GRUPPO GENERALI Press Kit Interattivo (ENG)

may 2012press kit

Generali Group may 2012press OFFiCe 2

generali groupinternational since 1831

over 82,000employees

more than 60 countries in the worldin 5 continents

65 millioncustomers

69 billion euroin premiums


generali groupinternational since 1831

an international leaderFounded in Trieste (italy) in 1831, Generali Group is one of the foremost international insurance companies, and the european leader in the life insurance sector. The Group operates in more than 60 countries in the world with more than 70% of its premium income from foreign markets.

A leading position in the main european markets: italy, Germany, France, Austria and Central-eastern europe

High growth rates in high potential markets: China, india and Brazil

With € 69 billion in premiums, Gene-rali Group operates in the Life insu-rance (67% of premiums) and Non-Life insurance sectors and services over 65 million customers with a distribution network of over 100,000 professionals.

Generali has a total of € 460 billion assets under management of which € 28 billion are in real estate. the Group’s management expertise is available for third-party institutional investors.

One of theleading

insurance companies in the world, the leader for life

insurancein europe

one of theworld’s leadingasset managers

with over€ 460 billion under management

a leader inreal estate, with

€ 28 billionproperty assets


Generali ppF HolDinG

aSia

CZeCH repuBBliCGeNerALi pOjistOvNACeskA pOjistOvNACeskA pOjistOvNA ZDrAviCp peNsiON FuND

HunGaryGeNerALi prOviDeNCiA BiZtOsitOeurópAi utAZási BiZtOsitOGeNerteL BiZtOsitO

SloVaKiaGeNerALi sLOveNskO pOistOvNA

SloVeniaGeNerALi ZAvArOvALNiCA

CroaTiaGeNerALi OsiGurANje

BulGariaGeNerALi LiFe iNsurANCeGeNerALi iNsurANCeGeNerALi ZAkriLA HeALtH iNsurANCe

ruSSia GeNerALi ppF LiFeGeNerALi ppF GeNerAL iNsurANCe

polanDGeNerALi pteGeNerALi ZyCieGeNerALi tOWArZystWO

romaniaGeNerALi rOmANiAGeNerALi ADmiNistrAre peNsii

SerBiaDeLtA GeNerALi OsiGurANjeDeLtA GeNerALi peNsiON FuND

monTeneGroDeLtA GeNerALi OsiGurANje

uKraineGeNerALi LiFe iNsurANCe

BelaruSGeNerALi FOreiGN iNsurANCe

KaZaKHSTanjsC GeNerALi LiFe

CHinaGeNerALi CHiNAiNsurANCe COmpANyGeNerALi CHiNA LiFeiNsurANCe COmpANy

HonG KonGHONG kONG BrANCH

THailanDGeNerALi LiFeAssurANCe (tHAiLAND)GeNerALi iNsurANCe (tHAiLAND)

pHilippineSGeNerALi piLipiNAsLiFe iNsurANCeGeNerALi piLipiNAs iNsurANCe

inDiaFuture GeNerALi iNDiALiFe iNsurANCeFuture GeNerALi iNDiA iNsurANCe

JapanjApAN BrANCH

VieTnam GeNerALi vietNAm

inDoneSiaGeNerALi iNDONesiA

uniTeD araB emiraTeSuAe BrANCH

COmpANy OperAtiNG iN BOtH LiFe AND NON-LiFe seGmeNts

COmpANy OperAtiNG mOstLy iN NON-LiFe seGmeNt

BrANCH AND OtHer ACtivities

COmpANy OperAtiNGmOstLy iN LiFeseGmeNt

HOLDiNG

Asset mANAGemeNt COmpANy

ListeD COmpANies

iTalyGeNerALi itALiAiNA AssitALiA ALLeANZA tOrOGeNerteL - GeNerteL LiFeFAtABANCA GeNerALiGeNAGriCOLA

GermanyGeNerALi DeutsCHLAND HOLDiNGGeNerALi versiCHeruNGeNAACHeNmüNCHeNerCOsmOsDirektDiALOGGeNerALi DeutsCHLANDpeNsiONskAsseGeNerALi DeutsCHLANDpeNsiONsFONDsCeNtrALeNvivAsADvOCArDBADeNiA

FranCeGeNerALi FrANCeeurOp AssistANCeGeNerALi vieGeNerALi iArDL’eQuitè e-Cie vie

SpainGeNerALi espAñA HOLDiNGGeNerALi seGurOsCAjAmAr viDACAjAmAr seGurOs GeNerALes

SWiTZerlanDGeNerALi (sCHWeiZ) HOLDiNGGeNerALi persONeNversiCHeruNGeNGeNerALi ALLGemeiNeversiCHeruNGeNFOrtuNA reCHtssCHutZFOrtuNA LeBeNsversiCHeruNG vADuZBsi BANCA sviZZerA itALiANA

auSTriaGeNerALi HOLDiNG vieNNAGeNerALi versiCHeruNGGeNerALi rüCkversiCHeruNGBAWAG p.s.k. versiCHeruNGeurOpäisCHe reiseversiCHeruNGGeNerALi BANk

iSraelmiGDAL iNsurANCe &FiNANCiAL HOLDiNGmiGDAL iNsurANCe

prinCipal marKeTS oF operaTionS

ameriCaSarGenTinaCAjA De AHOrrO y seGurOGeNerALi COrpOrAte

BraZilGeNerALi BrAsiL seGurOs

meXiCoseGurOs BANOrte GeNerALipeNsiONes BANOrte GeNerALi

uSaGeNerALi usA LiFe reAssurANCeu.s. BrANCH GeNerALi u.s. HOLDiNGs

GuaTemalaAseGurADOrA GeNerAL

eCuaDorGeNerALi eCuADOr

ColomBia GeNerALi COLOmBiA

panamapANAmA BrANCH

oTHer CounTrieSBelGiumGeNerALi BeLGiumGeNerALi empLOyee BeNeFits

neTHerlanDSGeNerALi verZekeriNGsGrOeppArt. mAAt. GrAAFsCHApHOLLAND (HOLDiNG)

GreeCeGeNerALi HeLLAs

uniTeD KinGDomuNiteD kiNGDOm BrANCH

porTuGalGeNerALi viDApOrtuGAL BrANCH

TurKeyGeNerALi siGOrtA

GuernSeyGeNerALi WOrLDWiDe iNsurANCe

irelanDGeNerALi pANeurOpe

the group in the world


the growth strategyThe Group’s strategy is to consolidate leadership in its core business markets and to expand in those with high growth potential, with the aim of becoming leader in terms of profitability.

Launching innovative products that best meet the customer’s insurance needs, among which pension and Assistance products

Focusing on the distribution network quality and on expansion in innovative channels

Focusing on profitability and efficiency

coremarkets

main focus:

profitability

exporting best practice strategies and supporting growth

expanding, even through joint ventures with local organisations

Launching ‘green-field’ business operations in high growth potential markets

meeting new market needs, also focusing on innovative distribution channels

developing markets

main focus:

growth

2005

% on total group

3.7 euro bln

2005 126 euro mln

2011 6.7 euro bln

2011 655 euro mln

CaGr+10.2%

CaGr+31.6%

ToTal premiumS

ToTal operaTinG reSulT

5.9%

10%

14.7%

3.6%

Developing markets


main markets

iTaly 1°17.4%

1°CZeCH rep. 34.6%

1°arGenTina 8.7%

2°FranCe 7.2%

2°Germany 9.1%

2°HunGary 15.2%

3°auSTria

market shares and rankings in several countries

italymarket leader with € 20.2 billion in premiumspresent since 183110.5 million customersleader in direct channels

Genertel roll-out, first online insurance in Italy in the Non-Life sector

Banca Generali, the Group’s bank was founded

iNA Assitalia take-over

toro take-over

Toro-Alleanza merger and GenertelLife roll-out, the first online Life insurance in italy

purchase of majority shares in Citylife, one of the largest real estate re-qualification projects in Europe

199419982000200620092011

in re

cent

yea

rs

15.2%


main markets

Francepresent since 18325.9 million customers€ 13.1 billion in premiumsDirect channel leader in the Life insurance sector; first insurance company to explore the online retail non life insurance segment

establishment of Generali France Holding

Continent Holding take-over

merger of various companies (about 20) in the 2 operating companies Generali iard and Generali vie

199520032006

in re

cent

yea

rs

Germanypresent since 183713.6 million customers€ 16.6 billion in premiumsleader in direct channels

1998

2009

AmB Group take-over

establishment of Generali Deutschland, the holding that controls all business in Germany; merger between Generali versicherungen and volksfürsorge completed

in re

cent

yea

rs

Central-eastern europepresent since 183214 million customers€ 3.9 billion in premiumsoperating in 14 countries

expansion plan launched in the area

Creation of Generali ppF Holding, joint venture between Generali and the PPF financial group

establishment of Generali romania from the merger between Asigurari and Ardaf

198920082011

in re

cent

yea

rs


Spainpresent since 1834more than 2.1 million customers€ 2.4 billion in premiums

establishment of Generali españa Holding in equal jv partnership with the Banco Central Hispano

Full take-over of the Holding company

establishment of Cajamar vida from a bancassurance partnership with Cajamar

establishment of Generali españa from the merger between vitalicio and estrella

1992

1995

2004

2009

in re

cent

yea

rs

austriapresent since 1832more than 4 million customersmore than € 2.5 billion in premiumsleader in the Car segment

1998

2007

establishment of Generali versicherung from the merger between Generali Leben and erste Allgemeine

purchase of majority shares in Bawag psk versicherung; introduction in the bancassurance channel through Bawag branches, one of the leading banks in Austriain

rece

nt y

ears

main markets


asiaoperating in 8 markets: China, india, Thailand, the philippines, Japan, Hong Kong, indonesia and Vietnam

high growth potential markets

present in the Life insurance market since 2011 strategic area for the Group due to the low insurance penetration, high savings rates and sustained forecasted economic growth

VieTnam

present since 2007 On the market with a sales force of over 60,000 agentspartner: Future Group, leader in mass distribution Launched “mall Assurance”, the innovative and exclusive marketing method c/o Future pOp

inDia

present in the Life insurance market since 2002, Non Life insurance market since 2007 One of the leading foreign groups in Life insurancepartner: China National petroleum Corporation (CNpC), ranked 6th in the 2011 Fortune Global 500 ranking, with more than 1.6 million employees Operating in 11 municipalities and provinces with over 6,000 agents and more than 850 financial promotersselected by the Chinese authorities as a pension plan consultant for former civil service employees

CHina


meXiCo

present since 1925Operating in 8 Confederate states with 14 agencies and branchespremium growth rate: +5.5% in 2011

present since 1997 in partnership with the Banorte financial groupOne of the leading bancassurance operatorsOperates through seguros Banorte and pensiones Banorte

high growth potential markets

arGenTina

BraZil

present since 1948market leader with more than 1.5 million customersOperates through Generali Argentina and La Caja, which was acquired in 1998

South america mainly operating in Brazil, argentina and mexico


the insurance businessGenerali Group is one of the leading insurance players in europe and leader in the life insurance sector. The Group primarily services retail customers and small and medium enterprises, with a selective approach to the corporate sector.

2011premiuminCome

NON-LiFe 33%

LiFe 67%

life insuranceSaVinGS anD proTeCTion

uniT / inDeXlinKeD HealTH Group ToTal

2011DireCT premiumS 60.8% 18.3% 8.7% 12.3% € 45,002 mln

Complete line of products ranging from savings and family protection poli-cies to unit-linked policies and complex plans for multinationals

Continuous innovation and development of new products to offer custo-mers a wider range of investment opportunities, maintaining the typical guarantees offered by traditional policies, such as minimum yields

Growth opportunities for supplementary pension plans and assistance for core markets

non-life insurancemoTor aCCiDenT /

HealTH perSonal CommerCial ToTal

2011DireCT premiumS 40.3% 15.1% 22.2% 22.4% € 22,092 mln

Well-balanced and diversified portfolio in all lines of business, ranging from mass-market coverage such as Car, Home and Accident insurance, to sophisticated commercial and industrial risk coverage

innovative products and high technological components, such as the “pay-as-you-drive” policies

Liquidation process efficiency and high commitment to underwriting discipline

international networksThe Corporate Business

Focus on medium-sizecorporate customers

€ 3.5 billion premiumincome in 2011

strong ties withinternational brokers

europ assistance: one of the leading international assistance service operators (e.g. road and travel assistance) operating throughout the world with 36 local companies and 7,000 associates

Generali Employee Benefits: the global insurance coverage leader for multinational corporate employees, a network of 120 insurance company affiliates in around 100 countries and a portfolio of 1,500 multinational customers


DistributionGenerali Group operates in the in-surance sector with a multichannel distribution strategy through a global proprietary sales network of agents, financial advisors and brokers. The proprietary networks are suppor-ted by bancassurance, especially in France, spain and mexico.traditional channels are complemented by innovative ones, such as internet,

which the Group seeks to develop.the Generali Group looks for distri-bution effectiveness and efficiency through initiatives aimed at enhan-cing the customer base. in particu-lar, the Group launched the Custo-mer As An Asset program based on initiatives in the fields of customer loyalty and satisfaction and cross-selling.

the insurance business

multi-brand approachiTaly

more than 2,100 agencies, with 4,000 agents, over 11,300 subagents and over 23,600 self-employed agency workersOver 2,000 brokersOver 4,500 financial advisors

SpainOver 6,100 agentsOver 3,800 brokers

Along with traditional channels, the Group focuses on developing inno-vative channels.

the Group is the leader in the direct channel (internet and telephone) in eu-rope and intends to further increase its leadership by launching new initiatives in high growth potential markets.

in italy, Generali is the sector le-ader and created, through Genertel, the first Italian online Life, Non Life and pension insurance portal.

in Germany, the Group is the sec-tor leader, present in the market since 1982 through COsmOs Direkt.

in France, Generali France is the leader in the online Life insurance sector.

in Hungary, Generali launched Genertel.hu in 2007 and, after just two years, is now the sector leader with a focus on Car insurance pro-ducts.

in Slovakia, Genertel.sk was suc-cessfully launched in 2010.

FranCeOver 1,000 agents

Over 4,000 brokers

Over 2,200 financial advisors

CenTral-eaSTern europemulti-brand approach 30,000 agents 4,300 brokers

auSTriaOver 1,000 agentsOver 4,500 brokers

multi-brand approachPartnership with the largest financial advisors network in Europe, DVAG, with more than 36,800 associates

Germany

more than 3,200 agencies, with over 5,500 agents and 12,000 subagentsOver 14,300 brokers


asset management business

As an Asset management company, Generali aims to expand its third party business and position itself as a global operator for institutional and private investors. Of the over € 460 billion assets under manage-

ment over € 97 billion are managed for third parties. Furthermore, the Group manages real estate assets worth about € 28 billion, of which 25 billion of own investments and 3 bil-lion of third parties.

FixeD iNCOme iNstrumeNts

CAsH & eQuivALeNtOtHer

reAL estAte

eQuity

oWn inVeSTmenTS

77.6%

7.9%

5.5%

4.9%

4.0%2006 2011

€ 396.7bln

+17.6%

investments’ growthin the last 5 years

uniT linKeD

THirD parTieS aum

ToTal

€ 466.6bln

310.8

58.3

97.5



Generali inVeSTmenTS

single organisation that oversees the Group’s main asset management companies with more than € 300 billion in assets under management

A dual mission: to ensure Group financial asset management; to manage third party institutional investor portfolios and investment funds

BanCa Generali

Established in 1998, it operates in the integrated financial, banking and insurance product distribution sector, through a network of 1,500 financial consultants

With € 1.3 billion net inflows in 2011 and over € 23 billion in assets under management, Banca Generali is one of the leading industry players in italy

banca generali

BSi

Founded in 1873, it is one of the oldest swiss banks in the investment ma-nagement industry and has been part of the Generali Group since 1998, with more than € 64 billion in assets under management in 2011

Operates in leading financial markets in Europe, Latin America, the Middle east and Asia and invested in expanding Hong kong and singapore bran-ches since 2010

bsi

GuoTai

With a 30% stake controlled by Generali, it is one of the few Chinese compa-nies authorised to manage all asset classes, among which the funds of the new Chinese supplementary pension system. It was the first Chinese com-pany to be granted the licence for the asset management activity in 1998

in 2011, Generali received the QFii status, which enables the Group to invest in China’s financial markets through Guotai

guotai

generali investments


BreaKDoWnBy uSe

LOGistiCs

retAiL

OtHer 7%

3%

15%

resiDeNtiAL10%

OFFiCes 65%

Generali real eSTaTe

Combines Generali Group real estate investments and infrastructure ma-nagement and services on an international level

Business based on asset management, for asset improvements and rota-tion, and on real estate services (property, project and Facility manage-ment), for property asset preservation and requalification

strong expertise in property Funds: Generali immobiliare italia sGr, ope-rating in italy since 2006, manages 8 property funds with € 5 billion of assets under management

BreaKDoWnBy CounTry

rest OF tHe WOrLD

GermANy

20%

16%

FrANCe 21%itALy 43%

generalireal estate



key figures2011 Gross Written premiums: € 69 bln

premium income evolution by geographic region

Group’s Key Figures (€ mln)

Key equity Data (€ mln)

2003

39% itALy

61% rest OF tHe WOrLD

71% rest OF tHe WOrLD

2011

29% itALy

*Taking into eccount financial liabilities related to policies of the life segment and excluding deferred policyholders liabilities.

31 DeCemBer 2010

31 DeCemBer 2011 CHanGe

inSuranCe proViSionS* 343,584 347,167 +1%

inVeSTmenTS 372,155 369,126 -0.8%

SHareHolDerS’ eQuiTy aT BooK Value 17,490 15,486 -11.5%

2010 2011

GroSS WriTTen premiumS 73,188 69,159

liFe premiumS 51,098 46,394

non-liFe premiumS 22,090 22,765

annual premium eQuiValenT 5,333 4,787

eXpenSe raTio 15.3% 16.6%

ComBineD raTio 98.8% 96.5%

neT reSulT oF THe perioD 4,077 3,928

uTile neTTo 1,702 856

By area

1% AsiA

24% GermANy

7.2% OtHer eurOpe

3.7% AustriA

3.1% sOutH AmeriCA

29.2% itALy

18.9% FrANCe

3.7% OtHer COuNtries

3.5% spAiN

5.7% Cee


Generali’s ratings assigned by the primary agencies

Generali vs. peers in 2011

key figures

payout ratio

raTinG FinanCial STrenGTH ouTlooK

STanDarD & poor’S a STaBle

mooDy’S a1 neGaTiVe

FiTCH a- neGaTiVe

am BeST a unDer reVieW WiTH neGaTiVe impliCaTionS

liFe neT inFloWS (€ bn) allianZ 1.3

aXa 3.3

Generali 5.8

ZuriCH* 2.8

ComBineD raTio (%)allianZ 97.8

aXa 97.9

Generali 96.5

ZuriCH 98.8

* uS $ mld

2003

41.5%

2004

41.7%

2005

35.9%

2006

39.7%

2007

41.8%

2008

24.6%

2009

41.6%

2010

41.1%

2011

36.4%


capital and shareholders

Corporate information subscribed and paid-in share capital: € 1,556,873,283.00

Number of shares in issue: 1,556,873,283

Nominal value per share: € 1

2011 dividend: € 0.20 per share

SHareHolDer STruCTure

13.24% meDiOBANCA GrOup

4.49% BANk OF itALy

2.43% B&D HOLDiNG GrOup

2.84% BLACkrOCk GrOup

2.21% eFFeti

2.27% CALtAGirONe GrOup

3.00% LeONArDO DeL veCCHiO

69.52% OtHer iNstitutiONAL AND retAiL iNvestOrs


corporate social responsibilityAs one of the leading international insurance and financial companies, Generali Group is at the centre of attention and demand from a varie-

ty of stakeholders: associates, sha-reholders and investors, customers, issuers, institutions and local com-munities.

2009 introduction of a Group environmental management system that meets isO 14001 standards 2010 adoption of a Group Code of ethics 2012 first Sustainability Committee meeting, arranged to provide advice to the Board of Directors on environmental and social matters

Global Added value, which repre-sents the wealth generated for sta-

keholders from Group activities, total-led € 12.7 billion in 2011.

Generali millennium Launched by the Group in india to support the “millennium Development Goals” initiative, promoted by the united Nations, the project aims to encourage growth and improve social and economic conditions in emerging countries. the Group has created some insurance and health coverage products specifically designed to meet the needs of the country’s poorest classes.

Generali is included in the following ethical indexes:aSpi eurozoneeCpi ethical index euro & GlobalFTSe 4Good europe & Global indexesFTSe eCpi italia sriSToXX europe sustainabilitymSCi esG indicesaSi – Axia sustainable indexeSi – ethibel sustainability index

GaV’SDiSTriBuTion

in 2011

42.1% AGeNts AND ADvisOrs

0.4% COmmuNity

33.5% empLOyees 5.1% GOverNmeNt

4.8% sHAreHOLDers

9.8% LeNDers

4.3% COmpANy

Generali’s sustainability strategy is defined by four key objectives:

pursue ongoing sustainable growth

release the potential of those who work for the Group

support the communities where the Group works, participating in welfare, cultural and sports initiatives

promote the reduction of direct and indirect environmental impacts


corporate governanceTop managementGabriele Galateri di GenolaCHAirmAN

Giovanni perissinottoGrOup CeO

Sergio BalbinotmANAGiNG DireCtOr

raffaele agrusti*GeNerAL mANAGer AND CFO

paolo VagnoneGeNerAL mANAGer (itALy)

Francesco GarelloDeputy GeNerAL mANAGer

manlio lostuzziDeputy GeNerAL mANAGer

Valter TrevisaniDeputy GeNerAL mANAGer

eugenio ColucciCHAirmANGaetano TerrinpermANeNt AuDitOrGiuseppe alessio VernìpermANeNt AuDitOrmaurizio DattilosuBstituteFrancesco FallacarasuBstitute

C.C.r.risk AND CONtrOL COmmittee

C.r.remuNerAtiON COmmittee

C.e.exeCutive COmmittee

C.C.G.AppOiNtmeNts AND COrpOrAteGOverNANCe COmmittee

C.S.sustAiNABiLity COmmittee

C.inV.iNvestmeNt COmmittee

Board of auditors

*member of the investment Committee

Gabriele Galateri di GenolaCHAirmAN

Vincent BolloréviCe-CHAirmAN

Francesco Gaetano CaltagironeviCe-CHAirmAN

Giovanni perissinottoGrOup CeO

Segio BalbinotmANAGiNG DireCtOr

Cesare CalariBOArD memBer

Carlo CarraroBOArD memBer

Claudio De ContoBOArD memBer

Diego Della ValleBOArD memBer

petr KellnerBOArD memBer

angelo migliettaBOArD memBer

alessandro pedersoliBOArD memBer

lorenzo pellicioliBOArD memBer

reinfried pohlBOArD memBer

Clemente rebecchiniBOArD memBer

paola SapienzaBOArD memBer

paolo ScaroniBOArD memBer

eXeCuTiVe

non eXeCuTiVe

inDepenDenT

C.C.r.

C.r.

C.e.C.C.G

.

C.S.C.in

V.Board members

GRUPPO GENERALI Press Kit Interattivo (ENG)

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