Generali Group 2010 Results

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March 2006 Generali Group 2010 Results March 16, 2011

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Transcript of Generali Group 2010 Results

Page 1: Generali Group 2010 Results

March 2006

Generali Group

2010 Results

Milan, March xxx, 2010March 16, 2011

Page 2: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

2Agenda

IV. Backup

III. Group financials

Raffaele Agrusti - CFO

II. Insurance operations

Sergio Balbinot - Managing Director

I. FY 2010 results overview

Giovanni Perissinotto - Group CEO

Page 3

Page 14

Page 19

Page 45

Page 3: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

3Agenda

I. FY 2010 results overview

Giovanni Perissinotto - Group CEO

Page 4: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

42010: strong growth of results and dividend

Net result at Euro 1,702 m (+ 30.0%)

Life net inflows at Euro 16.1 bn

Cash dividend per share at Euro 0.45 (+28.6%)

Total operating result at Euro 4,077 m (+11.7%)

Shareholders’ Equity at Euro 17.5 bn (+5.0%)

I. FY 2010 RESULTS OVERVIEW

Life new business margin at ~20% and IRR at ~14%

Page 5: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

5

4,557 4,798 5,188 5,333

APE (Euro m)

20092007 2008 FY10

66.268.8

70.573.2

Gross written premiums (Euro bn)

A constant revenue growth despite the crisis….

20092007 2008 FY10

I. FY 2010 RESULTS OVERVIEW

+3.4% CAGR

+5.4% CAGR

Page 6: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

6…and a robust result recovery thanks to our consistent strategy…

4.83.9 3.7

4.1

Total operating result (Euro bn)

20092007 2008 FY10

I. FY 2010 RESULTS OVERVIEW

Net result (Euro bn)

20092007 2008 FY10

0.91.3

1.7

2.9

+11.7%

+97.7%

% increase from the lowest result

Page 7: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

7…based on business diversification and strong proprietary network…

I. FY 2010 RESULTS OVERVIEW

Business diversification

Operating result Life premiums P&C premiums

Distribution networks: proprietary networks represent our goodwill for the future

Life APE P&C

P&C 25%

Life 67%

Financial8%

Unit linked19%

Savings & protection62%

Health8%

Group11%

Accident & health15%

Motor 40%

Personal22%

Commercial23%

Direct9%

Agents45%

ProprietaryFAS17%

Broker15%

Banks13%

IndependentFAS1%

71% proprietary networks

Direct4%

Agents63%

Broker25%

Banks2%

Other6%

67% proprietary networks

Page 8: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

8…deep roots in continental Western Europe…

Other countries of operations

Core countries (1° or 2° rank in the market)(1)

+

+

=

(1) Generali ranks 2° in France excluding bancassurance operators. Including them, the ranking would be 4°

I. FY 2010 RESULTS OVERVIEW

1° or 2° rank in three core countries (Italy,

France(1), Germany) generating about 2/3 of

Group operating result and new business value

Strong economies of scale at

Country level

Centre driven cross border initiatives

(IT Integration, Motor Tariffs, Claims

Management,…)

Integrated asset management and real

estate platform

Euro 620 m savings on general expenses

since 2005 and

+3.8% CAGR of operating result in three

core countries since 2005 despite the crisis

Page 9: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

9…good positioning in emerging countries and direct channels…

1° in Slovakian P&C

1° in Hungarian P&C

1° in French life

1° in Germany

1° in Italian Life

1° in Italian P&C

I. FY 2010 RESULTS OVERVIEW

3.7

6.6

2005 2010

9.1%5.9%

2005 2010

Euro bn, CAGR % on total Group

126

532

2005 2010 2005 2010

Euro m, CAGR % on total Group

3.51.4

2005 2010

4.9%

2.2%

2005 2010

Euro bn, CAGR % on total Group

53

95

2005 2010

2.3%1.6%

2005 2010

Euro m, CAGR % on total Group

Emerging Markets(1)

Direct ChannelsTotal Premiums

Total Operating Result

Total Premiums

Total Operating Result

(1) Include CEE, Asia (excluding Israel and Japan), and Latin America

+20.5%

+12.4%

+12.2%

+33.4% 11.8%

3.6%

Page 10: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

10

16,65217,490

…whilst maintaining a solid capital position…

Shareholders’ Equity (Euro m) Solvency Margin (%)

FY09 FY10

+5.0%

140%

160%

187%

142%

FY09

Economic Solvency calibrated on AA rating

Solvency I

FY10

I. FY 2010 RESULTS OVERVIEW

(1)

(1) Including off balance sheet unrealized gains on real estate, 8%pts of which

subject to authorities’ authorization

Page 11: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

11…and an appropriate balance between dividend and profitable growth

2010 cash flow(1) before investment in new business (Euro 2.7 bn)

I. FY 2010 RESULTS OVERVIEW

Dividend

26%

Investment in

life new business 63%

Additional Capital buffer

5%

� IRR

~ 14%

� New business margin

~ 20%

(1) Cash flow from Life inforce, P&C and Financial segments, before investment in new business (P&L impact for life and increase of required capital for all segments), less

holding expenses (including interest expenses). For further details refer to slides 33, 40 and 57

Investment in P&C and

Financial Segment

6%

Page 12: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

122010 proposed cash dividend

Cash dividend per share (Euro)

0.450.35

0.430.33

0.15

0.54

0.28

0.75

0.90

200620042002 20052003 20082007 2009

+28.6%

(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

(1)

I. FY 2010 RESULTS OVERVIEW

2010

� DPS at Euro 0.45, up 28.6%

� Confirmed ~40% payout ratio

� No need of capital raising during crisis periods

Payout ratio(2)

41.1%41.6%

24.6%

41.8%39.7%35.9%

41.7%41.5%

Page 13: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

13Outlook on Total Operating Result

I. FY 2010 RESULTS OVERVIEW

(1) Central point Outlook 2011 vs.

Actual 2010 (Euro 4,077 m)

Overperformance (Investment Result, volumes)

Not achieved mainly due to Nat Cat

Prudent harvesting implicit in the estimation

Technical improvement, normal incidence Nat Cat

Total Operating Result average growth of +6.7% vs. 2010 (1)

[Natural catastrophes & financial market conditions can influence the expected results]

Top of range achieved4.14.23.6Total

1.11.81.4P&C

3.02.62.2Life

ActualMax.Min.(Euro bn)

Outlook 2010: Top of range on Total Operating Result achieved

Outlook 2011: Good growth expected in the new “normal”

4.74.0Total

1.71.3P&C

3.22.7Life

Max.Min.(Euro bn)

Page 14: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

14Agenda

II. Insurance operations

Sergio Balbinot - Managing Director

Page 15: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

15Addressing Insurance Business Priorities

II. INSURANCE OPERATIONS

� Net Technical Reserves: +9.4%

� Improved surrender rate: 4.6%

� “At maturity guarantee”: 30% of total

guarantees offered

� Stable Net CoR net of CAT events

� Non-motor share close to 60%

� Cumulative Group program benefits

on motor pricing and claims

management: Euro 489 m

� Direct sales: total GWP Euro 3.5 bn,

+20%; weight on Life APE: 9.3%,

+1.7 %pts

� After HU, new direct initiative in SK;

3 further initiatives in pipeline

Life� Increasing life profitability

� Managing economic balance sheet

risks

Distribution & Commercial� Enhancing value creation in

distribution and customer base

Non Life� Pricing discipline

� Enhancing claims management

efficiency and effectiveness

�Focus on:

� Customer retention at maturity

� Contract duration and surrender

penalties

� Shift of annual guarantees to at

maturity

�Strengthening new product monitoring

through a central cockpit (Life Product

Analysis)

� Improved motor tariff segmentation:

� Wider spread of coefficients

� Tariff increases (IT, FR mainly)

� Portfolio pruning (IT, FR, ES,

CEE)

�Claims handling based on customer

oriented processes

� Customer care

� Body shop mgmt, fraud detection

and bodily injury mgmt

�Value extraction from customer

database through:

� Cross & up-selling

� Retention initiatives

� Customer’s referral activity

�Customer as an Asset project,

8 countries, 24m customers

�Multi-channel approach

� New direct initiatives steering

� Modernizing traditional networks

Priorities

Actions

Main Achievements

Page 16: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

16Main industrial results

Net Inflows

(Euro bn)

GWP

(Euro bn)

Loss ratio

(%)-0.9%

+1.1%

16.1+0.2%pts

71.371.1

Life P&C22.121.6

(1) Including investment contracts

(2) On like for like basis

Combined ratio

(%) +0.5%pts98.898.3

Reserving ratio

(%)

II. INSURANCE OPERATIONS

FY09 FY10

149149

+0%pts

GWP(1)

(Euro bn) +3.6%

16.1

48.9 51.1

FY09 FY10 FY09 FY10

FY09 FY10

FY09 FY10

FY09 FY10

NBV

(Euro m) -8.8%

IRR

(%)

13.913.1

+0.7%pts

FY09 FY10

FY09 FY10

1,0501,128

(2)

(2)

(2)

(2)

Page 17: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

17

Life

� Twice the market GWP increase:

� Products oriented to retention and up-selling

� Increase of corporate pension plans (baV)

Non Life

� Outperformance vs market CoR: 3.5%pts better

� Non-motor share increase (+0.7%pts up to 63.9%)

Operational efficiency

� Merger cost saving targets achieved ahead of

schedule (Euro 99 m since announcement)

Life

� Proprietary channels Life New Production: +11%

� Higher share of “at maturity guarantees” (54%) and

strong reduction in yearly guarantee (1.35%)

� Life Net Inflows: +51.4% to Euro 1,790m

Non Life

� Motor back to technical balance: actions on Motor

tariff (avg TPL new premium +9.5%) and flexibility

� Further acceleration of claims mgmt specialization

Operational efficiency

� Further General Expenses reduction: Euro -50m

(IT, traditional network, Alleanza-Toro integration)

Strategic overview: focus on core European markets

Germany

II. INSURANCE OPERATIONS

Italy+6.8%

12.9 13.8

FY09 FY10

Life GWP (Euro bn)

486

FY09 FY10

326

-33.0%

NBV (Euro m)

+1.2%

7.4 7.4

FY09 FY10

Non Life GWP (Euro bn)

102.4

FY09 FY10

99.6

-2.8%pts

CoR (%)

+12.5%

12.2 13.8

FY09 FY10

Life GWP (Euro bn)

174

FY09 FY10

173

-0.7%

NBV (Euro m)

-1.2%

3.0 3.0

FY09 FY10

Non Life GWP (Euro bn)

95.6

FY09 FY10

95.2

-0.4%pts

CoR (%)

(1) (1)

(1)

(1) On like for like basis

(1) (1)

(1)

Page 18: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

18Strategic overview: focus on core European markets

II. INSURANCE OPERATIONS

Life

� APE: Poland +25.3%, HU +20.1%, CZ -6.6%

� NBM still at 32.3%

Non Life

� Net CoR: 5.6%pts of Nat Cat impact

� Motor: new segmented tariff in PL, innovative low-

cost services and direct settlement in CZ

� Nat Cat pricing and coverage redesign

Operational efficiency

� 3% general expenses reduction in Ceska P. and

claims fraud detection strengthening in CEE

Life

� Focus on UL (+26.7% - 4x the market; UL share

18% vs market 13%(2) and Risk (+6.7%)

� NBM among the highest in the market: 12.5%

� Leverage on internet leadership (> Euro 1 bn)

Non Life

� Strong tariff increases and discount containment:

Motor +5%; Household +9%; Health +9%

� Nat Cat impact: 2.3%pts; underlying CoR +1.1%pts

Operational efficiency

� Claims Factory new organization and experts

network strengthening

CEE

France-7.9%

12.4 11.4

FY09 FY10

Life GWP (Euro bn)

127

FY09 FY10

146

+15.5%

NBV (Euro m)

+3.6%

3.8 3.9

FY09 FY10

Non Life GWP (Euro bn)

99.0

FY09 FY10

101.3

+2.3%pts

CoR (%)

+1.2%

1.7 1.8

FY09 FY10

Life GWP (Euro bn)

62

FY09 FY10

56

-13.9%

NBV (Euro m)

-1.7%

2.2 2.2

FY09 FY10

Non Life GWP (Euro bn)

87.9

FY09 FY10

93.2

+5.3%pts

CoR (%)

(2) Share on Individual Savings

(1) (1)

(1)

(1) On like for like basis

(1) (1)

(1)

Page 19: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

19Agenda

III. Group Financials

Raffaele Agrusti - CFO

Profit & loss review

Investments and shareholders’ equity

Life, P&C and financial profitability

Cash flow, Group EV and economic solvency

Page 20: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

20Revenue development by segment

III. GROUP FINANCIALS

(1) Including investment contracts for Euro 4,752.4 m in FY10

(2) For the definitions refer to the related section within the backup

-31.2%3,511-0.9%+0.3%16,133Life net inflows(2)

+2.8%

+2.1%

+4.5%

+3.8%

∆ historical

1,491

5,532

13,826

19,359

4Q10

+1.3%

+1.1%

+3.6%

+2.8%

∆ like for like

-9.3%5,333

Life annual

premium

equivalent(2)

-6.7%51,098Life(1)

-4.5%73,188

Gross written

premiums

+1.5%22,090P&C

∆ like for likeFY10

(Euro m)

Page 21: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

21

Consolidation

adjustments

Total

operating result

Financial services

operating result

P&C

operating result

Operating holding

expenses

Life

operating result

3,026

1,128

354

-288

-143

4,077

2,451

1,274

432

-269

-239

3,650

944

-24

-85

77

246

731

794

-40

-76

90

208

611

+39.8%

+19.0%

-15.2%

+18.1%

-11.7%

+19.5%

4Q10

4Q09

FY10 total operating result (Euro m)

Operating result by segment

FY10

FY09

4Q10 total operating result (Euro m)

+40.2%

+11.7%

-18.2%

-11.4%

-7.3%

+23.5%

III. GROUP FINANCIALS

Page 22: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

22Focus on operating result

+11.7%4,0773,650Total operating

result

+40.2%(143)(239)Consolidation Adj.

-7.3%(288)(269)Op. holding expenses

+29.6%713550Germany

-34.5%419639CEE

+8.4%

+54.8%

-16.1%

+6.8%

+29.8%

392253RoW

4,5084,157Operating result(1)

692825RoE

754706France

1,5371,184Italy

FY10FY09

(Euro m)

Operating result by country(1)

596

354177

417293

205

149

308

218

199

48

144

951

23

761,188

51

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

III. GROUP FINANCIALS

1,537

754713

419

692

392

Page 23: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

23From operating result to net result

5(501)Non operating investment income

(32)(302)Net realised gains and net impairments on other

financial instruments

5196Result from discontinued operations (Intesa Vita)

(726)(737)Non-operating holding expenses

(316)(457)Minority interests

+32.7%2,8772,168Consolidated result of the period before taxes

and minority interests

(909)(498)Income taxes

+19.0%(1,200)(1,482)Total non operating result

37(199)Income and exp. from fin. assets at FV thr. P&L

+11.7%4,0773,650Total operating result

+30.0%1,7021,309Net result of the period

(479)(245)Net other non operating expenses

�FY10FY09(Euro m)

(1) Including interest expenses on financial debt

(1)

III. GROUP FINANCIALS

Page 24: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

24Investment portfolio

Own investments(1) at 31.12.10 (% on total)

(1) For the definitions refer to the related section within the backup

III. GROUP FINANCIALS

� Preference for government

bonds, representing 55.9% of

total bond portfolio

� Reduced exposure to

peripheral Euro government

bond

� High quality corporate bond

portfolio. 80.7% rated ≥ A

� Strategic decrease of equity

exposure in progress

39.3%

31.3% 31.0%

9.5% 9.0%

9.1% 8.5%

37.8%

4.9%4.8%

7.3%7.6%

FY09 FY10

Other

Real estate

Equity

Other fixed

income

Corporate

bonds

Government

bonds

Euro 321.7 bnEuro 307.3 bn

+4.7%

Page 25: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

25

17,49016,652

(71)(544)(2)

6661,702

(914)

IFRS Shareholders’ equity roll forward

Dividend∆ Currency

Translation

Reserve

FY 2010

Net Result

Other Shareholders’

Equity FY10

∆ Cash Flow

Hedge

Reserve

∆ in AFS

Reserve

Shareholders’

Equity FY09

+5.0%

III. GROUP FINANCIALS

(Euro m)

Change in AFS reserve (Euro m)

730

72

(184)

(198)

(787)

Other AFS Reserve FY10

Impact Bond Investments

Impact Equity Investments

AFS Reserve

FY09

Page 26: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

26Life profitability – operating result

+23.5%

-3.7%

+46.4%

+0.2%

3,0262,451Operating Result

(5,352)(5,159)Expenses

2,3821,627Investment Result

5,9965,984Technical Margin

FY10FY09(Euro m)

Strong increase of life operating result driven by investment driver

Life Operating Result by driver(1)

0.97%0.89%

Life operating

ratio on

Investments

3,026

2,451

(193)

755

12

FY10

Exp.

Inv.R

Tech.M

FY09

III. GROUP FINANCIALS

(1) For the definitions refer to the related section within the backup

Average

0.87%0.89% 0.93%

0.68%

0.89%0.97%

FY09FY07 FY08 FY10FY06

Page 27: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

27

III. GROUP FINANCIALS

Life gross written premiums (Euro m)

51,09848,894

FY10FY09

Life net inflows by country(2) (Euro m)

+3.6%(1)

-12.9%2,8233,188RoE

+35.6%1,6191,095RoW

-0.9%

-26.1%

+20.8%

-23.9%

+51.4%

Like for

like ∆

16,13316,083TOTAL

534700CEE

4,9234,077Germany

4,4445,841France

1,7901,182Italy

FY10FY09Country

(1) On like for like basis

(2) For the definitions refer to the related section within the backup

Confirmed superior life net inflows capacity

Page 28: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

28Life Technical Provisions(1)

III. GROUP FINANCIALS

(Euro bn)

+7.2% CAGR

221.0243.1 257.4 261.4

286.4313.4

FY09FY07 FY08 FY10FY06

7.919.1

286.4

313.4

FY10FY09 Traditional UnitLinked

+18.5%+7.8%∆%

42.6243.8FY 2009

50.5262.9FY 2010

FY05

(Euro bn)

313.4286.4 3.613.216.1

(6.0)

Net technical

provisions

FY10

+9.4%

Net technical

provisions

FY09

Policyh.

share of

invest.

result

Loadings, risk

and surrender

result

(to P&L)

Net

inflows

Exchange

rates

and other

(13.7)

49.3

16.1

(19.5)

Ratios on net technical provisions (average of the year) of:

SurrendersNet inflows

5.0%5.9%FY 2009

4.6%5.4%FY 2010

Cash in Cash out Net inflows

Surrenders

(1) Net technical provisions including investment contracts and excluding Intesa Vita

Page 29: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

29Life investment strategy and yields(1)

7.46.93.03.14.44.5%

692

FY10

602

FY09

Equity Real

Estate(2)

Fixed

income

Current

return(1)

592

FY09

6509,6219,108Euro m

FY10FY10FY09

41.5% 42.6%

32.7% 32.2%

8.4% 8.1%

9.0% 8.5%

3.4%3.4%

5.2%5.0%

FY09 FY10

Other

Real estate

Equity

Other fixed income

Corporate bonds

Government

bonds

Life segment own investments(1) (% on total)

Euro 255.0 bn Euro 268.9 bn

(1) For the definitions refer to the related section within the backup

(2) Real estate current returns are gross of related expenses

III. GROUP FINANCIALS

� Reduction of bond duration from 6.6 at 9M10 to 6.3 at FY10

� Increased exposure to government bonds

� Improvement of corporate bond portfolio diversification and preference for high quality issuers

� Current average reinvestment rate of fixed income instruments: 3.9%

� Decreased equity exposure with active management

Page 30: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

30

Assicurazioni Generali Group – FY 2010 results

Focus on guarantees

Total APE by type of guarantee

NIL

30%

Matched

2%

At maturity

19%

Yearly basis

49%

YE 2009

2009 Average Guarantee: 1.56%

� Yearly basis : 1.4%

� At maturity: 2.0%

NIL

29%

Matched

3%

At maturity

21%

Yearly basis

47%

YE 2010

2010 Average Guarantee: 1.58%

� Yearly basis : 1.4%

� At maturity: 2.0%

2.20

2.40

2.60

2.80

3.00

3.20

2003 2004 2005 2006 2007 2008 2009 2010

Yearly basis

At maturity

2010 Average Guarantee: 2.30%

� Yearly basis: 2.30%

� At maturity: 2.25%

Total Reserves development by type of guarantee

III. GROUP FINANCIALS

Page 31: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

31Life new business value and profitability

III. GROUP FINANCIALS

(Euro m) APE NBV Margins on APE

FY09 FY10Historical

Like for like� FY09 FY10

Historical�

Like for like� FY09 FY10 ∆ %pts

Italy 1,704 1,766 +3.6% +3.6% 486 326 -33.0% -33.0% 28.5% 18.4% -10.1%

Germany 984 976 -0.9% -0.9% 174 173 -0.7% -0.7% 17.7% 17.7% +0.0%

France 1,225 1,172 -4.4% -4.4% 127 146 +15.5% +15.5% 10.3% 12.5% +2.2%

CEE 158 172 +8.7% +5.3% 62 56 -10.1% -13.9% 39.1% 32.3% -6.8%

RoE 740 792 +7.1% +4.0% 173 197 +14.2% +8.6% 23.3% 24.9% +1.6%

RoW 377 455 +20.8% +7.3% 106 153 +43.5% +29.3% 28.2% 33.5% +5.3%

Total 5,188 5,333 +2.8% +1.3% 1,128 1,050 -6.9% -8.8% 21.7% 19.7% -2.0%

� Best year ever in terms of APE production (Euro 5,333 m)

� Solid new business profitability (19.7% APE margin) despite the negative impact of the extraordinary

widening of government spreads, which causes a significant reduction of APE margins (-4.6%pts at

Group level, -11.3%pts in Italy)

� Overall resiliency of value added by new business (Euro 1,050 m)

Page 32: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

32Investment in life new business

1st year P&L impact

In % of NBP

-0.9

3.7%

Capital absorption

In % of NBP

-0.6

2.5%

1 st year strain

In % of NBP

-1.5

6.2%

New Business Value

NBM

1.13

21.7%

Internal Rate of Return 13.1%

Payback period 7.1 years

New Business Value

NBM

1.05

19.7%

Internal Rate of Return 13.9%

Payback period 6.5 years

2009 2010

1st year P&L impact

In % of NBP

-1.0

3.8%

Capital absorption

In % of NBP

-0.7

2.8%

1 st year strain

In % of NBP

-1.7

6.6%

III. GROUP FINANCIALS

(Euro bn)

Page 33: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

33Expected Life cash flow generation

Assicurazioni Generali Group – FY 2010 results

III. GROUP FINANCIALS

Life & Savings expected free cash flows (Euro m)

2,130

879 686

459209

(919)(990)

2,008

(611)(720)

Existing Run Off

2010

New Business

2010

Free Cashflow

2010

Existing Run Off

2009

New Business

2009

Free Cashflow

2009

Capital

Profit

2010 Inforce

Expected undiscounted cash flows

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Years

1-5

Years

6-10

Years

11-15

Years

16-20

Years

21-25

Years

26-30

Years

31+

2010 New Business

Expected undiscounted cash flows

-2000

-1500

-1000

-500

0

500

1000

1500

2000

Years 0 Years

1-5

Years

6-10

Years

11-15

Years

16-20

Years

21-25

Years

26-30

Years

31+

Page 34: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

34P&C profitability - operating result

����

-11.4%

-11.7%

-2.4%

-32.7%

1,1281,274Operating Result

(252)(226)Other

1,1961,226Investment Result

184274Technical Result

FY10FY09(Euro m)

P&C Operating Result by driver(1)

3.07%3.58%P&C operating ratio on

Investments

1,128

(90)

(30)

(26)

1,274

FY10

FY09

Tech.R

Inv.R

Other

P&C operating result affected by increasing catastrophes

III. GROUP FINANCIALS

(1) For the definitions refer to the related section within the backup

Page 35: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

35P&C Gross Written Premiums

+8.8%+16.1%1,3121,130RoW

-1.7%+1.9%2,2462,204CEE

+3.6%+3.7%3,8923,754France

+2.1%

+1.0%

-1.2%

+1.2%

Historical�

+1.1%

-0.2%

-1.2%

+1.2%

Like for like�

4,2034,160RoE

22,09021,636Total

2,9983,034Germany

7,4407,353Italy

FY10FY09(Euro m)

� Robust signs of premium recovery in Motor in Italy and France

� Retail Non Motor accelerating in most of territories, in line with strategic guidelines

� Commercial resilient in spite of the economic scenario

III. GROUP FINANCIALS

Page 36: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

36

0.20.3

P&C profitability – Net combined ratio (1/2)

FY10FY09

Combined ratio (%) Combined ratio by country (%)

98.898.3

Loss ratio Expense ratio

-0.4%pts.95.295.6Germany

+5.3%pts.93.287.9CEE

+0.5%pts

-1.1%pts.

+2.5%pts.

+2.3%pts.

-2.8%pts.

∆%pts.

101.6102.7RoW

98.898.3Total

99.396.8RoE

101.399.0France

99.6102.4Italy

FY10FY09

+0.5%pts.

� Expense

ratio

� Loss

ratio

27.5

71.3

27.2

71.1

III. GROUP FINANCIALS

Page 37: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

37

149% 149%

0.4-0,1

21.1

6.0

21.5

6.1

P&C profitability – Net combined ratio (2/2)

71.1-3.61.373.4FY 2009

-3.9 71.31.973.3FY 2010

III. GROUP FINANCIALS

Loss ratio (%)

FY10FY09

71.1 71.3-0.1 0.6 -0.3

Current

year(1)

Nat

CAT

Prior

years

FY10FY09 ∆ Admin ∆ Acq.

Acq. costs

Adm. costs

27.5

Expense ratio (%)

∆%pts

Reserving ratio (%)

FY10FY09

0%pts

27.2

(1) Excluding natural catastrophes

� Impact from nat cat above normal levels,

due to increased frequency of natural

events

� Stable current year loss ratio, thanks to

improved performance of Motor

� Positive prior years development whilst

confirming prudent reserving policy

Page 38: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

38P&C investment strategy and yields(1)

P&C segment own investments(1) (% on total)

Euro 36.3 bn Euro 36.4 bn

8.79.02.63.53.84.0%

118

FY10

167

FY09

Equity Real

Estate(2)

Fixed

income

Current

return(1)

527

FY09

534847861Euro m

FY10FY10FY09

23.5% 25.9%

26.9% 26.9%

9.3% 7.3%

12.7% 11.0%

17.5%16.5%

11.4%11.2%

FY09 FY10

Other

Real estate

Equity

Other fixed income

Corporate bonds

Government

bonds

III. GROUP FINANCIALS

� Reduction of bond duration (from 4.7 at 9M10 to 4.3 at FY10) allowed to realise capital gains,

benefiting from lengthening duration strategy

� Preference for government bonds within fixed income investments

� Maintained exposure to corporate bonds allowed to sustain current return

� Current average reinvestment rate of fixed income instruments: 3.6%

� Reduced equity exposure due to the start of a progressive de-risking process

(1) For the definitions refer to the related section within the backup

(2) Real estate current returns are gross of related expenses

Page 39: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

39

70.5%63.7%

Financial segment

Operating result (Euro m)

Third party AUM(1) (Euro bn)

Net fees and commissions (Euro m)

354432

FY10FY09

-18.2%

894792

FY10FY09

+12.8%

93.079.3

FY10FY09

+17.3% +6.8%pts

FY10FY09

Cost/income ratio (%)

III. GROUP FINANCIALS

(1) Including only third party AUM related to financial segment companies

Page 40: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

40

0.7

0.9

(0.2)

0.2

0.9

1.6

(0.7)

(0.7)0.9

1.1

(0.3)

Total cash flow generation 2010

(1) Expected profit based on EV calculations (see slide 33)

(2) P&C and Financial Segment Operating Result net of taxes and minorities

(3) Holding expenses (incl. int. on financial debt) net of taxes and minorities

P&C and Financial

Life Group total

(Euro bn)

Profit(1)

Var. Req

Capital

Free Cash

Flow

Profit(2)

Var. Req

Capital

Net Free

Cash Flow

Dividend

Free Cash Flow

before dividend

Holding exp.(3)

Free Cash Flow

III. GROUP FINANCIALS

Free Cash

Flow

Page 41: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

41Group Embedded Value roll-forward

(Euro m)

(1) For the definitions refer to the related section within the backup

III. GROUP FINANCIALS

2,900

(545)(2,724)

27,337 26,968

EV FY09 EV earnings Investment and Tax

Variances

Cash Dividend EV FY10

Return on Embedded Value

RoEV (1)10.6% Normalised RoEV (1) 0.6%

Group Embedded Value

17.5€ Group EV per share

Group EV FY10

Including:

-3.1 bn due to spread widening and drop of stock

market in Italy

-0.7 bn due to the decrease in interest rates

Page 42: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

42

Italy 39%

France

23%

Germany

13%

Other

25%

Economic Solvency and Capital Allocation

� Economic Solvency Ratio based on Group Internal Model calibrated on

1year VAR at 99.95% confidence level

� Economic Solvency evolution mainly affected by spread widening

Available

Capital

Group

Risk Capital

34.3

(Euro bn)

Available

Capital

Group

Risk Capital

Sub.

Debt

Sub.

Debt

Group

EV

Group

EVGroup

RAC

Group

RAC

33.6

20.6(3)

18.1

Economic Solvency Coverage (ESC)

ESC = 160%(2)(3)ESC = 187%(1)

(1) ESC FY09 = AC FY09 (net of dividend 2009 equal to 0.5bn) divided by Risk Capital FY09

(2) ESC FY10 = AC FY10 (net of proposed dividend 2010 equal to 0.7bn) divided by Risk Capital FY10

(3) Preliminary figures

FY09 FY10

III. GROUP FINANCIALS

Sub.

Debt

Geographic breakdown

Breakdown of Group risk capital

after diversification

Group Risk

Capital

€20.6 bn

Property & Casualty: Resulting at

33.9% of Net Earned Premiums

Life & Health: Resulting at 4.4%

of Net Technical Provisions

Financial: Resulting at 1.3% of

AuM

Page 43: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

43

4.9

15.7

20.6

33.6

Economic Solvency

(Euro bn)

III. GROUP FINANCIALS

Solvency II

ratio 209%(1)

Economic Solvency Ratio

160%

Available

Capital

Group Risk

Capital(2)

(@ 99.50)

Additional Capital

to AA target(3)

Group Risk

Capital(3)

(@ 99.95)

(1) Solvency II ratio based on Group Internal Model calibrated on 1year VAR at 99.5% confidence level

(2) Solvency II SCR based on Group Internal Model calibrated on 1year VAR at 99.5% confidence level

(3) Based on Group Internal Model calibrated on 1year VAR at 99.95% confidence level

Page 44: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

44Global Added Value (GAV)

GAV (Euro m) 2010 GAV breakdown (%)

20102008 2009

+7.9%

12,01112,635

13,633

Employees

30.4%

State

6.4%

Shareholders

7.4%

Agents & FAs

39.0%

Credit capital

providers(1)

9.1%

Group

7.4%

Community

0.3%

(1) Total interest expense (including operating debt)

III. GROUP FINANCIALS

Page 45: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

45

IV. Backup

Agenda

P&L

Balance sheet

Life

Capital

Sustainability

Definitions

Page 46: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

46

IV. Backup

Agenda

P&L

Balance sheet

Life

Capital

Sustainability

Definitions

Page 47: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

47FY10 Total gross written premiums

IV. BACK UP

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

22,090

1,312

580

1,350

1,372

4,203

2,246

2,998

3,892

7,440

GWP

+1.1

+8.8

+3.8

+0.3

-4.8

-0.2

-1.7

-1.2

+3.6

+1.2

(2)

YoY

% increase

30.2

1.8

0.8

1.8

1.9

5.7

3.1

4.1

5.3

10.2

Weight on

consoli-

dated

51,098

3,719

978

1,165

920

6,669

1,766

13,756

11,394

13,794

GWP

+3.6

+19.4

-0.2

+4.5

-18.4

-3.5

+1.2

+12.5

-7.9

+6.8

(2)

YoY

% increase

69.8

5.1

1.3

1.6

1.3

9.1

2.4

18.8

15.6

18.8

Weight on

consoli-

dated

100.0

6.9

2.1

3.4

3.1

14.9

5.5

22.9

20.9

29.0

Weight on

consoli-

dated

+2.22,515Austria

-10.82,292Spain

Of which:

-0.44,012CEE

(2)

+16.45,031

+2.873,188Total

RoW

+1.31,558Switzerland

-2.310,782RoE

+9.816,754Germany

-5.315,285France

+4.821,234Italy

YoY

% increaseGWPCountry

(1) Including investment contracts

(2) On like for like basis with constant exchange rates

Page 48: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

48Life premiums by country & business line

Life FY10

Of which:

1,7661.1%9.9%27.4%61.7%CEE

Total life gross

direct premiums

49,81311.5%8.0%18.9%61.6%

2,99752.1%10.2%0.8%36.9%RoW

9780.2%0.9%78.0%20.9%Switzerland

1,1560.0%19.2%25.1%55.8%Austria

92036.6%0.0%1.8%61.6%Spain

6,64911.0%3.9%56.9%28.2%RoE

13,7558.9%17.2%23.4%50.5%Germany

11,1786.5%7.7%14.7%71.1%France

13,46911.1%0.0%2.0%87.0%Italy

TotalGroupHealth

Unit/index

linked

Savings and

protection(Euro m)

IV. BACK UP

Page 49: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

49P&C premiums by country & business line

P&C FY10

Of which:

2,21222.9%14.8%11.4%51.0%CEE

Total P&C gross

direct premiums

21,51722.8%21.6%15.1%40.5%

1,26628.7%3.9%5.7%61.7%RoW

5780.5%28.3%23.4%47.8%Switzerland

1,32328.4%20.7%11.0%39.9%Austria

1,34133.3%26.8%12.4%27.5%Spain

4,05826.0%22.3%15.1%36.6%RoE

2,9949.3%39.3%15.3%36.1%Germany

3,65920.1%37.0%13.1%29.8%France

7,32826.8%11.4%18.7%43.1%Italy

TotalCommercialPersonal

Accident/

HealthMotor(1)(Euro m)

IV. BACK UP

(1) Including fleets

Page 50: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

50

Loss

ratio

Expense

ratio

P&C – Combined ratio (%)

Total – Expense ratio (%)

71.1 71.3

27.2 27.5

15.4 15.3

10.5 10.4

FY10FY09

FY10FY09

FY10FY09

98.3 98.8

Ratios

IV. BACK UP

Life – Expense ratio (%)

Page 51: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

51FY10 combined ratio reconciliation

184.3Technical resultA-B-C-D

56.0Other technical itemsD

98.8%Combined ratio(B+C)/A

27.5%Expense ratioC/A

71.3%Loss ratioB/A

5,582.2Total acquisition and insurance related administration costsC

1,216.0Insurance related consolidated administration costs

64.9Non insurance related administration costs(1)

1,280.9Consolidated administration costs

4,366.2Consolidated acquisition costs

14,451.4Consolidated net insurance benefits and claimsB

20,274.0Net earned premiums (net of consolidation adjustments)A

(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 2010 Results

Assicurazioni Generali Group – FY 2010 results

52Ratios by country

18.7

17.3

87.9

93.2

29.8

33.0

58.1

60.2

CEE

10.419.613.46.712.48.28.7FY10

10.517.413.75.214.36.79.2FY09

Life expense ratio by country

P&C Combined ratio

P&C Expense ratio

P&C Loss ratio

98.3

98.8

27.2

27.5

71.1

71.3

Consolidated

94.3

95.9

29.5

26.9

64.8

69.0

SWI

95.9

95.2

27.1

26.9

68.9

68.3

AUT

94.6

98.1

25.1

26.8

69.5

71.2

SPAFRA

102.4

99.6

22.5

22.1

79.9

77.5

95.699.0FY09

95.2101.3FY10

30.028.2FY09

30.128.1FY10

FY09

FY10

65.670.8

65.173.3

GERITA(%)

IV. BACK UP

Page 53: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

53Reclassified P&L account

(32)(302)Non-operating income from other financial instruments

2,9025,151of which net income from fin. assets and liabilities where the risk is borne by the policyholders

4,8337,967Operating income from financial instruments at fair value through profit or loss

5196Result from discontinued operations (Intesa Vita)

(726)(737)Non-operating holding expenses

1,309

(457)

1,766

(498)

2,168

(245)

(30)

(707)

(199)

(1,482)

(388)

(269)

10,889

782

(11,181)

(68,187)

64,036

3,650

FY09

1,702Result of the period

(316)Result of the period attributable to minority interests

2,018Consolidated result of the period

(909)Income taxes

2,877Earnings before taxes

(479)Net other non-operating expenses

(22)Other non-operating holding expenses

(704)Interest expenses on financial debt

37Non-operating income from financial instruments at fair value through profit or loss

(1,200)Non-operating result

(389)Net other operating expenses

(288)Operating holding expenses

12,685Operating income from other financial instruments

868Net fee and commission income and net income from financial service activities

(11,638)Acquisition and administration costs

(67,720)Net insurance benefits and claims

65,727Net earned premiums

4,077Total Operating result

FY10

Total(Euro m)

IV. BACK UP

Page 54: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

54

(199)---(199)0Non-operating income from fin. instr.at fair value through profit or loss

(6,457)----(6,457)of which var. of provisions related to unit linked business

5,151----5,151of which net income from fin.assets and liabilities where the risk is borne by the policyholders

7,967--148747,745Operating income from fin. Instruments at fair value through profit or loss

10,889(123)-3121,1529,549Operating income from other fin. Instruments

(1,006)

-

(737)

-

(737)

-

(269)

-

-

-

-

(269)

Unallocated holding expenses

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

(269)----Operating holding expenses

2,168

(245)

(302)

(1,482)

(388)

782

(11,181)

(68,187)

64,036

3,650

Total

(239)

-

-

-

4

(110)

(1)

(9)

-

(239)

Consolidation adjustments

356

(71)

(5)

(76)

(37)

792

(783)

0

0

432

Financial(1)Non life

2,215

(48)

(188)

(236)

(83)

100

(4,961)

(54,001)

44,103

2,451

841Earnings before taxes

(125)Net other non-operating expenses

(109)Non-operating income from other fin.instr.

(433)Non-operating result

(272)Net other operating expenses

0.0Net fee and commission income and net income from financial service activities

(5,436)Acquisition and administration costs

(14,177)Net insurance benefits and claims

19,932Net earned premiums

1,274Total Operating result

Life(Euro m)

Reclassified P&L account by segment – FY 2009

IV. BACK UP

(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report

Page 55: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

55

37---370Non-operating income from fin. instr.at fair value through profit or loss

(4,657)----(4,657)of which var. of provisions related to unit linked business

2,902----2,902of which net income from fin.assets and liabilities where the risk is borne by the policyholders

4,833--108444,681Operating income from fin. Instruments at fair value through profit or loss

12,685(7)-2801,15211,260Operating income from other fin. Instruments

(1,014)

-

(726)

-

(726)

-

(288)

-

-

-

-

(288)

Unallocated holding expenses

(726)----Non-operating holding expenses

(288)----Operating holding expenses

2,877

(479)

(32)

(1,200)

(389)

868

(11,638)

(67,720)

65,727

4,077

Total

(136)

(5)

13

7

3

(135)

-

(4)

-

(143)

Consolidation adjustments

295

(56)

(3)

(59)

(28)

894

(900)

0

0

354

Financial(1)Non life

2,843

(110)

(73)

(183)

(75)

109

(5,137)

(53,265)

45,453

3,026

889Earnings before taxes

(307)Net other non-operating expenses

31Non-operating income from other fin.instr.

(239)Non-operating result

(289)Net other operating expenses

0Net fee and commission income and net income from financial service activities

(5,602)Acquisition and administration costs

(14,451)Net insurance benefits and claims

20,274Net earned premiums

1,128Total Operating result

Life(Euro m)

Reclassified P&L account by segment – FY 2010

IV. BACK UP

(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report

Page 56: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

56

3,650794

902

936

1,018

390

414

104

401

1,309

Net result (Euro m)

Total Operating result(1) (Euro m)

3Q1Q 4Q2Q FY

2009

2009

944 4,077

1,178

958

997

2010

3Q1Q 4Q2Q FY

3Q1Q 4Q2Q FY

Operating and net result by quarter

2010

3Q1Q 4Q2Q FY

1,702389

440

346

527

+11.7%

+30.0%

IV. BACK UP

(1) Starting from FY10, FX gains & losses incurred in P&C segment have been included into Non operating investment income. Comparative information have been restated

accordingly. Refer to the ‘Methodological note on alternative performance measures’ included in the Management Report for details

Page 57: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

57

6%-0.17-0.17Investment in P&C and Financial

5%0.15 -0.43 0.58Net Cash Flow

26%-0.70-- 0.70 Dividend

63%- 1.71 -0.72 - 0.99 Investment in Life New Business

100%2.730.462.27 Total Cash Flow Before investment in new business

-0.71-- 0.71Holding Expenses (net of tax and minorities)

3.440.46 2.98 Operating Cash Flow before investment in new

business

0.850.85 P&C and Financial (operating result less tax and

minorities)

2.590.46 2.13 Existing Business Life (expected EV profit)

Free Cash

Flow

Capital

Released/

RequiredProfit

2010 Free Cash Flow (Euro bn)

IV. BACK UP

Cash flow reconciliation

Page 58: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

58

2,451

3,026

Life operating result

Life operating result (Euro m)

FY10FY09

+23.5%

Life Operating result by country (Euro m)

IV. BACK UP

Of which:

-40.4%177297CEE

Total +23.5%3,0262,451

+60.8%293182RoW

+78.8%12871Switzerland

+90.4%6434Austria

+23.1%11089Spain

+57.3%417266RoE

+46.9%354241Germany

+31.1%596455France

+17.6%1,1881,010Italy

�FY10FY09

(Euro m)

Page 59: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

59Life net inflows by country

IV. BACK UP

Of which:

-72.1%(522)(303)Spain

+105.4%16379Austria

-1.1%545504Switzerland

-12.9%2,8233,188RoE

+35.6%1,6191,095RoW

-0.9%

-26.1%

+20.8%

-23.9%

+51.4%

Like for like ∆

16,13316,083TOTAL

534700CEE

4,9234,077Germany

4,4445,841France

1,7901,182Italy

FY10FY09Country

Page 60: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

60

1,274

1,128

P&C operating result

FY10FY09

-11.4%

IV. BACK UP

Of which:

-32.2%218322CEE

Total -11.4%1,1281,274

+47.3%4833RoW

-8.3%4650Switzerland

+11.4%10291Austria

-30.6%105152Spain

-44.6%199360RoE

+19.2%308258Germany

-39.3%149246France

+271.4%20655Italy

�FY10FY09

(Euro m)

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

Page 61: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

61Other operating and non operating costs by segment

FinancialNon LifeLife

(56.5)

(36.7)

(19.8)

(28.7)(1)

FY10

(44.8)(63.0)(76.3)(26.2)(15.2)Restructuring costs

(37.2)(1)(288.7)(271.7)(74.6)(83.4)TOTAL NET OPERATING EXPENSES

(71.2)

(26.4)

FY09

(125.3)

(49.0)

FY09

(244.1)(84.1)(32.9)Other net non operating expenses(2)

(307.2)(110.3)(48.0)TOTAL NET NON OPERATING EXPENSES

FY10FY10FY09(Euro m)

(1) To ensure consistency with a more accurate cost allocation performed during 2010, YE 2009 comparative figures has been restated accordingly reclassifying 14.6 m

costs from net operating expenses to acquisition and administration costs (FY 2009 reported data was -51.8 m).

(2) Other non operating expenses include mainly amortization of VOBA

IV. BACK UP

Page 62: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

62

24825019292121911731Other investments(2)

512

401

913

19

64

582

FY10

-

35

35

-

15

2

FY10

381

-

381

(1)

38

133

FY10

130

366

496

20

12

447

FY10 FY09FY09FY09FY09

Of which

1,692364911,165Total net impairments

694

998

267

67

1,108

Total

36-962Operating net

impairments

4248857Equity instruments

32637Fixed income

-27240Real estate

-

Financial

491202Non operating net

impairments

Net impairments

P&CLife(Euro m)

IV. BACK UP

Focus on impairments(1)

(1) Net of reverse impairments

(2) Including subsidiaries and associated companies

Page 63: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

63

392

1,330

1,722

(44)

366

1,438

(39)

FY09

14

1,308

1,322

(53)

232

1,204

(61)

FY09

(5)

22

17

(6)

-

25

(3)

FY09

383

-

383

15

134

208

25

FY09

(9)(2)(16)10Other investments(2)

467

1,854

2,321

231

1,468

631

FY10

(2)

15

13

-

14

1

FY10

412

-

412

141

131

157

FY10

57

1,839

1,896

90

1,323

473

FY10

Of which

Total net realized gains

Total

Operating net realized

gains

Equity instruments

Fixed income

Real estate

Financial

Non operating net

realized gains

Net realized gains

P&CLife(Euro m)

IV. BACK UP

Focus on realised gains(1)

(1) Excluding financial instruments at fair value through profit and loss

(2) Including subsidiaries and associated companies

Page 64: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

64Focus on non operating items: non operating investment income

5

(501)

236

18288

+26.2%

(694)

(512)

(199)392FY09

n.a.+22.4%∆%

37480FY10

Non operating investment income (Euro m)

FY10FY09Net realised

gainsNet

impairmentsFair Valuethr. P&L

∆ Euro m

IV. BACK UP

Page 65: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

65Focus on non operating items: interest expenses on financial debt

681 645

26 59

6.877.83Average maturity (years)

Average cost (%)

FY10FY09

5.36%5.35%

Total financial debt (Euro m)Interest expenses on financial debt (Euro m)

FY10FY09

Average cost & maturity of financial debt (%)

(1) Net of refinancing of Euro 1,750 m bond repaid on 20/07/2010

(1)

704707

(1)

36.1%35.2%

53.0%51.0%

10.9%13.8%

FY09 FY10

Senior Sub/Hybrid Other

12,27214,287

IV. BACK UP

Page 66: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

66

IV. Backup

Agenda

P&L

Balance sheet

Life

Capital

Sustainability

Definitions

Page 67: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

67Consolidated balance sheet

(1) Including reinsurance amounts of technical reserve

(2) According to a better definition and allocation of tax liabilities the comparative amounts have been coherently restated (FY 2009 reported data: Other debts and

allowances 9.2 bn, Other liabilities 34.7 bn)

(3) Including assets and liabilities related to discontinued operations (Intesa Vita)

Assets Liabilities

422.4423.8Total Assets

21.346.3Other assets (1)

3.83.8Tangible assets

11.511.3Other credits

364.2

11.0

341.5

10.5

Investments

Cash

10.710.4Intangible assets

FY10FY09(Euro bn)

9.18.9(2)

Other debts and

allowances

329.6309.6Technical reserves

422.4423.8

Total Liabilities and

Shareholders’ Equity

9.735.0(2)(3)Other liabilities

53.950.4

Subordinated and

financial liabilities

20.020.0Shareholders’ Equity

2.53.3Minority interests

17.516.7

Shareholders’ Equity

(Group share)

FY10FY09(Euro bn)

IV. BACK UP

Page 68: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

68

321.7

50.3

98.8

FY10 Assets Under Management

Total

Euro 470.8 bn

Fixed income

instruments

79.2%

Other

3.7%

Real Estate

4.9%

Equity

8.5%

Available for sale

58.7%

Loans

24.0%

Real Estate

4.1%

Group

participations

0.8%

Held to maturity

1.4%Fin. Instr. at fair

value thr. P&L

7.2%

Unit Linked

Third parties AUM

“Own Investments”(1)

IV. BACK UP

Esposizioni nette a

governativi di

Grecia, Spagna,

Portogallo e Irlanda

(1) For the definitions refer to the related section within the backup

Cash & equival.

3.8%

Cash & equival.

3.8%

Page 69: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

69

97.4

212.2

11.7

Total

Euro 321.7 bn

Fixed income instruments

76.3%

Of which bonds 56.6%

Of which loans 19.7%

Real estate

13.5%

Other

7.7%

Subs, ass. & JVs

2.5%

IV. BACK UP

FY10 Own Investments at amortized cost and fair value(1)

Fixed income instruments

85.1%

Of which bonds 80.4%

Equity

12.9%

Other

2.0%

Investments at amortized cost

Investments at fair value

(1) Excluding unit linked and third parties

Cash & equivalents

Page 70: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

70

29,33428,8496,2346,0762,7492,64621,77021,546Other fixed income

100,98499,6673,6503,6669,8319,81087,97586,663Corporate

127,523126,3192,2252,2309,4499,420115,850114,669Government

359,945 20,981

4,000 424 27,298

257,84112,10922,028

MVMVMV

11,001

225,595

22,874

MV

15,645

254,836

27,298

BV

Total(2)

4244,00022,874Equity

11,97221,877222,877Fixed income instruments

256,3889,233Real estate

BV

Financial

BVBVAsset classes

P&CLife(Euro m)

FY10 book value & market value of Own Investments(1)

IV. BACK UP

(1) Excluding unit linked and third parties

(2) Net of consolidation adjustments

Page 71: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

71Quality of FY10 fixed income portfolio

3.8

4.4

% Current return

by segment

2.8Life

3.1

% Comprehensive

return by segment

P&C

By issuer (%)

Fixed income portfolio composition (Euro 254.8 bn)

51.443.1

18.6

49.6

38.944.8

30.6

39.1

11.3

50.8

12.19.7

Life P&C Financials Total

Government Corporate Other fixed income

IV. BACK UP

Bond portfolio by rating (%)

35.2% 33.4% 19.4%

8.4%

1.8%

1.7%

AAA AA A BBB NIG NR

5.3

7.0

Life

5.1Government

3.5

P&C

Corporate

Average bond portfolio

duration by segment (years)

Page 72: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

72Focus on FY10 government bond portfolio

1.6

1.7

2.9

7.4

48.7

37.7

Total

Not rated

Not investment grade

BBB

A

AA

AAA

% Split by rating

9.4

22.2

5.2

11.1

14.6

37.5

Total

RoW

RoE

CEE

France

Germany

Italy

% Split by country

43%26%

10%

Life P&C Financial

(Euro 126.3 bn, 49.6% of total fixed income portfolio)

IV. BACK UP

% of segmental own investments% Split by accounting treatment

16.383.7

Amortized cost Fair Value

Page 73: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

73Portfolios exposure on Peripheral Europe

12.1

3.0

1.8

3.8

3.5

Gross(Euro bn) Net (1)

Portugal 0.5

Spain 0.8

Ireland 0.3

Greece 0.5

Total 2.1

(1) Net of Policyholder’s Participation and Taxes

Exposure to peripheral Europe Government Bonds as at 31.12.2010

IV. BACK UP

Page 74: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

74Focus on FY10 corporate bond portfolio

2.0

2.0

15.3

34.5

14.1

32.1

Total

Not rated

Not investment grade

BBB

A

AA

AAA

% Split by rating

10.6

4.6

4.8

3.3

9.0

67.7

Life

10.9

4.9

4.1

8.6

5.7

65.8

P&C

Other

Industrial

Telecom

ABS

Utilities

Financials(1)

% Split by industry

(Euro 99.7 bn, 39.1% of total fixed income portfolio)

IV. BACK UP

34.965.1

Amortized cost Fair Value

32% 27%16%

Life P&C Financial

% of segmental own investments% Split by accounting treatment

(1) Including covered bonds: 19.9% in life, 13.2% in P&C

Page 75: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

75

6.8

27.3

(0.4)(0.9)(19.0)

(0.2)

Focus on FY10 equity portfolio

34.9

21.6

6.1

9.1

10.3

18.1

Life

27.2

28.0

6.3

3.4

8.2

27.0

P&C

Funds

Other

Industrial

Telecom

Consumer

Financials

% split by industry

9% 11% 2%

Life P&C Financial

2.6

3.0

% Current return

by segment

5.0Life

1.6

% Comprehensive

return by segment

P&C

(Euro 27.3 bn)

IV. BACK UP

% of total own investments

FY10 Group net equity exposure

MinoritiesTaxes Net

equity

exposure

Policyholders’

interests

HedgingGross

equity

exposure

Page 76: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

76FY10 Group real estate assets (1/2)

100%24.8100%18.9Total

1%0.21%0.2RoW(2)

21%5.420%3.9RoE(1)

1%0.21%0.2CEE

17%4.323%4.3Germany

20%4.920%3.7France

40%9.835%6.6Italy

% of

the total

Total Inv. MV

(Euro bn)

% of

the total

Total Inv. BV

(Euro bn)Country

Investment properties vs self use Yield on investment properties

Self Use

15.3 %

Investment

properties

84.7 %

IV. BACK UP

(1) RoE includes Austria, Spain, Israel, Switzerland, Belgium and Netherlands

(2) RoW includes Latin America, Far East and US

7.4%Life

8.7%

Total

P&C

% Current return by segment

Page 77: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

77FY10 Group real estate assets (2/2)

IV. BACK UP

100%22,3100%7.1Total

1%0.21%0.1RoW

24%5.324%1.7RoE

1%0.22%0.1CEE

15%3.319%1.3Germany

21%4.721%1.5France

38%8.633%2.4Italy

% of

Total MV

MV

(Euro bn)

% of

total area

Area

(sqm m)Country

Residential 8%

Retail 6%

Logistic 3%

Other 9% Office 74%

Direct Investments in leader countries

Page 78: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

78Investment yields(1)

2.0

2.0

1.8

1.9

1.9

2.9

2.7

2.7

2.1

FY10

-0.1

-0.1

2.0

-0.8

-0.8

3.2

0.7

0.7

2.7

FY09

Other

3.0

4.8

4.2

3.4

4.4

4.4

2.9

5.0

4.3

FY10

7.3

4.6

4.3

7.2

3.7

4.7

7.7

4.9

4.4

FY09

Total

6.45.65.32.75.05.3Total P&L

7.07.22.4-2.54.64.9Total P&L

6.04.76.03.45.15.5Total P&L

Investment

properties

EquitiesBonds and Loans

TOTAL

6.4

7.8

7.0

8.7

6.0

7.4

FY10

4.84.922.42.86.9Comprehensive

LIFE

5.6

7.6

7.2

9.0

6.9

FY09

21.4

3.5

15.9

3.5

3.1

FY09

NON LIFE

3.24.34.4Current

1.63.16.8Comprehensive

2.63.84.0Current

4.32.86.8Comprehensive

3.04.44.5Current

FY10FY10FY09% return

(1) For the definitions refer to the related section within the backup

IV. BACK UP

Page 79: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

794Q10 IFRS Shareholders’ equity roll forward

17,49018,201

16,652(67)

100179389

(1,312)

-3.9%

IFRS Shareholders’ equity roll forward (Euro m)

Shareholders‘

Equity 9M10

∆ Currency

Translation

Reserve

4Q 2010

Net Result

Other Shareholders’

Equity FY10

∆ Cash Flow

Hedge

Reserve

∆ in AFS

Reserve

Shareholders’

Equity FY09

IV. BACK UP

Change in AFS reserve (Euro m)

-184

1,128

64

4

(1,381)

Other AFS Reserve FY10

Impact Bond Investments

Impact Equity Investments

AFS Reserve

9M10

Page 80: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

80

16.9 16.8

23.9 23.6

Solvency I update

(1) Including off balance sheet unrealized gains on real estate, 8%pts of which subject to authorities’ authorization

Required margin Available margin

FY10FY09

142%(1) 140%(1)

(Euro bn)

Main drivers of change

Available margin

� Consolidated result:

� Proposed dividends:

� Intesa Vita divestiture

� Financial markets and other elements:

Required Margin

� Intesa Vita divestiture

� Increase in required margin due to

strong life business growth:

+2.0

-0.8

-0.6

-0.9

-0.7

+0.6

IV. BACK UP

Page 81: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

81

140

127

128

153

135

132

Stress tests on Solvency I and Shareholders’ equity

Impact on proforma solvency I ratio

(%)

Impact on FY10 Shareholders’ equity (Euro

bn)

Total ratio FY10

Equities -30%

Interest rate +100bps

Interest rate -100bps

Credit spread +100bps

Real estate -10%

(2.1)

(2.0)

2.0

(0.9)

Equities -30%

Interest rate +100bps

Interest rate -100bps

Credit spread +100bps

(1) (1)

(1) Before hedging impact

IV. BACK UP

Page 82: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

82Total comprehensive income(1)

(1,031)

1,308

(644)

1,033

(245)

794

4591,916

(178)

(1,010)

181

(505)

4Q103Q101Q10 2Q104Q093Q092Q091Q094Q083Q082Q081Q08

(Euro m)

(1) For the definitions refer to the related section within the backup

1,452

FY10

2,096

9M10

1,308

1Q10

1,0632,9902,532616(178)(2,365)(1,354)(1,536)(1,031)

1H10FY099M091H091Q09FY089M081H081Q08

+3,000 m

-3,000 m

IV. BACK UP

Page 83: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

83AFS reserve breakdown

(166)(56)(779)Corporate

(396)281446Government

277475(621)Equity

(184)730(1,106)TOTAL

10129(152)Investment funds and other

(562)

FY10

225

FY09

(333)Fixed income instruments

FY08(Euro m)

IV. BACK UP

Page 84: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

84Financial debt schedule

0

500

1,000

1,500

2,000

2,500

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

Hybrid Subordinated Senior Loans

Bonds

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

IV. BACK UP

Page 85: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

85FY10 technical reserves

IV. BACK UP

313,34850,455262,893GROUP TOTAL

6,9151,3185,597CEE

84,73812,44972,289Germany

15,150

6,283

Linked

81,99366,843France

83,37177,088Italy

Life net technical reserves(1)

TOTALTraditional(Euro m)

(1) Including investment contracts for Euro 15,371 million

13,475

1,219

1,806

2,074

4,939

Motor

30,23616,761GROUP TOTAL

2,001782CEE

4,0842,278Germany

5,2143,140France

11,8486,910Italy

P&C net technical reserves

TOTALNon Motor(Euro m)

Page 86: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

86Operating ratio on investments(1)

IV. BACK UP

0.89

4.82

0.32

0.66

1.31

FY09 (%)

0.97

2.51

0.43

0.74

1.44

FY10 (%)

+0.09GROUP TOTAL

-2.31CEE

+0.11Germany

+0.09France

+0.13Italy

�(%pts.)

Life operating ratio on investments (%)

P&C operating ratio on investments (%)

3.58

11.90

4.29

4.64

0.44

FY09 (%)

3.07

6.82

5.01

2.78

1.63

FY10 (%)

-0.52GROUP TOTAL

-5.08CEE

+0.72Germany

-1.86France

+1.19Italy

�(%pts.)

(1) For the definitions refer to the related section within the backup

Page 87: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

87Number of shares(1)

34,420(34,420)-Change in scope

1,414,072,429

Weighted number of shares outstanding in year ending

12.31.2009 adjusted for the effects of all dilutive

potential ordinary shares.

1,540,850,443

Weighted number of shares outstanding in year ending

12.31.2010 adjusted for the effects of all dilutive

potential ordinary shares.

---Stock options

Potential (dilutive) shares:

1,540,850,443

Weighted number of shares outstanding in year ending

12.31.2010

1,540,873,83715,999,4461,556,873,283shares outstanding at 12.31.2010

(2,106)2,106-Generali shares purchase

8,800-8,800Exercise of stock options

---Stock grant plan

---Capital increase

1,540,832,72316,031,7601,556,864,483shares outstanding at 12.31.2009

1,414,072,429

Weighted number of shares outstanding in year ending

12.31.2009

Shares

outstanding

(1-2)

Own

shares

(2)

Ordinary

Shares issued

(1)

(1) Calculation based on IAS 33

IV. BACK UP

Page 88: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

88Per share(1) indicators

IV. BACK UP

FY10(Euro)

17.5

8.4

11.4

0.45

1.10

Embedded Value per share(2)

ANAV per share(2)

Book Value per share(2)

Dividend per share

Earnings per share(1)

(1) Calculated on the basis of weighted shares outstanding during 2010 (1,540,850,443)

(2) Calculated on the basis of shares outstanding at 31.12.2010 (1,540,873,837)

Page 89: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

89

IV. Backup

Agenda

P&L

Balance sheet

Life

Capital

Sustainability

Definitions

Page 90: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

90

Assicurazioni Generali Group – FY 2010 results

Life EV roll-forward

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

Life & health RoEV

Life & health Normalised RoEV

-4.2%Adjusted embedded value FY09 24,638

Embedded value earnings -1,024

Normalised EV earnings (1) 2,421

(Euro m)

23,68324,638 23,927313

1,426

488

1,050468

70 3,431

Perimeter,

FX

Adjusted

EV FY09NBV

Expected

contributionOperating

variance

Economic

varianceCapital

flow

EV FY10Model

changesEV FY09

9.8%

IV. BACK UP

( ) ( )

Of which -3.0 bn due to the extraordinary

widening of the spreads between government

bonds and swap rates, together with the

correlated drop of equity market in Italy

(1) Life normalised EV earnings defined as NBV + Expected contribution + Operating variance excluding extraordinary expenses (-14 m)

Page 91: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

91

-1.7

-5.5

-4.3

+4.0

-8.0

+4.2

-1.3

Assicurazioni Generali Group – FY 2010 results

FY10 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 23,927 m

Page 92: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

92

Assicurazioni Generali Group – FY 2010 results

Life new business: APE

(Euro m) APE Annual Premiums Single Premiums

2009 2010Like for like

� 2009 2010Like for like

� 2009 2010Like for like

Italy 1,704 1,766 +3.6% 1,102 1,091 -1.0% 6,022 6,753 +12.1%

Germany 984 976 -0.9% 838 709 -15.4% 1,460 2,665 +82.5%

France 1,225 1,172 -4.4% 254 307 +20.6% 9,712 8,649 -11.0%

CEE 158 172 +5.3% 134 139 +0.1% 237 330 +34.9%

RoE 740 792 +4.0% 364 442 +15.3% 3,758 3,506 -7.5%

Austria 83 97 +8.7% 67 72 +2.6% 161 252 +31.1%

Spain 128 118 -7.3% 50 55 +9.7% 778 636 -18.2%

Switzerland 90 96 -10.5% 83 89 -9.7% 73 69 -20.1%

RoW 377 455 +7.3% 318 364 +1.7% 586 908 +37.8%

Total 5,188 5,333 +1.3% 3,011 3,052 -0.7% 21,775 22,810 +4.2%

IV. BACK UP

Page 93: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

93

Assicurazioni Generali Group – FY 2010 results

Life new business: Value and margins

IV. BACK UP

(Euro m) NBV

2009 2010Historical

Like for like �

Italy 486 326 -33.0% -33.0%

Germany 174 173 -0.7% -0.7%

France 127 146 +15.5% +15.5%

CEE 62 56 -10.1% -13.9%

RoE 173 197 +14.2% +8.6%

Austria 23 23 +0.2% -4.9%

Spain 30 28 -9.1% -9.2%

Switzerland 41 41 +0.4% -15.4%

RoW 106 153 +43.5% +29.3%

Total 1,128 1,050 -6.9% -8.8%

Margins on APE

2009 2010 ∆ pts

28.5% 18.4% -10.1%

17.7% 17.7% +0.0%

10.3% 12.5% +2.2%

39.1% 32.3% -6.8%

23.3% 24.9% +1.6%

27.2% 23.3% -3.9%

23.8% 23.3% -0.5%

45.2% 42.8% -2.4%

28.2% 33.5% +5.3%

21.7% 19.7% -2.0%

Margins on PVNBP

2009 2010 ∆ pts

3.3% 2.2% -1.2%

1.6% 1.7% +0.1%

1.1% 1.3% +0.3%

5.1% 4.3% -0.7%

2.6% 3.0% +0.5%

2.7% 2.3% -0.4%

2.7% 2.8% +0.1%

4.9% 4.0% -0.8%

3.3% 3.6% +0.3%

2.3% 2.2% -0.1%

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94

Assicurazioni Generali Group – FY 2010 results

Value of Asset Gathering

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

20102009

+9.4%

20102009

-4.3%

2009 2010 %

New inflows

(Euro bn) 13.7 17.2 +25.4%

Value of new business

in % of New inflows 1.23 0.94 -29bp

2009 2010 %

Assets under

management (Euro bn) 53.9 62.7 +16.3%

Value of business In-

force in % of AUM 1.82 1.72 -10bp

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.

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1,075

983 168 161

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95

IV. Backup

P&L

Balance sheet

Life

Capital

Sustainability

Definitions

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96

Assicurazioni Generali Group – FY 2010 results

EBS results: Risk capital diversification

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Total diversification benefits at 33%

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

(2) Based on preliminary figures

Group RAC at 99.95%

before diversification

Group diversification Group RAC at 99.95%

(Euro bn)

(10.0) (2)

20.6(2)

30.6(2)

33%

Not under IM(1) 2.0 / 7%

Operational 2.2 / 7%

Non-Life U/W 2.3 / 8%

Life U/W 3.3 / 11%

Credit &

Currency5.8 / 19%

Interest rate 4.3 / 14%

Real estate 3.7/ 12%

Equity 6.9 / 23%

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97FY10 reconciliation of life & health MCEV with group EV (EBS basis)

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26,968 3,041 23,927 Embedded Value (EBS basis)

14,026 1,075 12,951 In-force value (Life & AuM)

12,942 1,966 10,976 Adjusted Net Asset Value

(2,447) (0) (2,447) Unrealised Gains included in L&H VIF

1,347 1,347 -Fair Value adj, of P&C Liabilities

14 66 (52) MTM of Debt and Employee Benefit Plans

(3,509) (913) (2,596) Life DAC, VoBA and other adjustments

(6,992) (6,700) (292) Goodwill

7,040 3,165 3,875 MTM of Assets

17,490 5,002 12,488 IFRS equity

GROUP Other Life & Health

MCEV (Euro m)

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98

IV. Backup

P&L

Balance sheet

Life

Capital

Sustainability

Definitions

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99Generali in the Ethical Indices

• ECPI Ethical Index Euro

• ECPI Ethical Index Global

• FTSE ECPI Italia SRI: Leaders Index; Benchmarck Index

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Assicurazioni Generali Group – FY 2010 results

100Number of employees

Number of employees 2010 employees by area (%)

20102008 2009

+0.1%

84,063 85,322 85,368

France

10.4%

CEE

16.9%

Rest of World

16.9%

Germany

17.9%

Rest of

Europe 18.0%

Italy

19.9%

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101Training

Average hours of training per capita

2010 average hours of training per capita

breakdown

+22.9%

20102008 2009

37.235.5

43.638.0

39.6

21.3

36.9

50.2

43.6

49.5

Italy France Germany CEE Rest of

Europe

Rest of

World

Generali

Group

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102Allocation to the Community

Allocation to the community (Euro m) 2010 Allocation to the community by area

20102008 2009

+10.4%

38.141.2

45.5

France

5.2%

CEE

11.5%

Rest of World

6.9%

Germany

21.0%

Rest of

Europe 19.1%

Italy

36.2%

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103

-40.3%31.5%Environmentally friendly paper quota

-47.9%27.3%Renewable sources quota

-76.3%69.5%Selective waste collection quota

-0.3%18.818.9Per capita water consumption

(cubic meters)

+2.8%72,267.470,321.0Paper consumption (quintals)

+3.2%5,150.84,989.5Per capita electrical energy consumption (kWh)

Change20102009

Environmental data(1)

(1) The data refers to the Environmental Management System (EMS) of the Generali Group. At present, a set of buildings in six countries (Italy,

Austria, France, Germany, Spain and Switzerland) is included in the EMS.

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104

IV. Backup

P&L

Balance sheet

Life

Capital

Sustainability

Definitions

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105Definitions: P&L and balance sheet (1/2)

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Operating result of life, P&C and financial segments, before holding expenses and consolidation adjustmentsOperating Result

Premiums inflows in the period less benefits paid to the policyholders. It does not include revaluation of

mathematical reserves

Life Net Inflows

calculated considering equivalent exchange rates and scope of consolidationLike for Like changes

consists of the following elements:

i) "Technical Margin" includes loadings, risk result, surrender result; it is gross of acquisition and administration costs

ii) "Investment Result" includes interests and dividends, interest expenses on operating debt, G/L on foreign currency

and investment expenses, net of policyholder benefits; it includes also operating realised and unrealised G/L, net of

policyholder benefits

iii) "Expenses" include acquisition and administration costs and other net operating items (it does not consider any

loading charged to policyholders)

“Operating ratio on Investments” is calculated as Operating result on the average of Investments at book

value

Life Operating Result

are calculated on quarterly average asset base at IFRS book value and are defined as follows:

Current return: interest, dividends and similar income

Total P&L return: = current return + harvesting return (net realized gains, net impairments and net unrealized

gains reported in P&L), net of investment expenses

Comprehensive return:

i) for fair value investment (AFS, FVthPL) = current return + total change in fair value, net of investment expenses;

ii) for investment at amortised cost (Real estates, loans, HtM) = Total P&L return

Investment returns for Life segment income from bonds and loans issued by Group companies and

investments in consolidated subsidiaries backing policyholders’ liabilities.

Investments Returns

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106

Operating result of life, P&C and financial segments, after holding expenses and consolidation adjustments.

Operating result is a non-GAAP indicator and may differ from similar measure presented by other companies.

Management uses this non-GAAP measure as key indicator in assessing Generali’s performance and believes

that the presentation of these KPI provide useful and relevant information's to shareholders and users on

Generali’s performance. Please refer to the ‘Methodological note on alternative performance measures’

included in the Management Report for details on operating result methodology.”

Total Operating Result

Change in shareholders’ equity during the period related to income and expenses recognized in profit or loss

or directly in shareholders’ equity resulting from transactions and events other than transactions with equity

Owners.

Total Comprehensive

Income

consists of the following elements:

I) "Technical Result" is net of acquisition and administration costs

ii) "Investment Result" includes interests and dividends, interest expenses on operating debt and investment expenses

iii) “Other" includes other net operating items not considered in Technical Result and in Investment Result

“Operating ratio on Investments” is calculated as Operating result on the average of Investments at book

value

P&C Operating Result

does not include unit/index linked investments and consist of the following asset class (*):

i) Fixed income instruments include quoted and unquoted bonds, loans including deposits under reinsurance business

accepted, term deposits with credit institutions;

ii) Equity-like instruments include quoted and unquoted equities and alternative investments;

iii) Real estate investments excluding own used properties;

iv) Cash and cash equivalent including Repo and Reverse repo

v) Other investments include investments in non-consolidated subsidiaries, derivatives, receivables from banks or

customers

(*) Investment fund units are allocated to each asset class on a look through basis,

Own investments for life segment include bonds and loans issued by Group companies and investments in

consolidated subsidiaries backing policyholders’ liabilities. They are net of consolidation adjustments.

Own Investments

Definitions: P&L and balance sheet (2/2)

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107Definitions: Life EV (1/2)

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is an actuarially determined estimate of the value of a company, excluding any value attributable to future new

business. With reference to the covered business, and to the relevant consolidation perimeter (i.e. the

operating life, health and pension companies of the group), the EV is equal to the sum of the Adjusted Net

Asset Value and the Value In-Force.

Life Embedded Value

(EV)

is defined as the rate that makes equal to zero the present value of new business distributable profits

(therefore allowing for new business first year strain and required capital absorption) calculated using “real-

world” best estimate assumptions.

Internal Rate of Return

(IRR)

correspond to the difference between the closing and the opening EV, excluding adjustments to opening EV

and capital movements.

Embedded Value

Earnings

corresponds to the consolidated market value of the assets backing the shareholders’ funds, net of taxes and

policyholder interests on any unrealised capital gains and losses, after the elimination of goodwill and DAC, net

of other adjustments required to maintain consistency with the valuation of the in-force business, and before

the payment of dividends from profits of the year.

Adjusted Net Asset

Value (ANAV)

is defined as new business annualised regular premiums plus 10% of single premiums.Annual Premium

Equivalent (APE)

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108Definitions: Life EV (2/2)

IV. BACK UP

is the present value, at the point of sale, of the projected stream of after tax industrial profits expected to be

generated by the covered new business written in the year, taking into account the actual acquisition costs

incurred in the year of sale, after allowance for:

� the cost of financial guarantees and options granted to policyholders;

� the frictional costs of setting up and holding the required capital;

� the cost of non hedgeable risks.

NBV is calculated according to year-end economic and operating assumptions.

New Business Value

(NBV)

correspond to Embedded Value Earnings, net of economic variances and extraordinary expenses.Normalised Embedded

Value Earnings

is the present value of the projected stream of after tax industrial profits that are expected to be generated by

the covered business in force at the valuation date, after allowance for:

� the cost of financial guarantees and options granted to policyholders;

� the frictional costs of holding the required capital;

� the cost of non hedgeable risks.

Value In-Force (VIF)

is defined as the present value of the future new business premiums, calculated using year-end assumptions

for lapses and other exits and discounted to point of sale using the reference rates.

Present Value of New

Business Premiums

(PVNBP)

is the period of time (in years, from issue date) required to recover the cost of the initial investment in new

business (i.e. new business first year strain and required capital absorption) calculated by means of a

deterministic projection based on “real-world” best estimate assumptions.

Payback Period

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109Definitions: Group EV

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Embedded Value earnings on opening Embedded ValueRoEV

Annualised and normalised earnings on opening Embedded ValueNormalised RoEV

Within the EBS framework of the Generali Group, it is the capital necessary to absorb the maximum loss of

available capital, identified according to a 1-year value-at-risk approach, at a specified confidence level

consistent with the risk appetite (defined at 99,5% for Solvency II purposes and at higher level for Group

internal and rating purposes). It corresponds to the SCR calculated with the internal model.

Risk Capital or Risk

adjusted capital (RAC)

An estimate of the value to shareholders of a book of insurance business at a given date, consisting of the

following components:

� Free surplus allocated to the covered business;

� Required capital, less the cost of holding required capital;

� Value of future shareholder cash flows from in-force covered business.

The embedded value concept is applicable to general insurance, although it is more commonly encountered in

the life and health context. The value of renewals of existing contracts is included, but the value of future new

contracts is excluded.

Embedded Value (EV)

I) General definition: Balance sheet statement based on one of those accounting approaches using market-

consistent values for all current assets and current obligations relating to in-force business, including off-

balance sheet items.

II) Within the Generali Group: common Group framework (methodology, models and tools) to assess and

report market (or fair) values of all assets and liabilities, of available capital and risk capital, both at entity

and Group level.

Economic Balance

Sheet (EBS)

It is internally defined as the available financial resources covering the totality of risks of an insurance

company, business unit or group. It is equal to the sum of Embedded Value and Hybrid Capital (Subordinated

Debt). It corresponds to the Basic own funds.

Available Capital (AC)

Page 110: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

110What’s next

April 30, 2011 - General Shareholders’ Meeting

May 12, 2011 - 1Q 2011 Results

August 3, 2011 - 1H 2011 Results

November 9, 2011 - 9M 2011 Results

Page 111: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

111Investor Relations Team

Paola Buratti (Tel.: +39-040-671157)

Head of Investor Relations

Email: [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]

Marta Porczynska (Tel.: +39-040-671402)

IR Events

Email: [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 112: Generali Group 2010 Results

Assicurazioni Generali Group – FY 2010 results

112Disclaimer

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 113: Generali Group 2010 Results

March 2006

Generali Group

2010 Results

Milan, March xxx, 2010March 16, 2011