Generali Group Interim Results 09

Venice, July 31, 2009

Generali Group

Interim results 2009

Assicurazioni Generali Group – Interim results 2009

2Agenda

I. Strategic Overview & 1H 2009 at a Glance

II. Group Financials

III. Final remarks

IV. Backup


3Agenda

I. Strategic Overview & 1H 2009 at a Glance


4Macroeconomic and financial market outlook

-6

-4

-2

0

2

4

6

8

10

Year

1981

1983

1985

1987

1989

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

2013

Advanced economies

World

Emerging and developing economies

World growth

� Economic activity seems

to have hit the bottom,

credit collapse avoided

� Forecasts have been

revised upwards for the

first time (OECD) or

“down for the last”

(Prometeia)

� Leading indicators

anticipate a flattening-out

of growth and a turning

of the cycle...

� ...yet this does not mean

the recovery will be as

steep as the recession: a

long period of sub-par

growth is possibly in the

offing

� Inflation has given way to

deflationary signals but it

remains a threat in the

medium term0

20

40

60

80

100

120

140

160

18/06/2001

18/09/2001

17/12/2001

14/03/2002

13/06/2002

11/09/2002

10/12/2002

11/03/2003

13/06/2003

10/09/2003

09/12/2003

05/03/2004

07/06/2004

02/09/2004

29/11/2004

28/02/2005

02/06/2005

30/08/2005

24/11/2005

23/02/2006

31/05/2006

28/08/2006

22/11/2006

23/02/2007

30/05/2007

27/08/2007

21/11/2007

22/02/2008

29/05/2008

26/08/2008

20/11/2008

23/02/2009

27/05/2009

0

0,5

1

1,5

2

2,5

3

3,5

4

4,5

5

MSCI EMU Total Return Euro Aggregate CBS

I. STRATEGIC OVERVIEW & 1H 2009 AT A GLANCE

(1)

(1) Barclays Euro Aggregate, corporate


5

-2%

0%

2%

4%

6%

2004 2005 2006 2007 2008 2009

France Germany Italy

2009: a challenging year for the insurance industry

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

2004 2005 2006 2007 2008 2009

France Germany Italy


Source: National Associations up to 2008: For 2009 estimates: ANIA for Italy, GDV for Germany, FFSA for Life and R&D for non life in France. Non-life doesn’t include

Health in Germany and France

� After the peak of the

financial crisis, life

insurance shows signs of

recovery, in Italy and

France, especially in

bancassurance

� This life market trend is

driven by “traditional

products”, as they combine

attractive yields with a safe

investment. Unit-linked

demand is flat due to

financial market volatility

� Non-life negatively affected

by persisting phase of

strong competition in tariffs

and by economic downturn,

peaking in the first months

of 2009

� Some signs of stabilisation

and increasing market

discipline in recent months

Life insurance trends & outlook (GWP) – Europe (%)

P&C insurance trends & outlook (GWP) – Europe (%)


61H 2009 results at a glance

(Euro m)

+59911,61211,013Shareholders’ Equity

+400504104Net Result

+9251,9341,009Operating Result

1H 20091Q 2009 ∆ Euro m


(1) Following the announcement of the exercise of the right to sell its interest at the end of March, Intesa Vita qualified as a non-current asset held

for sale and discontinued operations.

Therefore assets, liabilities and result figures presented for our continuing operations do not include Intesa Vita. All the significant changes to

comparative figures are presented on historical and homogenous basis.


7The financial and economic crisis puts challenges to the Insurance industry

� Lower disposable income negatively influences retail P&C demand

� Car sales recession reduces primary demand and price competition drives

average premiums down in Motor; claims are generally affected by higher

moral hazard and low inflation reflected in lower retail P&C growth

� In commercial lines the economic recession reduces number of risks, slows

down insurance demand and increases moral hazard

P&C business

� Effective and diversified multi-channel distribution strategy with strong

incidence of proprietary channels

� No exposure to variable annuities and lower incidence of unit linked

� Higher incidence of recurrent premiums with guarantee allow for stable cash

flows

� Diversified business mix in P&C with lower than market Motor exposure and

balanced geographical presence

Generali Group

positioning

� Strong equity market volatility reduces unit linked demand and makes hedging

for variable annuities very risky

� Amid the increasing propensity of the population to save, individuals face

higher uncertainty regarding asset allocation

� Low interest rates, while increasing competitive attractiveness of insurance

products, reduce simultaneously margin spreads

Life business



8

Customer

centric

approach

Generali’s response to the crisis


Market

Effectiveness Process

Efficiency

Technical

Discipline

� Leverage

multichannel

distribution

� Customer retention

campaigns

� Speed-up time to

market

� Operational

excellence

programme

� Merger Generali

Volksfürsorge

� Merger Toro

Alleanza

� CEE focus from

growth to

profitability

� Motor pricing and underwriting

� Claims handling and bodyshop management

� Management and control of discount policy

� De-risking initiatives


9Strategic overview: focus on core European markets


Germany � Life and Health:

� Leveraging the strong distribution power to beat average market growth

� Leveraging leadership position in State supported pension business (Riester, Rürup)

� Non Life:

� Motor Pricing and underwriting: retention based pricing, credit rating information supporting UW decisions, dual product offer, new

discount mgmt model

� Claims Management: exploit synergies of claims factory, benefit from channeling claims into the largest bodyshop network in the

country

� Higher than market growth in Non Motor profitable business

� Special initiatives:

� Project Neue Generali well on track

� Merged company since beginning of 2009, without market share loss

� IT Migration for new business completed, portfolio migration on track

Italy � Life:� Development of product lines dedicated to young generation through the creation of GenertelLife (specialized in low cost

products sold through web) and to third age segments

� Integration of life & non life offer

� Portfolio protection through up-selling initiatives

� Non Life:

� Value accretive potential on retail/middle market segments through development of integrated life & non life solutions for SMEs

and use of salaried network to offer products dedicated to households; consolidation of Corporate lines underwriting

� Centralised management of motor pricing strategy and discount policy

� Reduction of average claims’ costs through use of preferred body shops network

� Restructuring initiatives:

� Further Group structure streamlining after Alleanza / Toro combination

� Continuing migration towards integrated Group IT systems

� Centralised administration of life and non life portfolios


10Strategic overview: focus on core European markets


� Life:

� 34.7% drop in Unit linked vs. 37% market reduction

� 9% premium increase in traditional lines

� Non Life:

� CoR impacted by early year’s big claims (i. e. Klaus and Quinten) and May hails

� Pruning of sub-performing portfolios and tariff increases in all lines

� Kareo bodyshop network in claims handling tops 50% canalisation rate


� “Ambition Generali” project to put customer centricity as a top priority

� Step-up Internet capabilities, as a tool to support distribution in all key lines

CEE

France

� Life:

� GWP show resilience to crisis

� Implement life products with riders to increase margin

� Non Life:

� Develop new segmented tariffs for Motor business to maintain profitability

� Common platform for P&C medium and large risks

� Apply best practices in Claims Handling through skills and competence sharing


� Shift of the focus to profitability: cost savings at Holding level, -20% in 2009; efficiency enhancement in Hungary with savings

up to 5% of general expenses

� Accelerated integration in Czech Rep. and Slovakia and shared back offices in Slovenia and Croatia

� Pooling reinsurance capacity

� Further development of direct channel in Hungary (Genertel.hu)


11Agenda

II. Group Financials

Profit & loss review

Shareholders equity & Solvency I

Life & P&C profitability

RoEV

Capital update


12Revenue development by segment

II. GROUP FINANCIALS

(1) Including investment contracts for 987.2 m in 1H 2009 and 2,219.8 m in 1H 2008

(2) Excluding Intesa Vita in 1H 08 and 1H 09, according to IFRS 5 treatment for discontinued operations

-10.0

-2.0

-7.5

-5.7

∆ historical

(%)

-9.62,3932,658Life Annual Premium Equivalent

-1.9(2)23,12425,002Life(1)

-1.5(2)34,68336,792Gross written premiums

-0.911,55811,790P&C

∆ like for like

(%)

1H

2009

1H

2008(Euro m)


13

Consolidation

adjustments

1,934

-141

-127

223

710

1,269

2,498

-221

-154

196

1,160

1,516

+35.9

-21.0Consolidated

operating result

+13.6Financial services

operating result

-38.8P&C

operating result

+17.8Operating holding

expenses

-13.4Life

operating result

1H 09

1H 08

� (%)

Operating result by segment (Euro m)

Operating result by segment


Impairments:

Euro 602 m

(1)

(1) Excluding Intesa Vita in 1H 08 and 1H 09, according to IFRS 5 treatment for discontinued operations. On historical terms, the variations would be -16.3% for the life

operating result and -22.6% for the consolidated operating result


14From operating result to net result

39-Result from discontinued operations (Intesa Vita)

(409)(203)Of which impairments

(334)(332)Interest expenses on financial debt

(349)(345)Non-operating holding expenses

(15)(12)Other non-operating holding expenses

(259)(311)Minority interests

-61.8(1)8892,376Consolidated result of the period before taxes and

minority interests

(165)(605)Income taxes

n.m.(1,045)(122)Consolidated non operating result

(527)285Non operating investment income

-21.0(1)1,9342,498Consolidated operating result

-65.55041,460Net result of the period

(170)(62)Net other non operating expenses

� (%)1H 20091H 2008(Euro m)


(1) Excluding Intesa Vita in 1H 08 and 1H 09, according to IFRS 5 treatment for discontinued operations. On historical terms, the variation would be -22.6% for total

operationg profit and -62.6% for consolidated result of the period before taxes and minority interests


15

611

504

107

-110

217

1H 09

-2,337-1,534Total comprehensive income – Group shareC=A+B

8611,460Net result of the period - Group shareB

-3,198-2,994Total other comprehensive income (OCI) –

Group shareA

-68-54Other(2)a2

-3,130-2,939Net unrealized gains and losses on investments

available for salea1

FY 081H 08

Total Comprehensive Income – Group Share

Total 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

(2) Including mainly net unrealised gains and losses on hedging derivatives, foreign currency translations differences and share of other comprehensive income of

associates


16

277.9

35.1

272.3

32.8

75.568.6

Investments

373.7(1)

Fixed income

instruments (3)

80.8%

Other (4)

6.0%

Real Estate (5)

5.2%

Equity

8.0%

6.8% net of hedging

Unit Linked

Third parties

AUM

“Own

Investments” (2)

FY 08 1H 09

(Euro bn)

388.5(1)

+4.0%


(1) Excluding Intesa Vita in FY 08 and 1H 09, according to IFRS 5 treatment for discontinued operations. On historical terms, the variations would be -1.8%

(2) “Own Investments” exclude real estate for own use. With this asset class “Own Investments” would amount to € 281.2 bn, compared to € 275.5 bn at the end of 2008

(3) Including mortgage loans, policy loans, deposits under reinsurance business accepted, term deposits with credit institutions and other financial investments, other loans

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

(5) Including real estate mutual funds


17

(889)(1,213)

26

(1,106)

162 136

11,612

11,31311,013

11400

324

8 63

(207)

IFRS Shareholders’ equity roll forward

Other∆ Currency

Translation

Reserve

2Q 2009

Net Result

Shareholders’

Equity FY 08

Cash

Dividend

Shareholders’

Equity 1H 09

∆ Hedging

Reserve

∆ in AFS

Reserve

Shareholders’

Equity 1Q 09

+5.4%

OtherAFS Reserve FY 08

AFS Reserve 1H 09

Impact Bond Investments

Impact Equity Investments

AFS Reserve

1Q 09

IFRS Shareholders’ equity roll forward (Euro m)

Change in AFS reserve (Euro m)



18

15.8 16.3

19.4 20.4

Solvency I update


(1) Including off balance sheet unrealized gains on real estate assets and 50% of future life profits

Required margin Available margin

1H 09FY 08

123% 125%

(Euro bn)

145% 146%

Total solvency margin(1)


19

1,5161,269

Life profitability

Life operating result (Euro m)

1H 091H 08

-13.4%(1)


Life Operating result by market (Euro m)

35,634

235,256

270,890

1H 2009

+7.333,199linked

+3.1228,175traditional

+3.6261,374Life Net Tech. Reserves(2)

�%FY 2008(EUR m)

(2) Including investment contracts; excluding Intesa Vita in FY08 and 1H09, according to IFRS 5 treatment for discontinued operations

1H 09 net inflow(3) amount to Euro 7.1 bn(3) Net inflow: premiums written in the period less surrenders and maturity. It does not include revaluation of mathematical reserves

-23.4212277France

+143.517973CEE

1,269

40

169

114

556

1H 2009

+11.735RoW

-13.41,516Total

+42.4119RoE

-35.0175Germany

-29.3836Italy

�%(1)1H 2008

(1) Excluding Intesa Vita in 1H 08 and 1H 09, according to IFRS 5 treatment for discontinued operations. On historical terms the variations would be -16.3% for the life

operating result and -33.5% for the Italian life operating result


20Life & Health: New Business Annual Premium Equivalent

APE confirms the recovery trend in 2009 reducing the year-on-year gap to -5.4% on a like for like

basis, net of 2008 “Riester-step” in Germany

In comparison with 1H08, APE mainly suffers from

the slowdown of unit linked business (-36.2%),

while traditional business increases by 0.9%.

� Italy: APE contraction (-8.2% from -9.6% at

1Q09) driven by planned reduction of less profitable

single premiums business (-14.7%).

� France: severe reduction of unit linked business

(-40.5%) offset by positive development of

traditional business (+9.8%).

� Germany: neutralising the one-off “Riester step”

effect in 2008, APE decreases only by -1.5%.

� CEE: positive performance on a like for like basis

(APE +0.6%), with resilient unit linked business.

� RoE: positive traditional business development

(+7.6%), offset by decrease in unit linked business

(-31.1%).

� RoW: APE decrease (13.7% like for like) on

account of unit linked business drop (-50.9%).


-10.0%

-10.8%

-14.6%

-34.7%

-16.2%

+1.3%

-8.2%

Historical�%

APE(Euro m)

+1.5%644636France

+0.6%81124CEE

-9.6%2,3932,658Total

204

324

602

768

1H 08

182

276

504

705

1H 09

-13.7%

-15.1%

-20.7%

-8.2%

Like for like�%

RoW

RoE

Germany

Italy


21

Margin on APE at 19.4%: after FY08 slowdown, profitability recovers in almost all countries, generally benefiting from

higher interest rates at medium-long durations.

� Italy: NBM at 24.2% driven by traditional business profitability increase, after the planned reduction of low margin

single premium products sold during 2008.

� France: NBM decreases at 8.6% on account of the less favourable product mix and the lower financial margins on

traditional business in the context of the crisis.

� Germany: NBM 18.2% driven by increased weight of profitable Health business and more favourable product mix.

� CEE: solid NBM confirmed at 35.5%.

� Rest of Europe: NBM 25.7% driven by a profitability recovery in Switzerland, Spain and Benelux.

� Rest of World: NBM 25.4%, stable margins in almost all countries partially offset by profitability decrease in US

business with technical profits penalised by higher interest rates.

NB margin on APE(Euro m)

Total

RoW

RoE

CEE

Germany

France

Italy

8.6%11.8%12.7%

35.5%34.5%29.1%

19.4%20.2%21.4%

23.0%

27.3%

17.2%

27.6%

1H 08

29.3%

23.4%

16.9%

23.5%

FY 08

25.4%

25.7%

18.2%

24.2%

1H 09

Life & Health: New Business Value and profitability

New Business Value(Euro m)

-30.9%5681France

+0.0%2936CEE

Total

RoW

RoE

Germany

Italy

-17.8%

-0.2%

-21.1%

-15.6%

-19.5%

Like for like �%

464568

4647

7188

92

171

1H 09

103

212

1H 08

New Business Value at 464 Euro millions with 19.4% profitability margin on APE



22P&C Gross Written Premiums

Overall underlying trend unchanged from Q1


+9.5+5.1585556RoW

-1.7-11.41,0911,231CEE

+2.6+2.52,0371,987France

-2.0

-0.5

-1.1

-3.7

Historical

�%

-0.9

-1.3

-1.1

-3.7

Like for like(1)

�%

2,4262,439RoE

11,55811,790Total

1,8551,876Germany

3,5663,701Italy

1H 20091H 2008

(1) Calculated considering equivalent exchange rates and scope of consolidation

(Euro m)� Italy: slightly improving trend in Q2 in all business

lines, although still within a difficult economic

scenario. Motor business continues to be

penalized by decrease of new vehicles

matriculations; non motor still affected by weak

corporate lines

� France: thanks to portfolio and tariff increases,

robust growth in all non-Motor segments,

particularly Personal Multi-risk and Assistance

covers, Accident & Health and Corporate.

� Germany: premium decrease in Motor, affected by

persistent tariff competition. Stable growth in

profitable Non-Motor lines, despite difficult

economic environment.

� CEE countries: GWP decrease due to Motor

business especially in Czech Rep., and Accident &

Health driven by Russia. Growth in Personal lines

and Commercial / Industrial.


23P&C profitability – net combined ratio

(0.1)

3.3

1H 091H 08

Combined ratio (%)

� Expense

ratio

� Loss

ratio

+3.2%pts.


Combined ratio by country (%)

(2) Excluding foreign branches; the earthquake in Abruzzo and windstorms

in Italy weighted for 3.8%pts.

27.4

70.4

27.5

67.1

97.994.6

287.4%283.3%

Reserving ratio(3) 1H 091H 08

Loss ratio Expense ratio

-1.495.797.1Germany

+1.683.782.1CEE

+3.2

-0.9

+2.7

+3.2

+6.3

∆ %pts.

102.0102.9RoW

97.994.6Total

95.492.7RoE

99.596.3France

102.5(2)96.2Italy(2)

1H 20091H 2008(1)

(1) The earthquake in Abruzzo and windstorms in Europe weighted for 2%pts.

(3) On six months basis


24

1,160

710

P&C profitability – operating result

P&C operating result (Euro m)

1H 091H 08

-38.8%


P&C Operating result by market (Euro m)

-45.5121222France

-21.0189239CEE

-38.8

+18.7

-24.9

+7.8

-80.9

∆%

1311RoW

7101,160Total

189251RoE

140130Germany

59307Italy

1H 20091H 2008


25Group Embedded Value roll-forward

(Euro m)

(1) RoEV = Annualised EV earnings on opening EV and Normalised RoEV = Annualised and Normalised Earnings on opening EV

Return on Embedded Value

RoEV (1)12.5% Normalised RoEV (1) 7.0%

Group Embedded Value

EV FY 08 Normalised

Earnings

Investment

and Tax

Variances

Cash Dividend

08

EV 1H 09

1,408

(207)(615)

23,093

22,507

Group Embedded Value Earnings at Half Year (793 m) reflect

negative investment variances of 615 m

16.5 € Group EV per share

Group EV FY 08 before Alleanza /

Intesa Vita deal



26Economic Solvency and Capital Allocation

� Very strong Economic Solvency position

� Before Alleanza/Intesa Vita deal ESC 1H 09 at 175%

� Alleanza merger deal would add 7/8%pts. to the ESC at 1H 09

Available

Capital

Group

Risk Capital

27.9

(Euro bn)

Available

Capital

Group

Risk Capital

Sub.

Debt

Sub.

Debt

Group

EV

Group

EVGroup

RAC

Group

RAC

29.0

16.515.6

Capital allocated to the

Business Units, allowing for

risk and local regulatory

requirements, equal to the

sum of:

� maximum between

solvency 1 requirement

and risk capital

� other Available Capital

held in the BU, including

Value of In-Force and

Non-Life Fair Value

adjustment

Economic Capital definition

27.4

1.9

7.1

18.4

28.3EC total

1.9

6.8

19.6

EC Financial

EC P&C

EC Life

Economic Capital (EC)Economic Solvency Coverage (ESC)

ESC 175%(2)ESC = 177%(1)

(1) ESC FY 08 = AC FY 08 (net of cash dividend 09 equal to 0.2 bn) divided by Risk Capital FY 08

(2) ESC 1H 09 = AC 1H 09 divided by Risk Capital 1H 09

(Euro bn)

1H 09FY 08FY 08 1H 09



27

III. Final Remarks

Agenda


28

Confirmed focus on efficiency enhancement

Steep yield curve increases the competitiveness of our traditional life products

Confirmed prudent risk–reward investment profile

Actions on tariffs and claims management will improve P&C technical profitability

Optimised product offer for all distribution channels

III. FINAL REMARKS

Final remarks


29

IV. Backup

Agenda


30Total gross written premiums

IV. BACK UP

3.9-2.31,347Austria

4.3-6.81,491Spain

Of which:

5.4-1.21,872CEE

Total Gross Written Premiums(Euro m)

(2)

6.010.32,076

100.0-1.534,683Total

RoW

2.2-1.8767Switzerland

14.7-3.55,092RoE

22.63.17,852Germany

24.41.48,467France

26.9-8.69,323Italy

weight on

consolidated

(%)

YoY

increaseGWPCountry

1.6-6.9562

1.8-8.3637

2.3-0.4781

Gross Life Written Premiums(1)

66.7-1.923,124

4.310.71,492

1.2-3.8413

7.7-5.52,666

17.34.55,998

18.51.06,431

16.6-11.45,757

(2)

weight on

consolidated

(%)

YoY

increaseGWP

2.31.2785

2.5-5.7854

Gross P&C Written Premiums

33.3-0.911,558

1.79.5585

1.00.6354

7.0-1.32,426

3.1-1.71,091

5.3-1.11,855

5.92.62,037

10.3-3.73,566

(2)

weight on

consolidated

(%)

YoY

increaseGWP

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

(1) Including investment contracts


31Life Premiums by Country & Business Line

Life 1H 09

Of which:

781.31.5%10.0%19.8%68.7%CEE

Total life gross

direct premiums

22,654.810.8%7.7%15.5%66.0%

1,180.148.2%9.7%2.2%40.0%RoW

413.00.2%1.1%77.6%21.2%Switzerland

556.50.6%19.7%29.1%50.6%Austria

637.137.8%0.0%1.5%60.8%Spain

2,659.518.2%4.8%38.5%38.5%RoE

5,997.26.3%16.8%26.5%50.3%Germany

6,341.85.9%6.4%9.5%78.2%France

5,694.910.9%0.0%2.2%86.9%Italy

TotalGroupHealth

Unit/index

linkedTraditional

(Euro m)

IV. BACK UP


32P&C Premiums by Country & Business Line

P&C 1H 09

Of which:

849.239.4%17.6%11.9%31.0%Spain

1,079.422.7%14.2%9.1%54.1%CEE

22.5%

29.3%

0.4%

29.9%

29.2%

9.4%

22.3%

23.9%

Commercial

Total P&C gross

direct premiums

11,323.220.7%13.6%43.1%

569.04.2%5.5%61.0%RoW

352.023.0%24.4%52.2%Switzerland

756.615.0%9.7%45.4%Austria

2,362.316.9%13.5%40.3%RoE

1,852.435.9%12.7%42.0%Germany

1,926.436.1%12.4%29.1%France

3,533.711.6%17.6%46.9%Italy

TotalPersonal

Accident/

HealthMotor(1)(Euro m)

(1) Including fleets

IV. BACK UP


33

Loss

ratio

Expense

ratio

Life – Expense ratio (%) P&C – Combined ratio (%)

Total – Expense ratio (%)

67.1 70.4

27.5 27.4

16.0 15.9

11.0 10.8

1H 091H 08

1H 091H 08

1H 091H 08

94.6 97.9

Ratios

IV. BACK UP

(1)

(1) Excluding Intesa Vita

(1)



341H2009 combined ratio reconciliation

97.9%Combined ratio(B+C)/A

27.4%Expense ratioC/A

70.4%Loss ratioB/A

2,740.4Total acquisition and insurance related administration costsC

613.2Insurance related consolidated administration costs

34.2Non insurance related administration costs(1)

647.4Consolidated administration costs

2,127.2Consolidated acquisition costs

7,032.4Consolidated net insurance benefits and claimsB

9,984.7Net 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


35Ratios by country

15.5

14.3

97.1

95.7

29.6

30.4

67.5

65.3

GER

20.4

18.6

82.1

83.7

29.3

29.6

52.8

54.2

CEE

10.818.513.44.76.69.51H 09

11.0(1)20.714.74.57.09.0(1)1H 08

Life expense ratio by country

P&C Combined ratio

P&C Expense ratio

P&C Loss ratio

94.6

97.9

27.5

27.4

67.1

70.4

Consolidated

95.4

94.7

28.3

27.4

67.1

67.2

SWI

96.6

97.2

29.9

29.0

66.7

68.2

AUT

89.4

92.0

23.5

24.1

65.9

67.9

SPAFRA

96.2

102.5

23.2

22.6

73.0

79.9

96.31H 08

99.51H 09

27.91H 08

28.11H 09

1H 08

1H 09

68.4

71.3

ITA(%)

IV. BACK UP



36Operating result by country

P&C operating result by market (Euro m)Life operating result by market (Euro m)

+11.64035RoW

+42.4169119RoE

Of which:

-35.0114175Germany

-23.5212277France

-23.61925Austria

+143.517973CEE

1,269

49

58

556

1H 09

+131.921Switzerland

-16.31,516Total

+8.054Spain

-33.5836Italy

�%1H 08

+18.71311RoW

-24.9189251RoE

Of which:

+7.8140130Germany

-24.73749Austria

-21.0189239CEE

710

23

97

121

59

1H 09

+13.721Switzerland

-38.81,160Total

-13.4112Spain

-45.5222France

-80.9307Italy

�%1H 08

IV. BACK UP


37Reclassified P&L account

39-Result from discontinued operations (Intesa Vita)

(349)(344)Non-operating holding expenses

1,460

(311)

1,771

(605)

2,376

(62)

(12)

(332)

285

(122)

(314)

(154)

2,186

359

(5,647)

(26,295)

32,364

2,498

1H 2008

504Result of the period

(259)Result of the period attributable to minority interests

763Consolidated result of the period

(165)Income taxes

889Earnings before taxes

(170)Net other non-operating expenses

(15)Other non-operating holding expenses

(334)Interest expenses on financial debt

(527)Non-operating income from investments

(1,045)Non-operating result

(192)Net other operating expenses

(127)Operating holding expenses

7,611Operating income from investments

379Net fee and commission income and net income from financial service activities

(5,555)Acquisition and administration costs

(31,948)Net insurance benefits and claims

31,766Net earned premiums

1,934Operating result

1H 2009

Total(Euro m)

IV. BACK UP

(1) 1H 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’)

(1)


38

(499)

-

(345)

-

(345)

-

(154)

-

-

-

-

-

(154)

Unallocated holding

expenses

(345)----Non-operating holding expenses

(154)----Operating holding expenses

2,376

(62)

285

(122)

(314)

2,186

359

(5,647)

(26,295)

32,364

2,498

Total

(220)

-

-

-

(2)

(178)

(40)

-

-

-

(220)

Consolidation adjustments

180

(23)

8

(16)

(60)

207

360

(312)

-

-

196

Financial(1)Non life

1,423

(36)

(58)

(93)

(58)

1,299

40

(2,551)

(19,601)

22,387

1,516

1,492Earnings before taxes


335Non-operating income from investments

331Non-operating result


857Operating income from investments

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




1,160Operating result

Life(Euro m)

Reclassified P&L account by segment – 1H 2008

(1) Not reclassified according to the new layout, based on operating margins and presented in the 2009 half year Consolidated Report

IV. BACK UP


39

(476)

-

(349)

-

(349)

-

(127)

-

-

-

-

-

(127)

Unallocated holding

expenses

(349)----Non-operating holding expenses

(127)----Operating holding expenses

889

(170)

(527)

(1,045)

(192)

7,611

379

(5,555)

(31,948)

31,766

1,934

Total

(141)

-

-

-

-

(104)

(37)

-

-

-

(141)

Consolidation adjustments

187

(30)

(5)

(36)

(45)

256

375

(364)

0.0

0.0

223

Financial(1)Non life

1,093

(66)

(111)

(177)

(61)

6,840

41

(2,416)

(24,916)

21,781

1,269

226Earnings before taxes


(411)Non-operating income from investments

(484)Non-operating result


618Operating income from investments

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




710Operating result

Life(Euro m)

Reclassified P&L account by segment – 1H 2009

IV. BACK UP

(1) Not reclassified according to the new layout, based on operating margins and presented in the 2009 half year Consolidated Report


40

196223

Financial services segment

360 375

67.6 71.4

Third party AUM (Euro bn)

1H 09FY 08

Financial services segment:

Operating result (Euro m)

+13.6%

1H 091H 08

Financial services segment:

Net fees and commissions (Euro m)

1H 091H 08

+4.3%

+5.6%

IV. BACK UP


41Consolidated balance sheet

(1) Including reinsurance amounts of technical reserve

Assets Liabilities

397.5383.9Total Assets

45.121.7Other assets (1)

3.83.8Tangible assets

14.611.5Other credits

313.0

11.9

327.1

10.5

Investments

Cash

9.09.3Intangible assets

1H 09FY 08(Euro bn)

11.39.1Other debts and

allowances

292.4301.8Technical reserves

397.5383.9Total Liabilities and

Shareholders’ Equity

33.410.8Other liabilities

44.546.7Subordinated and

financial liabilities

15.815.5Shareholders’ Equity

4.24.2Minority interests

11.611.3Shareholders’ Equity

(Group share)

1H 09FY 08(Euro bn)

IV. BACK UP

Other assets and other liabilities include assets and liabilities from discounted operations held for sale (Intesa Vita)


42Investments

49.6155,35953.1173,701Available for sale

100.0

18.5

0.9

26.3

0.7

3.9

% on total

100.0

20.6

0.5

21.2

0.8

3.8

% on total

313,026327,135Total investments

58,03867,402Financial Instruments at fair value through Profit

and Loss

2,8031,798Held to maturity

82,46469,193Loans

2,0492,568Group Participations

12,31312,473Real Estate (1)

1H 09FY 08(Euro m)

(1) Excluding real estate mutual funds

IV. BACK UP


43Investment yields

2.463.420.24-0.012.352.18Total P&L return(2)

3.383.21-3.701.452.182.47Total P&L return(2)

1.823.521.27-0.352.372.13Total P&L return(2)

Investment propertiesEquitiesBonds and Loans

TOTAL

2.46

3.50

3.38

4.16

1.82

3.04

1H 09

3.524.57-20.352.010.03Comprehensive return(3)

LIFE

3.42

3.88

3.21

4.33

3.61

1H 08

-20.12

3.23

-19.16

3.23

3.10

1H 08

NON LIFE

2.592.172.36Current return(1)

4.782.610.99Comprehensive return(3)


4.612.070.12Comprehensive return(3)


1H 091H 091H 08(%)

(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


44Life & Health: New Business APE

+1.5%+1.3%644 636France

Total

RoW

of which Switzerland

of which Austria

of which Spain

RoE

CEE

Germany

Italy

(Euro m)

2,658

204

40

46

71

324

124

602

768

1H 2008

+0.6%-34.7%81

-10.7%-10.7%64

-20.3%-20.3%37

-5.3%-0.4%40

New Business APE

-10.0%

-10.8%

-14.6%

-16.2%

-8.2%

% historical

-9.6%2,393

182

276

504

705

1H 2009

-13.7%

-15.1%

-20.7%

-8.2%

% like for like

IV. BACK UP


45

1H 09 Valuation of Life/Health based on:

� same market consistent methodology applied at FY 08

(with same assumptions regarding the choice of risk-free reference rates, liquidity premium and volatilities)

� 1H 09 actual economic scenario (interest rates, inflation, market value of assets and asset-mix)

� FY 08 operating assumptions (mortality, surrender, expenses)

Life/Health & Asset Gathering VIF

11,91511,094

Life/Health Value of In-force Business

(Euro m)

+7.4%

996 1,016

Asset Gathering Value of In-force Business

(Euro m)

+2.1%

IV. BACK UP

1H 09FY 08 1H 09FY 08


46Number of shares(1)

1,349,350,692

Weighted number of shares outstanding in year ending

12.31.2008 adjusted for the effects of all dilutive

potential ordinary shares.

1,357,891,906


06.30.2009 adjusted for the effects of all dilutive

potential ordinary shares.

---Stock options

Potential (dilutive) shares:

1,357,891,906


06.30.2009

1,399,735,03310,378,7141,410,113,747shares outstanding at 06.30.2009

53,797,939-53,797,939-Generali shares purchase

---Exercise of stock options

---Stock grant plan

---Capital increase

1,345,937,09464,176,6531,410,113,747shares outstanding at 12.31.2008

1,348,892,498


12.31.2008

Shares

outstanding

(1-2)

Own

shares

(2)

Ordinary

Shares issued

(1)

(1) Calculation based on IAS 33

IV. BACK UP


47What’s next

November 5, 2009 – 9M 2009 Results (Conference call presentation)


48Investor Relations Team

Stefano Burrino (Tel.: +39-040-671202)

IR Manager

Email: [email protected]

Veronica Cherini (Tel.: +39-040-671488)Jr. IR Manager


www.generali.com

Tel.: +39 040 671402

Fax: +39 040 671338

e-mail: [email protected]

Emanuele Marciante (Tel.: +39-040-671347)

IR Manager


Nicoletta Mendes (Tel.: +39-040-671402)

Team Assistant


Paola Buratti

Head of Investor Relations

(Tel.: +39-040-671157)


Assicurazioni Generali

P.za Duca degli Abruzzi 2

34132 Trieste, Italy


49Disclaimer

Certain of the statements contained herein are statements of future expectations and

other forward-looking statements.

These expectations are based on management's current views and assumptions and

involve known and unknown risks and uncertainties.

The user of such information should recognise that actual results, performance or events

may differ materially from such expectations because they relate to future events and

circumstances which are beyond our control including, among other things, general

economic and sector conditions.

Neither Assicurazioni Generali S.p.A. nor any of its affiliates, directors, officers

employees or agents owe any duty of care towards any user of the information provided

herein nor any obligation to update any forward-looking information contained in this

document.

The manager charged with preparing the company’s financial reports, 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.

Venice, July 31, 2009

Generali Group

Interim results 2009

Generali Group Interim Results 09

Business

Transcript of Generali Group Interim Results 09