Generali Group 2009 results

93
March 2006 Generali Group 2009 Results March 18, 2010

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Transcript of Generali Group 2009 results

Page 1: Generali Group 2009 results

March 2006

Generali Group 2009 Results

Milan, March xxx, 2010March 18, 2010

Page 2: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

2Agenda

II. Group Financials

III. Final Remarks

IV. Backup

I. Strategic Overview

& 2009 at a Glance

Page 3: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

3Agenda

I. Strategic Overview

& 2009 at a Glance

Page 4: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

42009: solid results in a challenging environmentI. STRATEGIC OVERVIEW & 2009 AT A GLANCE

Net result at Euro 1,309 m (+ 52.1%)

Life net inflows more than doubled at Euro 16 bn

Premiums above Euro 70 bn

(+6.2%)

Cash dividend per share at Euro 0.35 (+133%)

Embedded Value at Euro 27.3 bn; Economic Solvency at 187%

Shareholders’

Equity at Euro 16.7 bn

(+47.2%)

Page 5: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

5

928814

1,009

925

3,676

Net result (Euro m)

Operating result (Euro m)

530905

3,932

1,342

1,155

3Q1Q 4Q2Q FY

2008 2009

210

(809)

910

549

861 390

414

104

401

1,309

2008 2009

3Q1Q 4Q2Q FY

3Q1Q 4Q2Q FY 3Q1Q 4Q2Q FY

I. STRATEGIC OVERVIEW & 2009 AT A GLANCE

Δ4Q +82.8%(1)

Restoring

profitability

from

2H09

(1)

Excluding Intesa

Vita in 4Q08 and 4Q09, according to IFRS 5 treatment for discontinued operations.

On historical terms the variation would be +53.7%

Page 6: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

6

11,313

16,652

A solid capital structure

(1) The merger with Alleanza

added about 7%pts. to the ratio

Shareholders’

Equity (Euro m) Solvency Margin (%)

FY08 FY09

+24.8%(1)

128%

187%

177%

123%

FY08

Economic Solvency calibrated on AA rating

Solvency 1

(1)FY09

I. STRATEGIC OVERVIEW & 2009 AT A GLANCE

(1) On like for like basis, considering the merger with Alleanza; +47.2% on historical basis

Page 7: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

7Proposed cash dividend

Cash dividend per share

(Euro)

0.350.43

0.33

0.15

0.54

0.28

0.750.90

200620042002 20052003 20082007

I. STRATEGIC OVERVIEW & 2009 AT A GLANCE

2009

+133%

Payout Ratio(2)

(1) 2008 dividend included also Euro 0.63=dividend in shares, corresponding to 1/25 of the share, at the official price of 21 May 2009 (dividend payment date), leading to a total dividend per share of Euro 0.78(2) Payout ratio = total distributed dividend / net Group result

of the period

41.6%

24.6%

41.8%39.7%35.9%41.7%41.5%

(1)

Page 8: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

82009 IFRS Result

allocation: Cash

Dividend

and Reinvestment

0.5Cash Dividend payable in May 2010

1.5Reinvestment in life business, generating 1.1 of Additional Value

0.2Change in Required Capital from other sectors

IFRS Result 1.3

I. STRATEGIC OVERVIEW & 2009 AT A GLANCE

Cost

of

investment

in Life New Business -0.9

Additional

Required

Capital -0.6

Capital invested -1.5

New Business Value (at issue) +1.1

Internal

Rate of

Return 13.1%

Payback

period 7 years

(1) Difference

with

IFRS Result

mainly

deriving

from

Cost

of

investment

in Life New Business and marginally

from

DAC and VoBA

variation.

(Euro bn)

Cash

Profit

before cost of investment in Life New Business

(1)2.2

Page 9: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

9Outlook 2010: improving results

Operating results outlook (Euro bn)

3.63.7

2.52.2

1.3 1.4

4.2

2.6

1.8

FY09

min

max

minmax

min

max

FY10E FY09 FY10E FY09 FY10E

Life Non Life Total(1)

(1) Sum of

Life, Non Life, Financial, Holding Expenses

and Consolidation

Adjustments

Natural

catastrophes

& financial

market conditions

can influence

the expected

results

I. STRATEGIC OVERVIEW & 2009 AT A GLANCE

Page 10: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

102009: Creating value in a challenging environmentI. STRATEGIC OVERVIEW & 2009 AT A GLANCE

Life Net Inflows

(Euro bn)

Life Net Technical Reserves(Euro bn)

Non-Life GWP

(Euro bn)

Total ExpR

(L+NL)(%)

Non-Life Net CoR

(%)

Life NBM(%)

+83.5%(1)

+9.6%(1)

286.4261.4

-0.5%(1)

Value creation for all

stakeholders

Process efficiency

Customer centricity

Technical discipline

-0.7 %pts15.216.0

16.17.0

+1.9%pts

FY09FY08

98.396.4

2009 Strategic priorities Main deliverables

21.720.2+1.5 %pts

21.622.0

(1) On like for like basis

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Assicurazioni Generali Group – FY 2009 results

11

2009 Initiatives 2009 Results 2010 Actions

Customer centricity

Protection of portfolio through up-selling initiativesIntegration of life-non life offerStrong attention on retirement business

Life net inflows to Euro 1,182 m vs Euro -884 m(1) in 2008

Life New Production of traditional network: +4.6% vs 2008

GWP Individual Pension Plan: +15.4% vs2008

Specific portfolio reform activities (health, illness): profitability vs volumesEfficiency improvement in portfolio managementStrengthening of loss prevention activity in Corporate business

Process Centralization of accounting, administrative and portfolio services completed;Merger of claims management service in Generali Business Solutions completed; Alleanza - Toro activity started on October 1 2009

Reduction of general expenses: Euro -100 m vs 2008

Confirmed benefits from group and local programs

Sale of non life products by ex-Alleanzanetwork started

Further concentration of operationsIncrease efficiency of traditional networks (agencies) Further acceleration of specialization in claims management Strengthening of IT cross-border synergiesAlleanza – Toro fully operational

Product Development of product lines dedicated to young age and third age segmentsFocus on retail/middle market segments through development of life-non life solutions for SME and use of salaried network to offer products dedicated to households Actions on tariff and flexibility

Creation of GenertelLife (specialized in low cost products sold by web)GWP non life retail segment: +2.5% vs 2008Strong recovery of motor average premium in 4Q2009Average cost of motor claims under control

Improvement of product offer: joining life, accident, health and assistance products

Increased customization of motor tariff and product range

Rationalization/simplification of our products catalogue

Strategic overview: focus on our main geographies –

ItalyI. STRATEGIC OVERVIEW & 2009 AT A GLANCE

Further consolidation of operations, exploit innovative distribution opportunities, attention to portfolio protection

(1) On like for like basis; Euro -2,645 m on historical terms

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Assicurazioni Generali Group – FY 2009 results

12

2009 Initiatives 2009 Results 2010 Actions

Customer centricity

Leverage on multi-distribution competitive advantage

Retention initiatives in Life (Savings) and in Non-Life (Household protection [MRH] and Health)

Life net inflows: +114.7% to Euro 5,841 m

Life surrender rate on average reserves: 6.1% vs 9.8% in 2008

Internet Life GWP > Euro 1 bnNon-Motor portfolio defence (+1.0% retail contracts, of which: +1.8% MRH; +6.5% A&H)

Cross-selling and up-selling initiatives; additional retention initiatives

Process Progress on Group programs and on Local programs (Claims Factory and Multi-Distribution)

Reduction of general expenses (i.e. without taxes): Euro -13 m to Euro 673 m

Expense ratio life: from 8.1% to 6.7% (-1.3%pts vs. 2008)

Extending responsible and lean management across the Company

Distribution network monitoring (discounts, delegation principles)

Product Focus on LoBs with higher margins in Life (Risk, UL) and in Non-Life (Retail, A&H)

Disciplined profit sharing policy

Non-Life tariff increases

Profit policyholders’ participation: 60 bps reduction

CoR at 99% (97.5% without storms) vsmarket at 105% (103% without storms)

Focus on LoB with higher margins and technical discipline

Additional tariff increases: Retail MTPL +3-4%; MRH +2%; Health +7%

Strategic overview: focus on our main geographies –

FranceI. STRATEGIC OVERVIEW & 2009 AT A GLANCE

Enhance profitability through selective growth, technical discipline and efficiency measures

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Assicurazioni Generali Group – FY 2009 results

13

Delivering

our

promises

in efficiency

enhancement

and exploiting

the outstanding

distribution

power

2009 Initiatives 2009 Results 2010 Actions

Customer centricity

Exploit distribution competitive advantage

Leverage customer base loyalty

Enhance cross-selling

+Euro 694 m L&H Net Inflows (+20.5%)

-0.2%pts. cancellation rate Life

-0.5%pts. cancellation rate P&C

+1.4% P&C Non Motor premium income

Group program on cross selling

Focus on ptf retention

Process Accelerating reorganization:MOVE completed Merger ahead of original schedule w/o mkt share lossMaterial cost reduction program

From 14.0% General Expenses/GWP in 2005 to 10.6% in 2009.

Euro 291 m impact of restructurings (vs 2005)

Euro 83 m cost savings impact in 2009: already achieved > 80% of the mid-termtarget announced in 2007

Merger: focus on IT migration and distribution

Euro -53 m material costs (2010 vs 2008)

Widespread extension to all business units ofthe on going value chain re-engineeringaiming at further increase both efficiency and service quality

Product Improving business mix profitability

Focus on Motor profitability enhancement

NBM: +0.8%pts. increase

CoR: -0.3%pts. Improvement to 95.6%

+8.8%pts. Health share in Life NP mix;

+1.4 p.p. Non-Motor share in P&C GWP mix

Motor Pricing: +3.0% ptf tariff increase at JW08/09

Further increase of Non-Motor share in P&C (+1%pts.)

Motor Strategy to improve profitability:•

+2.3% ptf

tariff increase at JW 09/10

Strategic overview: focus on our main geographies –

GermanyI. STRATEGIC OVERVIEW & 2009 AT A GLANCE

Page 14: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

14

Initiatives 2009 Results 2009 Actions 2010

Customer centricity

Focus on Client retention Total GWP: +1.4%vs market decrease (-7.2%)

Positive net inflows in Life business (Euro 700 m)

Increase of cross selling ratio: targets +10% on avg per each market

Process Economic slowdown as opportunity to streamline organization in mature companies leveraging on competence centre activities

Administrative costs reduction (in particular: Slovakia: -25%; Hungary: -10%)

Savings on claims Euro 4 m

Rollover of claims competence centre (CC)activity in further countries (expected saving Euro 10 m)

Product Product enhancement in RetailPush on riders in Life, Tariff diversification in Motor

Deployment of a centralized and optimized capacity for underwriting on corporate and large risks

CoR at 87.9%

NBM increased by 4.6%pts. to 39.1%

Penetration of riders on life policies +16%

Corporate risks premium +12% and CoR70%

Continuous leverage of CC activities (targeted benefits in Motor Euro 24 m, in Life +3%pts NBM)

Newly established CC in Non-Life retail to increase margins across countries

Strategic overview: focus on our main markets –

CEEI. STRATEGIC OVERVIEW & 2009 AT A GLANCE

High profitability. Growth above market. The region confirms untapped potential

Page 15: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

15

2009 Initiatives 2009 Results 2010 Actions

Customer centricity

Re-focus on traditional products to respond to Regulator’s tightening on UL products and to clients’ request for safe investments

Life GWP growth: +113% (vs. 10.4% of foreign JV’s)

APE growth: +82.3% (vs. +33% of foreign JV’s)

Life: Number of individual customers increased by 10.3% to 573,169

Re-balance of Individual Life portfolio to capture customers’ increasing appetite for pension products and investment linked products

Process Active cost containment without compromising production through:

Continuing in back-office centralization processOptimization of agency network

Life Total General Expenses/GWP ratio down 5.8 %pts (from 16.1% in 2008 to 10.3%)

Life GWP per employee up to RMB 3.8 m from RMB 2 m in 2008 (+ 90%)

Life Agents New Business production up 24% notwithstanding number of agents decreased by 23% to reach 5,641

Continued effort to improve productivity of Agency network

Temporary stop to geographic expansion in new provinces to allow deeper penetration in existing ones

Product Focus on profitability with emphasis on traditional and pension products

NBM: 12.7%

Life Portfolio mix: 91%/9% Traditional/UL vs. 44%/56% of 2008

Further increase regular premium component in bancassurance channel

Extend average duration of individual contracts

Expand pension and protection product range

Strategic overview: focus on growth options –

China I. STRATEGIC OVERVIEW & 2009 AT A GLANCE

Pursuing a sustainable growth

Page 16: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

16

Benefits Achieved Impact on

(Euro m)Target

at FY09

Actual

at FY09

Technical margin

Investment income

General expenses

Group programs 835 904 466(1) 177(2) 261(3)

Country initiatives (4) 340 369 82 23 264

Total 1,175 1,273 548 200 525

Update on Group programs and country initiatives (2007-2009 Strategic Plan)

2.2222.570

576

Gen. Expenses

at FY05(5)

Inflation/wage revaluation

Effect

(6)

GrowthEffect (7)

“Inertial”

Gen. Expenses at

FY09

Actual Gen. Expenses at

FY09(8)

Total savings

From 2007-2009 Strategic plan initiatives

From other cost-

cutting initiatives

525

51

(1)

Motor pricing, Claims management, Risk and capital management(2)

Asset management integration, Group treasury(3)

Operational excellence, IT consolidation(4)

Toro integration, GBS integration, German restructuring

(5)

Including Toro pro forma, excluding Intesa

Vita and Financial segment units(6)

OECD data for labour

cost growth rate and Eurostat

for inflation rate; combined average revaluation rate of 2.3%(7)

Impact of premium growth in real terms(8)

Excluding Ceska

and Financial segment units

Focus on General Expenses

(Euro m)

4,2514,1534,827

284390

2.7%pts. of CoR offset by

P&C cycle

7 b.p. on total investments

I. STRATEGIC OVERVIEW & 2009 AT A GLANCE

Page 17: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

17Agenda

II. Group FinancialsProfit & loss review

Shareholders equity & Solvency I

Life & P&C profitability

RoEV

Capital update

Page 18: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

18Revenue

development

by

segmentII. GROUP FINANCIALS

(1) Including investment contracts for Euro 4,017.5 m in FY09(2) APE amounts are calculated with end of period perimeter and exchange rates –

like for like variations neutralise

impacts of variations of perimeter and exchange rates

(Euro m)

FY09 ∆

like for like (%) 4Q09 ∆

like for like (%)

Gross written premiums 70,530 +6.2 20,252 +20.1

Life(1) 48,894 +9.5 14,764 +30.9

P&C 21,636 -0.5 5,488 -1.7

Life annual premium equivalent(2) 5,188 +3.8 1,622 +29.2

Page 19: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

19

Consolidation adjustments

Consolidatedoperating result

Financial services operating result

P&C

operating result

Operating holdingexpenses

Life operating result

(1)

Excluding Intesa

Vita in FY08 and FY09, according to IFRS 5 treatment for discontinued operations.

On historical terms, the variations would be +23.8% for the life operating result and -6.5% for the consolidated operating result

(2)

Excluding Intesa

Vita in 4Q08 and 4Q09, according to IFRS 5 treatment for discontinued operations.

On historical terms, the variations would be 6,214.8% for the life operating result and +53.7% for the consolidated operating result

3,676

-239

-269

432

1,300

2,451

3,932

-206

-291

332

2,118

1,980

814

-40

-76

90

229

611

530

48

-73

89

455

10

n.a.

+82.8

+0.8

-49.7

-4.5

n.a.

4Q09

4Q08

FY09 operating result (Euro m)

Operating result by segmentII. GROUP FINANCIALS

FY09

FY08

4Q09 operating result (Euro m)(%)(2)

-15.7

-2.7

+30.3

-38.6

+7.7

+34.2

(%)(1)

Page 20: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

20Focus on operating result

(Euro m)

FY08 FY09 ∆

%

Italy 1,758 1,188 -25.9(2)

France 688 704 +2.3

Germany 505 551 +8.9

CEE 591 653 +10.5

RoE 781 823 +5.3

RoW 106 264 +149.1

Operating

result(1) 4,429 4,183 -2.2(2)

Op. holding expenses (291) (269) +7.7

Consolidation Adj. (206) (239) -15.7

Total operating

result

3,932 3,676 -2.7(2)

II. GROUP FINANCIALS

Operating result by country(1)

455241 297 265 182

60

243

259336 358

43

118

6

5020

200

1,010

38

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(2)

On like

for

like

basis, excluding

Intesa Vita in 2008

Page 21: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

21From operating result to net result

(Euro m) FY08 FY09 (%)

Total operating result 3,932 3,676 -2.7(1)

Non operating investment income (1,204) (526)

Non-operating holding expenses (701) (737)

Net other non operating expenses (491) (245)

Total non operating result (2,396) (1,507) +37.1

Consolidated result of the period before taxes and minority interests

1,537 2,168 +41.1

Income taxes (473) (498)

Result from discontinued operations (Intesa Vita) - 96

Minority interests (203) (457)

Net result of the period 861 1,309 +52.1

II. GROUP FINANCIALS

(1) Excluding Intesa

Vita in FY08 and FY09, according to IFRS 5 treatment for discontinued operations. On historical terms, the variation would be -6.5%(2) Including interest expenses on financial debt

(2)

Page 22: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

22

1,309504

324

Net result

without

IFRS accounting mismatch

(889)

730

324

II. GROUP FINANCIALS

1H09 FY09

1H09 FY09

AFS reserve (Euro m)

Net result w.o. IFRS accounting mismatch (Euro m)

IFRS accounting mismatch:

Recovery of 1H09 impaired assets reported in AFS reserve (Euro 186 m)

Unrealised gains on hedged AFS equities (Euro 138 m)

1,633

Page 23: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

23Focus on non operating

items: non operating

investment

income

(526)

(1,204)

(139)

1,216

(399)

FY09 392 (694) (225)

FY08 791 (1,910) (86)

Δ% -50.4% +63.7% -162.9%

Non operating investment income (Euro m)

FY09FY08Net realised

gains

Net imparments

Fair Value

thr. P&L

II. GROUP FINANCIALS

Δ Euro m

Page 24: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

24Focus on non operating

items: interest expenses

on financial

debt

668

681

26

II. GROUP FINANCIALS

Senior

35.2%

Total financial debt(1)

(Euro 12.6 bn)Interest expenses on financial debt (Euro m)

FY09FY08

Other

13.8%

Average cost & maturity of financial debt(1)

(%)

FY08 FY09

Average

cost

(%) 5.36 5.35(1)

Average

maturity

(years) 5.84 7.83(1)

Sub/Hybrid

51.0%

(1) Net of Euro 1,750 m senior bond refinanced in September 2009(2) Interest related to Euro 1,750 m senior bond refinanced in September 2009

707(2)

Page 25: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

25A balanced investment(1)

portfolio

Fixed income(2)

81.5%

Other(3)

4.3%

Real Estate

4.9%

Equity(4)

9.3%

(1)

Own investments Including

own capital and insurance funds (i.e. unit linked excluded)(2)

Including some IFUs

for 0.4%pts., previously included in “Other”(3)

Including investments in subsidiaries, associated companies and JVs, derivatives, receivables from banks or customers

(4)

Including some private equities and hedge funds for 0.9%pts., previously included in “Other”

Government bonds represent 54.7% of total bond portfolio

High quality corporate bond portfolio. 84.3% rated ≥ A

Equity portfolio benefited from markets recovery and active management

Own investments (Euro 299.0 bn)

at 31.12.09

II. GROUP FINANCIALS

Page 26: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

26

(1,106)

7301,096

182558

16,652

11,313

(129)2,531

(207)

1,835

1,309

IFRS Shareholders’

Equity roll forward(Euro m)

Shareholders’

Equity FY08

Dividend paid in 2009(2)

Change in AFS reserve

Alleanza

minorities

FY 2009 Net Result

Other Shareholders’

Equity FY09

+24.8%(1)

(1) On like for like basis, considering the merger with Alleanza; +47.2% on historical basis(2) Cash part of 2008 dividend

Change in AFS reserve (Euro m)

AFS Reserve FY08

Impact Equity Investments

Impact Bond Investments

Other AFS Reserve FY09

II. GROUP FINANCIALS

Page 27: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

27Total comprehensive

income(1)

II. GROUP FINANCIALS

(1)

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

(182)

3,0012,528

611

(2,337)

(1,534)(1,321)

1H08 9M08 FY08 1Q09 1H09 9M09 FY09

(Euro m)

Euro +5.3 bn

Page 28: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

28

15.8 16.919.4

21.6

Solvency

I update(1)

II. GROUP FINANCIALS

(1)

Preliminary Group cover ratio, net of proposed dividend

Required margin Available margin

FY09FY08

123% 128%

(Euro bn)

Main drivers of change

Consolidated result:

Proposed dividends:

Financial markets:

Increase in required margin due to

strong life business growth:

+11%pts

-4%pts

+7%pts

-9%pts

Page 29: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

29Life profitability -

operating

result

(Euro m)FY08

Like

for

like(1)

FY09 (%)Like

for

like(1)

Technical

Margin 6,073 5,984 -1.5

Investment Result 1,005 1,627 +61.9

Expenses (5,251) (5,159) +1.7

Operating

Result 1,827 2,451 +34.2

II. GROUP FINANCIALS

Strong recovery of Operating result driven by investment driver

Life Operating Result by driver

Definitions:• "Technical Margin" includes loadings, risk result, surrender result; it is gross of

acquisition and administration costs•

"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• "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

Life operating

ratio

on Investments 0.7% 0.9%

2,451

1,827

92

622

(89)

FY09

FY08

Tech.M

Inv.R

Exp.

(1) Excluding

Intesa Vita

Page 30: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

30Strong growth in life business

FY 2009 243.8 42.6

FY 2008 228.2 33.2

Δ% +6.9% +28.3%

II. GROUP FINANCIALS

Life net technical reserves(2)

(Euro m)Life gross written premiums

(Euro bn)

48.946.8

FY09FY08

Life net inflows by country(1)

(Euro m)

+9.5%(3)

FY09FY08

261.4 15.7 9.4

Traditional Unit

Linked

Δ

286.4

Country FY08 FY09 Δ%(3)

Italy (2,645) 1,182 n. a.

France 2,721 5,841 +114.7%

Germany 3,383 4,077 +20.5%

CEE 782 700 -10.5%

TOTAL 7,004 16,083 +83.5%

+9.6%

(2) Including

investment contracts; excluding

Intesa

Vita in FY08 and FY09, according to IFRS 5 treatment for discontinued operations(3) On like for like basis

(1) Net inflow: premiums

written

in the period

less

surrenders

and maturity. It

does

not

include revaluation

of

mathematical

reserves

Page 31: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

31Life investment strategy and yields(1)

(1)

Current return: interest, dividends and similar income / Quarterly average asset base at book value (excluding income related to unit/index linked investments)(2)

Net of consolidation adjustments

II. GROUP FINANCIALS

Bond duration remains stable at 6

Slight increase of the exposure to corporate bonds

Increased equity exposure due to market rebound

Preference for stocks with high dividend and/or exposed to emerging markets

Current return(1)

Fixed income Equity Realestate

08 09 08 09 08 09

Euro m 9,587 9,108 1,014 602 390 415

% 4.8 4.5 4.1 3.1 4.8 4.8

44.3% 43.0%

32.5% 33.6%

9.5% 8.8%8.0% 9.3%

3.5%3.8% 1.7%2.0%

FY08 FY09

Other

Real estate

Equity

Other fixed income

Corporate bonds

Governmentbonds

Life segment own investments (% on total)Euro 233.4 bn(2) Euro 246.0 bn(2)

Page 32: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

32Life & Health EV: New business value and profitabilityII. GROUP FINANCIALS

(Euro m) APE NBV Margins

on APE

FY08 FY09Historical

%

Like for like

% FY08 FY09Historical

%

Like for like

% FY08 FY09 ∆

%pts

Italy 1,534 1,704 +11.1 -1.2 360 486 +35.1 -5.6 23.5% 28.5% 5.1

Germany 1,091 984 -9.8 -10.7 184 174 -5.6 -6.6 16.9% 17.7% 0.8

France 1,056 1,225 +16.0 +16.3 125 127 +1.7 +1.9 11.8% 10.3% -1.5

CEE 166 158 -5.0 -5.3 57 62 +7.5 +6.6 34.5% 39.1% 4.6

RoE 572 740 +29.4 +27.2 134 173 +29.3 +21.9 23.4% 23.3% 0.0

RoW 379 377 -0.7 +1.4 111 106 -4.4 -2.0 29.3% 28.2% -1.1

Total 4,798 5,188 +8.1 +3.8 971 1,128 +16.1 -0.5 20.2% 21.7% 1.5

Despite the difficult year APE increases by 3.8% on a like for like basis (+6.6% net of the extraordinary Riester production in Germany in 2008)New Business Value over 1.1 bn, despite the negative impact of the adoption of swap rates instead of government bond rates in ItalyHigher volumes accompanied by resilient solid profitability, with margins on APE increased by 1.5 pts to 21.7%

Page 33: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

33P&C

profitability -

operating

result

(Euro m) FY08 FY09 (%)

Technical

Result 554 274 -50.6

Investment Result 1,702 1,252 -26.5

Other (138) (226) -63.3

Operating

Result 2,118 1,300 -38.6

II. GROUP FINANCIALS

P&C Operating Result by driver

Definitions:• "Technical

Result" is

net of acquisition

and administration

costs• "Investment Result" includes

interests

and dividends, interest expenses

on operating

debt, G/L on foreign

currency

and investment expenses• “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

P&C

operating

ratio

on Investments 5.6% 3.7%

1,300

(280)

(450)

(88)

2,118

FY09

FY08

Tech.R

Inv.R

Other

P&C Operating result affected by loss ratio worsening and lower current yields

Page 34: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

34P&C Gross Written PremiumsII. GROUP FINANCIALS

(Euro m) FY08 FY09Historical

%Like

for

like(1)

%

Italy 7,495 7,353 -1.9 -1.9

France 3,730 3,754 +0.7 +0.7

Germany 3,061 3,034 -0.9 -0.9

CEE 2,385 2,204 -7.6 -1.0

RoE 4,238 4,160 -1.8 -2.2

RoW 1,081 1,130 +4.6 +13.2

Total 21,990 21,636 -1.6 -0.5(1)

Calculated considering equivalent exchange rates and scope of consolidation

Stable premiums thanks to our strong and diversified distribution networks

Growth in Non Motor business; decelerating Motor contraction

Page 35: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

35

1.9

(0.1)

P&C profitability –

Net combined ratio (1/2)

FY09FY08

Combined ratio (%)

II. GROUP FINANCIALS

Combined ratio by country

(%)

98.396.4

Loss

ratio Expense

ratio

FY08 FY09 ∆

%pts.

Italy 98.9 102.4 +3.5

France 97.9 99.0 +1.1

Germany 95.9 95.6 -0.3

CEE 84.6 87.9 +3.3

RoE 95.4 96.8 +1.4

RoW 104.3 102.7 -1.6

Total 96.4 98.3 +1.9

+1.9%pts.

Expense ratio

Loss ratio

27.2

71.1

27.2

69.2

Page 36: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

36

21.0

6.1

21.1

6.3

149%145%

P&C profitability –

Net combined ratio

(2/2)

FY 2009 1.3 -3.5 73.3 71.1

FY 2008 0.6 -3.6 72.2 69.2

II. GROUP FINANCIALS

Loss ratio (%)

FY09FY08

69.271.10.7 0.1 1.1

NatCAT

Prioryears

Currentyear(1)

FY09FY08 Δ

Admin Δ

Acq.

Acq. costs

Adm. costs

27.2Expense ratio (%)

Δ%pts

Reserving ratio

(%)

FY09FY08

4%pts

27.2Year 2009 highly impacted by natural

catastrophes

Generali’s prudent reservation policy confirmed

Current year loss ratio impacted by strong competition in Motor market

(1) Excluding natural catastrophes

(0.2) 0.1

Page 37: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

37P&C investment strategy and yields(1)

(1)

Current return: interest, dividends and similar income / Quarterly average asset base at book value (excluding income related to unit/index linked investments)(2)

Net of consolidation adjustments

II. GROUP FINANCIALS

Enhancing current return:

Lengthening duration strategy on government bonds from 4 to 4.6 years implemented in 2H09 improves current income by 16 bps

Increase corporate bonds and BBB exposures in 2H09 produces a benefit on current income of 10 bps

Duration target on bonds is 5 years based on a ongoing portfolio approach

P&C segment own investments (% on total)

Euro 32.8 bn(2) Euro 33.4 bn(2)Current return(1)

Fixed income

Equity Realestate

08 09 08 09 08 09

Euro m 1,068 861 258 167 282 318

% 4.9 4.0 4.3 3.5 5.0 5.423.6% 25.5%

26.6% 29.2%

12.7% 10.8%

14.9% 13.8%

17.9%17.8%

2.8%4.2%

FY08 FY09

Other

Real estate

Equity

Other fixed income

Corporate bonds

Governmentbonds

Page 38: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

38

63.766.2

Financial segmentII. GROUP FINANCIALS

Operating result (Euro m)

Third party AUM (Euro bn)

Net fees and commissions (Euro m)

432332

FY09FY08

+30.3%

792704

FY09FY08

+12.6%

83.668.6

FY09FY08

+21.9% -2.5%pts

FY09FY08

Cost/income ratio (%)

Page 39: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

39Group Embedded Value roll-forward

(Euro m)

(1)

RoEV

= Annualised EV earnings on opening EV and Normalised RoEV

= Annualised and Normalised Earnings on opening EV(2)

Alleanza/Intesa

Vita deal

Return on embedded value

RoEV

(1)12.3% Normalised RoEV

(1) 10.5%

Group embedded value

EV FY08 Normalised

Earnings

Investment and Tax

Variances

Cash Dividend

08

EV FY09

2,415

(439)3,061 27,337

22,507

Robust Group embedded value earnings at Year End (2,622 m) significantly contributes to EV per share increase (from 16.7 €ps

FY08)

17.7€ Group EV per share

Group EV FY09

II. GROUP FINANCIALS

24,922

(207)

Extraordinary

Operations (2)

Opening

EV 09

Page 40: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

40From

IFRS Equity

to

Group Embedded

Value

MULTIPLES(1)

P/ANAV 2.32x

P/EV 1.02x 0

10

20

30

2007 2008 2009

II. GROUP FINANCIALS

Embedded Value trend (Euro bn)

High level of Adjusted Net Asset Value, showing the strength of our tangible equity

Limited volatility of our Embedded Value over time

Quality of business justifies higher P/EV ratios

IFRS equity 09

MTM ofAssets

MTM of Debt,Employee

Benefit Plans

Goodwill Life DAC,VoBA,Other

Intangibles

Fair valueadj. of

P&C Liab.

Unrealized gains in Life & Health

VIF

Group EV 09

16,652

27,3377,051

(6,848)(3,301) (203)

12,031(2,785)

ANAV In-Force Value (Life & Health

and AuM)

15,306

(1)

Calculated using price of Euro 18.11 as at March 16

1,465

Page 41: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

41Economic Solvency and Capital Allocation

Solid Economic Solvency(3)

position evolves in parallel with volume increase, and improves after HY09(3) based on Group Internal Model calibrated on 1y VaR

at 99.95%

Available Capital

Group Risk Capital

27.9(Euro bn)

Available Capital

Group Risk Capital

Sub. Debt

Sub. Debt

GroupEV

GroupEV

GroupRAC

GroupRAC

34.3

18.115.6

Economic Capital definition

Capital allocated to the Business Units, allowing for risk and local regulatory requirements, equal to the sum of:

Maximum between solvency I requirement and risk capital

Other Available Capital held in the BU, including Value of In-Force and Non-Life Fair Value adjustment

EC Life 18.4 23.0

EC P&C 7.1 7.1

EC Financial 1.9 1.9

EC total 27.4 31.9

Economic Capital (EC)Economic Solvency Coverage (ESC)

ESC 187%(2)ESC 177%(1)

(1)

ESC FY08 = AC FY08 (net of cash dividend 2008 equal

to

0.2 bn) divided

by

Risk Capital FY08(2)

ESC FY09 = AC FY09 (net of proposed

dividend

2009 equal

to

0.5 bn) divided

by

Risk Capital FY09

(Euro bn) FY09FY08FY08 FY09

II. GROUP FINANCIALS

Page 42: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

42

III. Final Remarks

Agenda

Page 43: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

432009: solid results in a challenging environmentIII. FINAL REMARKS

Net result at Euro 1,309 m (+ 52.1%)

Life net inflows more than doubled at Euro 16 bn

Premiums above Euro 70 bn

(+6.2%)

Cash dividend per share at Euro 0.35 (+133%)

Embedded Value at Euro 27.3 bn; Economic Solvency at 187%

Shareholders’

Equity at Euro 16.7 bn

(+47.2%)

Page 44: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

44

IV. Backup

Agenda

P&L

Balance sheet

Life & health MCEV

Capital

Page 45: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

45

IV. Backup

Agenda

P&L

Balance sheet

Life & health MCEV

Capital

Page 46: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

46Outlook 2010

(1) Sum of

Life, Non Life, Financial, Holding Expenses

and Consolidation

Adjustments

Life Non Life Total(1)

-13% / -25%

-4% / -19%

-7,7%

-10% / -30%

FY07 FY08 FY09 FY10E

min

max

min

max

min

max

2.7

2.0

2.5 2.6

2.0 2.1

1.3

1.8

4.8

3.93.7

4.2

2.2

1.4

3.6

Natural

catastrophes

& financial

market conditions

can influence

the expected

results

Operating results outlook (Euro bn)

FY07 FY08 FY09 FY10E FY07 FY08 FY09 FY10E

IV. BACK UP

Page 47: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

47FY09 Total gross written premiumsIV. BACK UP

Euro (m) Total gross written premiums Gross life written premiums(1) Gross P&C written premiums

Country GWPYoY

% increase

Weight on consoli-

dated GWP

YoY% increase

Weight on consoli-

dated GWP

YoY% increase

Weight on consoli-

dated

(2) (2) (2)

Italy 20,266 -0.4 28.7 12,913 +0.4 18.3 7,353 -1.9 10.4

France 16,131 +12.6 22.9 12,377 +16.9 17.5 3,754 +0.7 5.3

Germany 15,264 +3.3 21.6 12,229 +4.3 17.3 3,034 -0.9 4.3

CEE 3,876 +1.4 5.5 1,672 +4.7 2.4 2,204 -1.0 3.1

RoE 10,985 +15.9 15.6 6,824 +30.7 9.7 4,161 -2.2 5.9

Of which:

Spain 2,569 -7.2 3.6 1,128 -7.4 1.6 1,441 -7.1 2.0

Austria 2,461 -1.3 3.5 1,115 -2.2 1.6 1,345 -0.5 1.9

Switzerland 1,409 +0.5 2.0 897 -0.7 1.3 512 +2.6 0.7

RoW 4,009 +10.6 5.7 2,879 +9.6 4.1 1,130 +13.2 1.6

Total 70,530 +6.2 100.0 48,894 +9.5 69.3 21,636 -0.5 30.7(1)

Including investment contracts(2)

On like for like basis with constant exchange rates

Page 48: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

48Life premiums by country & business line

Life FY09

(Euro m) TraditionalUnit/index

linked Health Group Total

Italy 87.3% 2.1% 0.0% 10.6% 12,656

France 76.4% 10.7% 6.5% 6.4% 12,204

Germany 50.6% 26.0% 16.6% 6.7% 12,228

CEE 70.0% 19.5% 9.3% 1.2% 1,672

RoE 29.8% 55.5% 3.7% 11.1% 6,809

Of which:

Spain 65.3% 1.9% 0.0% 32.8% 1,128

Austria 51.0% 29.7% 19.3% 0.0% 1,105

Switzerland 20.6% 78.2% 1.0% 0.2% 897

RoW 35.0% 1.5% 10.0% 53.4% 2,265

Total life gross direct premiums

63.9% 18.6% 7.2% 10.3% 47,834

IV. BACK UP

Page 49: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

49P&C premiums by country & business line

P&C FY09

(Euro m) Motor(1)Accident/

Health Personal Commercial Total

Italy 43.2% 18.7% 11.3% 26.8% 7,271

France 29.9% 13.2% 38.6% 18.4% 3,541

Germany 36.8% 15.2% 38.6% 9.4% 3,031

CEE 54.6% 10.7% 14.0% 20.8% 2,182

RoE 41.0% 13.7% 18.7% 26.6% 4,047

Of which:

Spain 33.7% 11.0% 20.3% 35.0% 1,431

Austria 45.4% 10.7% 17.0% 26.9% 1,313

Switzerland 50.7% 21.3% 27.5% 0.5% 510

RoW 60.7% 5.5% 3.9% 29.9% 1,096

Total P&C gross direct premiums

41.7% 14.8% 21.1% 22.4% 21,168

IV. BACK UP

(1)

Including

fleets

Page 50: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

50

Loss ratio

Expense

ratio

P&C –

Combined ratio

(%)

Total –

Expense ratio (%)

69.2 71.1

27.2 27.2

16.1 15.4

11.2 10.5

FY09FY08

FY09FY08

FY09FY08

96.4 98.3

RatiosIV. BACK UP

Life –

Expense ratio (%)

Page 51: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

51FY09 combined ratio reconciliation

A Net earned premiums (net of consolidation adjustments) 19,932.7

B Consolidated net insurance benefits and claims 14,176.7

Consolidated acquisition costs 4,197.2

Consolidated administration costs 1,290.8

Non insurance related administration costs(1) 72.3

Insurance related consolidated administration costs 1,218.5

C Total acquisition and insurance related administration costs 5,415.7

B/A Loss ratio 71.1C/A Expense ratio 27.2

(B+C)/A Combined ratio 98.3

D Other technical items 66.8

A-B-C-D Technical result 273.5(1) Administration expenses related to service companies, real estates and other companies not belonging to P&C segment

(Euro m)

IV. BACK UP

Page 52: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

52Ratios by country

(%) ITA FRA GER CEE SPA AUT SWI Consolidated

P&C Loss ratio

FY09 79.9 70.8 65.6 58.1 69.5 68.9 64.8 71.1

FY08 75.8 70.5 65.1 55.5 69.8 68.5 65.1 69.2

P&C Expense ratio

FY09 22.5 28.2 30.0 29.8 25.1 27.1 29.5 27.2

FY08 23.1 27.3 30.9 29.1 23.7 27.6 29.3 27.2

P&C Combined ratio

FY09 102.4 99.0 95.6 87.9 94.6 95.9 94.3 98.3

FY08 98.9 97.9 95.9 84.6 93.5 96.1 94.5 96.4

Life expense ratio by country

FY09 9.2 6.7 14.3 18.7 5.2 13.7 17.4 10.5

FY08 8.9 8.1 15.4 20.4 4.9 14.7 20.1 11.2

IV. BACK UP

(1) Excluding Intesa

Vita. On historical terms, the ratio would be 8.1%

(1)

Page 53: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

53Reclassified P&L account

(Euro m) TotalFY 08 FY 09

Operating result 3,932 3,676Net earned premiums 61,982 64,036Net insurance benefits and claims (44,540) (68,188)Acquisition and administration costs(2) (11,183) (11,166)Net fee and commission income and net income from financial service activities 695 791Operating income from investments(2) (2,395) 18,874Operating holding expenses (291) (269)Net other operating expenses (337) (403)

Non-operating result (2,396) (1,507)Non-operating income from investments (1,204) (526)Non-operating holding expenses (701) (737)

Interest expenses on financial debt (668) (707)

Other non-operating holding expenses (33) (30)

Net other non-operating expenses (491) (245)Earnings before taxes 1,537 2,168Income taxes (473) (498)Result from discontinued operations (Intesa Vita) - 96Consolidated result of the period 1,064 1,766Result of the period attributable to minority interests (203) (457)Result of the period 861 1,309

IV. BACK UP

(1) FY 2008 operating

result

has

been

restated

to

conform

to

the current

definition

of

the operating

result

(refer

to

Appendix

to

the Consolidated

Report ‘Methodology

Note on Alternative Performance Measures’)(2) Including

administration

cost

for

real

estate companies

(refer

to

Appendix

to

the Consolidated

Report ‘Methodology

Note on Alternative Performance Measures’)

(1)

Page 54: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

54

(Euro m) Life Non life Financial(1)

Unallo-

cated

holding expenses

Consolidation adjustments Total

Operating result 1,980 2,118 332 (291) (206) 3,932

Net earned premiums 42,035 19,948 0 - - 61,982

Net insurance benefits and claims (30,788) (13,807) 0 - 54 (44,540)

Acquisition and administration costs (5,032)(2) (5,458)(2) (692) - - (11,183)(2)

Net fee and commission income and net income from financial service activities 90 0 704 - (99) 695

Operating income from investments (4,243)(2) 1,702(2) 358 - (212) (2,395)(2)

Operating holding expenses - - - (291) - (291)

Net other operating expenses (83) (267) (38) - 51 (337)

Non-operating result (1,016) (586) (91) (701) (2) (2,396)Non-operating income from investments (800) (415) 13 - (2) (1,204)

Non-operating holding expenses - - - (701) - (701)

Net other non-operating expenses (215) (171) (105) - - (491)

Earnings before taxes 964 1,531 240 (992) (208) 1,537

Reclassified P&L account by segment –

FY08IV. BACK UP

(1)

Not reclassified according to the new layout, based on operating

margins and presented in the 2008 full year Consolidated Report(2) Including

administration

cost

for

real

estate companies

(refer

to

Appendix

to

the Consolidated

Report ‘Methodology

Note on Alternative Performance Measures’)

Page 55: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

55

(Euro m) Life Non life Financial(1)

Unallo-cated

holding expenses

Consolidation adjustments Total

Operating result 2,451 1,300 432 (269) (239) 3,676

Net earned premiums 44,103 19,933 0 - - 64,036

Net insurance benefits and claims (54,001) (14,177) 0 - (10) (68,188)

Acquisition and administration costs (4,961) (5,436) (768) - (1) (11,166)

Net fee and commission income and net income from financial service activities 109 0 792 - (110) 791

Operating income from investments 17,285 1,252 460 - (123) 18,874

Operating holding expenses - - - (269) - (269)

Net other operating expenses (83) (272) (52) - 4 (403)

Non-operating result (236) (459) (76) (737) 1 (1,507)Non-operating income from investments (188) (333) (5) - - (526)

Non-operating holding expenses - - - (737) - (737)

Net other non-operating expenses (48) (125) (71) - 1 (245)

Earnings before taxes 2,215 841 356 (1,006) (238) 2,168

Reclassified P&L account by segment –

FY09

(1)

Not reclassified according to the new layout, based on operating

margins and presented in the 2008 full year Consolidated Report

IV. BACK UP

Page 56: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

56

1,980

2,451

Life operating result

Life operating result

(Euro m)

FY09FY08

+34.2%(1)

Life Operating result by country (Euro m)

IV. BACK UP

(Euro m)FY08 FY09 %(1)

Italy 1,207 1,010 -4.2

France 346 455 +31.5

Germany 140 241 +72.1

CEE 125 297 +137.6

RoE 117 265 +126.5

Of which:

Spain 100 89 -11.0

Austria 15 34 +126.7

Switzerland 57 71 +24.6

RoW 45 183 +306.7

Total 1,980 2,451 +34.2

(1)

Excluding Intesa

Vita in FY08 and FY09, according to IFRS 5 treatment for discontinued operations.

On historical terms, the variations would be +23.8% for the total life operating result and -16.3% for the Italian life operating result

Page 57: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

57P&C operating result

FY09FY08

-38.6%

IV. BACK UP

(Euro m)FY08 FY09 %

Italy 493 60 -87.8

France 332 243 -26.8

Germany 317 259 -18.3

CEE 450 336 -25.3

RoE 483 358 -25.9

Of which:

Spain 172 151 -12.2

Austria 106 92 -13.2

Switzerland 61 49 -19.7

RoW 42 44 +4.8

Total 2,118 1,300 -38.6

2,118

1,300

P&C operating result

(Euro m) P&C Operating result by country (Euro m)

Page 58: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

58Other

operating

and non operating

costs

by

segment

Life Non Life Financial

(Euro m) FY08 FY09 FY08 FY09 FY08 FY09

TOTAL NET OPERATING EXPENSES (82.6) (83.4) (267.4) (271,7) (37.6) (51.8)

Restructuring

costs (13.1) (15.2) (66.8) (76.3) (60.8) (44.8)

Other net non operating expenses(1) (202) (32.9) (104.1) (49) (43.7) (26.4)

TOTAL NET NON OPERATING EXPENSES (215.1) (48) (170.9) (125.3) (104.5) (71.2)(1)

Other non operating expenses include mainly amortization of VOBA

IV. BACK UP

Page 59: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

59

(Euro m) Life P&C Financial Total

FY08 FY09 FY08 FY09 FY08 FY09 FY08 FY09

Net impairments

Equity instruments 2,988 857 730 248 1 4 3,719 1,108

Fixed income 455 37 105 26 33 3 592 67

Real estate 59 240 12 27 - - 70 267

Other investments(2) 432 31 220 191 8 29 660 250

Total net impairments 3,934 1,165 1,066 491 42 36 5,041 1,692

Of which

Operating net impairments 3,090 962 - - 42 36 3,132 998

Non operating net impairments 844 203 1,066 491 - - 1,910 694

IV. BACK UP

Focus on impairments(1)

(1)

Net of reverse impairments(2)

Including subsidiaries and associated companies

Page 60: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

60

IV. Backup

Agenda

P&L

Balance sheet

Life & health MCEV

Capital

Page 61: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

61Consolidated balance sheet

(1) Including reinsurance amounts of technical reserve(2) Including assets and liabilities related to discontinued operations (Intesa

Vita)

Assets Liabilities

(Euro bn) FY08 FY09

Intangible assets 9.3 10.4

Investments

Cash

327.1

10.5

341.5

10.5

Other credits 11.5 11.3

Tangible assets 3.8 3.8

Other assets (1) 21.7 46.3(2)

Total Assets 383.9 423.8

(Euro bn) FY08 FY09

Shareholders’

Equity (Group share) 11.3 16.7

Minority interests 4.2 3.3

Shareholders’

Equity 15.5 20.0

Subordinated and financial liabilities 46.7 50.4

Technical reserves 301.8 309.6

Other debts and allowances 9.1 9.2

Other liabilities 10.8 34.7(2)

Total Liabilities and Shareholders’

Equity 383.9 423.8

IV. BACK UP

Page 62: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

62

299.0

42.5

83.6

FY09 Assets Under ManagementTotal

Euro 425 bn

Fixed

income

instruments(2)

81.5% Other(3)

4.3%

Real Estate

(4)

4.9%

Equity(5)

9.3%

Available

for

sale

59.0%

Loans

27.2%

Real Estate

(6)

4.3%

Group participations

0.7%

Held to maturity

1.1%

Fin. Instr. at fair value

thr. P&L

7.8%

Unit

Linked

Third

parties

AUM

“Own

Investments”

(1)

IV. BACK UP

Esposizioni nette a governativi di Grecia, Spagna, Portogallo e Irlanda

(1)

Own investments Including

own capital and insurance funds (i.e. unit linked excluded)(2)

Including some IFUs

for 0.4%pts., previously included in “Other”(3)

Including investments in subsidiaries, associated companies and JVs, derivatives, receivables from banks or customers(4)

Real estate including mutual funds; (5)

Including some private equities and hedge funds for 0.9%pts., previously included in “Other”(6)

Excluding real estate mutual funds

Page 63: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

63

99.2

199.9

Total Euro 299 bn

Fixed

income

instruments

78.6%Of which bonds 56.1%Of which loans 22.5%

Real estate

12.8%

Other

6.6%

Subs, ass. & JVs

2.0%

IV. BACK UP

FY09 Own

Investments

at amortized

cost

and fair value(1)

Fixed

income

instruments

82.9%Of which bonds 78.4%

Equity

13.9%

Other

3.2%

Investments at amortized

cost

Investments at fair value

(1)

Excluding unit linked and third parties

Page 64: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

64

(Euro m) Life P&C Financial Total(2)

Asset classes BV MV BV MV BV MV BV MV

Equity 22,948 22,948 4,598 4,598 335 335 27,881 27,881

Fixed income instruments 210,180 212,755 21,874 22,101 12,051 12,201 243,948 246,900

Government 105,760 106,032 8,523 7,532 2,001 1,999 116,284 115,564

Corporate 82,778 84,886 9,753 10,834 3,610 3,602 96,141 99,322

Other fixed income 21,642 21,837 3,599 3,734 6,440 6,600 31,523 32,013

Real estate 8,703 10,876 5,974 9,012 22 22 14,700 19,910

FY09 book value

& market value

of

Own

Investments(1)

IV. BACK UP

(1)

Excluding unit linked and third parties(2)

Net of consolidation adjustments

Page 65: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

65Quality of FY09 fixed income portfolio

% Current return by segment

% Comprehensive return by segment

Life 4.5 7.0

P&C 4.0 6.8

By issuer (%)

Fixed income portfolio composition

(Euro 243.9 bn)

50.339.0

16.6

47.7

39.444.6

30.0

39.4

12.9

53.4

16.410.3

Life P&C Financials Total

Government Corporate Other fixed income

IV. BACK UP

Bond portfolio by rating (%)

35.4% 36.2% 19.1%6.9%

0.6%

1.9%

AAA AA A BBB NIG NR

Average bond portfolio duration by segment

(years)

Life 6.0

P&C 4.0

Page 66: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

66Focus on FY09 government

bond portfolio

% Split by rating Total

AAA 40.4

AA 51.6

A 3.9

BBB 3.1

Not investment grade 0.1

Not rated 0.9

% Split by country Total

Italy 40.0

Germany 17.0

France 8.9

RoE 28.6

RoW 3.7

Supranational 1.8

43%26%

10%

Life P&C Financial

(Euro 116.3 bn, 47.7% of total fixed income portfolio)

IV. BACK UP

% of segmental own investments

Limited net exposure to Portugal, Ireland, Greece and Spain: Euro 2.7 bn

% Split by accounting treatment

19.680.4

Amortized cost Fair Value

Page 67: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

67Focus on FY09 corporate bond portfolio

% Split by rating Total

AAA 29.3

AA 17.5

A 37.4

BBB 11.4

Not investment grade 1.3

Not rated 3.1

% Split by industry Total

Financials(1) 67.8

Utilities 7.8

ABS 4.1

Telecom 3.8

Industrial 4.0

Other 12.5

(Euro 96.1 bn, 39.4% of total fixed income portfolio)

IV. BACK UP

34.265.8

Amortized cost Fair Value

34% 29% 18%

Life P&C Financial

% of segmental own investments% Split by accounting treatment

(1) Net exposure to Tier 1 is Euro 0.5 m

Page 68: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

68Focus on FY09 equity

portfolio

% split by industry Total

Financials 24.9

Consumer 10.4

Telecom 8.8

Industrial 7.2

Other 20.2

Funds 28.5

9% 14% 2%

Life P&C Financial

% Current return by segment

% Comprehensive return by segment

Life 3.1 22.4

P&C 3.5 15.9

(Euro 27.9 bn)

IV. BACK UP

% of total own investments

7.4

27.9

(0.3)(1.0)(18.8)

(0.3)

FY09 Group net equity exposure

Gross equity

exposure

Hedging Policyholders’

interestsTaxes Minorities Net

equity exposure

Page 69: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

69FY09 Group real estate assets

(1/2)

Country Total Inv. BV(Euro bn)

% ofthe total

Total Inv. MV(Euro bn)

% ofthe total

Italy 6.4 36% 9.6 41%

France 4.0 22% 5.2 22%

Germany 3.8 21% 3.9 16%

CEE 0.1 1% 0.1 1%

RoE(1) 3.5 20% 4.8 20%

RoW(2) 0.1 1% 0.1 0%

Total 17.9 100% 23.8 100%

Investment properties vs

self use Yield on investment properties

Self Use 17.7%

Investment properties 82.3%

IV. BACK UP

(1) RoE

includes

Austria, Spain, Israel, Switzerland, Belgium

and Netherlands(2) RoW includes

Latin America and Far East

% Current return by segment Total

Life 4.8

P&C 5.4

Page 70: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

70FY09 Group real estate assets

(2/2)IV. BACK UP

Country Area(sqm

m)% of

total areaMV

(Euro bn)% of

Total MV

Italy 2.3 34% 8.4 39%

France 1.4 12% 5.2 24%

Germany 1.2 17% 3.2 15%

CEE 0.1 2% 0.1 1%

RoE 1.8 26% 4.7 22%

RoW 0.0 0% 0.1 0%

Total 6.8 100% 21.8 100%

Retail

7%

Residential

9%

Logistic

3%

Other

10% Office 71%

Direct Investments in leader countries

Page 71: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

71Investment yields

Bonds and Loans Equities Investment properties

(%) FY08 FY09 FY08 FY09 FY08 FY09

LIFE

Current return(1) 4.8 4.5 4.1 3.1 4.8 4.8

Total P&L return(2) 4.0 5.5 -14.9 3.4 9.0 4.7

Comprehensive return(3) 4.4 6.9 -49.8 22.4 - -

NON LIFE

Current return(1) 4.9 4.0 4.3 3.5 5.0 5.4

Total P&L return(2) 4.3 4.9 -9.3 -2.5 8.8 7.2

Comprehensive return(3) 3.6 6.8 -44.7 15.9 - -

TOTAL

Current return(1) 4.8 4.4 4.3 3.5 4.8 5.0

Total P&L return(2) 3.9 5.3 -14.1 2.7 8.9 5.6

Comprehensive return(3) 4.2 6.8 -48.4 21.4 - -(1)

Current return: interest, dividends and similar income / Quarterly average asset base at book value (excluding income related to unit/index linked investments)(2)

Total P%L return: = current return + realised

gains/losses + net impairments, net of investment expenses / Quarterly average asset base at book value (excluding income related to unit/index linked investments)

(3)

Comprehensive return: a.

for fair value investment (AFS, FVthPL) = current return + total change in fair value, net of investment expenses / average asset base at fair value (excluding income related to unit/index linked investments)

b. for investment at amortised

cost (Real estates, loans, HtM) = current return + realised

gains/losses + net impairments, net of investment expenses / quarterly average asset base at AC

IV. BACK UP

Page 72: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

72

730741 22

(1,106)

2

(35)

13,577

11,313

16,65237182,531

(11)

415

86

IFRS Shareholders’

equity roll forward

Shareholders’

Equity FY08

Shareholders’

Equity 9M09

Δ

in AFS Reserve

4Q 2009Net Result

Alleanza

minorities

Δ

Currency

Translation

Reserve

Δ

Cash Flow Hedge

Reserve

Other Shareholders’

Equity FY09

+4.0%(1)

AFS Reserve FY08

AFS Reserve 9M09

Impact Equity Investments

Impact Bond Investments

Other AFS Reserve FY09

IFRS Shareholders’

equity roll forward (Euro m)

Change in AFS reserve (Euro m)

(1) On like for like basis, considering the merger with Alleanza; +22.6% on historical basis.

IV. BACK UP

Page 73: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

73

128

114

117

139

123

124

Stress tests

on Solvency

I and Shareholders’

equity

Impact on regulatory solvency ratio

(%)

Impact on FY09 Shareholders’

equity (Euro bn)

Total ratio

FY09

Equities

-30%

Interest rate +100bps

Interest rate -100bps

Credit

spread +100bps

Real

estate -10%

(2.3)

(1.8)

1.7

(0.8)

Equities

-30%

Interest rate +100bps

Interest rate -100bps

Credit

spread +100bps

(1) (1)

(1) Before hedging impact

IV. BACK UP

Page 74: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

74AFS reserve

breakdown

(Euro m) FY08 1H09 FY09

Fixed income instruments (333) (454) 225

Government 446 (38) 281

Corporate (779) (416) (56)

Equity (621) (263) 475

Investment funds and other (152) (172) 29

TOTAL (1,106) (889) 730

IV. BACK UP

Page 75: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

75Financial debt schedule

0

500

1000

1500

2000

2500

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2024 2026

Hybrid Subordinated Senior Loans

2,500

2,000

1,500

1,000

500

0

Bonds

(1)

(1) Pro forma including refinancing of Euro 1,750 senior bond maturing in July 2010 already completed

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

IV. BACK UP

Page 76: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

76FY09 technical reservesIV. BACK UP

(Euro m) Traditional Linked TOTAL

Life net technical

reserves(1)

Italy 73,839 6,930 80,769

France 61,465 13,096 74,561

Germany 68,783 10,105 78,888

CEE 5,244 1,070 6,314

GROUP TOTAL 243,812 42,951 286,404(1) Including

investment contracts

for

11,404 million

(Euro m) Motor Non Motor TOTAL

P&C

net technical

reserves

Italy 5,262 7,744 13,006

France 1,963 3,082 5,045

Germany 1,819 2,294 4,114

CEE 1,202 635 1,838

GROUP TOTAL 13,508 16,069 29,577

Page 77: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

77Operating ratio on investmentsIV. BACK UP

FY08 (%) FY09 (%) (%pts.)

Italy 1.2 1.3 0.1

France 0.5 0.7 0.2

Germany 0.2 0.3 0.1

CEE 2.9 4.8 2.0

GROUP TOTAL 0.7 0.9 0.2

Life operating ratio on investments (%)

P&C operating ratio on investments (%)FY08 (%) FY09 (%) (%pts.)

Italy 3.7 0.5 -3.2

France 5.7 4.6 -1.1

Germany 5.2 4.3 -0.9

CEE 15.2 12.4 -2.8

GROUP TOTAL 5.6 3.7 -2.0

Definition: “Operating

ratio

on Investments”

is

calculated

as

Operating

result

on the average

of

Investments

at book value

Page 78: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

78Number

of shares(1)

Ordinary Shares issued

(1)

Own shares

(2)

Shares outstanding

(1-2)

Weighted number of shares outstanding in year ending 12.31.2008 1,348,892,498

shares outstanding at 12.31.2008 1,410,113,747 64,176,653 1,345,937,094

Capital increase 146,746,842 - 146,746,842

Stock grant plan - - -

Exercise of stock options 3,894 - 3,894

Generali shares purchase - -48,144,893 48,144,893

shares outstanding at 12.31.2009 1,556,864,483 16,031,760 1,540,832,723

Weighted number of shares outstanding in year ending 12.31.2009 1,414,072,429

Potential (dilutive) shares:

Stock options - - -

Weighted number of shares outstanding in year ending 12.31.2009 adjusted for the effects of all dilutive potential ordinary shares. 1,414,072,429

Weighted number of shares outstanding in year ending 12.31.2008 adjusted for the effects of all dilutive potential ordinary shares. 1,349,350,692(1) Calculation based on IAS 33

IV. BACK UP

Page 79: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

79Per share(1)

indicatorsIV. BACK UP

(Euro) FY09

Earnings

per share(1) 0.93

Dividend

per share 0.35

Book Value

per share(2) 10.8

ANAV per share(2) 7.8

Embedded

Value

per share(2) 17.7(1) Calculated on the basis of weighted shares outstanding during (1,414,072,429)(2) Calculated on the basis of shares outstanding at 31.12.2009 (1,540,832,723)

Page 80: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

80

IV. Backup

Agenda

P&L

Balance sheet

Life & health MCEV

Capital

Page 81: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

81Life & health EV roll-forward

(1)

Economic Capital defined as Required Capital + Value In Force

Normalised EC Earnings: NBV + EC unwind + Operating variance

Life & health embedded value earnings (Euro m) Return on embedded value

Life & health RoEV

Life & health RoEC

12.8%Adjusted embedded value FY08 21,765

Embedded value earnings 2,783

Normalised economic capital earnings (1) 2,459

(Euro m)

23,683

21,765

19,817

2,0231,128

1,538 276

865

75

158

Perimeter,FX

AdjustedEV FY08 NBV

Expectedcontribution

Operating

variance

Economic

variance

Capital flow

EV FY09Model changes

EV FY08

( )

11.9%

IV. BACK UP

( )

( )

of which 1,489m related to Economic Capital

of which -653m due to theadoption of swap curve in Italy

Page 82: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

82

5.1%

-10.4%

3.7%

-4.1%

-4.4%

-1.5%

-1.5%

FY09 Life Embedded Value sensitivity

(%)

Equity

Implied

Volatility

+25%

Risk

Free Rate +100bps

Risk

Free Rate -100bps

Equity

+10%

Equity

-10%

Zero Liquidity

Premium

IV. BACK UP

Swaption

Implied

Volatility

+25%

Life Embedded Value Euro 23,683 m

Page 83: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

83Life & health new business: APE

(Euro m) APE Annual

Premiums Single Premiums

FY08 FY09Like for like

% FY08 FY09Like for like

% FY08 FY09Like for like

%

Italy 1,534 1,704 -1.2 916 1,102 -2.3 6,175 6,022 0.9

Germany 1,091 984 -10.7 994 838 -16.5 964 1,460 50.0

France 1,056 1,225 16.3 266 254 -4.4 7,898 9,712 23.2

CEE 166 158 -5.3 149 134 -10.4 170 237 39.1

RoE 572 740 27.2 359 364 -1.3 2,131 3,758 76.5

Austria 82 83 -9.4 65 67 -10.2 172 161 -6.3

Spain 138 128 -7.7 51 50 -2.9 869 778 -10.5

Switzerland 85 90 6.4 76 83 8.7 85 73 -14.4

RoW 379 377 1.4 346 318 1.5 333 586 0.9

Total 4,798 5,188 3.8 3,031 3,011 -6.8 17,671 21,775 23.0

IV. BACK UP

Page 84: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

84Life & health new business: Value and marginsIV. BACK UP

(Euro m) NBV

FY08 FY09Historical

%Like for like

%

Italy 360 486 35.1 -5.6

Germany 184 174 -5.6 -6.6

France 125 127 1.7 1.9

CEE 57 62 7.5 6.6

RoE 134 173 29.3 21.9

Austria 19 23 21.4 -15.1

Spain 19 30 61.7 61.7

Switzerland 34 41 19.6 19.9

RoW 111 106 -4.4 -2.0

Total 971 1,128 16.1 -0.5

Margins

on APE

FY08 FY09 ∆% pts

23.5% 28.5% 5.1

16.9% 17.7% 0.8

11.8% 10.3% -1.5

34.5% 39.1% 4.6

23.4% 23.3% 0.0

22.9% 27.2% 4.4

13.6% 23.8% 10.2

40.1% 45.2% 5.1

29.3% 28.2% -1.1

20.2% 21.7% 1.5

Margins

on PVNBP

FY08 FY09 ∆

%pts

2.8% 3.3% 0.6

1.7% 1.6% -0.2

1.2% 1.1% -0.2

4.7% 5.1% 0.4

2.7% 2.6% -0.2

2.5% 2.7% 0.2

1.6% 2.7% 1.1

4.2% 4.9% 0.7

3.0% 3.3% 0.3

2.2% 2.3% 0.1

Page 85: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

85Value of asset gathering

Value of In-force business (Euro m) Value of new business (Euro m)

983996

FY09FY08

-1.3% 159 168

FY09FY08

+6.1%

FY08 FY09

New inflows (Euro bn) 14.0 13.7 -2.5%

Value of new business in % of New inflows 1.13 1.23 +10bp

FY08 FY09

Assets under management (Euro bn) 52.1 53.9 +3.4%

Value of business In-

force in % of AUM 1.91 1.82 -9bp

Retail asset gathering business relates to the group's two primary asset gatherers, BSI and Banca Generali. The value of in-force asset gathering business in BSI is the present value of the projected stream of future after-tax profits that are expected to be generated by the private banking arrangements which are in force at the valuation date. For Banca Generali, the value of in-force business is the present value of the projected stream of distribution margins and fee income, net of costs, that are expected to arise in Banca Generali and in the group’s asset management companies, which is associated with the retail asset management products in force at the valuation date. Note

that from 2008, the value arising in Banca Generali relating to insurance business has been considered as a look through in the Life Embedded Value. New asset management business comprises the amount of new money collected, net of switches within different classes of asset management products. The

value added by new business allows for the actual acquisition costs incurred, using end-year assumptions, including projected future investment returns in the year of sale. Valuation according to traditional EV methodology and reviewed by Towers Watson.

IV. BACK UP

Page 86: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

86

IV. BackupP&L

Balance sheet

Life & health MCEV

Capital

Page 87: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

87Key performance indicators: RoEC

and RoEV

FY08

Returns

FY09

Returns

FY09 Earnings

Property & Casualty 19.3% 14.3% 1,023Life & Health 15.0% 11.9% 2,459Asset Management (Third Party) 7.5% 9.9% 188Corporate segment -176Return on Economic Capital 14.9% 11.8% 3,494Excess Capital 4.7% 3.8% 15Senior Debt -184Subordinated Debt 3.8% 4.1% -264Normalised Return on Group EV 14.8% 12.3% 3,061Investment and Tax variances -30.0% -1.8% -439Total Return on Group Embedded Value -15.1% 10.5% 2,622

of which Life & Health RoEV -9.8% 12.8% 2.783

Net of taxes and minorities

(Euro m)

IV. BACK UP

Page 88: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

88FY09 reconciliation of life & health MCEV with group EV (EBS basis)IV. BACK UP

(Euro m) Life & Health MCEV Other GROUP

IFRS equity 11.128 5.524 16.652

MTM of Assets 3.734 3.318 7.051

Goodwill (299) (6.549) (6.848)

Life DAC, VoBA

and other adjustments (2.378) (924) (3.301)

MTM of Debt and Employee Benefit Plans (40) (163) (203)

Fair Value adj. of P&C Liabilities - 1.465 1.465

Unrealised Gains included in L&H VIF (2.785) 0 (2.785)

Adjusted Net Asset Value 9.359 2.672 12.031

In-force value (Life & AuM) 14.323 983 15.306

Embedded Value (EBS basis) 23.683 3.655 27.337

Page 89: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

89EBS results: Risk capital diversification

Group risk capital before diversification

Group risk capitalafter diversification

within business units

Group risk capitalafter diversification

Diversificationwithin business units

Group diversification

17%

19%

18.1

(Euro bn)26.7

(4.5)

(4.1) 22.2

(1) Not under Internal Model refers to entities currently based on previous top-down model

32%

Property & Casualty: Resulting at 32.5% of Net Earned Premiums

Life & Health: Resulting at 4.5% of Net Technical Provisions

Financial: Resulting at 1.3% of AuM

Geographic breakdown

IV. BACK UP

Diversification

Total diversification benefit at 32% considering both diversification within Business Units and Group diversification

Breakdown of Group risk capital after diversification

Not under IM(1) 1.9 / 7%

Operational 2.1 / 8%

Non-Life U/W 2.8 / 11%

Life U/W 2.9 / 11%

Credit & Currency 3.9 / 15%

Interest rate 3.2 / 12%

Real estate 3.3 / 12%

Equity 6.6 / 25%

Group risk capital

€18.1 bn

Other35%

France16%

Germany13%

Italy36%

Page 90: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

90What’s next

April 24,

2010

General Shareholders’

Meeting

May 12, 2010 -

1Q 2010

Results

August 5,

2010 -

1H 2010 Results

November 11, 2010 -

9M 2010 Results

Page 91: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

91Investor Relations Team

Paola Buratti

(Tel.: +39-040-671157)Head of Investor RelationsEmail: [email protected]

Stefano Burrino

(Tel.: +39-040-671202)Email: [email protected]

Emanuele Marciante

(Tel.: +39-040-671347)Email: [email protected]

Veronica Cherini

(Tel.: +39-040-671488)Email: [email protected]

Rodolfo Svara

(Tel.: +39-040-671823)Email: [email protected]

Nicoletta

Mendes

(Tel.: +39-040-671402)IR EventsEmail: [email protected]

Assicurazioni Generali P.za Duca degli Abruzzi 2

34132 Trieste, Italy

Fax: +39 040 671338 e-mail:[email protected]

www.generali.com

Page 92: Generali Group 2009 results

Assicurazioni Generali Group – FY 2009 results

92Disclaimer

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.

Page 93: Generali Group 2009 results

March 2006March 18, 2010

Generali Group 2009 Results