Generali Group 1Q 2012 Results

Generali Group
1Q 2012 Results

May 11, 2012

Agenda 2

I. Overview Page 3

II. Group financials Page 5

III. Final remarks Page 22

IV. Backup Page 24

Assicurazioni Generali Group – 1Q 2012 results

Agenda 3

I. Overview
1Q 2012 results at a glance

Following the announcement of the sale of related stake, Migdal qualified as a non-current asset held for sale and discontinued operations.

Therefore, in this presentation, Migdal is excluded from all 1Q12 figures, except as follows: net income; shareholders' equity; and the
regulatory Solvency 1 margin. Except where specified, prior year figures have not been adjusted.

Like for like comparisons are adjusted for the disposal of Migdal. See definition in the related section in the back-up.


I. OVERVIEW

1Q 2012 results at a glance 4

Operating result (Euro m) Combined ratio (%)

-0.1%(1) -0.7%pts.

1Q11 1Q12 1Q11 1Q12

(1) On like for like basis

Net result (Euro m) Shareholders’ equity (Euro m)

-7.9% +16.3%

616 567

1Q11 1Q12 FY11 1Q12


Agenda 5

II. Group financials
Profit & loss review

Life and P&C segment profitability

Balance sheet and solvency I


II. GROUP FINANCIALS

Revenue development by segment 6

Gross written premiums (Euro m) (Euro m)

Like for
1Q11 1Q12
like ∆

Gross written
19,131 19,814 +6.1%
+6.1% (2) premiums

Life(1) 12,340 12,815 +6.9%

1Q11 1Q12
P&C 6,792 6,999 +4.7%

(1) Including investment contracts (Euro 786 m in 1Q12, 755 in 1Q11)



Operating result by segment 7

1Q12 total operating result (Euro m)
Like for like
Life 819
operating result -4.2%
881
P&C 411
operating result +3.8%
393

Financial services 126
operating result +12.2%
115

Operating holding -74
expenses
+0.3%
-74

Consolidation -52
adjustments -59 -11.9%

1,230
Total -0.1%
1,256
operating result

1Q12
1Q11



Focus on non operating result 8

(Euro m) Non operating investment income (Euro m)

1Q11 1Q12
4 9

(1) (26)
(39)

Non operating
(1) (26) n.m.
investment income

1Q11 1Q12

(1)
Non operating
(163) (163) -0.2%
holding expenses
(Euro m)
Net Net Fair
Net other realised impair- Value thr.
Non operating (59) (77) +31.4% gains ments P&L
expenses
1Q 12 10 (52) 17

Total 1Q 11 49 (56) 6
Non operating (223) (266) +19.0%
result Δ (39) (4) +11

(1) Including interest expenses on financial debt



From operating result to net result 9

(Euro m) Net income (Euro m)
1Q11 1Q12

Total operating result 1,256 1,230 -0.1%(1)

Non operating result (223) (266) +19.0%

-7.9%
Consolidated result before 1,032 964 -6.6%
taxes and minorities

Income taxes (330) (334) +1.3%

Result for discontinued 0 14 n.m.
operations

Minorities (87) (77) -11.3% 1Q11 1Q12

Net result 616 567 -7.9%



Agenda 10






Life business development 11

Gross written premiums (Euro m) Quarterly net inflows (Euro m)

+6.9%(1)

1Q11 1Q12

Net technical reserves(2) (Euro bn)
Net inflows by country (Euro m)
+1.7% Country 1Q11 1Q12
316.6
301.5 1.7 3.4 306.6 Italy 157 (235)
58.3 47.9 51.3
15.1 France 554 (888)
Δ Germany 1,095 994
258.3 253.6 255.3 CEE 116 106
RoE 489 533
FY11 Change FY11R Traditional Unit 1Q12 RoW 409 250
in scope Linked
Traditional Unit linked TOTAL 2,819 760

(2) Including liabilities related to investment contracts



Life profitability - Operating result 12

Life operating profitability on investments remains at the top of the sector

Life Operating Result by driver(1)

Like for like
(Euro m) 1Q11 1Q12

Technical Margin 1,600 1,543 +0.2%

Investment Result 644 554 -8.1%

Expenses (1,363) (1,279) -0.7%

Operating Result 881 819 -4.2%

Life quarterly
operating ratio on 0.28% 0.27%
investments

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



Life New Business Annual Premium Equivalent 13

Solid APE production over 1.3 bn, with stable annual premiums (+0.6%) and strong single
premiums increase (+14.0%) driven by France

Annual Premium Equivalent (Euro m)
Like for like
(Euro m) 1Q11 1Q12

+6.0%(1)
Italy 428 416 -2.8%

France 294 432 +46.8%

Germany 256 217 -15.2%

CEE 40 39 -0.2%

RoE 174 165 -6.3%
1Q11 1Q12
RoW 118 60 -1.1%

Total 1,311 1,328 +6.0%




P&C gross written premiums 14

Premiums increased thanks to a favourable trend in both Motor and Non Motor lines
Motor premiums improved (+3.8%) thanks to positive performances in particular in Italy, Germany,
Spain and Latin America
Non Motor business increased (+5.1%) pushed by all main lines of business

Gross written premiums (Euro m)
Like for like
(Euro m) 1Q11 1Q12
+4.7%(1)
Italy 1,701 1,708 +0.4%

France 1,264 1,271 +0.5%

Germany 1,325 1,383 +4.4%

CEE 617 623 +4.4%

RoE 1,501 1,598 +4.8%

1Q11 1Q12 RoW 384 415 +49.3%

Total 6,792 6,999 +4.7%



P&C profitability - Operating result 15

Positive development of P&C operating result driven by technical profitability

P&C Operating Result by driver(1)
1Q11 1Q12 Like for like
(Euro m)

Technical Result 185 222 +15.0% Tech.R

Inv.R
Investment Result 263 251 -2.7%
Other
Other (55) (62) +12.7%

Operating Result 393 411 +3.8%

P&C quarterly
operating ratio 1.07% 1.15%
on investments




P&C profitability - Net combined ratio (1/2) 16

Combined ratio (%) Combined ratio by country

-0.7%pts.
1Q11 1Q12
96.1 95.4 Italy 96.2% 95.0% -1.2%pts

France 98.2% 97.2% -1.0%pts
27.8 27.9

Germany 95.3% 95.5% +0.2%pts

CEE 87.6% 91.0% +3.4%pts

68.3 67.5
RoE 96.7% 95.6% -1.1%pts

RoW 99.3% 96.5% -2.8%pts
1Q11 Expense Loss 1Q12
ratio ratio
Total 96.1% 95.4% -0.7%pts
Loss ratio Expense ratio



P&C profitability - Net combined ratio (2/2) 17

Loss ratio (%) Reserving ratio (%)

-0.8%pts -3.4%pts (1)

68.3 -0.3 +0.3 -0.8
67.5

500.7% 487.1%

1Q11 Current NAT Prior 1Q12
year CAT years

1Q12 70.3 0.7 -3.5 67.5
1Q11 1Q12
1Q11 70.6 0.4 -2.7 68.3

(1) On an annualized basis
Expense ratio (%)

+0.1%pts Quality of pricing and underwriting
27.8 27.9
confirmed by the level of Current year
6.0 -0.2 +0.3 5.8 loss ratio across the geographies
Nat cat impact derives from medium
events in continental Europe largely
21.8 Δ%pts 22.1 Acq. costs within the expected range
Adm. costs

1Q11 Δ Admin. Δ Acq. 1Q12


Agenda 18






Investment portfolio by segment 19

Life segment own investments(1) (%) P&C segment own investments(1) (%)

Euro 249.3 bn Euro 261.3 bn Euro 34.4 bn Euro 36.4 bn

(1) For the definitions refer to the related section in the backup. Starting from 1Q12, assets and liabilities of Group’s Israeli companies have been classified as “held for
sale” and are therefore excluded. Comparative figures have been restated accordingly.



IFRS Shareholders’ equity roll forward 20

(Euro m)

+16.3%

567 55 1 18,002
1,907
(13)
15,486

Shareholders’ Δ in AFS 1Q 2012 Δ Currency Δ Cash Flow Other Shareholders’
Equity FY11 Reserve Net Result Translation Hedge Reserve Equity 1Q12
Reserve

Change in AFS reserve (Euro m)

1,688 100
(249)

119

(2,156)

AFS Reserve Impact Equity Impact Bond Other AFS Reserve
FY11 Investments Investments 1Q12



Solvency I according to Italian regulation 21

(Euro bn)

Required margin Available margin

117% Main drivers of change 133%

Available margin
Consolidated result: + 0.6
Financial markets and other elements: + 1.9
Cap on locally admitted unrealized
gains on real estate: + 0.5

Required Margin + 0.2

FY11 1Q12


Agenda 22

III. Final Remarks


III. FINAL REMARKS

Final remarks 23

Focus on extracting further value from the existing operations

Life profitability back to pre-crisis levels

Excellent P&C performance in both profitability and growth

Outlook of 2012 Operating Result confirmed


24

IV. Backup
P&L and Balance Sheet
Definitions


25

IV. Backup
Definitions


IV. BACK UP

1Q12 total gross written premiums 26

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

Historical Like for % Historical Like for % Historical Like for %
Country GWP ∆ like ∆ weight GWP ∆ like ∆ weight GWP ∆ like ∆ weight

Italy 4,914 0.0 0.0 24.8 3,206 -0.2 -0.2 16.2 1,708 +0.4 +0.4 8.6

France 5,002 +19.4 +19.4 25.2 3,731 +27.5 +27.5 18.8 1,271 +0.6 +0.5 6.4

Germany 4,624 -0.8 -0.8 23.3 3,241 -2.9 -2.9 16.4 1,383 +4.4 +4.4 7.0

Eastern Europe 1,035 +0.2 +3.7 5.2 412 -1.0 +2.7 2.1 623 +1.0 +4.4 3.1
RoE 3,125 +6.0 +4.6 15.8 1,526 +5.6 +4.4 7.7 1,598 +6.5 +4.8 8.1

Of which: Of which: Of which:

Spain 711 +3.4 +3.4 3.6 276 +1.9 +1.9 1.4 435 +4.3 +4.3 2.2

Austria 760 -9.4 -9.4 3.8 292 -22.1 -22.1 1.5 468 +0.9 +0.9 2.4

Switzerland 689 +12.0 +5.1 3.5 264 +10.6 +3.7 1.3 425 +13.0 +6.0 2.1

RoW 1,114 -19.7 +20.5 5.6 699 -30.3 +7.6 3.5 415 +8.1 +49.3 2.1

Total 19,814 +3.6 +6.1 100 12,815 +3.8 +6.9 64.7 6,999 +3.1 +4.7 35.3
(1) Including investment contracts


IV. BACK UP

Life Premiums by Country & Business Line 27

(Euro m) Savings and Unit/index
pension Protection linked Total
Italy 2,960 74 135 3,169

France 3,076 359 239 3,675

Germany 1,433 1,031 776 3,241

CEE 247 60 105 412

RoE 554 286 683 1,522
Of which:

Spain 194 80 2 276

Austria 159 63 68 290

Switzerland 51 29 184 264

RoW 301 202 5 508

Total life gross 8,571 2,011 1,944 12,526
direct premiums


IV. BACK UP

P&C Premiums by Country & Business Line 28

(Euro m) Accident/
Motor(1) Personal Commercial Health Total
Italy 835 206 351 296 1,687

France 337 420 315 127 1,198

Germany 686 433 128 135 1,382

CEE 257 91 169 95 612

RoE 605 305 348 306 1,563
Of which:

Spain 110 110 122 81 422

Austria 177 90 156 42 465

Switzerland 231 73 2 117 423

RoW 224 5 108 45 383

Total P&C gross 2,944 1,458 1,419 1,004 6,824
direct premiums
(1) Including fleets


IV. BACK UP

Life new business: APE 29

(Euro m) APE Annual Premiums Single Premiums

Historical Like for Historical Like for Historical Like for
1Q11 1Q12 like 1Q11 1Q12 like 1Q11 1Q12 like

Italy 428 416 -2.8% -2.8% 268 258 -4.0% -4.0% 1,599 1,584 -0.9% -0.9%

France 294 432 +46.8% +46.8% 79 134 +69.2% +69.2% 2,153 2,983 +38.5% +38.5%

Germany 256 217 -15.2% -15.2% 197 168 -14.8% -14.8% 592 494 -16.6% -16.6%

CEE 40 39 -3.3% -0.2% 34 34 +0.9% +4.2% 61 45 -26.8% -24.4%

RoE 174 165 -5.5% -6.3% 121 109 -9.5% -10.5% 536 554 +3.4% +3.3%
32 29 -9.7% -9.7%
Spain 16 13 -17.1% -17.1% 163 159 -2.4% -2.4%

45 24 -46.5% -46.5%
Austria 35 19 -44.4% -44.4% 96 44 -54.0% -54.0%

17 24 +35.1% +25.2%
Switzerland 16 22 +31.8% +22.2% 10 19 +88.2% +74.4%

RoW 118 60 -49.3% -1.1% 96 50 -47.6% +1.5% 224 97 -56.7% -12.4%

Total 1,311 1,328 +1.3% +6.0% 794 752 -5.3% +0.6% 5,165 5,757 +11.5% +14.0%


IV. BACK UP

Life net inflows by country 30

Country 1Q11 1Q12 Like for like Δ

Italy 157 (235) n.m.

France 554 (888) n.m.

Germany 1,095 934 -9.3%

CEE 116 106 -5.5%

RoE 489 534 7.3%

Of which:

Spain (31) (13) 56.7%

Austria 127 25 -80.3%

Switzerland 58 146 137.2%

RoW 409 250 10.1%

TOTAL 2,819 760 -71.4%


IV. BACK UP

Ratios 31

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

96.1% 95.4%
Expense
ratio
27.8 27.9

Loss
10.9 10.1 ratio 68.3 67.5

1Q11 1Q12 1Q11 1Q12

Total - Expense ratio (%)

16.0 15.4

1Q11 1Q12


IV. BACK UP

Ratios by country 32

(%) ITA FRA GER CEE RoE SPA AUT SWI RoW Consolidated

P&C Loss ratio

64.9 65.1 71.8
1Q12 74.5 71.4 66.7 53.9 66.4 56.8 67.5
1Q11 75.2 71.2 67.0 55.0 67.3 65.9 65.6 71.5
62.7 68.3
P&C Expense ratio
26.9 31.1 25.0
1Q12 20.5 25.8 28.8 37.1 29.2 39.7 27.9
1Q11 21.0 27.0 28.3 32.6 29.4 26.5 30.9 25.9
36.6 27.8
P&C Combined ratio
91.7 96.2 96.8
1Q12 95.0 97.2 95.5 91.0 95.6 96.5 95.4
1Q11 96.2 98.2 95.3 87.6 96.7 92.4 96.6 97.4
99.3 96.1

Life expense ratio by country
4.5 14.7 20.4
1Q12 9.7 6.4 12.7 19.1 11.9 14.3 10.1
1Q11 9.7 8.3 12.4 18.5 11.9 4.5 12.1 20.1
16.2 10.9


IV. BACK UP

Combined ratio reconciliation 33

(Euro m)

1Q11 1Q12
A Net earned premiums (net of consolidation adjustments) 5,165.0 5,310.5

B Consolidated net claims 3,527.8 3,586.0

Consolidated acquisition costs 1,128.2 1,174.8

Consolidated administration costs 324.3 320.3
Non insurance activity related administration costs(1) 16.8 13.6
Insurance activity related consolidated administration costs 307.5 306.6

C Total acquisition and administration costs 1,435.7 1,481.5

B/A Loss ratio 68.3 67.5
C/A Expense ratio 27.8 27.9
(B+C)/A Combined ratio 96.1 95.4

D Other technical items 16.7 21.5

A-B-C-D Technical result 184.7 221.5
(1) Administration expenses related to service companies, real estate and other companies not belonging to P&C segment


IV. BACK UP

Focus on operating result 34

Operating result by country(1) (Euro m) Operating result breakdown(1) (Euro m)

Like for
1Q11 1Q12 like ∆
Italy 497 561 +12.8%
59
France 266 246 -7.8%
138
Germany 169 132 -22.0%

CEE 142 122 -14.2%
0
RoE 248 219 -11.7% 79 49
364
RoW 66 76 +88.8% 14 5 76
166 34 59 0
24
Operating result(1) 1,389 1,356 -0.6% 84 94
58 53

Op. holding expenses (74) (74) +0.3% Italy France Germany CEE RoE RoW

Consolidation Adj. (59) (52) -11.9%
Life P&C Financial
Total operating 1,256 1,230 -0.1%
result
(1) Operating result = operating result of life, P&C and financial segments, before holding expenses and consolidation adjustments


IV. BACK UP

Operating result by country 35

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

1Q11 1Q12 Like for 1Q11 1Q12 Like for
like ∆ like ∆
Italy 354 364 +2.7% Italy 106 138 +29.7%

France 196 166 -15.4% France 70 80 +13.4%

Germany 103 84 -18.8% Germany 55 35 -37.3%

CEE 58 58 -0.2% CEE 76 59 -22.7%

RoE 128 94 -26.2% RoE 71 76 +6.0%

Of which: Of which:

Spain 28 26 -6.4% Spain 41 44 +6.2%

Austria 19 18 -6.0% Austria 22 21 -1.8%

Switzerland 42 34 -18.6% Switzerland 10 11 +9.2%

RoW 42 53 n.m. RoW 14 24 +43.9%

Total 881 819 -4.2% Total 393 411 +3.8%


IV. BACK UP

Reclassified P&L account 36

(Euro m) Total
1Q11 1Q12
Operating result 1,256 1,230
Net earned premiums 16,463 17,082
Net insurance benefits and claims (15,311) (18,981)
Acquisition and administration costs (2,969) (2,930)
Net fee and commission income and net income from financial service activities 241 217
Operating income from other financial instruments 3,316 2,808
Operating income from financial instruments at fair value through profit or loss (284) 3,235
Of which net income from fin. assets and liabilities where the risk is borne by the policyholders (472) 2,609
Operating holding expenses (74) (74)
Net other operating expenses (126) (126)
Non-operating result (223) (266)
Non-operating income from other financial instruments (7) (42)
Non-operating income from financial instruments at fair value through profit or loss 6 17
Non-operating holding expenses (163) (163)
Interest expenses on financial debt (160) (162)
Other non-operating holding expenses (3) (1)
Net other non-operating expenses (59) (77)
Earnings before taxes 1,032 964
Income taxes (330) (334)
Result from discontinued operations 0 14
Consolidated result of the period 703 644
Result of the period attributable to minority interests (87) (77)
Result of the period 616 567

IV. BACK UP

Reclassified P&L account by segment - 1Q 2011 37

Unallocated holding Consolidation
(Euro m) Life Non life Financial(1) expenses adjustments Total

Operating result 881 393 115 (74) (59) 1,256

Net earned premiums 11,298 5,165 0 - - 16,463

Net insurance benefits and claims (11,769) (3,528) 0 - (14) (15,311)

of which var. of provisions related to unit linked business (817) - - - - (817)

Acquisition and administration costs (1,303) (1,440) (226) - - (2,969)
Net fee and commission income and net income from
financial service activities 36 0.0 233 - (29) 241

Operating income from other fin. Instruments 2,993 256 80 - (13) 3,316
Operating income from fin. Instruments at fair value through
profit or loss (330) 7 39 - - (284)
of which net income from fin.assets and liabilities where the risk is
borne by the policyholders (472) - - - - (472)

Operating holding expenses - - - (74) - (74)

Net other operating expenses (44) (67) (11) - (4) (126)

Non-operating result (34) (18) (8) (163) - (223)

Non-operating income from other fin.instr. (12) 4 1 - - (7)
Non-operating income from fin. instr.at fair value through
profit or loss 0 6 - - - (6)

Non-operating holding expenses - - - (163) - (163)

Net other non-operating expenses (23) (28) (8) - - (59)

Earnings before taxes 847 375 107 (237) (59) 1,032
(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report


IV. BACK UP

Reclassified P&L account by segment - 1Q 2012 38

Unallocated holding Consolidation
(Euro m) Life Non life Financial(1) expenses adjustments Total

Operating result 819 411 127 (74) (52) 1,230

Net earned premiums 11,771 5,311 - - - 17,082

Net insurance benefits and claims (15,395) (3,586) - - - (18,981)

of which var. of provisions related to unit linked business (2,666) - - - - (2,666)

Acquisition and administration costs (1,237) (1,486) (208) - - (2,930)
Net fee and commission income and net income from
financial service activities 24 - 218 - (25) 217

Operating income from other fin. Instruments 2,482 244 106 - (24) 2,808
Operating income from fin. Instruments at fair value through
profit or loss 3,185 7 42 - - 3,235
of which net income from fin.assets and liabilities where the risk is
borne by the policyholders 2,609 - - - - 2,609

Operating holding expenses - - - (74) - (74)

Net other operating expenses (12) (80) (30) - (4) (126)

Non-operating result (72) (23) (9) (163) - (266)

Non-operating income from other fin.instr. (34) (5) (3) - - (42)
Non-operating income from fin. instr.at fair value through
profit or loss - 17 - - - 17

Non-operating holding expenses - - - (163) - (163)

Net other non-operating expenses (38) (34) (6) - - (77)

Earnings before taxes 747 388 118 (237) (52) 964
(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report


IV. BACK UP

Focus on impairments(1) 39

(Euro m) Life P&C Financial Total

Net impairments 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12

Equity instruments 6 16 3 13 0 0 9 29

Fixed income 8 4 2 1 0 6 10 11

Real estate 0 2 (1) 0 0 0 (1) 2

Other investments(2) 6 4 50 30 1 1 57 35

Total net impairments 19 24 54 45 1 8 75 77

Of which

Operating net
17 20 0 0 2 5 19 25
impairments
Non operating net
2 4 54 45 (1) 3 56 52
impairments
(1) Net of reverse impairments
(2) Including subsidiaries and associated companies


IV. BACK UP

Focus on realised gains(1) 40

(Euro m) Life P&C Financial Total

Net realized gains 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12
Net realized gains on Equities 349 84 31 (12) 2 0 408 72
Realised gains 489 206 67 37 7 4 562 247

Realised losses (140) (123) (36) (49) (4) (4) (181) (175)

Net realized gains on Fixed Income 164 26 2 1 1 0 168 27

Realised gains 258 655 23 46 2 8 284 708

Realised losses (94) (628) (21) (45) (1) (8) (116) (681)

Net realized gains on Real Estate 4 2 35 48 0 0 39 50
Realised gains 4 4 35 51 0 0 39 55

Realised losses 0 (2) 0 (4) 0 0 0 (5)

Net realized gains on Other(2) 21 1 (10) 2 0 0 12 4
Realised gains 37 5 0 1 0 1 38 6

Realised losses (16) (3) (10) 1 0 (1) (26) (3)

Total net realized gains 538 114 59 39 4 0 626 153
Of which

Operating net realized gains 547 144 0 0 4 0 577 144

Non operating net realized gains (10) (30) 59 39 0 0 49 9
(1) Excluding financial instruments at fair value through profit and loss
(2) Including subsidiaries and associated companies

IV. BACK UP

1Q12 Assets Under Management 41

Total
Euro 461.2 bn

89.0
Third parties AUM

51.7 Unit Linked

Available for sale Loans Fixed income Other
60.0% 22.1% instruments 3.9%
Real Estate 79.4%
4.0% Real Estate
Group 4.7%
320.5
participations
0.5% Equity
Held to maturity 5.3%
2.4%
Fin. Instr. at fair
value thr. P&L Cash & equival. “Own Investments”(1) Cash & equival.
4.3% 6.6% 6.6%



IV. BACK UP

Investment yields(1) 42

Bonds and Loans Equities Investment Other Total
properties

% return 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12

LIFE

Current 1.1% 1.1% 0.3% 0.5% 2.0% 2.0% 0.6% 0.3% 1.1% 1.0%

Total P&L 1.2% 1.2% 2.1% 1.9% 1.6% 1.4% 0.9% 0.8% 1.2% 1.2%

Comprehensive 0.3% 5.2% 1.9% 8.3% 2.1% 2.3% 0.9% 0.8% 0.5% 4.8%

NON LIFE

Current 0.9% 1.0% 0.4% 0.4% 2.1% 2.1% 0.5% 0.2% 1.0% 1.0%

Total P&L 0.9% 1.1% 1.1% -0.3% 1.8% 1.9% 0.5% 0.6% 0.9% 0.9%

Comprehensive 0.7% 4.2% 3.2% 5.2% 1.9% 1.9% 0.5% 0.6% 1.0% 3.4%

TOTAL

Current 1.1% 1.1% 0.3% 0.5% 2.0% 2.0% 0.4% 0.3% 1.0% 1.0%

Total P&L 1.1% 1.2% 2.0% 1.6% 1.7% 1.6% 0.5% 0.6% 1.2% 1.1%

Comprehensive 0.3% 4.9% 2.3% 7.6% 2.0% 2.1% 0.5% 0.6% 0.6% 4.4%
(1) For the definitions refer to the related section within the backup. Starting from 9M 2011 Israeli participating portfolio has been reclassified in unit-linked business.
Comparative numbers have been restated accordingly


IV. BACK UP

Total comprehensive income(1) 43

(Euro m)

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

1,916 2,530
+3,000 m 1,033
459
1,308
(644)
794 196
(245) 270

(178)
181 (1,326)
(1,031) (306)
(505)

(1,010)
-3,000 m

1Q08 1H08 9M08 FY08 1Q09 1H09 9M09 FY09 1Q10 1H10 9M10 FY10 1Q11 1H11 9M11 FY11 1Q12

(1,031) (1,536) (1,354) (2,365) (178) 616 2,532 2,990 1,308 1,063 2,096 1,452 270 466 (860) (1.166) 2,530



IV. BACK UP

AFS reserve breakdown 44

(Euro m) FY10 FY11 1Q12

Fixed income instruments (562) (1,780) (93)
Government (396) (1,216) (193)
Corporate (166) (564) 100

Equity 277 (382) (263)

Investment funds and other 101 7 107

TOTAL (184) (2,156) (249)


45

IV. Backup
Definitions


IV. BACK UP

Definitions: P&L and balance sheet (1/2) 46

Investments Returns are calculated on quarterly average asset base at IFRS book value and are defined as follows:
Current return: interests, 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)
Comprehensive return:
i) for fair value investment (AFS, FVthPL) = current return + total change in fair value;
ii) for investment at amortised cost (Real estates, loans, HtM) = Total P&L return
Investment returns for Life segment include income from bonds and loans issued by Group companies and
investments in consolidated subsidiaries backing policyholders’ liabilities

Life Net Inflows Premiums inflows in the period less benefits paid to the policyholders. It does not include revaluation of
mathematical reserves

Life Operating Result 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

Like for Like changes calculated considering equivalent exchange rates and scope of consolidation. For operating result, like for like
comparisons on account of consolidation changes adjust for Migdal only

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


IV. BACK UP

Definitions: P&L and balance sheet (2/2) 47

Own Investments do not include unit/index linked investments and consist of the following asset class (*):
i) Fixed income instruments as quoted and unquoted bonds, loans including deposits under reinsurance business
accepted and term deposits with credit institutions
ii) Equity-like instruments as 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 as 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.

P&C Operating Result 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

Total Comprehensive Change in shareholders’ equity during the period related to income and expenses recognized in profit or loss
Income or directly in shareholders’ equity resulting from transactions and events other than transactions with equity
Owners.

Total Operating Result 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.”


Investor Relations Team 48

Salvatore Colotti (Tel.: +39-040-671317)
Head of Investor Relations & Head of Life Technical Department
Email: salvatore_colotti@generali.com

Stefano Burrino (Tel.: +39-040-671202)
Email: stefano_burrino@generali.com

Emanuele Marciante (Tel.: +39-040-671347) Assicurazioni Generali
Email: emanuele_marciante@generali.com P.za Duca degli Abruzzi 2
34132 Trieste, Italy
Veronica Cherini (Tel.: +39-040-671488)
Email: veronica_cherini@generali.com
Fax: +39 040 671338
e-mail: generali_ir@generali.com
Rodolfo Svara (Tel.: +39-040-671823)
Email: rodolfo_svara@generali.com
www.generali.com
Marta Porczynska (Tel.: +39-040-671402)
IR Events
Email: marta_porczynska@generali.com


Disclaimer 49

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.


Generali Group 1Q 2012 Results

Recomendados

Recomendados

Más contenido relacionado

La actualidad más candente

La actualidad más candente (17)

Destacado

Destacado (9)

Similar a Generali Group 1Q 2012 Results

Similar a Generali Group 1Q 2012 Results (20)

Más de Generali

Más de Generali (20)

Último

Último (20)

Generali Group 1Q 2012 Results