Generali Group Interim Results 09

Generali Group
Interim results 2009

Venice, July 31, 2009

Agenda 2

I. Strategic Overview & 1H 2009 at a Glance

II. Group Financials

III. Final remarks

IV. Backup

Assicurazioni Generali Group – Interim results 2009

Agenda 3

I. Strategic Overview & 1H 2009 at a Glance


I. STRATEGIC OVERVIEW & 1H 2009 AT A GLANCE

Macroeconomic and financial market outlook 4

World growth
10
Emerging and developing economies Economic activity seems
8
World
to have hit the bottom,
6
credit collapse avoided
Advanced economies
Forecasts have been
4
revised upwards for the
2
first time (OECD) or
0 “down for the last”
1981

1983

1985

1987

1989

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

2013
Year

(Prometeia)
-2
Leading indicators
-4
anticipate a flattening-out
-6 of growth and a turning
of the cycle...
MSCI EMU Total Return Euro Aggregate CBS (1)
160 5 ...yet this does not mean
140
4,5 the recovery will be as
120
4
steep as the recession: a
3,5
100
long period of sub-par
3

80 2,5
growth is possibly in the
60
2 offing
1,5
40 Inflation has given way to
1
20 deflationary signals but it
0,5

0 0
remains a threat in the
8 6 01

8 9 01

7 2 01

4 3 02

3 6 02

1 9 02

0 2 02

1 3 03

3 6 03

0 9 03

9 2 03

5 3 04

7 6 04

2 9 04

9 1 04

8 2 05

2 6 05

0 8 05

4 1 05

3 2 06

1 5 06

8 8 06

2 1 06

3 2 07

0 5 07

7 8 07

1 1 07

2 2 08

9 5 08

6 8 08

0 1 08

3 2 09

7 5 09 medium term
1 /0 /2 0

1 /0 /2 0

1 /1 /2 0

1 /0 /2 0

1 /0 /2 0

1 /0 /2 0

1 /1 /2 0

1 /0 /2 0

1 /0 /2 0

1 /0 /2 0

0 /1 /2 0

0 /0 /2 0

0 /0 /2 0

0 /0 /2 0

2 /1 /2 0

2 /0 /2 0

0 /0 /2 0

3 /0 /2 0

2 /1 /2 0

2 /0 /2 0

3 /0 /2 0

2 /0 /2 0

2 /1 /2 0

2 /0 /2 0

3 /0 /2 0

2 /0 /2 0

2 /1 /2 0

2 /0 /2 0

2 /0 /2 0

2 /0 /2 0

2 /1 /2 0

2 /0 /2 0

2 /0 /2 0

(1) Barclays Euro Aggregate, corporate



2009: a challenging year for the insurance industry 5

Life insurance trends & outlook (GWP) – Europe (%)
After the peak of the
30% France Germany Italy
financial crisis, life
25%
20%
insurance shows signs of
15% recovery, in Italy and
10% France, especially in
5% bancassurance
0%
-5% This life market trend is
-10% driven by “traditional
-15% products”, as they combine
-20%
attractive yields with a safe
2004 2005 2006 2007 2008 2009
investment. Unit-linked
demand is flat due to
P&C insurance trends & outlook (GWP) – Europe (%) financial market volatility

6% France Germany Italy Non-life negatively affected
by persisting phase of
strong competition in tariffs
4%
and by economic downturn,
peaking in the first months
2%
of 2009
Some signs of stabilisation
0%
and increasing market
discipline in recent months
-2%
2004 2005 2006 2007 2008 2009

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


1H 2009 results at a glance 6

(Euro m)

1Q 2009 1H 2009 ∆ Euro m

Operating Result 1,009 1,934 +925

Net Result 104 504 +400

Shareholders’ Equity 11,013 11,612 +599

(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.



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

Life business 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

P&C business 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

Generali Group Effective and diversified multi-channel distribution strategy with strong
positioning 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’s response to the crisis 8

Leverage Operational
multichannel excellence
distribution Market programme
Effectiveness Process Merger Generali
Customer retention
campaigns Efficiency Volksfürsorge

Speed-up time to Merger Toro
Customer Alleanza
market
centric
CEE focus from
approach growth to
profitability

Technical
Discipline

Motor pricing and underwriting
Claims handling and bodyshop management
Management and control of discount policy
De-risking initiatives



Strategic overview: focus on core European markets 9

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

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



Strategic overview: focus on core European markets 10

France 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

Life:
CEE 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)


Agenda 11

II. Group Financials
Profit & loss review

Shareholders equity & Solvency I

Life & P&C profitability

RoEV

Capital update


II. GROUP FINANCIALS

Revenue development by segment 12

1H 1H ∆ historical ∆ like for like
(Euro m) 2008 2009 (%) (%)

Gross written premiums 36,792 34,683 -5.7 -1.5(2)

Life(1) 25,002 23,124 -7.5 -1.9(2)

P&C 11,790 11,558 -2.0 -0.9

Life Annual Premium Equivalent 2,658 2,393 -10.0 -9.6
(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



Operating result by segment 13

Operating result by segment (Euro m)
(1)
(%)
Life 1,269
operating result 1,516 -13.4

P&C 710
operating result 1,160 -38.8

Financial services 223
operating result 196 +13.6

Operating holding -127
+17.8
expenses -154
Consolidation -141 Impairments:
adjustments Euro 602 m
+35.9
-221

Consolidated 1,934 -21.0
operating result 2,498

1H 09
1H 08
(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



From operating result to net result 14

(Euro m) 1H 2008 1H 2009 (%)
Consolidated operating result 2,498 1,934 -21.0(1)
Non operating investment income 285 (527)
Of which impairments (203) (409)

Non-operating holding expenses (345) (349)
Interest expenses on financial debt (332) (334)

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

Net other non operating expenses (62) (170)
Consolidated non operating result (122) (1,045) n.m.
Consolidated result of the period before taxes and 2,376 889 -61.8(1)
minority interests

Income taxes (605) (165)
Result from discontinued operations (Intesa Vita) - 39
Minority interests (311) (259)
Net result of the period 1,460 504 -65.5
(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


Total comprehensive income(1) 15

Total Comprehensive Income – Group Share

1H 08 FY 08 1H 09

Net unrealized gains and losses on investments
a1 -2,939 -3,130 217
available for sale

a2 Other(2) -54 -68 -110

Total other comprehensive income (OCI) –
A -2,994 -3,198 107
Group share

B Net result of the period - Group share 1,460 861 504

C=A+B Total comprehensive income – Group share -1,534 -2,337 611

(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



Investments 16

(Euro bn)

+4.0%
388.5(1)
373.7(1)

Third parties 75.5
68.6
AUM
32.8 35.1
Unit Linked

Fixed income
instruments (3) Other (4)
80.8% 6.0%

“Own 272.3 277.9 Real Estate (5)
Investments” (2)
5.2%

Equity
8.0%
6.8% net of hedging
FY 08 1H 09
(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



IFRS Shareholders’ equity roll forward 17

IFRS Shareholders’ equity roll forward (Euro m)

+5.4%

400 8 63 11,612
11
11,313 324
(207)
11,013

Shareholders’ Shareholders’ ∆ in AFS 2Q 2009 ∆ Currency ∆ Hedging Cash Other Shareholders’
Equity FY 08 Equity 1Q 09 Reserve Net Result Translation Reserve Dividend Equity 1H 09
Reserve

Change in AFS reserve (Euro m)

162 136 26

(1,106) (1,213) (889)

AFS Reserve AFS Reserve Impact Equity Impact Bond Other AFS Reserve
FY 08 1Q 09 Investments Investments 1H 09



Solvency I update 18

(Euro bn)
Required margin Available margin Total solvency margin(1)

145% 146%

123% 125%

19.4 20.4

15.8 16.3

FY 08 1H 09

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



Life profitability 19

Life operating result (Euro m) Life Operating result by market (Euro m)

1H 2008 1H 2009 %(1)

-13.4%(1) Italy 836 556 -29.3

France 277 212 -23.4

1,516 Germany 175 114 -35.0
1,269
CEE 73 179 +143.5

RoE 119 169 +42.4

RoW 35 40 +11.7
1H 08 1H 09
Total 1,516 1,269 -13.4
(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

(EUR m) FY 2008 1H 2009 %
Life Net Tech. Reserves(2) 261,374 270,890 +3.6
traditional 228,175 235,256 +3.1
linked 33,199 35,634 +7.3
(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


Life & Health: New Business Annual Premium Equivalent 20

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
(Euro m) APE
the slowdown of unit linked business (-36.2%),
Historical Like for like while traditional business increases by 0.9%.
1H 08 1H 09 % % Italy: APE contraction (-8.2% from -9.6% at
1Q09) driven by planned reduction of less profitable
Italy 768 705 -8.2% -8.2% single premiums business (-14.7%).
France: severe reduction of unit linked business
France 636 644 +1.3% +1.5% (-40.5%) offset by positive development of
traditional business (+9.8%).
Germany 602 504 -16.2% -20.7% Germany: neutralising the one-off “Riester step”
effect in 2008, APE decreases only by -1.5%.
CEE 124 81 -34.7% +0.6% CEE: positive performance on a like for like basis
(APE +0.6%), with resilient unit linked business.

RoE 324 276 -14.6% -15.1% RoE: positive traditional business development
(+7.6%), offset by decrease in unit linked business
(-31.1%).
RoW 204 182 -10.8% -13.7%
RoW: APE decrease (13.7% like for like) on
account of unit linked business drop (-50.9%).
Total 2,658 2,393 -10.0% -9.6%



Life & Health: New Business Value and profitability 21

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

(Euro m) NB margin on APE (Euro m) New Business Value
1H 08 FY 08 1H 09 1H 08 1H 09 Like for like %

Italy 27.6% 23.5% 24.2% Italy 212 171 -19.5%
France 12.7% 11.8% 8.6% France 81 56 -30.9%
Germany 17.2% 16.9% 18.2% Germany 103 92 -15.6%
CEE 29.1% 34.5% 35.5% CEE 36 29 +0.0%
RoE 27.3% 23.4% 25.7% RoE 88 71 -21.1%
RoW 23.0% 29.3% 25.4% RoW 47 46 -0.2%
Total 21.4% 20.2% 19.4% Total 568 464 -17.8%

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.



P&C Gross Written Premiums 22

Overall underlying trend unchanged from Q1

Italy: slightly improving trend in Q2 in all business
(Euro m)
Historical Like for like(1) lines, although still within a difficult economic
1H 2008 1H 2009 % % scenario. Motor business continues to be
Italy 3,701 3,566 -3.7 -3.7 penalized by decrease of new vehicles
matriculations; non motor still affected by weak
corporate lines
France 1,987 2,037 +2.5 +2.6
France: thanks to portfolio and tariff increases,
robust growth in all non-Motor segments,
Germany 1,876 1,855 -1.1 -1.1 particularly Personal Multi-risk and Assistance
covers, Accident & Health and Corporate.
Germany: premium decrease in Motor, affected by
CEE 1,231 1,091 -11.4 -1.7
persistent tariff competition. Stable growth in
profitable Non-Motor lines, despite difficult
RoE 2,439 2,426 -0.5 -1.3 economic environment.
CEE countries: GWP decrease due to Motor
business especially in Czech Rep., and Accident &
RoW 556 585 +5.1 +9.5
Health driven by Russia. Growth in Personal lines
and Commercial / Industrial.
Total 11,790 11,558 -2.0 -0.9

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



P&C profitability – net combined ratio 23

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

+3.2%pts.

3.3 (1) 97.9 1H 2008 1H 2009 ∆ %pts.
94.6
Italy(2) 96.2 102.5(2) +6.3
(0.1)
France 96.3 99.5 +3.2
27.5 27.4
Germany 97.1 95.7 -1.4

CEE 82.1 83.7 +1.6

67.1 70.4 RoE 92.7 95.4 +2.7

RoW 102.9 102.0 -0.9

1H 08 Expense Loss 1H 09
ratio ratio Total 94.6 97.9 +3.2
Loss ratio Expense ratio
(2) Excluding foreign branches; the earthquake in Abruzzo and windstorms
(1) The earthquake in Abruzzo and windstorms in Europe weighted for 2%pts. in Italy weighted for 3.8%pts.

1H 08 Reserving ratio(3) 1H 09
283.3% 287.4%
(3) On six months basis



P&C profitability – operating result 24

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

-38.8% 1H 2008 1H 2009 ∆%
Italy 307 59 -80.9

1,160 France 222 121 -45.5

Germany 130 140 +7.8
710

CEE 239 189 -21.0

RoE 251 189 -24.9

1H 08 1H 09 RoW 11 13 +18.7

Total 1,160 710 -38.8



Group Embedded Value roll-forward 25

(Euro m)
1,408
23,093
(615)
22,507 (207)

EV FY 08 Normalised Investment Cash Dividend EV 1H 09
Earnings and Tax 08
Variances

Return on Embedded Value Group Embedded Value
Group Embedded Value Earnings at Half Year (793 m) reflect Group EV FY 08 before Alleanza /
negative investment variances of 615 m Intesa Vita deal

12.5% Normalised RoEV (1) 7.0% RoEV (1) 16.5 € Group EV per share

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



Economic Solvency and Capital Allocation 26

(Euro bn) Economic Solvency Coverage (ESC) Economic Capital (EC)
(Euro bn)
FY 08 29.0 1H 09 FY 08 1H 09
27.9
Sub. EC Life 18.4 19.6
Sub.
Debt
Debt ESC = 177%(1) ESC 175%(2) EC P&C 7.1 6.8

EC Financial 1.9 1.9
16.5
15.6 EC total 27.4 28.3

Group Group Group Group
EV RAC EV RAC Economic Capital definition
Capital allocated to the
Business Units, allowing for
risk and local regulatory
requirements, equal to the
Available Group Available Group sum of:
Capital Risk Capital Capital Risk Capital maximum between
solvency 1 requirement
(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 and risk capital
other Available Capital
held in the BU, including
Very strong Economic Solvency position
Value of In-Force and
Before Alleanza/Intesa Vita deal ESC 1H 09 at 175% Non-Life Fair Value
Alleanza merger deal would add 7/8%pts. to the ESC at 1H 09 adjustment


Agenda 27

III. Final Remarks


III. FINAL REMARKS

Final remarks 28

Optimised product offer for all distribution channels

Confirmed focus on efficiency enhancement

Steep yield curve increases the competitiveness of our traditional life products

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

Confirmed prudent risk–reward investment profile


Agenda 29

IV. Backup


IV. BACK UP

Total gross written premiums 30

(Euro m) Total Gross Written Premiums Gross Life Written Premiums(1) Gross P&C Written Premiums

weight on weight on weight on
YoY consolidated YoY consolidated YoY consolidated
Country GWP increase (%) GWP increase (%) GWP increase (%)

(2) (2) (2)

Italy 9,323 -8.6 26.9 5,757 -11.4 16.6 3,566 -3.7 10.3

France 8,467 1.4 24.4 6,431 1.0 18.5 2,037 2.6 5.9

Germany 7,852 3.1 22.6 5,998 4.5 17.3 1,855 -1.1 5.3

CEE 1,872 -1.2 5.4 781 -0.4 2.3 1,091 -1.7 3.1

RoE 5,092 -3.5 14.7 2,666 -5.5 7.7 2,426 -1.3 7.0

Of which:

Spain 1,491 -6.8 4.3 637 -8.3 1.8 854 -5.7 2.5

Austria 1,347 -2.3 3.9 562 -6.9 1.6 785 1.2 2.3

Switzerland 767 -1.8 2.2 413 -3.8 1.2 354 0.6 1.0

RoW 2,076 10.3 6.0 1,492 10.7 4.3 585 9.5 1.7

Total 34,683 -1.5 100.0 23,124 -1.9 66.7 11,558 -0.9 33.3
(1) Including investment contracts
(2) On like for like basis with constant exchange rates


IV. BACK UP

Life Premiums by Country & Business Line 31

Life 1H 09
(Euro m) Unit/index
Traditional linked Health Group Total
Italy 86.9% 2.2% 0.0% 10.9% 5,694.9

France 78.2% 9.5% 6.4% 5.9% 6,341.8

Germany 50.3% 26.5% 16.8% 6.3% 5,997.2

CEE 68.7% 19.8% 10.0% 1.5% 781.3

RoE 38.5% 38.5% 4.8% 18.2% 2,659.5
Of which:

Spain 60.8% 1.5% 0.0% 37.8% 637.1

Austria 50.6% 29.1% 19.7% 0.6% 556.5

Switzerland 21.2% 77.6% 1.1% 0.2% 413.0

RoW 40.0% 2.2% 9.7% 48.2% 1,180.1

Total life gross 66.0% 15.5% 7.7% 10.8% 22,654.8
direct premiums


IV. BACK UP

P&C Premiums by Country & Business Line 32

P&C 1H 09
(Euro m) Accident/
(1)
Motor Health Personal Commercial Total
Italy 46.9% 17.6% 11.6% 23.9% 3,533.7

France 29.1% 12.4% 36.1% 22.3% 1,926.4

Germany 42.0% 12.7% 35.9% 9.4% 1,852.4

CEE 54.1% 9.1% 14.2% 22.7% 1,079.4

RoE 40.3% 13.5% 16.9% 29.2% 2,362.3
Of which:

Spain 31.0% 11.9% 17.6% 39.4% 849.2

Austria 45.4% 9.7% 15.0% 29.9% 756.6

Switzerland 52.2% 24.4% 23.0% 0.4% 352.0

RoW 61.0% 5.5% 4.2% 29.3% 569.0

Total P&C gross 43.1% 13.6% 20.7% 22.5% 11,323.2
direct premiums
(1) Including fleets


IV. BACK UP

Ratios 33

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

94.6 97.9
(1) Expense 27.4
11.0 10.8 ratio 27.5

Loss
67.1 70.4
ratio

1H 08 1H 09 1H 08 1H 09

(1) Excluding Intesa Vita
Total – Expense ratio (%)

16.0 (1) 15.9

1H 08 1H 09



IV. BACK UP

1H2009 combined ratio reconciliation 34

(Euro m)
A Net earned premiums (net of consolidation adjustments) 9,984.7

B Consolidated net insurance benefits and claims 7,032.4

Consolidated acquisition costs 2,127.2

Consolidated administration costs 647.4
Non insurance related administration costs(1) 34.2
Insurance related consolidated administration costs 613.2

C Total acquisition and insurance related administration costs 2,740.4

B/A Loss ratio 70.4%
C/A Expense ratio 27.4%
(B+C)/A Combined ratio 97.9%
(1) Administration expenses related to service companies, real estates and other companies not belonging to P&C segment


IV. BACK UP

Ratios by country 35

(%) ITA FRA GER CEE SPA AUT SWI Consolidated

P&C Loss ratio
1H 09 79.9 71.3 65.3 54.2 67.9 68.2 67.2 70.4
1H 08 73.0 68.4 67.5 52.8 65.9 66.7 67.1 67.1
P&C Expense ratio
1H 09 22.6 28.1 30.4 29.6 24.1 29.0 27.4 27.4
1H 08 23.2 27.9 29.6 29.3 23.5 29.9 28.3 27.5
P&C Combined ratio
1H 09 102.5 99.5 95.7 83.7 92.0 97.2 94.7 97.9
1H 08 96.2 96.3 97.1 82.1 89.4 96.6 95.4 94.6

Life expense ratio by country
1H 09 9.5 6.6 14.3 18.6 4.7 13.4 18.5 10.8
1H 08 9.0(1) 7.0 15.5 20.4 4.5 14.7 20.7 11.0(1)



IV. BACK UP

Operating result by country 36

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

1H 08 1H 09 % 1H 08 1H 09 %

Italy 836 556 -33.5 Italy 307 59 -80.9

France 277 212 -23.5 France 222 121 -45.5

Germany 175 114 -35.0 Germany 130 140 +7.8

CEE 73 179 +143.5 CEE 239 189 -21.0

RoE 119 169 +42.4 RoE 251 189 -24.9

Of which: Of which:

Spain 54 58 +8.0 Spain 112 97 -13.4

Austria 25 19 -23.6 Austria 49 37 -24.7

Switzerland 21 49 +131.9 Switzerland 21 23 +13.7

RoW 35 40 +11.6 RoW 11 13 +18.7

Total 1,516 1,269 -16.3 Total 1,160 710 -38.8


IV. BACK UP

Reclassified P&L account 37

(Euro m) Total
1H 2008 (1) 1H 2009
Operating result 2,498 1,934
Net earned premiums 32,364 31,766
Net insurance benefits and claims (26,295) (31,948)
Acquisition and administration costs (5,647) (5,555)
Net fee and commission income and net income from financial service activities 359 379
Operating income from investments 2,186 7,611
Operating holding expenses (154) (127)
Net other operating expenses (314) (192)
Non-operating result (122) (1,045)
Non-operating income from investments 285 (527)
Non-operating holding expenses (344) (349)
Interest expenses on financial debt (332) (334)
Other non-operating holding expenses (12) (15)
Net other non-operating expenses (62) (170)
Earnings before taxes 2,376 889
Income taxes (605) (165)
Result from discontinued operations (Intesa Vita) - 39
Consolidated result of the period 1,771 763
Result of the period attributable to minority interests (311) (259)
Result of the period 1,460 504
(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’)


Generali Group Interim Results 09

Generali Group Interim Results 09

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Generali Group Interim Results 09