pts. in 1H13) and continues to

reflect current portfolio restructuring

activities

Excellent underlying performance of

Germany and CEE, also benefitting from

lower Nat Cat events (significant flood

losses in 1H13)

COUNTRY 1H13 1H14 ∆

Italy 91.3% 88.1% -3.2%pts.

France 99.3% 105.1% +5.9%pts.

Germany 96.0% 93.7% -2.3%pts.

CEE 90.6% 84.2% -6.4%pts.

EMEA 95.6% 94.6% -1.0%pts.

Lat Am 103.1% 105.3% +2.2%pts.

Asia 148.6% 104.4% -44.1%pts.

International 88.1% 83.2% -4.9%pts.

Total 94.6% 92.8% -1.8%pts.

© Generali


30

P&C investment performance


P&C segment general account investments (%)

Euro 37.7 bn Euro 39.1 bn

29.1% 24.3%

30.2% 33.5%

6.5% 9.1%

9.9% 10.2%

13.1% 12.5%

10.0% 9.1%

1.1% 1.4%

FY13 1H14

Other

Cash & cashequivalent

Real estate

Equity

Other fixedincome

Corporatebonds

Governmentbonds

Higher current fixed income yield thanks to higher exposure to

corporate bonds

Current

return(1) Fixed income Equity

Real

Estate Total

1H13 1H14 1H13 1H14 1H13 1H14 1H13 1H14

Euro m 423 437 57 61 154 147 696 685

% 1.65 1.69 2.18 1.62 2.97 2.98 1.89 1.75

(1) Not annualized

© Generali


31

Financial segment key financial indicators(1)

CFO – Financial Segment

1H13 1H14 LFL D 2Q13 2Q14 LFL D

Operating result (€ m) 195 226 +15.8% 113 119 +5.9%

Net fees and commissions (€ m) 237 251 +6.0% 118 133 +12.4%

Cost / income ratio (%) 49.7% 47.3% -2.4%pts. 46.2% 47.2% +1%pts.

Third party AUM(2) (€ bn) 36.5 36.2 -1.0%pts.

(1) Excluding BSI

(2) Comparative data FY13

© Generali


32 CFO – Final remarks

Solvency I above target levels, and highest level in

recent years

Further strong improvement of underlying P&C

underwriting margins

Good momentum of Life volumes, with improving

mix; Good operational performance despite low

yields

Final remarks

© Generali


Agenda

33

IV. Backup

- Investments Page 34

- Financial debt Page 40

- Life Page 44

- Definitions Page 46

© Generali


Agenda

34

IV. Backup

- Investments


- Life Page 44


© Generali


35

Assets under management

Investments

77%

14%

9% General accountinvestments

Unit Linked

Third partyinvestments

5%

87%

4% 3%

1%

Equity

Fixed income

Real estate

Cash & Cash Equivalent

Other

By Asset Class

By Region

Total portfolio € 450 bn Breakdown by region and asset class

31%

23%

29%

3% 10%

4%

Italy

France

Germany

CEE

EMEA

RoW and otheroperations

© Generali


5% 8%

38% 39%

8%

2%

Corporate € 89 bn

AAA AA A BBB Not Investment Grade Not Rated

69%

12%

10%

7%

1% 1%

Covered € 32 bn

Total Portfolio € 302 bn

14%

34%

3%

47%

2% 0%

Government € 150 bn (1)

36 Investments

Fixed Income Portfolio

Fixed Income Portfolio

(1) Italian government bond exposure is 84% of BBB

Bond duration FY13 1H14

Life 7.2 7.8

P&C 4.0 4.6

49.5%

12.8%

16.6%

10.6%

10.5%

Other fixed Income

Covered

Corporate non fin.

Corporate fin.

Government

© Generali


39%

20%

6%

6%

19%

3% 7%

Government bonds € 150 bn

Italy France Germany CEE RoE RoW Supranational

Focus on Government Bonds Exposure by country

Investments

Italian government bond exposure

decreased by 4% since 2012-end, despite

market appreciation (BTP 10Y-yield dropped

from 4.49% as at December 2012 to 2.85%

as at June 2014)

Further reductions will continue during 2014

for diversification purposes

58.5

56.2

FY12 1Q13 1H13 9M13 FY13 1Q14 1H14

Exposure to Italian Government Bonds (1) (€ bn)

(1) Includes only pure sovereign notes.

37

© Generali


63%

21%

16%

Equity Equity Funds Alternatives

38 Investments

Equity & Equity-like

Life, P&C and

Financial

Total portfolio (€ 17.5 bn) Equity (€ 11.0 bn) Alternative investments (€ 2.9 bn)

Life, P&C and

Financial

Life, P&C and

Financial

Listed and

Unlisted

67%

16%

17%

Life

P&C

Financial

79%

21%

0%

Life

P&C

Financial

74%

25%

1%

Life

P&C

Financial

85%

15%

Quoted

Unquoted

© Generali


85%

15%

Breakdown by utilization (2)

Investmentproperties

Own use

65%

15%

11%

3%

6%

Breakdown by use (2)

Office

Retail

Residential

Logistics

Other/Mixed

39 Investments

37%

25%

16%

2%

19%

1% Breakdown by country (2)

Italy

France

Germany

CEE

RoE

RoW

Asset Allocation: Real Estate (1)

(1) Data, at fair value, includes own use assets and property inventory

(2) Detail referred to direct investments in real estate only

Total portfolio (€ 24.6 bn (1))

© Generali


Debt refinancing operations completed

Financing until 2016 call dates completed; € 1 bn net reduction in debt levels by end 2015

12.8 1.3

(0.5)

1.0

(1.5)

12.9

(0.8)

12.2

(0.5)

11.7

FY13 SENIOR BOND

ISSUED JAN

2014

REPAYMENT

OF INELIGIBLE

LOAN

SUB DEBT

ISSUED MAY

2014

SENIOR DEBT

REPAYMENT

MAY 2014

1H14 NOVEMBER

2014 SENIOR

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)

Financial debt 41

© Generali


42

Focus on financial debt

Financial debt

Total financial debt (€ m) Average cost & maturity of financial debt (%)(1)

4,468 4,218

7,612 8,085

678 617

FY13 1H14

Senior Sub/Hybrid Other

FY13 1H14

Average cost (%) 5.93% 5.72%

Subordinated/Hybrid 6.54% 6.42%

Senior 4.81% 4.26%

Average maturity (years) 5.27 5.96

€ 12,921 m € 12,758 m

(1) The data take into account the senior bond of Euro 750 m euro due in November 2014 that will be reimboursed with available internal resources and the Euro 500 m bond

due in May 2015, already refinanced.

(1)

© Generali


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Financial debt breakdown by expiry date/call date (€ m)

2014 2015 2016 2017 2018 2019 2020 2022 2024 2026

Senior Hybrid Subordinated

Financial debt

750

500

2,154

1,268

250

770

2,618

1,750

1,437

1,250

© Generali


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Life new business: APE

Life Insurance

(€ m) APE Annual Premium Single Premium

1H13 1H14 LFL r 1H13 1H14 LFL r 1H13 1H14 LFL r

Italy 860 1,177 +36.9% 558 702 +25.8% 3,026 4,757 +57.2%

France 409 425 +3.8% 168 162 -3.4% 2,415 2,625 +8.7%

Germany 549 418 -28.0% 289 278 -9.0% 2,600 1,404 -49.0%

CEE 84 64 -12.2% 79 60 -11.8% 47 36 -17.6%

EMEA 315 363 +11.2% 193 180 -11.4% 1225 1,825 +48.6%

Austria 47 51 +8.0% 35 35 +1.0% 124 158 +27.4%

Spain 68 59 -13.5% 29 31 +7.3% 397 284 -28.4%

Switzerland 33 26 -20.5% 32 25 -20.3% 10 7 -28.2%

Lat. Am & Asia 86 73 +9.8% 68 60 +4.1% 170 133 +46.1%

Total 2,303 2,520 +8.6% 1,354 1,442 +5.9% 9,483 10,781 +12.5%

© Generali


Definitions

Definitions

Total Operating Result Total operating result represents earnings before taxes, gross of interest expense on liabilities linked to financing activit ies,

specific net income from investments and non-recurring income and expenses

Adjusted Shareholders’

Equity

Shareholders’ Equity gross of minorities excluding gains and losses included in Other Comprehensive Income (OCI)

Operating RoE Operating Return on Equity indicates the return in terms of Operating Result on Group Shareholders’ Equity. It is calculated

according to the following ratio:

Total Operating Result adjusted to include:

- interest expenses on financial debt

˗ income taxes based on a mid-term expected tax rate as assumed in 2015 Target

- minorities interests

Adjusted Shareholders’ Equity

Financial Leverage Financial Debt / Financial Debt + Adjusted Shareholders’ Equity

Fixed Charge Coverage EBIT/interest expenses on financial debt

Gross/Net Expected

Surplus

For Life segment it is calculated as the sum of Earnings and capital release from existing business and New Business

Strain

For Non Life and Financial segments it is calculated as operating result net of taxes, minorities and change in capital

requirements (S1)

Net Free Surplus is calculated as Gross Expected Surplus minus holding expenses net of taxes and minorities

Gross Remitted Cash The percentage of Gross Free Surplus actually remitted or passed up to the parent company

47

© Generali


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.

48

© Generali


49

Next events

06.11.2014

9M 2014 results reporting

19.11.2014

2014 Investor Day

12.03.2015

FY 2014 results reporting

30.04.2015

Annual General Meeting

14.05.2015

1Q 2015 results reporting

30.07.2015

1H 2015 results reporting

05.11.2015

9M 2015 results reporting

18.11.2015

2015 Investor Day

© Generali


Team

Marta Porczynska

Team Assistant & Event Manager

[email protected]

+39 040 671402

Martina Vono

Team Assistant & Event Manager

[email protected]

+39 040 671548

Assicurazioni Generali

P.za Duca degli Abruzzi 2

34132 Trieste, Italy

Fax: +39 040 671338

e-mail: [email protected]

www.generali.com

Spencer Horgan

Head of Investor & Rating Agency Relations

[email protected]

+44 20 7265 6480

Stefano Burrino

Senior IR Manager

[email protected]

+39 040 671202

Emanuele Marciante

Senior IR Manager - Credit & Rating Agency Relations

[email protected]

+39 040 671347

Veronica Cherini

IR Manager

[email protected]

+39 040 671488

Rodolfo Svara

IR Manager

[email protected]

+39 040 671823

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