Generali Group 1Q 2011 Results

Generali Group
1Q 2011 Results

May 13, 2011

Agenda 2

I. Overview Page 3

II. Group financials Page 5

III. Final remarks Page 20

IV. Backup Page 22

Assicurazioni Generali Group – 1Q 2011 results

Agenda 3

I. Overview
1Q 2011 results at a glance


I. OVERVIEW

1Q 2011 results at a glance 4

Net result (Euro m) Operating result (Euro m)

+16.8% +6.6%

1,256
1,178

616
527

1Q10 1Q11 1Q10 1Q11

Shareholders’ equity (Euro m) Combined ratio (%)

+1.3% -1.9%pts.

17,725 98.0 96.1
17,490

FY10 1Q11 1Q10 1Q11


Agenda 5

II. Group financials
Profit & loss review

Shareholders’ equity

Life & P&C profitability


II. GROUP FINANCIALS

Revenue development by segment 6

1Q 1Q
(Euro m) 2010 2011 ∆ historical ∆ like for like
Gross written
premiums 20,864 19,131 -8.3% -9.0%

Life(1) 14,214 12,340 -13.2% -13.8%

P&C 6,650 6,792 +2.1% +1.2%
Life annual
premium
equivalent(2) 1,532 1,311 -14.4% -14.5%
(1) Including investment contracts for Euro 755 m in 1Q11
(2) For the definitions refer to the related section within the backup



Operating result by segment 7

Operating result by segment (Euro m)

Life 881
operating result 866 +1.7%

P&C 393

Financial services 115

Operating holding -74
-67 -10.4%
expenses
Consolidation -59
adjustments -91.3%
-31

Total 1,256
+6.6%
operating result 1,178

1Q11
1Q10



Focus on operating result 8

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

1Q10 1Q11 ∆
Italy 472 495 +4.9%

France 195 268 +37.3%

Germany 161 169 +5.1%
35
CEE 152 142 -6.5%
106
RoE 178 248 +39.3%
2
70 49
RoW 118 67 -43.8% 354 11 8 71
55
Operating result(1) 1,276 1,389 +8.8% 196 76 11
103 128 14
58 41
Op. holding expenses (67) (74) -10.4% Italy France Germany CEE RoE RoW

Consolidation Adj. (31) (59) -91.3%
Life P&C Financial
Total operating 1,178 1,256 +6.6%
result
(1) Operating result = operating result of life, P&C and financial segments, before holding expenses and consolidation adjustments



From operating result to net result 9

(Euro m) 1Q10 1Q11
Total operating result 1,178 1,256 +6.6%
Non operating investment income 24 (7)
Income and exp. from fin. assets at FV thr. P&L 28 0

Income and exp. from other financial instruments (4) (7)
(1)
Non-operating holding expenses (193) (163)
Net other non operating expenses (105) (54)
Total non operating result (273) (223) +18.3%
Consolidated result of the period before taxes 905 1,032 +14.1%
and minority interests

Income taxes (295) (330)
Result from discontinued operations (Intesa Vita) 15 0
Minority interests (99) (87)
Net result of the period 527 616 +16.8%
(1) Including interest expenses on financial debt



Investment portfolio 10

Own investments(1) at 31.03.11 (% on total)
Maintained stable asset
+0.8% allocation with active portfolio
management
Euro 321.7 bn Euro 324.2 bn
7.3% 7.3%
4.9% 4.9%
Other
8.5% 8.4% Preference for government
9.0% 9.0% Real estate bonds, representing 55.8% of
Equity
total bond portfolio
31.0% 31.1%
Other fixed
income
Corporate Maintained a selective
bonds approach within corporate bond
39.3% 39.2%
Government
bonds portfolio with preference for
high credit rating and capital
FY10 1Q11 efficient investments.




IFRS Shareholders’ equity roll forward 11

(Euro m)

+1.3%

616 14 17,725
17,490
(169) (35)
(190)

Shareholders’ ∆ in AFS 1Q 2011 ∆ Currency ∆ Cash Flow Other Shareholders’
Equity FY10 Reserve Net Result Translation Hedge Reserve Equity 1Q11
Reserve

Change in AFS reserve (Euro m)

89

(184) (265) (15) (375)

AFS Reserve Impact Equity Impact Bond Other AFS Reserve
FY10 Investments Investments 1Q11



Solvency I update 12

(Euro bn)
Required margin Available margin Solvency I ratio

140%(1) 140%(1)

23.6 23.9

16.9 17.0

FY10 1Q11

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



Life profitability – operating result 13

Resilient life operating result

Life Operating Result by driver(1)

1Q10 1Q11 1Q10 866
(Euro m)

Technical Margin 1,564 1,600 +2.3% Tech.M 36

Investment Result 643 644 +0.3% Inv.R 2

Expenses (1,340) (1,363) -1.7% Exp. (23)

Operating Result 866 881 +1.7% 1Q11 881

Life quarterly
operating ratio 0.29% 0.28%
on investments




Life business development 14

Life gross written premiums (Euro m) Life net technical reserves(2) (Euro m)
-13.8%(1) +0.7%

313.3 2.1 0.0 315.5
14,214
12,340
∆

1Q10 1Q11 FY10 Traditional Unit Linked 1Q11
Life net inflows by country(3) (Euro m)
Country 1Q10 1Q11 ∆(1)
1Q 2011 265.0 50.5
Italy 883 157 -82.3%
FY 2010 262.9 50.5
France 2,298 554 -75.9%
∆% +0.8% -
Germany 1,203 1,095 -8.9%
CEE 129 116 -13.1%
RoE 1,062 489 -54.6%
RoW 536 409 -27.3%

TOTAL 6,111 2,819 -54.3%
(1) On like for like basis
(2) Including investment contracts


Life New Business Annual Premium Equivalent 15

Solid APE (over 1.3 bn), with stable annual premiums and year on year downturn entirely
explained by the strong single premiums production registered in the 1st quarter 2010.

(Euro m) APE

1Q 1Q Historical Like for like
2010 2011

Italy 466 428 -8.2% -8.2%

France 413 294 -28.8% -28.8%

Germany 266 256 -3.8% -3.8%

CEE 40 40 -0.8% -0.7%

RoE 221 174 -21.1% -21.6%

RoW 125 118 -5.3% -4.7%

Total 1,532 1,311 -14.4% -14.5%



P&C profitability - operating result 16

Restoring P&C technical profitability

P&C Operating Result by driver(1)
(Euro m) 1Q10 1Q11 1Q10 312

Technical Result 92 185 +100.3% Tech.R 93

Investment Result 267 263 -1.6% Inv.R (4)
Other
Other (48) (55) -14.8% (7)

Operating Result 312 393 +26.0% 1Q11 393

P&C quarterly operating
0.84% 1.07%
ratio on investments



P&C Gross Written Premiums 17

In Motor, confirmation of premium recovery in Italy and France, first signs of recovery also in
Germany
Retail Non Motor growing across the geographies
Commercial business under competitive pressure, especially in Italy and Spain

Historical Like for like
(Euro m) 1Q10 1Q11

Italy 1,715 1,701 -0.9% -0.9%

France 1,223 1,263 +3.3% +3.3%

Germany 1,292 1,325 +2.6% +2.6%

CEE 613 617 +0.7% -1.0%

RoE 1,489 1,501 +0.8% -2.2%

RoW 319 384 +20.7% +17.6%

Total 6,650 6,792 +2.1% +1.2%



P&C profitability (1/2) 18

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

-1.9%pts.
1Q10 1Q11
98.0 0.0
96.1 Italy 97.6% 96.2% -1.4%pts.
(1.9)
France 99.0% 98.2% -0.8%pts.
27.8 27.8
Germany 99.5% 95.3% -4.2%pts.

CEE 87.1% 87.6% +0.5%pts

70.2 68.3
RoE 101.2% 96.7% -4.5%pts.

RoW 96.6% 99.3% +2.7%pts.
1Q10 Expense Loss 1Q11
ratio ratio
Total 98.0% 96.1% -1.9%pts.
Loss ratio Expense ratio



P&C profitability – Net combined ratio (2/2) 19

Loss ratio (%) Reserving ratio (%)
-1.9%pts -8%pts

70.2 -0.9 -1.9 +1.0 68.3
509% 501%

Current NAT Prior
1Q 2010 year(1) CAT years 1Q 2011

1Q 2011 70.6 0.4 -2.7 68.3 1Q 2010 1Q 2011

1Q 2010 71.5 2.3 -3.6 70.2
(1) Excluding natural catastrophes

Expense ratio (%)
0%pts Nat cat activity particularly benign in the
27.8 27.8
Group geographies
6.0 0,0 0,0
6.0 Improved current year loss ratio, thanks to
severe pricing discipline in Motor
21.8
21.8 ∆%pts Acq. costs Stable trend of expense ratio
Adm. costs

1Q10 ∆ Admin ∆ Acq. 1Q11


Agenda 20

III. Final Remarks


III. FINAL REMARKS

Final remarks 21

Solid underlying development of revenues

Excellent level of life operating result confirmed

Improvement of non life technical profitability on track

Investment policy focused on sustaining current returns


22

IV. Backup
P&L and Balance Sheet
Definitions


23

IV. Backup
Definitions


IV. BACK UP

1Q11 total gross written premiums 24

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

Country GWP ∆%(2) % weight GWP ∆%(2) % weight GWP ∆%(2) % weight

Italy 4,912 -8.9 25.7 3,211 -12.7 16.8 1,701 -0.9 8.9

France 4,190 -20.3 21.9 2,927 -27.4 15.3 1,264 +3.3 6.6

Germany 4,663 +4.8 24.4 3,338 +5.7 17.4 1,325 +2.6 6.9

Eastern Europe 1,033 -0.6 5.4 416 -0.1 2.2 617 -1.0 3.2

RoE 2,946 -16.4 15.4 1,446 -27.3 7.6 1,501 -2.2 7.8

Of which: Of which: Of which:

Spain 688 +0.4 3.6 271 +16.7 1.4 417 -7.9 2.2

Austria 839 +6.3 4.4 375 +16.7 2.0 464 -0.8 2.4

Switzerland 615 -1.2 3.2 239 -4.1 1.2 376 +0.7 2.0

Ireland 178 -75.3 0.9 178 -75.3 0.9 - - -

RoW 1,387 +1.6 7.3 1,002 -3.5 5.2 384 +17.6 2.0

Total 19,131 -9.0 100.0 12,340 -13.8 64.6 6,792 1.2 35.4
(1) Including investment contracts
(2) On like for like basis with constant exchange rates


IV. BACK UP

Life Premiums by Country & Business Line 25

Life 1Q11
(Euro m) Savings and Unit/index
protection linked Health Group Total
Italy 85.4% 1.8% 0.0% 12.8% 3,170

France 66.8% 17.5% 8.3% 7.4% 2,874

Germany 48.8% 23.1% 19.2% 8.9% 3,338

CEE 64.0% 23.1% 11.2% 1.7% 416

RoE 37.5% 38.6% 4.7% 19.2% 1,442
Of which:

Spain 57.4% 1.2% 0.0% 41.5% 271

Austria 65.5% 18.9% 15.7% 0.0% 374

Switzerland 23.1% 75.8% 1.0% 0.2% 239

RoW 37.7% 0.8% 13.2% 48.4% 827

Total life gross 61.1% 16.5% 9.1% 13.3% 12,066
direct premiums


IV. BACK UP

P&C Premiums by Country & Business Line 26

P&C 1Q11
(Euro m) Accident/
(1)
Motor Health Personal Commercial Total
Italy 48.9% 17.9% 12.1% 21.2% 1,678

France 28.4% 11.2% 34.3% 26.1% 1,182

Germany 49.4% 9.7% 31.8% 9.1% 1,323

CEE 47.2% 10.4% 14.9% 27.5% 607

RoE 38.3% 18.4% 19.3% 24.0% 1,470
Of which:

Spain 23.7% 19.3% 24.6% 32.4% 409

Austria 38.1% 8.9% 19.0% 34.0% 460

Switzerland 56.0% 26.1% 17.5% 0.4% 374

RoW 61.2% 7.9% 4.5% 26.4% 371

Total P&C gross 43.5% 13.9% 21.4% 21.1% 6,630
direct premiums
(1) Including fleets


IV. BACK UP

Life & health new business: APE 27

(Euro m) APE Annual Premiums Single Premiums
Like for like Like for like Like for like
1Q2010 1Q2011 % 1Q2010 1Q2011 % 1Q2010 1Q2011 %

Italy 466 428 -8.2% 254 268 +5.7% 2,127 1,599 -24.8%
Germany 266 256 -3.8% 226 197 -12.9% 403 592 +46.9%
France 413 294 -28.8% 84 79 -6.2% 3,290 2,153 -34.6%
CEE 40 40 -0.7% 34 34 -1.8% 60 61 5.6%
RoE 221 174 -21.6% 105 121 +13.2% 1,159 536 -53.7%
Austria 28 45 +56.8% 22 35 +60.9% 67 96 +43.4%

Spain 29 32 +11.8% 16 16 +1.3% 131 163 +24.7%

Switzerland 19 17 -15.3% 17 16 -10.2% 21 10 -55.9%

Ireland 74 14 -80.8% 6 3 -56.5% 675 114 -83.0%

RoW 125 118 -4.7% 94 96 +2.6% 309 224 -26.9%
Total 1,532 1,311 -14.5% 797 794 -0.5% 7,347 5,165 -29.7%


IV. BACK UP

Life net inflows by country 28

Country 1Q10 1Q11 Like for like ∆

Italy 883 157 -82.3%

France 2,298 554 -75.9%

Germany 1,203 1,095 -8.9%

CEE 129 116 -13.1%

RoE 1,062 489 -54.0%

Of which:

Spain (103) (31) +70.3%

Austria 58 127 +117.5%

Switzerland 119 58 -57.4%

Ireland 707 139 -80.3%

RoW 536 409 -27.3%

TOTAL 6,111 2,819 -54.3%

IV. BACK UP

Ratios 29

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

98.0% 96.1%
Expense 27.8
ratio
27.8

Loss
9.3 10.9 70.2 68.3
ratio

1Q10 1Q11 1Q10 1Q11

Total – Expense ratio (%)

14.2 16.0

1Q10 1Q11


IV. BACK UP

Ratios by country 30

P&C ratios by ITA FRA GER CEE SPA AUT SWI Consolidated
country (%)
Loss ratio

1Q11 75.2 71.2 67.0 55.0 65.9 65.6 71.5 68.3

1Q10 75.8 71.9 70.8 57.2 73.1 66.0 71.2 70.2

Expense ratio

1Q11 21.0 27.0 28.3 32.6 26.5 30.9 25.9 27.8
1Q10 21.8 27.1 28.7 30.0 25.9 31.2 22.6 27.8

Combined ratio

1Q11 96.2 98.2 95.3 87.6 92.4 96.6 97.4 96.1

1Q10 97.6 99.0 99.5 87.1 99.0 97.3 93.8 98.0

Life expense ratios by country (%)

1Q11 9.7 8.3 12.4 18.5 4.5 12.1 20.1 10.9

1Q10 8.4 5.6 14.3 18.7 5.1 12.3 18.6 9.3


IV. BACK UP

Combined ratio reconciliation 31

(Euro m)

1Q10 1Q11
A Net earned premiums (net of consolidation adjustments) 5,052 .5 5,165.0

B Consolidated net claims 3,544.6 3,527.8

Consolidated acquisition costs 1,104.6 1,128.2

Consolidated administration costs 315.9 324.3
Non insurance activity related administration costs(1) 14.8 16.8
Insurance activity related consolidated administration costs 301.1 307.5

C Total acquisition and administration costs 1,405.7 1,435.7

B/A Loss ratio 70.2 68.3
C/A Expense ratio 27.8 27.8
(B+C)/A Combined ratio 98.0 96.1

D Other technical items 10.0 16.7

A-B-C-D Technical result 92.2 184.7
(1) Administration expenses related to service companies, real estate and other companies not belonging to P&C segment


IV. BACK UP

Operating result by country 32

Life operating result by market (Euro m) P&C operating result by market (Euro m)
1Q10 1Q11 1Q10 1Q11

Italy 350 354 +1.2% Italy 90 106 +18.7%

France 130 196 +51.5% France 64 70 +9.9%

Germany 129 103 -20.0% Germany 20 55 +173.6%

CEE 59 58 -0.7% CEE 88 76 -13.2%

RoE 111 128 +15.2% RoE 31 71 +127.7%

Of which: Of which:

Spain 27 28 +3.3% Spain 23 41 +78.7%

Austria 14 19 +36.2% Austria 18 22 +19.2%

Switzerland 28 42 +46.9% Switzerland 14 10 -32.0%

RoW 88 41 -53.0% RoW 19 14 -26.9%

Total 866 881 +1.7% Total 312 393 +26.0%


IV. BACK UP

Reclassified P&L account 33

(Euro m) Total
1Q10 1Q11
Operating result 1,178 1,256
Net earned premiums 17,800 16,463
Net insurance benefits and claims (18,286) (15,311)
Acquisition and administration costs (2,914) (2,969)
Net fee and commission income and net income from financial service activities 214 241
Operating income from other financial instruments 3,013 3,326
Operating income from financial instruments at fair value through profit or loss 1,524 (294)
Of which net income from fin. assets and liabilities where the risk is borne by the policyholders 758 (394)
Operating holding expenses (67) (74)
Net other operating expenses (106) (126)
Non-operating result (273) (223)
Non-operating income from other financial instruments (4) (7)
Non-operating income from financial instruments at fair value through profit or loss 28 0
Non-operating holding expenses (193) (163)
Interest expenses on financial debt (185) (160)
Other non-operating holding expenses (8) (3)
Net other non-operating expenses (105) (53)
Earnings before taxes 905 1,032
Income taxes (295) (330)
Result from discontinued operations (Intesa Vita) 15 0
Consolidated result of the period 625 703
Result of the period attributable to minority interests (99) (87)
Result of the period 527 616

IV. BACK UP

Reclassified P&L account by segment – 1Q 2010 34

Unallocated holding Consolidation
(Euro m) Life Non life Financial(1) expenses adjustments Total
Operating result 866 312 98 (67) (31) 1,178

Net earned premiums 12,748 5,053 0 - - 17,800

Net insurance benefits and claims (14,741) (3,545) 0 - - (18,286)

of which var. of provisions related to unit linked business (1,232) - - - - (1,232)

Acquisition and administration costs (1,297) (1,410) (207) - - (2,914)
Net fee and commission income and net income from
financial service activities 29 0.0 209 - (24) 214

Operating income from other fin. Instruments 2,686 254 80 - (7) 3,013
Operating income from fin. Instruments at fair value through
profit or loss 1,475 14 36 - - 1,524
of which net income from fin.assets and liabilities where the risk is
borne by the policyholders 758 - - - - 758

Operating holding expenses - - - (67) - (67)

Net other operating expenses (34) (53) (20) - - (106)

Non-operating result (17) (50) (14) (193) - (273)

Non-operating income from other fin.instr. 18 (21) 0 - - (4)
Non-operating income from fin. instr.at fair value through
profit or loss 0 28 0 - - 28

Non-operating holding expenses - - - (193) - (193)

Net other non-operating expenses (34) (57) (14) - - (105)

Earnings before taxes 849 262 84 (260) (31) 905
(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 2011 35

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 42 - - - - 42

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 - (28) 241

Operating income from other fin. Instruments 3,003 256 80 - (13) 3,326
Operating income from fin. Instruments at fair value through
profit or loss (340) 7 39 - - (294)
of which net income from fin.assets and liabilities where the risk is
borne by the policyholders (394) - - - - (394)

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 0 - - - 0

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

Net other non-operating expenses (23) (23) (8) - - (53)

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

1Q11 Assets Under Management 36

Total
Euro 474.9 bn Esposizioni nette a
governativi di
Grecia, Spagna,
Third parties AUM Portogallo e Irlanda
100.5

50.2 Unit Linked

Available for sale Loans Fixed income Other
59.2% 23.8% instruments 3.7%
Real Estate 79.3%
4.2% Real Estate
Group 4.9%
324.2
participations
0.8% Equity
Held to maturity 8.4%
1.3%
Fin. Instr. at fair
value thr. P&L Cash & equival. “Own Investments”(1) Cash & equival.
7.1% 3.6% 3.6%


IV. BACK UP

Investment yields(1) 37

Bonds and Loans Equities Investment Other Total
properties

% return 1Q10 1Q11 1Q10 1Q11 1Q10 1Q11 1Q10 1Q11 1Q10 1Q11

LIFE

Current 1.1% 1.1% 0.1% 0.2% 1.8% 2.0% 0.5% 0.6% 1.0% 1.0%

Total P&L 1.4% 1.1% 1.8% 1.5% 1.4% 1.6% 0.8% 0.3% 1.3% 1.2%

Comprehensive 2.2% 0.3% 2.1% 1.4% 1.4% 2.1% 0.8% 0.3% 2.1% 0.5%

NON LIFE

Current 1.0% 0.9% 0.3% 0.4% 2.2% 2.1% 0.4% 0.5% 1.0% 1.0%

Total P&L 1.0% 0.9% 0.6% 1.1% 1.4% 1.8% 0.1% 0.5% 1.0% 0.9%

Comprehensive 2.3% 0.7% 0.6% 3.2% 1.3% 1.9% 0.1% 0.5% 1.7% 1.0%

TOTAL

Current 1.1% 1.1% 0.2% 0.3% 1.9% 2.0% 0.4% 0.4% 1.0% 1.0%

Total P&L 1.3% 1.1% 1.6% 1.6% 1.4% 1.7% 0.5% 0.2% 1.3% 1.1%

Comprehensive 2.2% 0.3% 1.8% 1.8% 1.4% 2.0% 0.5% 0.2% 2.0% 0.5%


IV. BACK UP

Total comprehensive income(1) 38

(Euro m)
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

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

(178)
181
(1,031)
(505)
(1,010)
-3,000 m

1Q08 1H08 9M08 FY08 1Q09 1H09 9M09 FY09 1Q10 1H10 9M10 FY10 1Q11

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



39

IV. Backup
Definitions


IV. BACK UP

Definitions: P&L and balance sheet (1/2) 40

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

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

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) 41

Own Investments does not include unit/index linked investments and consist of the following asset class (*):
i) Fixed income instruments include quoted and unquoted bonds, loans including deposits under reinsurance business
accepted, term deposits with credit institutions;
ii) Equity-like instruments include quoted and unquoted equities and alternative investments;
iii) Real estate investments excluding own used properties;
iv) Cash and cash equivalent including Repo and Reverse repo
v) Other investments include investments in non-consolidated subsidiaries, derivatives, receivables from banks or
customers
(*) Investment fund units are allocated to each asset class on a look through basis,

Own investments for life segment include bonds and loans issued by Group companies and investments in
consolidated subsidiaries backing policyholders’ liabilities. They are net of consolidation adjustments.

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.”

What’s next 42

August 5, 2011 - 1H 2011 Results

November 11, 2011 - 9M 2011 Results


Investor Relations Team 43

Paola Buratti (Tel.: +39-040-671157)
Head of Investor Relations
Email: paola_buratti@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 44

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 2011 Results

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