Generali Group 9M 2012 Results

Generali Group
9M 2012 Results

November 9, 2012

Agenda 2

I. Overview Page 3

II. Group financials Page 5

III. Final remarks Page 24

IV. Backup Page 26

Assicurazioni Generali Group – 9M 2012 results

Agenda 3

I. Overview
9M 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 9M12 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

9M 2012 results at a glance 4

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

+9.4%(1) +37.3%

1,133

825

9M11 9M12 9M11 9M12

(1) On like for like basis

Shareholders’ equity (Euro m) Solvency I ratio (%)

+24.1% +23%pts

FY11 9M12 FY11 9M12


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)

Historical Like for
9M11 9M12
∆ like ∆

+1.8%(2)

Gross written
51,327 50,945 -0.7% +1.8%
premiums

Life(1) 34,385 33,500 -2.6% +0.4%

9M11 9M12
P&C 16,942 17,444 +3.0% +4.7%

(1) Including investment contracts (Euro 2,669 m in 9M12, Euro 2,307 m in 9M11)



Operating result by segment 7

9M12 total operating result (Euro m)
Like for like
Life 2,196
operating result +16.5%
1,978
P&C 1,158
operating result -4.3%
1,204

Financial services 320 +17.1%
operating result 279

Operating holding -221
expenses
+3.8%
-214

Consolidation -161
adjustments -147 +9.8%

3,292
Total +9.4%
3,100
operating result

9M12
9M11



Focus on non operating result 8

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

Like for
9M11 9M12
like
422 30
(304)

Non operating (724)
(724) (304) -58.8%
investment income (32)

9M11 9M12

(1)
Non operating
(496) (496) +0.1%
holding expenses
(Euro m)
Net Net Fair
Net other realised impair- Value thr.
Non operating (244) (246) +0.9% gains ments P&L
expenses
9M 12 48 (372) 21

Total 9M 11 80 (794) (9)
Non operating (1,464) (1,046) -29.2%
result Δ(2) -34.3% -53.0% n.m.

(1) Including interest expenses on financial debt (2) On like for like basis



From operating result to net result 9

(Euro m) Net income (Euro m)
9M11 9M12

Total operating result 3,100 3,292 +9.4%(1)

Non operating result (1,464) (1,046) -29.2%(1)

+37.3%
Consolidated result before 1,637 2,246 +46.6%(1)
taxes and minorities

Income taxes (584) (869) +48.9%

Result for discontinued 0 (22) n.m.
operations

Minorities (228) (222) -2.4% 9M11 9M12

Net result 825 1,133 +37.3%



Agenda 10






Life business development 11

Gross written premiums (Euro m) Net technical reserves(2) (Euro bn)

+0.4%(1) +2.6%
316.6
301.5 3.2 4.7 309.4
58.3 47.9 52.6
15.1
Δ
258.3 253.6 256.8

9M11 9M12 FY11 Change FY11R Traditional Unit 9M12
in scope Linked
Traditional Unit linked

Net inflows by country (Euro m)
Country 9M11 9M12 Italy: positive trend in 3Q12, although overall
Italy 544 (535) flows are negative due to the decision of not
renewing low margin corporate policies during
France 423 (1,949) 1H12
Germany 2,868 3,333 France: negative trend linked to Group’s decision
to reduce exposure to large premium contracts
CEE 364 282 with low profitability
RoE 1,199 (611) Germany: strong growth triggered by lower
maturities and positive single premium
RoW 1,098 623
development
TOTAL 6,496 1,142
(2) Including liabilities related to investment contracts


Life profitability - Operating result 12

Increasing life operating profitability despite challenging financial environment

Life Operating Result by driver(1)

Like for like
(Euro m) 9M11 9M12

Technical Margin 4,558 4,365 +0.1%

Investment Result 1,308 1,498 +26.2%

Expenses (3,888) (3,667) +0.1%

Operating Result 1,978 2,196 +16.5%

Life operating ratio
0.62% 0.71%
on investments

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



Life investment strategy and yields(1) 13

Life segment own investments(1) (%)

Relevant increase in the value of own investments
Euro 249.3 bn Euro 268.6 bn
reflecting the improved situation in the financial markets
Further reduction of cross border exposure to peripheral
EU government bond, replaced with domestic
government bonds and corporate bonds

Current Fixed Equity Real
return(1) income Estate(2)

9M11 9M12 9M11 9M12 9M11 9M12

Euro m 7,213 7,006 530 372 515 544

% 3.3 3.2 3.0 2.9 5.4 5.6
(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.
(2) Real estate current returns are gross of related expenses



Life New Business Annual Premium Equivalent 14

Despite the negative economic environment and the continuous focus on profitability and capital
efficiency, APE slowdown is marginal (-5.3%) and the weight of annual premiums still predominant (59%
of total APE)

Annual Premium Equivalent (Euro m) (Euro m) APE
Like for like
9M11 9M12
-5.3%(1)
Italy 1,197 1,106 -7.6%

France 738 742 +0.5%

Germany 671 621 -7.4%

CEE 111 108 -3.0%
9M11 9M12
RoE 488 447 -8.6%

RoW 330 159 +1.4%

Total 3,535 3,184 -5.3%



P&C gross written premiums 15

Positive growth, especially in Commercial and Personal Non-Motor
France and CEE drive the growth in Commercial
Growth of Motor in Germany and Spain

Gross written premiums (Euro m)
Like for like
(Euro m) 9M11 9M12
+4.7%(1)
Italy 4,975 4,963 -0.2%

France 3,181 3,231 +1.6%

Germany 2,500 2,687 +7.5%

CEE 1,728 1,820 +8.4%

RoE 3,424 3,542 +3.0%

9M11 9M12 RoW 1,134 1,202 +34.1%

Total 16,942 17,444 +4.7%



P&C profitability - Operating result 16

Resilient P&C operating profitability despite nat cat development

P&C Operating Result by driver(1)
9M11(2) 9M12 Like for like
(Euro m)

Technical Result 492 490 -5.1% Tech.R

Inv.R
Investment Result 862 798 -5.6%
Other
Other (150) (130) -14.4%

Operating Result 1,204 1,158 -4.3%

P&C operating ratio
3.38% 3.25%
on investments

(2) 9M11 split by driver has been changed (reclassification impact amounted to Euro 13.8 m): please refer to 9M 2012 management report for more details



P&C profitability - Net combined ratio (1/2) 17

Combined ratio (%) Combined ratio by country

0.0%pts.
9M11 9M12
96.6 96.6 Italy 96.8% 97.6% +0.8%pts

France 98.8% 98.5% -0.2%pts
27.2 27.2

Germany 95.6% 94.9% -0.7%pts

CEE 88.7% 90.4% +1.7%pts

69.4 69.5
RoE 96.6% 96.3% -0.3%pts

RoW 102.6% 97.7% -4.9%pts
9M11 Expense Loss 9M12
ratio ratio
Total 96.6% 96.6% 0.0%pts
Loss ratio Expense ratio



P&C profitability - Net combined ratio (2/2) 18

Loss ratio (%)
+0.0%pts Improved current year Loss Ratio due to
69.4 -0.9 +1.3 -0.4 69.5 good quality of pricing and discipline in
underwriting

Current NAT Prior Severe Nat Cat impact mainly due to
9M11 year(1) CAT years 9M12
the Northern Italy earthquake, although
9M12 70.8 2.0 -3.3 69.5
properly mitigated by reinsurance
9M11 71.6 0.6 -2.9 69.4
(1) Excluding natural catastrophes

Expense ratio (%) Confirmed positive prior years

27.2
+0.0%pts
27.2 development and prudent reserving

5.9 0.0 +0.1 5.9
policy

Acq. costs
21.2 Δ%pts 21.3
Adm. costs

9M11 Δ Admin Δ Acq. 9M12

Assicurazioni Generali Group – FY 9M 2012 results
Assicurazioni Generali Group – 2009 results


P&C investment strategy and yields(1) 19

P&C segment own investments(1) (%)
Slight increase of corporate bonds exposure with preference
Euro 34.4 bn Euro 36.3 bn
for short term and high quality bonds

Maintained strong focus on asset diversification in the
corporate bonds segment

Continued reduction in the weight of equity and real estate
exposure, in line with the de-risking policy.

Current Fixed Equity Real
return(1) income Estate(2)

9M11 9M12 9M11 9M12 9M11 9M12

Euro m 665 685 84 63 375 330

% 2.9 2.9 2.2 2.1 6.4 6.1

(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.
(2) Real estate current returns are gross of related expenses


Financial segment 20

Operating result (Euro m) Net fees and commissions (Euro m)

+17.1%(1) -1.3%(2)

9M11 9M12 9M11 9M12

(1) On like for like basis (2) On like for like basis

Third party AUM(3) (Euro bn) Cost/income ratio (%)

+10.6%(4) -3.0%pts(5)

FY11 9M12 9M11 9M12

(3) Including only third party AUM related to financial segment companies (5) On like for like basis

Agenda 21






IFRS Shareholders’ equity roll forward 22

(Euro m)

+24.1%

1,133 60 4 19,215
2,918
(75) (311)
15,486

Shareholders’ Δ in AFS 9M 2012 Δ Currency Δ Cash Flow Dividend Other Shareholders’
Equity FY11 Reserve Net Result Translation Hedge Res. Equity 9M12
Reserve
Change in AFS reserve (Euro m) 2,624 763
99

195

(2,156)
AFS Reserve Impact Equity Impact Bond Other AFS Reserve
FY11 Investments Investments 9M12



Solvency I according to Italian regulation 23

(Euro bn)

Required margin Available margin

117% Main drivers of change 140%

Available margin
Consolidated result: +1.3
Financial markets and other elements: +3.1
Cap on locally admitted unrealized
gains on real estate: +0.5

Required Margin +0.5

FY11 9M12


Agenda 24

III. Final Remarks


III. FINAL REMARKS

Final remarks 25

Excellent underlying P&C performance excluding Nat Cat events

Robust Life profitability in a challenging market environment

Restored balance sheet & capital position

Outlook of 2012 Operating Result confirmed


26

IV. Backup
P&L and Balance Sheet
Definitions


27

IV. Backup
Definitions


IV. BACK UP

9M12 Total gross written premiums 28

(Euro m) Total gross written premiums Gross life written premiums(1) Gross P&C written premiums
Country YoY Weight on YoY Weight on YoY Weight on
GWP % increase total GWP GWP % increase total GWP GWP % increase total GWP
(2) (2) (2)

Italy 13,628 - 1.7% 26.7% 8,665 - 2.5% 25.8% 4,963 - 0.2% 28.4%

France 10,537 + 0.2% 20.6% 7,306 - 0.4% 21.7% 3,231 + 1.6% 18.5%

Germany 12,801 + 3.7% 25.1% 10,114 + 2.7% 30.1% 2,687 + 7.5% 15.4%

CEE 3,065 + 5.5% 6.0% 1,245 + 1.6% 3.7% 1,820 + 8.4% 10.4%

RoE 7,661 + 1.0% 15.0% 4,120 + 0.7% 12.3% 3,542 + 3.0% 20.3%

Of which:

Spain 1,809 - 0.7% 3.6% 739 - 4.2% 2.2% 1,070 + 1.9% 6.1%

Austria 1,951 - 2.2% 3.8% 856 - 7.5% 2.5% 1,095 + 2.4% 6.3%

Switzerland 1,465 + 4.0% 2.9% 827 + 5.0% 2.5% 639 + 2.7% 3.7%

RoW 3,253 + 16.5% 6.4% 2,050 + 7.8% 6.1% 1,202 + 34.1% 6.9%

Total 50,945 + 1.8% 100.0% 33,500 + 0.4% 100.0% 17,444 + 4.7% 100.0%
(1) Including investment contracts


IV. BACK UP

9M12 Life premiums by country and business line(1) 29

Savings and Unit/Index
(Euro m) pension Protection linked Total
YoY % YoY % YoY % YoY %
GDP increase(2) GDP increase(2) GDP increase(2) GDP increase(2)
Italy 7,867 - 2.6% 172 + 11.0% 388 - 11.6% 8,427 - 2.8%

France 5,465 + 7.9% 1,043 + 0.6% 622 - 42.1% 7,130 - 0.6%

Germany 4,627 + 4.7% 3,030 + 1.9% 2,457 + 0.0% 10,114 + 2.7%

CEE 758 + 2.3% 181 + 10.7% 306 - 4.9% 1,245 + 1.6%

RoE 1,568 - 3.6% 651 + 12.1% 1,883 - 2.0% 4,102 - 0.6%

Of which:

Spain 584 - 4.0% 149 - 3.1% 6 - 37.6% 739 - 4.2%

Austria 463 - 10.7% 188 + 2.4% 192 - 9.8% 843 - 7.8%

Switzerland 140 + 24.1% 96 + 14.5% 591 + 0.0% 827 + 5.0%

RoW 876 + 4.1% 495 + 17.0% 33 + 2.4% 1,404 + 8.3%

Total Life gross 21,161 + 1.9% 5,572 + 4.4% 5,689 - 9.0% 32,422 + 0.2%
direct premiums


IV. BACK UP

9M12 P&C premiums by country and business line 30

Accident/
(Euro m) Motor (1)
Personal Commercial Health Total
YoY %
YoY % YoY % YoY % increase(2 YoY %
GDP increase(2) GDP increase(2) GDP increase(2) GDP ) GDP increase(2)
Italy 2,376 - 1.0% 592 + 2.5% 1,092 - 2.4% 813 - 0.7% 4,874 - 0.9%

France 853 - 2.4% 1,140 + 3.9% 665 + 4.4% 370 + 1.9% 3,027 + 1.9%

Germany 1,066 + 7.7% 982 + 5.2% 244 + 8.6% 390 + 11.8% 2,682 + 7.4%

CEE 705 - 5.9% 264 + 2.7% 475 + 12.2% 340 + 60.1% 1,784 + 8.4%

RoE 1,306 + 3.5% 792 + 4.0% 769 - 2.0% 553 + 5.2% 3,420 + 2.6%

Of which:

Spain 291 + 8.7% 310 + 8.2% 302 - 9.5% 139 + 1.4% 1,042 + 1.6%

Austria 426 + 1.3% 246 + 3.0% 296 + 3.6% 114 + 2.5% 1,081 + 2.4%

Switzerland 329 + 2.8% 152 - 1.3% 3 - 8.3% 152 + 6.2% 636 + 2.5%

RoW 678 + 24.2% 15 + 15.6% 336 + 41.5% 100 + 60.1% 1,129 + 31.5%

Total P&C 6,984 + 2.4% 3,785 + 4.0% 3,582 + 4.6% 2,566 + 10.1 16,917 + 4.3%
gross
direct premiums
(1) Including fleets


IV. BACK UP

Life new business: APE 31

(Euro m) APE Annual Premiums Single Premiums

Historical Like for Historical Like for Historical Like for
9M11 9M12 like 9M11 9M12 like 9M11 9M12 like

Italy 1,197 1,106 -7.6% -7.6% 795 730 -8.2% -8.2% 4,023 3,765 -6.4% -6.4%

France 738 742 +0.5% +0.5% 215 225 +4.5% +4.5% 5,228 5,171 -1.1% -1.1%

Germany 671 621 -7.4% -7.4% 487 409 -15.9% -15.9% 1,839 2,119 +15.2% +15.2%

CEE 111 108 -2.3% -3.0% 94 100 +6.5% +6.3% 165 78 -52.4% -54.1%

RoE 488 447 -8.4% -8.6% 326 298 -8.7% -8.9% 1,622 1,494 -7.9% -7.9%

Spain 89 79 -10.5% -10.5% 39 33 -16.0% -16.0% 493 463 -6.2% -6.2%

Austria 85 73 -14.7% -14.7% 65 57 -13.3% -13.3% 198 160 -19.3% -19.3%

Switzerland 58 70 +20.4% +18.9% 54 63 +16.4% +15.0% 44 75 +69.7% +67.6%

RoW 330 159 -51.8% +1.4% 266 131 -50.5% +4.4% 648 279 -56.9% -10.8%

Total 3,535 3,184 -9.9% -5.3% 2,183 1,893 -13.3% -7.4% 13,524 12,906 -4.6% -2.2%


IV. BACK UP

Life net inflows by country 32

Country 9M11 9M12 Like for like Δ

Italy 544 (535) n.m.

France 423 (1,949) n.m.

Germany 2,868 3,333 + 16.2%

CEE 364 282 - 20.2%

RoE 1,199 (611) n.m.

Of which:

Spain (146) (1,709) n.m.

Austria 183 115 - 37.4%

Switzerland 357 476 + 30.1%

RoW 1,098 623 + 12.6%

TOTAL 6,496 1,142 - 81.1%


IV. BACK UP

Ratios 33

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

96.6% 96.6%
Expense
27.2 27.2
ratio

Loss
11.3 11.2 69.4 69.5
ratio

9M11 9M12 9M11 9M12

Total - Expense ratio (%)

16.3 16.4

9M11 9M12


IV. BACK UP

Ratios by country 34

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

P&C Loss ratio

65.9 69.1 70.0
9M12 77.4 71.8 66.5 52.6 67.8 59.3 69.5
9M11 75.7 72.0 66.3 54.9 68.5 67.0 68.5 70.7
64.9 69.4
P&C Expense ratio
28.1 27.5 26.0
9M12 20.2 26.7 28.4 37.8 28.5 38.5 27.2
9M11 21.1 26.8 29.4 33.8 28.1 26.9 27.4 25.8
37.8 27.2
P&C Combined ratio
94.0 96.6 96.0
9M12 97.6 98.5 94.9 90.4 96.3 97.7 96.6
9M11 96.8 98.8 95.6 88.7 96.6 94.0 95.8 96.4
102.6 96.6

Life expense ratio by country
4.8 14.6 18.8
9M12 10.3 9.0 11.5 19.9 12.8 15.1 11.2
9M11 10.2 8.9 12.0 19.1 12.4 4.4 13.1 20.3
15.5 11.3


IV. BACK UP

Combined ratio reconciliation 35

(Euro m)

9M11 9M12
A Net earned premiums (net of consolidation adjustments) 15,367 15,763

B Consolidated net claims 10,668 10,949

Consolidated acquisition costs 3,260 3,358

Consolidated administration costs 959 983
Non insurance activity related administration costs(1) 46 56
Insurance activity related consolidated administration costs 913 927

C Total acquisition and administration costs 4,173 4,284

B/A Loss ratio 69.4 69.5
C/A Expense ratio 27.2 27.2
(B+C)/A Combined ratio 96.6 96.6

D Other technical items 34.6 40.2

A-B-C-D Technical result 492.2 489.8
(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 36

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

Like for
9M11 9M12 like ∆
166
Italy 1,325 1,432 +8.1%
275
France 401 529 +32.2%

Germany 471 463 -1.8%

CEE 351 349 -0.6% 98
991 0
RoE 659 700 +6.3% 181 39 267
187 18
RoW 254 201 +23.7% 195
348 335 53
236
136 150
Operating result(1) 3,461 3,674 +9.1%
-2
Italy France Germany CEE RoE RoW
Op. holding expenses (214) (221) +3.8%

Consolidation Adj. (147) (161) +9.8%
Life P&C Financial
Total operating 3,100 3,292 +9.4%
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 37

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

9M11 9M12 Like for 9M11 9M12 Like for
like ∆ like ∆
Italy 933 991 +6.2% Italy 297 275 -7.3%

France 208 348 +67.3% France 192 181 -5.8%

Germany 238 236 -0.8% Germany 194 187 -3.7%

CEE 110 136 +23.9% CEE 224 195 -12.8%

RoE 300 335 +11.6% RoE 259 267 +3.2%

Of which: Of which:

Spain 80 88 +10.3% Spain 112 114 +1.8%

Austria 52 51 -3.1% Austria 73 67 -9.4%

Switzerland 101 90 -11.1% Switzerland 35 38 +8.2%

RoW 188 150 +56.9% RoW 38 53 +18.9%

Total 1,978 2,196 +16.5% Total 1,204 1,158 -4.3%


IV. BACK UP

Reclassified P&L account 38

(Euro m) Total
9M11 9M12
Operating result 3,100 3,292
Net earned premiums 46,692 45,847
Net insurance benefits and claims (39,040) (46,972)
Acquisition and administration costs (8,609) (8,487)
Net fee and commission income and net income from financial service activities 693 590
Operating income from other financial instruments 7,907 8,325
Operating income from financial instruments at fair value through profit or loss (4,105) 4,463
Of which net income from fin. assets and liabilities where the risk is borne by the policyholders (4,147) 3,409

Operating holding expenses (214) (221)
Net other operating expenses (224) (253)
Non-operating result (1,463) (1,046)
Non-operating income from other financial instruments (714) (324)
Non-operating income from financial instruments at fair value through profit or loss (9) 20
Non-operating holding expenses (496) (496)
Interest expenses on financial debt (484) (493)

Other non-operating holding expenses (12) (3)

Net other non-operating expenses (244) (246)
Earnings before taxes 1,637 2,246
Income taxes (584) (869)
Result from discontinued operations 0 (22)
Consolidated result of the period 1,053 1,355
Result of the period attributable to minority interests (228) (222)
Result of the period 825 1,133

IV. BACK UP

Reclassified P&L account by segment – 9M 2011 39

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

Operating result 1,978 1,204 279 (214) (147) 3,100

Net earned premiums 31,324 15,367 - - 0 46,692

Net insurance benefits and claims (28,357) (10,668) - - (15) (39,040)

of which var. of provisions related to unit linked business 2,997 - - - - 2,997

Acquisition and administration costs (3,732) (4,187) (691) - - (8,609)
Net fee and commission income and net income from
126 - 657 - (90) 693
financial service activities

Operating income from other fin, Instruments 6,862 837 237 - (30) 7,907

Operating income from fin, Instruments at fair value through
(4,222) 24 93 - - (4,105)
profit or loss
of which net income from fin. assets and liabilities where the risk is
(4,147) - - - - (4,147)
borne by the policyholders

Operating holding expenses - - - (214) - (214)

Net other operating expenses (24) (171) (17) - (12) (224)

Non-operating result (482) (517) 35 (496) (3) (1,463)

Non-operating income from other fin. instr. (390) (400) 76 - - (714)

Non-operating income from fin. instr.at fair value through
- (9) - - - (9)
profit or loss

Non-operating holding expenses - - - (496) - (496)

Net other non-operating expenses (92) (107) (42) - (3) (244)

Earnings before taxes 1,496 687 314 (710) (150) 1,637
(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 – 9M 2012 40

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

Operating result 2,196 1,158 320 (221) (161) 3,292

Net earned premiums 30,084 15,763 - - 0 45,847

Net insurance benefits and claims (36,023) (10,949) - - (1) (46,972)

of which var. of provisions related to unit linked business (3,279) - - - - (3,279)

Acquisition and administration costs (3,555) (4,295) (637) - - (8,487)
Net fee and commission income and net income from
70 - 621 - (101) 590
financial service activities

Operating income from other fin. Instruments 7,314 764 297 - (51) 8,325

Operating income from fin. Instruments at fair value through
4,322 35 106 - - 4,463
profit or loss
of which net income from fin.assets and liabilities where the risk is
3,409 - - - - 3,409
borne by the policyholders

Operating holding expenses - - - (221) - (221)

Net other operating expenses (17) (160) (67) - (9) (253)

Non-operating result (341) (173) (26) (496) (11) (1,046)

Non-operating income from other fin.instr. (227) (91) (5) - (2) (324)

Non-operating income from fin. instr.at fair value through
- 20 - - - 20
profit or loss

Non-operating holding expenses - - - (496) - (496)

Net other non-operating expenses (114) (102) (21) - (9) (246)

Earnings before taxes 1,855 986 294 (717) (172) 2,246
(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) 41

(Euro m) Life P&C Financial Total

Net impairments 9M11 9M12 9M11 9M12 9M11 9M12 9M11 9M12

Equity instruments 565 461 167 99 1 3 733 563

Fixed income 1,690 163 196 16 3 6 1,889 184

Real estate 22 36 (1) 5 0 0 21 41

Other investments(2) 319 8 133 91 8 7 459 106

Total net impairments 2,596 667 495 212 12 16 3,103 894

Of which

Operating net
2,301 509 0 0 8 13 2,308 522
impairments
Non operating net
295 158 495 212 5 3 794 372
impairments
(1) Net of reverse impairments
(2) Including subsidiaries and associated companies


IV. BACK UP

Focus on realised gains(1) 42

(Euro m) Life P&C Financial Total

9M11 9M12 9M11 9M12 9M11 9M12 9M11 9M12
Net realized gains on Equities 397 124 14 (20) 1 1 440 106
Realised gains 1,018 443 136 82 2 1 1,183 527
Realised losses (621) (319) (122) (102) (1) 0 (744) (421)

Net realized gains on Fixed Income 790 238 21 43 2 (1) 813 280
Realised gains 1,165 2,308 80 173 4 6 1,249 2,487
Realised losses (375) (2,070) (59) (130) (2) (7) (436) (2,207)
Net realized gains on Real Estate 73 70 73 72 0 0 146 142
Realised gains 82 76 73 76 0 0 155 153
Realised losses (9) (7) 0 (4) 0 0 (9) (11)
Net realized gains on Other(2) 110 11 (14) 26 81 (2) 177 34
Realised gains 142 11 1 26 81 1 224 38
Realised losses (32) 0 (15) 0 0 (3) (47) (3)

Total net realized gains 1,370 443 94 121 84 (2) 1,576 561
Operating net realized gains 1,465 512 0 0 3 0 1,495 513
Non operating net realized gains (95) (69) 94 121 81 (2) 80 48
(1) Excluding financial instruments at fair value through profit and loss
(2) Including subsidiaries and associated companies


IV. BACK UP

Focus on 3Q12 results 43

(Euro m) 3Q12/
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12
3Q11
Life premiums(1) 12,340 11,503 10,543 12,009 12,815 10,415 10,271 +0.5%(2)
P&C premiums 6,792 5,219 4,931 5,823 6,999 5,419 5,027 +3.4%(2)
Total premiums 19,131 16,722 15,474 17,832 19,814 15,834 15,298 +1.5%(2)

Life net inflows 2,819 1,999 1,678 (651) 760 (1,138) 1,521 +2.1%(2)

Combined ratio % 96.1% 96.9% 96.7% 96.4% 95.4% 98.8% 95.7%(3) -1.0 pts.

Life operating result 881 782 315 564 819 832 545 +92.1%(2)
P&C operating result 393 406 405 357 411 344 404 -2.0%(2)
Financial operating
115 96 68 63 126 85 109 +62.4%(2)
result
Operating holding
expenses and cons. (133) (132) (96) (155) (126) (148) (109) +14.0%(2)
adj.
Total operating result 1,256 1,153 692 827 1,230 1,113 949 +43.1%(2)

Net result 616 190 20 31 567 274 291 n.m.
(3) 94.8% excluding CAT

IV. BACK UP

Consolidated balance sheet 44

(Euro bn) FY11 9M12 (Euro bn) FY11 9M12

Shareholders’ Equity
Intangible assets 10.4 9.9 (Group share) 15.5 19.2

Minority interests 2.6 2.9
Investments 346.7 360.0
Shareholders’ Equity 18.1 22.1

Cash 25.6 23.9

Operating debt 46.9 50.8
Other credits 11.3 12.5
Financial debt 12.2 12.2

Tangible assets 4.9 4.9 Technical reserves 325.0 328.2

Payables and other
provisions 9.0 9.6
Other assets (1) 24.2 38.2 Other liabilities 11.8 26.5

Total Liabilities and
Total Assets 423.1 449.4 Shareholders’ Equity 423.1 449.4

(1) Including reinsurance amounts of technical reserve, deferred tax assets, deferred acquisition costs and other assets


IV. BACK UP

9M12 Assets Under Management 45

Total
Euro 474.4 bn

Third parties AUM

Unit Linked

Available for sale Loans Fixed income Other
60.5% 21.7% instruments 3.8%
Real Estate 79.7%
3.9% Real Estate
Group 4.6%
participations
0.6% Equity
Held to maturity 4.8%
2.4%
Fin. Instr. at fair
value thr. P&L Cash & equival. “Own Investments”(1) Cash & equival.
3.9% 7.1% 7.1%



IV. BACK UP

Investment yields(1) 46

Bonds and Loans Equities Investment Other Total
properties

% return 9M11 9M12 9M11 9M12 9M11 9M12 9M11 9M12 9M11 9M12

LIFE

Current 3.3% 3.2% 3.0% 2.9% 5.4% 5.6% 2.0% 1.4% 3.3% 3.1%
Total P&L 2.7% 3.4% 0.7% 1.6% 6.0% 5.9% 1.5% 2.0% 2.7% 3.3%
Comprehensive 1.4% 9.6% -14.4% 7.7% 6.1% 5.6% 1.5% 2.0% 0.5% 8.8%

NON LIFE

Current 2.9% 2.9% 2.2% 2.1% 6.4% 6.1% 2.1% 1.4% 3.3% 3.2%
Total P&L 2.1% 3.1% -1.8% -1.8% 7.7% 7.4% 2.1% 1.8% 2.5% 3.1%
Comprehensive 1.4% 7.6% -9.5% 4.0% 7.7% 7.3% 2.1% 1.7% 1.3% 6.5%

TOTAL

Current 3.2% 3.1% 3.2% 2.7% 5.7% 5.7% 1.5% 1.0% 3.2% 3.0%
Total P&L 2.6% 3.3% 0.3% 1.1% 6.6% 6.3% 1.6% 1.4% 2.6% 3.1%
Comprehensive 1.4% 9.1% -13.2% 7.0% 6.7% 6.1% 1.6% 1.4% 0.7% 8.0%
(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

3Q12 IFRS Shareholders’ equity roll forward 47

IFRS Shareholders’ equity roll forward (Euro m)
+10.7%

1,584 291 6 19,215

17,359 (14) (11)
15,486

Shareholders’ Shareholders‘ Δ in AFS 3Q 2012 Δ Currency Δ Cash Flow Other Shareholders’
Equity FY11 Equity 1H12 Reserve Net Result Translation Hedge Equity 9M12
Reserve Reserve

Change in AFS reserve (Euro m)

211 64 763
1,308

(821)

AFS Reserve Impact Bond Impact Equity Other AFS Reserve
1H12 Investments Investments 9M12


IV. BACK UP

Solvency I according to Italian regulation 48

(Euro bn)

Required margin Available margin

130% Main drivers of change 140%

Available margin
Consolidated result: +0.3
Financial markets and other elements: +1.9

Required Margin
+0.2

1H12 9M12


IV. BACK UP

Total comprehensive income(1) 49

(Euro m)

+4,000 m

-1,00 m

3M10 6M10 9M10 12M10 3M11 6M11 9M11 12M11 3M12 6M12 9M12
1,308 1,064 2,096 1,452 270 466 (860) (1,166) 2,530 2,186 4,036

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


IV. BACK UP

AFS reserve breakdown 50

(Euro m) FY11 1H12 9M12

Fixed income instruments (1,780) (464) 844
Government (1,216) (445) 377
Corporate (564) (20) 467

Equity (382) (398) (187)

Investment funds and other 7 42 106

TOTAL (2,156) (821) 763


51

IV. Backup
Definitions


IV. BACK UP

Definitions: P&L and balance sheet (1/2) 52

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 The change of written premiums, net cash inflow, APE and NBV is on equivalent terms (on equivalent
exchange rates and consolidation area). The change of operating results, AUM and technical reserves is
calculated excluding Migdal Group from the comparative period

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) 53

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 54

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 55

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 9M 2012 Results

Recommandé

Recommandé

Contenu connexe

Tendances

Tendances (19)

Similaire à Generali Group 9M 2012 Results

Similaire à Generali Group 9M 2012 Results (20)

Plus de Generali

Plus de Generali (20)

Dernier

Dernier (20)

Generali Group 9M 2012 Results