Generali Group 2013 First Half Results

March 2006
August 1, 2013
Generali Group
2013 First-Half Results

2
Assicurazioni Generali Group – 1H 2013 results
Agenda
III. Final remarks
II. Group Financials
Page 3
Page 9
Page 31
IV. Backup Page 33
I. 1H 2013 results overview

3
Agenda
I. 1H 2013 results overview
1H 2013 results at a glance
Following the announcement of the sale of related stake, Mexico and US Life RE qualified as a non-current asset held for sale and
discontinued operations.
Like for like comparisons are adjusted for the disposal of Mexico and US Life Re.
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 is calculated excluding Mexico and US Life Re from the comparative period.
Embedded Value metrics and Economic solvency at 1H13 are based on the assumption that the disposal of Mexico and US Life RE has
already been finalized.

4
I. OVERVIEW
Net result (Euro m)
Solvency I ratio (%)
Operating result(1) (Euro m)
1H12 1H13
Shareholders’ equity (Euro m)
1,878 2,014
2,270 2,257 2,378
1H111H101H09 1H12 1H13
504
873 806 842
1,081
1H111H101H09
One of the best first halves in 5 years
1H12 1H13
11,612
17,146 17,231 17,359 18,433
1H111H101H09 1H12 1H13
125
132 133
130
139
1H111H101H09
(1) Operating profit pro-forma
(2) Net income excluding Migdal only (Mexico & US Life Re included in discontinued operations)
(2)

5Half a year into the plan – A strong start to a multi-year turnaround
January February March April May June July
Creation of
Generali
Italia
Investor
Day,
London
Completed
acquisition
of GPH 1st
tranche
Placement
of 12%
Banca
Generali
Launch of
Corporate &
Commercial
unit
Sale of US
Life Re to
SCOR
Sale of
minority
stake in
Mexico to
Banorte
German minority
squeeze-out &
treasury share
sale launched
Much has been delivered…
 More than 50% of Euro 4 bn disposal target reached
 Generali Italia created – completion of remaining
legal entity mergers by year end
 Corporate & Commercial unit launched
 Further streamlining achieved: squeeze-out of
German minorities
 New business unit planning & performance
management process implemented
… but still much to achieve
 Deliver remaining disposals (BSI ongoing)
 Use of proceeds to reduce debt & fund GPH
 Enhance cash generation from earnings to
improve dividends
 Execute operational restructuring of Italy
 Deliver on Euro 600 m cost program
 Ongoing excess liquidity reduction in asset
portfolios
GPH deal
agreed
I. OVERVIEW
Group
Management
Committee
(GMC) fully
formed

6
Operation
Expected
closing
date
Cash in
(gross of tax,
Euro bn)
Realized gain
(gross of tax,
Euro bn)
Exit multiple
(historic P/E)
Solvency I
impact
Migdal 4Q12 0.7 n.m. 17x +2%pts.
Total 2012 0.7 +2%pts.
Banca Generali (12%
placement)
2Q13 0.2 0.1(1) 12x +1%pts.
Generali USA Life Re 4Q13 0.7 0.1 15x +1%pts.
Mexico 4Q13 0.7 0.5 18x(2) +4%pts.
Total 2013 1.6 0.8 +6%pts.
CUMULATIVE
TOTAL
2.3 0.8 +9%pts.
Summary of disposals
I. OVERVIEW
(1) The impact increased the Shareholders Equity
(2) Only for Seguros Banorte Generali. Pensiones Banorte Generali sold for 4.9x 2012 Shareholders Equity
Figures may not sum up for roundings

7
 Total liquidity(1) has been reduced by Euro
7.5 bn (33%) during 1H13 using a moderate
approach due to market conditions
Excess liquidity: Reinvestment actions
Total Liquidity(1) Trend (Euro bn) Main Actions
 Euro 3 bn invested in Third Party best in class
funds
 Private placement of corporate bonds (France
and Germany mainly)
 Long term government bond exposure has
been increased
 BTPs have been reduced by 5%
 Cash has been reinvested in 2Q13 at an
average yield of 3.5%
Liquidity will be further deployed, over next 6-12 months to be in line with market (i.e. 2-3%
of investments), according to available opportunities
0
5
10
15
20
25
FY11 1H12 FY12 1Q13 1H13
I. OVERVIEW
(1) Cash & cash equivalent instruments, including time deposits with maturity within 6 months

8
Generali: Our vision for 2015
Reshaped approach to maximise value creation
Focused on core insurance business, with greater contribution from P&C
Stronger capital position and disciplined balance sheet management
Superior customer acquisition and retention, with focus on retail and affluent space
Consistent technical excellence and tight control of costs
The mission is to deliver
top quartile shareholder returns and profitability
1
2
3
4
I. OVERVIEW

9
Agenda
Profit & loss review
Life, P&C and financial segment profitability
Balance sheet and capital

10
Revenue development by segment
II. GROUP FINANCIALS
(1) Including investment contracts (Euro 1,632 m in 1H13, Euro 1,637 m in 1H12)
(2) On like for like basis
1H12
1H12
excluding
Mexico & US
Life Re
1H13
Like for
like ∆
Gross written
premiums
35,648 34,620 34,836 +1.7%
Life(1) 23,230 22,486 23,120 +2.2%
P&C 12,418 12,135 11,715 +0.8%
(Euro m)
35,648
34,836
1H131H12
+1.7%(2)
Gross written premiums (Euro m)
34,620
1,028
Contribution from US
Life Reassurance and
Mexican operations

11
Consolidation
adjustments
Total
operating result
Financial services
operating result
P&C
operating result
Operating holding
expenses
Life
operating result
909
272
-168
-116
755
211
-148
-126
2,378
1,481
1,651
2,343
1H13 total operating result (Euro m)
Operating result by segment
1H13
1H12
-7.9%
+5.3%
+28.6%
+24.8%
+13.4%
-7.0%
Like for like 
728
1,591
Contribution from US
Life Reassurance and
Mexican operations(1)
(1) The contribution for 1H12 life operating result was Euro 60 m, for 1H12 P&C operating result was Euro 27 m and for total operating result was Euro 86 m
2,257

12
Focus on non operating result
1H12 1H13
Like for
like 
Non operating
investment income
(286) 5 n.m.
Non operating
holding expenses
(329) (397) +20.7%
Of which: interest costs (327) (375) +14.7%
Net other
Non operating
expenses
(161) (198) +23.5%
Of which: VOBA
amortization
(92) (88) -4.3%
Total
Non operating
result
(776) (590) -23.9%
5
(286)
(71)
136
226
Non operating investment income (Euro m)
1H131H12
Δ Euro m
Net
realised
gains
Net
impair-
ments
Fair Value
thr. P&L
1H13 208 (163) (40)
1H12 (18) (300) 32
Δ(1) n.m. -45.7% n.m.
(Euro m)

13
1H12 1H13 
Total operating result 2,343 2,378 +5.3%(1)
Non operating result (776) (590) -23.9%(1)
Consolidated result before
taxes and minorities
1,568 1,787 +20.7%(1)
Income taxes (582) (619) +6.3%
Result for discontinued
operations
27 47 +73.2%
Minorities (171) (135) -21.2%
Net result 842 1,081 +28.4%
Net income (Euro m)
842
1,081
+28.4%
1H131H12
From operating result to net result
(Euro m)

14
Agenda

15
Life business development
23,230 23,120
+2.2%(1)
1H12 1H13
(2) Including liabilities related to investment contracts
Country 1H12 1H13
Italy (602) 486
France (1,688) 95
Germany 2,118 2,893
CEE 215 270
RoE (841) 850
RoW 420 316
TOTAL (378) 4,911
Net inflows by country (Euro m)
 Italy: positive development thanks to
significant decrease of maturities, and
partially of surrender
 France: positive trend thanks to the drop of
surrenders
 Germany: confirms good positive trend
thanks to the good development of volumes
 Rest of Europe: 1H12 negatively influenced
by the decision not to renew a large Group
contract with low profitability
Net technical reserves(2) (Euro bn)
1H13FY12 Traditional Unit
Linked
+2.5%(1)
Traditional Unit linked
260.2 261.9
53.6 56.3
2.71.6313.8 318.2

16
Life profitability – Operating result
(Euro m) 1H12 1H13  Like for like
Technical Margin 2,988 2,867 -1.0%
Investment Result 1,151 1,054 -6.6%
Expenses (2,489) (2,440) +0.3%
Operating Result 1,651 1,481 -7.0%
Life operating profitability hit by low interest rate environment
Life Operating Result by driver
Life operating ratio on
Investments
0.54% 0.45%
Life operating
result 1H12
Δ Technical margin Δ Investment result Δ Expenses Life operating
result 1H13
1,651 1,48149
(121) (98)

17
Life investment strategy and yields
Current
return(1)
Fixed
income
Equity Real
Estate
1H12 1H13 1H12 1H13 1H12 1H13
Euro m 4,671 4,543 299 311 349 345
% 2.2 1.9 2.3 2.5 3.6 3.5
43.0% 42.8%
33.9% 34.7%
8.4% 8.6%
4.5% 4.5%
3.5% 3.6%
4.7% 3.7%
2.1% 2.0%
FY12 1H13
Other
Cash & cash
equivalent
Real estate
Equity
Other fixed
income
Corporate
bonds
Government
bonds
Life segment own investments (%)
Euro 277.0 bn Euro 274.9 bn
 Current profitability remains affected by a low
reinvestment yield environment
 Cash has been deployed in more profitable investments
 Increased exposure to corporate bonds to improve the
overall return of the investment portfolio
+0.6%(1)

18Life new business value and profitability
 Positive development of APE (+1.3% on a like for like basis), with the increase of protection and
unit-linked business
 NBM at 20.6%, improving from year-end thanks to better product mix and rigorous pricing,
offsetting the impact of the exit of profitable US and Mexico business
 Solid NBV at Euro 473 m (-1.3%)
(Euro m) APE Margin on APE (NBM) NBV
1H12 1H13
Like for like

1H12 FY12 1H13 1H12 1H13
Like for like

Italy 790 860 8.9% 23.8% 17.2% 17.3% 188 149 -20.1%
France 581 409 -29.6% 12.5% 12.8% 14.3% 73 59 -19.7%
Germany 400 549 37.2% 20.7% 20.2% 23.4% 83 128 54.6%
CEE 74 84 -17.5% 35.0% 31.4% 45.7% 26 38 5.2%
RoE 322 315 -1.7% 24.9% 20.8% 24.6% 80 77 -2.7%
RoW 112 86 8.4% 38.2% 44.1% 25.7% 43 22 8.0%
Total 2,280 2,303 1.3% 21.6% 19.2% 20.6% 493 473 -1.3%
1H13 amounts include the contributions from Mexico & US Life Re only for 1Q13. Such contributions, as well as other perimeter and FX rates changes, are neutralized in the
like for like variation

19
P&C gross written premiums
(Euro m) 1H12 1H13
Like for like

Italy 3,582 3,441 -3.9%
France 2,240 1,947 -4.2%
Germany 1,987 2,070 +4.2%
CEE 1,228 1,001 -1.3%
RoE 2,579 2,600 +1.2%
RoW 802 656 +41.4%
Total 12,418 11,715 +0.8%
12,418 11,715
1H131H12
+0.8%(1)
 Positive performance of Motor lines, thanks in particular to the excellent performance in Germany
 Non Motor lines remained stable, despite negative trends in Italy and France that offset the good
performances in Germany and Eastern Europe Countries
 Commercial under pressure mainly in Spain and Italy, due to the difficult economic environment

20
P&C profitability – Operating result
(Euro m) 1H12 1H13  like for like
Technical Result 272 508 +99.4%
Investment Result 560 517 -6.0%
Other (77) (117) +52.1%
Operating Result 755 909 +24.8%
P&C Operating Result by driver
P&C operating ratio on Investments 2.11% 2.41%
Confirmed strong P&C operating profitability driven by excellent technical results
P&C operating
result 1H12
Δ Technical result Δ Investment result Δ Other P&C Operating
result 1H13
755 909
(43) (40)
236

21
(0.3) (2.2)
P&C profitability – Net combined ratio (1/2)
1H131H12
Combined ratio (%) Combined ratio by country(%)
94.7%97.1%
Loss ratio Expense ratio
1H12 1H13 ∆
Italy 99.7% 90.8% -8.9%pts.
France 98.4% 97.0% -1.4%pts.
Germany 95.8% 96.0% +0.2%pts.
CEE 87.5% 90.6% +3.1%pts.
RoE 96.1% 95.8% -0.4%pts.
RoW 96.9% 106.2% +9.3%pts.
Total 97.1% 94.7% -2.4%pts.
-2.4%pts.
 Expense
ratio
 Loss
ratio
27.4
67.3
27.6
69.5

22P&C profitability – Net combined ratio (2/2)
Loss ratio (%)
Acq. costs
Adm. costs
 Current loss ratio still decreasing
due to a continuous improvement in
Motor frequency (particularly Italy
and Germany)
 Positive development of prior years
confirmed
 NAT Cat affecting Q2 2013
6.0
21.8
0.2 -0.55.8
21.4
1H13 69.8 2.1 -4.6 67.3
1H12 70.6 2.4 -3.5 69.5
69.5
67.3
-0.8 -0.3 -1.1
27.4
Expense ratio (%)
Δ%pts
27.6
(1) Excluding natural catastrophes
-2.2%pts
-0.3%pts
1H131H12 Δ Admin. Δ Acq.
1H131H12
Current
year(1)
NAT
CAT
Prior
years

23
P&C investment strategy and yields
P&C segment own investments (%)
Euro 37.9 bn Euro 37.3 bn
Current
return(1)
Fixed
income
Equity Real
Estate
1H12 1H13 1H12 1H13 1H12 1H13
Euro m 469 429 54 58 222 186
% 2.0 1.7 1.8 2.2 4.1 3.5
29.7% 30.1%
29.2% 31.5%
10.7% 7.9%
6.9% 7.2%
13.9% 14.1%
8.0% 7.7%
1.6% 1.4%
FY12 1H13
Other
Cash & cash
equivalent
Real estate
Equity
Other fixed
income
Corporate
bonds
Government
bonds
 Solid liquidity buffer ready to be deployed in attractive
investment opportunities
 Increased exposure to corporate bonds to improve the
overall return of the investment portfolio
 Current profitability remains affected by a low
reinvestment yield environment
-0.6%(1)

24
67.4 64.2
Financial segment
Operating result (Euro m)
Third party AUM(1) (Euro bn)
Net fees and commissions (Euro m)
211 272
1H131H12
+28.6%
415 442
1H131H12
+6.6%
96.4 98.5
1H13FY12
+2.2% -3.2%pts
1H131H12
Cost/income ratio (%)
(1) Including only third party AUM related to financial segment companies

25
Agenda

26
19,828
(815)
19,013
18,433
(652)
1,081
(124) (24)
(597)(311)
IFRS Shareholders’ equity roll forward
Shareholders’
Equity FY12
Impact from
revised IAS
19
01/01/2013 Δ in AFS
Reserve
1H 2013
Net Result
Δ Currency
Translation
Reserve
Δ Cash Flow
Hedge
Reserve
Dividend
paid
Other
(including
Euro 477 m
GPH 25%
minorities
buyout)
Shareholders’
Equity 1H13
-3.1%
(Euro m)
Change in AFS reserve (Euro m)
2,591
(19)
1,938(15)
(619)
AFS Reserve
FY12
Impact Equity
Investments
Impact Bond
Investments
Other AFS Reserve
1H13

27
17.9 17.9 18.1
26.9 26.1 25.1
Solvency I update
Required margin Available margin
01/01/13FY12
145%(1)
(Euro bn)
1H13
139%
Solvency I ratio
(1) FY12 shareholders’ equity was restated including the effects of revised IAS 19
(2) Excluding disposal of Mexico & US Life Re
Main drivers of changeMain drivers of change
Available margin
 Consolidated result:
 Banca Generali shares
placement:
 Financial markets and other
elements:
 GPH 25% minorities buyout
 Eligible debt
Required Margin
+ 1.2
+ 0.2
- 0.9
- 1.3
- 0.2
+0.2
150%
142%(2) at July 18

28
Leverage
Debt outstanding (Euro bn)
1H13
13.2 13.1 12.7
1Q13FY12
 Debt reduced by Euro 0.5 bn (maturities funded
from internal resources) in 1H13
 Euro 1.25 bn commitment to repurchase
remainder of GPH at end 2014, but:
 Majority of proceeds from Euro 4 bn disposal
program still to be received
 Focus on enhancing cash flow from existing
business
 Thus, significant scope to reduce debt, while
also increasing dividends
We expect a significant reduction in our debt levels by 2015

29
Group Embedded Value roll-forward
(Euro m)
(1) Including mainly disposal of Mexico & US Life Re and GPH minorities buy-out
(2) For the definitions refer to the related section in the backup
23,742 1,504 939 24,914
(960)
(311)
EV Official FY12 Change in
Perimeter
Normalised EV
earnings
Investment and
Tax Variances
Cash Dividend EV 1H13
Robust return on embedded value, mainly driven
by positive combined ratio at 94.7% and Life NBV
of 473 m
(1)
Return on Embedded Value
RoEV (2)13.2% Normalised RoEV (2) 21.4%
Group Embedded Value
€ 16.2 Group EV per share
Group EV 1H13
Including
+1.3 bn: increase in interest rates (VIF and P&C liab)
- 0.4 bn: change in mkt value of SH assets

30
19.9
Economic Solvency
 Economic Solvency Ratio based on Group Internal Model calibrated on 1 year VaR at 99.5% confidence level
Economic Solvency Ratio
(1) ESR FY12 = AC FY12 (net of proposed dividend 2012 equal to 0.3 bn) divided by Risk Capital FY12
(2) Including disposal of Mexico and US Life Re
Group
AC
Group
RAC
Group
RAC
Group
AC
FY12 1H13
31.9
33.3
19.9
ESR = 159%(1) ESR = 167%(2)

31
III. Final Remarks
Agenda

32
Final remarks
III. FINAL REMARKS
Excellent underlying P&C performance
Market environment still challenging for life investment margin but
inflows continue on recovering trend
Prioritising reinvestment of excess cash

33
IV. Backup
Agenda
P&L
Balance sheet
Life
Definitions

34
IV. Backup
Agenda
P&L
Balance sheet
Life
Definitions

351H13 Total gross written premiums
IV. BACK UP
(1) Including investment contracts
(Euro m)
YoY YoY YoY
% increase % increase % increase
(2) (2) (2)
Italy 9,822 +1.8% 28.2% 6,381 +5.1% 27.6% 3,441 -3.9% 29.4%
France 6,037 -21.6% 17.3% 4,090 -27.9% 17.7% 1,947 -4.2% 16.6%
Germany 10,190 +19.7% 29.3% 8,120 +24.4% 35.1% 2,070 +4.2% 17.7%
CEE 1,791 -1.9% 5.1% 790 -2.6% 3.4% 1,001 -1.3% 8.5%
RoE 5,626 +1.6% 16.2% 3,026 +1.9% 13.1% 2,600 +1.2% 22.2%
Of which:
Spain 1,278 -4.1% 3.7% 553 +3.3% 2.4% 724 -9.1% 6.2%
Austria 1,393 +3.0% 4.0% 586 +3.7% 2.5% 807 +2.5% 6.9%
Switzerland 981 -3.8% 2.8% 501 -8.5% 2.2% 480 +1.7% 4.1%
RoW 1,370 +32.2% 3.9% 714 +24.3% 3.1% 656 +41.4% 5.6%
Total 34,836 +1.7% 100.0% 23,120 +2.2% 100.0% 11,715 +0.8% 100.0%
Total gross written premiums Gross life written premiums
(1)
Gross P&C written premiums
Country GWP
Weight on
total GWP GWP
Weight on
total GWP GWP
Weight on
total GWP

361H13 Life premiums by country and business line(1)
IV. BACK UP
GDP
YoY %
increase(2) GDP
YoY %
increase(2) GDP
YoY %
increase(2) GDP
YoY %
increase(2)
Italy 5,869 +6.0% 117 -8.2% 227 -13.0% 6,213 +4.9%
France 2,412 -43.1% 860 -3.6% 681 +65.2% 3,953 -28.7%
Germany 4,291 +52.7% 2,116 +4.8% 1,712 +0.9% 8,120 +24.4%
CEE 431 -11.8% 122 +9.2% 236 +13.0% 790 -2.6%
RoE 1,115 +3.5% 489 +1.4% 1,409 +0.8% 3,013 +1.9%
Of which:
Spain 432 +5.3% 116 -3.8% 5 +11.1% 553 +3.3%
Austria 322 +9.1% 133 +4.9% 122 -8.1% 577 +4.0%
Switzerland 80 -20.6% 65 +5.0% 356 -7.5% 501 -8.5%
RoW 393 +17.3% 263 +19.4% 55 +294.8% 711 +25.1%
Total Life gross
direct premiums 14,512 +0.2% 3,968 +3.0% 4,321 +8.3% 22,801 +2.1%
(Euro mln)
Protection Unit/Index linkedSavings and pension Total
(Euro m)

371H13 P&C premiums by country and business line
IV. BACK UP
(1) Including fleets
GDP
YoY %
increase(2) GDP
YoY %
increase(2) GDP
YoY %
increase(2) GDP
YoY %
increase(2) GDP
YoY %
increase(2)
Italy 1,548 -9.0% 439 +1.0% 787 -3.6% 576 -0.3% 3,350 -5.1%
France 550 -5.9% 825 +3.7% 448 -7.1% 0 -100.0% 1,823 -4.6%
Germany 872 +7.2% 747 +2.4% 173 +2.0% 275 +1.4% 2,068 +4.2%
CEE 478 -3.9% 175 +2.2% 269 +0.8% 53 +2.3% 976 -1.3%
RoE 932 +1.6% 573 +4.3% 556 -7.6% 444 +4.9% 2,506 +0.5%
Of which:
Spain 189 -8.0% 220 +2.4% 191 -22.6% 110 -1.7% 711 -8.8%
Austria 308 +0.6% 171 +2.6% 233 +4.0% 81 +4.0% 793 +2.3%
Switzerland 231 -0.7% 113 +5.1% 2 -8.2% 133 +4.6% 479 +2.0%
RoW 438 +51.4% 28 +259.8% 127 +28.4% 20 +13.7% 613 +48.4%
Total P&C gross
direct premiums 4,819 +0.8% 2,789 +3.7% 2,360 -3.0% 1,368 -1.6% 11,336 +0.4%
TotalAccident/Health
(Euro mln)
Motor
(1)
Personal Commercial
(Euro m)

38
Loss
ratio
Expense
ratio
P&C - Combined ratio(%)
Total - Expense ratio (%)
69.5 67.3
27.6 27.4
1H131H12
1H131H12
1H131H12
97.1 94.7
1H13 technical ratios
IV. BACK UP
Life - Expense ratio (%)
16.2 15.8
10.610.9

391H13 combined ratio reconciliation
(1) Administration expenses related to service companies, real estates and other companies not belonging to P&C segment
(Euro m)
IV. BACK UP
1H12 1H13
A Net earned premiums (net of consolidation adjustments) 10.565 10.228
B Consolidated net claims 7.339 6.880
Consolidated acquisition costs 2.308 2.185
Consolidated administration costs 652 638
Non insurance activity related administration costs(1)
39 21
Insurance activity related consolidated administration costs 613 617
C Total acquisition and administration costs 2.920 2.802
B/A Loss ratio 69,5% 67,3%
C/A Expense ratio 27,6% 27,4%
(B+C)/A Combined ratio 97,1% 94,7%
D Other technical items 34 37
A-B-C-D Technical result 272 508

401H13 technical ratios by country
IV. BACK UP
(%) ITA FRA GER CEE RoE SPA AUT SWI RoW Consolidated
1H13 69.7% 69.9% 67.5% 58.0% 66.9% 64.8% 67.1% 69.4% 64.6% 67.3%
1H12 78.5% 71.6% 67.5% 50.3% 67.3% 64.9% 67.0% 70.7% 58.1% 69.5%
1H13 21.1% 27.2% 28.5% 32.6% 28.9% 28.5% 27.9% 26.3% 41.6% 27.4%
1H12 21.2% 26.8% 28.3% 37.2% 28.9% 27.9% 28.3% 26.1% 38.9% 27.6%
1H13 90.8% 97.0% 96.0% 90.6% 95.8% 93.3% 95.0% 95.7% 106.2% 94.7%
1H12 99.7% 98.4% 95.8% 87.5% 96.1% 92.9% 95.3% 96.8% 96.9% 97.1%
1H13 9.6% 12.0% 9.6% 18.1% 11.3% 4.5% 13.9% 19.5% 21.2% 10.6%
1H12 10.0% 12.0% 12.0% 19.8% 12.1% 4.6% 15.1% 19.4% 15.5% 10.1%
P&C Loss ratio
P&C Expense ratio
P&C Combined ratio
Life expense ratio by country

41Focus on operating result
1H12 1H13
Like for
like ∆
Italy 971 1,150 +18.4%
France 466 443 -4.8%
Germany 315 336 +6.6%
CEE 263 182 -30.7%
RoE 454 497 +9.3%
RoW 147 53 -13.9%
Operating result(1) 2,617 2,661 +5.1%
Op. holding expenses (148) (168) +13.4%
Consolidation Adj. (126) (116) -7.9%
Total operating
result
2,343 2,378 +5.3%
Operating result by country(1) (Euro m)
668
313
168
81
207
44
358
131
138
88
184
11
125
30
13
106
-2Italy France Germany CEE RoE RoW
Life P&C Financial
Operating result breakdown(1) (Euro m)
(1) Operating result = operating result of life, P&C and financial segments, before holding expenses and consolidation adjustments
1,150
443
336
182
497
53
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42
1H 2013(1) FY 2012 FY 2011 FY 2010
Consolidated Operating result 2,378 4,219 3,928 4,077
Interest expenses on financial debt (375) (668) (646) (704)
Operating taxes(2) (691) (1,225) (1,132) (1,163)
Minority interest (83) (287) (278) (258)
Net IFRS Total Operating result 1,229 2,040 1,872 1,951
Average shareholder's equity (excluding
OCI(3))
17,000 17,131 17,252 16,699
Operating RoE 7.2% 11.9% 10.8% 11.7%
Operating Return on Equity: calculation
(1) 1H13 Operating RoE not annualised
(2) Taxes based on mid-point of long term expected range of 33-36%
(Euro m)
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43
1,650
1,481
Life operating result
Operating result (Euro m)
1H131H12
-7.0%(1)
Operating result by country (Euro m)
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1H12 1H13 Like for
like 
Italy 742 668 -10.0%
France 337 313 -7.3%
Germany 162 168 +3.7%
CEE 94 81 -13.7%
RoE 207 207 +0.2%
Of which:
Spain 52 53 +1.3%
Austria 30 31 +1.1%
Switzerland 60 61 +0.5%
RoW 109 44 -11.3%
Total 1,651 1,481 -7.0%

44Life net inflows by country
IV. BACK UP
Country 1H12 1H13 Like for like 
Italy (602) 486 n.m.
France (1,688) 95 n.m.
Germany 2,118 2,893 +36,6%
CEE 215 270 +37,5%
RoE (841) 850 n.m.
Spain (1,661) (43) +97,4%
Austria 38 79 +105,9%
Switzerland 311 264 -13,5%
RoW 420 316 +48,2%
Total (378) 4,911 n.m.

45
755
909
P&C operating result
1H131H12
+24.8%(1)
IV. BACK UP
1H12 1H13 Like for
like 
Italy 120 358 +198.4%
France 128 131 +1.8%
Germany 127 138 +8.8%
CEE 157 88 -43.6%
RoE 184 184 +0.0%
Of which:
Spain 84 81 -2.8%
Austria 52 57 +9.0%
Switzerland 23 25 +8.0%
RoW 40 11 -16.8%
Total 755 909 +24.8%
Operating result (Euro m) Operating result by country (Euro m)

46Other operating and non operating expenses by segment
(Euro m) Life Non Life Financial
1H12 1H13 1H12 1H13 1H12 1H13
Total net other operating expenses (28) (42) (103) (147) (47) (70)
Restructuring costs (3) (2) (15) (26) (5) (1)
Other net non operating expenses(1) (66) (98) (56) (60) (10) (11)
Total net other non operating expenses (69) (100) (71) (86) (15) (12)
(1) Other non operating expenses include mainly amortization of VOBA
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47
(Euro m) Life P&C Financial Total
Net impairments 1H12 1H13 1H12 1H13 1H12 1H13 1H12 1H13
Equity instruments 457 246 96 35 3 1 555 282
Fixed income (2) (13) 12 (4) 7 (2) 17 (19)
Real estate 19 65 5 7 0 0 24 72
Other investments(2) 7 11 65 78 9 2 81 91
Total net impairments 480 309 179 116 18 1 677 425
Of which
Operating net
impairments
362 262 0 0 15 0 378 262
Non operating net
impairments
118 47 179 116 3 1 300 163
Focus on impairments(1)
(1) Net of reverse impairments
(2) Including subsidiaries and associated companies
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48
(Euro m) Life P&C Financial Total
1H12 1H13 1H12 1H13 1H12 1H13 1H12 1H13
Net realized gains on Equities 85 256 (28) 45 0 117 57 418
Realised gains 305 341 47 65 0 117 353 522
Realised losses (220) (84) (75) (20) 0 0 (295) (104)
Net realized gains on Fixed Income 178 710 4 52 0 15 183 777
Realised gains 1,853 795 81 60 1 17 1,935 872
Realised losses (1,675) (85) (77) (9) (1) (2) (1,753) (95)
Net realized gains on Real Estate 66 30 68 56 0 0 134 86
Realised gains 70 36 72 63 0 0 142 98
Realised losses (4) (6) (4) (7) 0 0 (7) (13)
Net realized gains on Other(2) 6 13 21 (6) (1) 2 26 10
Realised gains 6 22 21 1 1 2 29 25
Realised losses (1) (8) 0 (7) (2) 0 (3) (15)
Total net realized gains 335 1,010 66 147 (1) 134 400 1,291
Operating net realized gains 418 1,035 0 0 0 48 418 1,083
Non operating net realized gains (82) (25) 66 147 (2) 86 (18) 208
Focus on realised gains(1)
(1) Excluding financial instruments at fair value through profit and loss
(2) Including subsidiaries and associated companies
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49Focus on non operating items: interest expenses on financial debt
327 375
1H12 1H13
Average cost (%) 5.40% 5.92%
Average maturity (years) 5.41 5.77
Total financial debt (Euro m)Interest expenses on financial debt (Euro m)
1H131H12
Average cost & maturity of financial debt (%) 36.8% 35.0%
54.5% 59.2%
8.7% 5.8%
1H12 1H13
Senior Sub/Hybrid Other
12,74112,124
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50Reclassified P&L account
Total
(Euro m) 1H12 1H13
Total Operating result 2,343 2,378
Net earned premiums 31,650 31,163
Net insurance benefits and claims (30,995) (31,338)
Acquisition and administration costs (5,767) (5,583)
Net fee and commission income and net income from financial service activities 395 410
Operating income from other financial instruments 5,665 6,264
Operating income from financial instruments at fair value through profit or loss 1,727 1,890
of which net income from fin. assets and liabilities where the risk is borne by the policyholders 1,293 1,589
Operating holding expenses (148) (168)
Net other operating expenses (184) (261)
Non-operating result (776) (590)
Non-operating income from other financial instruments (318) 44
Non-operating income from financial instruments at fair value through profit or loss 32 (40)
Non-operating holding expenses (329) (397)
Interest expenses on financial debt (327) (375)
Other non-operating holding expenses (2) (22)
Net other non-operating expenses (161) (198)
Earnings before taxes 1,568 1,787
Income taxes (582) (619)
Result from discontinued operations 27 47
Consolidated result of the period 1,012 1,215
Result of the period attributable to minority interests (171) (135)
Result of the period 842 1,081
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51
(Euro m) Life Non life Financial(1)
Unallocated
holding
expenses
Consolidation
adjustments Total
Total Operating result 1,651 755 211 (148) (126) 2,343
Net earned premiums 21,085 10,565 - - - 31,650
Net insurance benefits and claims (23,656) (7,339) - - - (30,995)
of which var. of provisions related to unit linked business (1,212) - - - - (1,212)
Acquisition and administration costs (2,415) (2,928) (424) - - (5,767)
Net fee and commission income and net income
from financial service activities 47 - 415 - (66) 395
Operating income from other fin. Instruments 4,986 536 195 - (53) 5,665
Operating income from fin. Instruments at fair
value through profit or loss 1,632 23 72 - - 1,727
of which net income from fin.assets and liabilities where
the risk is borne by the policyholders 1,293 - - - - 1,293
Operating holding expenses - - - (148) - (148)
Net other operating expenses (28) (103) (47) - (7) (184)
Non-operating result (269) (152) (19) (329) (7) (776)
Non-operating income from other fin.instr. (200) (113) (4) - - (318)
Non-operating income from fin. instr.at fair value
through profit or loss - 32 - - - 32
Non-operating holding expenses - - - (329) - (329)
Net other non-operating expenses (69) (71) (15) - (7) (161)
Earnings before taxes 1,382 603 192 (477) (132) 1,568
Reclassified P&L account by segment - 1H12
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(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report

52
(Euro m) Life Non life Financial(1)
Unallocated
holding
expenses
Consolidation
adjustments Total
Total Operating result 1,481 909 272 (168) (116) 2,378
Net earned premiums 20,935 10,228 - - - 31,163
Net insurance benefits and claims (24,457) (6,880) - - - (31,338)
of which var. of provisions related to unit linked business (2,037) - - - - (2,037)
Acquisition and administration costs (2,354) (2,808) (420) - - (5,583)
Net fee and commission income and net income from
financial service activities 47 0 442 - (79) 410
Operating income from other fin. Instruments 5,559 503 237 - (35) 6,264
Operating income from fin. Instruments at fair value
through profit or loss 1,793 14 83 - - 1,890
of which net income from fin.assets and liabilities where the
risk is borne by the policyholders 1,589 - - - - 1,589
Operating holding expenses - - - (168) - (168)
Net other operating expenses (42) (147) (70) - (3) (261)
Non-operating result (172) (95) 73 (397) 1 (590)
Non-operating income from other fin.instr. (72) 31 85 - - 44
Non-operating income from fin. instr.at fair value
through profit or loss - (40) - - - (40)
Non-operating holding expenses - - - (397) - (397)
Net other non-operating expenses (100) (86) (12) - 1 (198)
Earnings before taxes 1,308 814 345 (565) (115) 1,787
Reclassified P&L account by segment - 1H13
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(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report

53
IV. BACK UP
Focus on 2Q13 results
(Euro m)
2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
2Q13/
2Q12(2)
Life premiums(1) 11,503 10,543 12,009 12,815 10,415 10,271 13,309 12,282 11,259 +11.5%
P&C premiums 5,219 4,931 5,823 6,999 5,419 5,027 5,359 6,863 5,050 +0.6%
Total premiums 16,722 15,474 17,832 19,814 15,834 15,298 18,668 19,145 16,309 +7.9%
Life net inflows 1,999 1,678 (651) 760 (1,138) 1,515 2,399 2,913 2,109 +276.9%
Combined ratio % 96.9% 96.7% 96.4% 95.4% 98.8% 95.7% 92.8% 93.6% 95.6% -3.2%
Life operating result 782 315 564 819 832 545 462 797 683 -12.5%
P&C operating result 406 405 357 411 344 404 505 520 389 +23.4%
Financial operating result 96 68 63 126 85 109 88 119 153 +80.4%
Operating holding expenses
and cons. adj.
(132) (96) (155) (126) (148) (109) (128) (108) (176) +19.0%
Total operating result 1,153 692 827 1,230 1,113 949 928 1,328 1,049 +1.7%
Net result 190 20 31 567 274 291 (1,043) 603 478 +74.0%

54
IV. Backup
Agenda
P&L
Balance sheet
Life
Definitions

55Consolidated balance sheet
(1) Including reinsurance amounts of technical reserve, deferred tax assets, deferred acquisition costs and other assets
(Euro bn) FY12 1H13
Intangible assets 9.9 9.7
Investments
Cash
374.1
21.6
375.9
18.5
Other credits 11.1 12.3
Tangible assets 5.0 5.1
Other assets (1) 20.0 25.7
Total Assets 441.7 447.2
(Euro bn) FY12 1H13
Shareholders’ Equity
(Group share) 19.8 18.4
Minority interests 2.7 1.9
Shareholders’ Equity 22.6 20.3
Operating debt 50.7 50.0
Financial debt 13.2 12.7
Technical reserves 336.4 338.0
Payables and other
provisions 9.5 10.2
Other liabilities 9.4 16.0
Total Liabilities and
Shareholders’ Equity 441.7 447.2
IV. BACK UP

56Assets under management
Total
Euro 491 bn
Unit Linked
Third parties AUM
IV. BACK UP
(1) For definitions refer to the related section in the backup
99.6
335.2
56.5
338.8
53.8
97.4
Total
Euro 490 bn
Fixed income
instruments
Other
Real Estate
Equity
“Own Investments”(1)
Cash & equival.
4.7%
81.2%
4.5%
5.2%
3.4%
1H13FY12

57
Fixed income instruments
Of which bonds
Of which loans
Real estate
Other
Subs, ass. & JVs
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1H13 own investments at amortized cost and fair value(1)
Fixed income instruments
Of which bonds
Equity
Other
Investments at amortized cost
Investments at fair value
(1) Excluding unit linked and third parties AUM
Cash & equivalents
91.6%
86.1%
6.8%
1.7%
233.9
83.8
17.5
73.1%
50.5%
22.6%
15.2%
9.6%
2.1%
Total
Euro 335 bn

581H13 book value and market value of own investments(1)
IV. BACK UP
(1) Excluding unit linked and third parties
(2) Net of consolidation adjustments
(Euro m)
Asset classes BV MV BV MV BV MV BV MV
Equity 12,494 12,494 2,707 2,707 606 606 15,807 15,807
Fixed income instruments 236,974 240,591 26,068 26,082 14,844 15,151 275,405 279,341
Corporate 95,555 98,029 11,769 11,748 2,176 2,179 109,176 111,632
Government 117,730 118,723 11,242 11,271 5,668 5,707 134,640 135,702
Other fixed income 23,689 23,838 3,057 3,062 7,000 7,264 31,589 32,007
Real estate 9,912 12,430 5,264 8,004 21 37 15,197 20,471
Life P&C Financial Total(2)

59Quality of 1H13 fixed income portfolio
By issuer (Euro bn)
Fixed income portfolio composition: Euro 275.4 bn
117.7 11.2 5.7
134.6
95.6 11.8
2.2
109.2
23.7 3.1
7.0
31.6
Life P&C Financials Total
Government Corporate Other fixed income
IV. BACK UP
Bond portfolio by rating (%)
19.8% 21.2% 15.2% 39.1%
3.3%
1.3%
AAA AA A BBB NIG NR
Average bond portfolio duration
(years)
Life P&C
Government 8.5 4.6
Corporate 5.8 3.4
%
Current
return
Comprehensive
return
Life 1.9% 0.8%
P&C 1.6% 1.0%

60
Government bonds: Euro 134.6, 48.9% of total fixed income portfolio
Focus on 1H13 government bond portfolio
43%
30%
18%
57%
70%
82%
Life P&C Financial
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Weight on own investmentsSplit by accounting treatment
10.5%
89.5%
Amortized cost Fair Value
Split by country
(Euro bn)
Total Of which domestic
Italy 56.7 52.5
France 27.5 21.0
Germany 9.3 7.0
CEE 8.1 5.4
RoE 22.9 10.2
RoW 2.1 0.8
Supranational 8.0 na
Split by rating (Euro bn) Total
AAA 18.1
AA 44.4
A 3.6
BBB 65.5
Not investment grade 2.7
Not rated 0.3
117.7 11.2 5.7

61Peripheral government bond portfolio: focus on country exposure
IV. BACK UP
0.0
0.8
0.3
0.1 Italy
Germany
France
RoE
1.5
0.6
0.6
4.2
Italy
Germany
France
Spain
0.0
0.9
0.3
0.2 Italy
Germany
France
RoE
52.5
2.0 1.8
0.5
Italy
Germany
France
RoE
Italian government bonds: Euro 56.7 bn Spanish government bonds: Euro 7.0 bn
Portuguese government bonds: Euro 1.3 bn Irish government bonds: Euro 1.4 bn

62Focus on 1H13 corporate bond portfolio
25.7%
74.3%
Amortized cost Fair Value
35% 31%
7%
65% 69%
93%
Life P&C Financial
Weight on own investmentsSplit by accounting treatment
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Corporate bonds: Euro 109.2 bn, 39.6% of total fixed income portfolio
Split by industry
(Euro bn)
Life P&C
Financials 29.1 3.8
Covered bonds 29.4 3.3
Utilities 10.2 1.0
ABS 1.3 0.3
Telecom 5.0 1.0
Industrial 9.0 0.7
Other 11.5 1.6
AAA 30.2
AA 7.3
A 33.6
BBB 29.8
Not rated 2.9
95.6 11.8 2.2

63Focus on 1H13 covered and financial corporate bond portfolios
Covered bonds(1): Euro 33.4 bn
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Financial corporate bonds(1): Euro 33.8 bn
(1) Including life, P&C and financial segment investments.
AAA 26.4
AA 1.4
A 3.0
BBB 2.0
Not rated 0.5
Split by country (Euro bn) Total
Italy 1.5
France 9.1
Germany 8.6
CEE 0.5
RoE 12.9
RoW 0.7
AAA 2.4
AA 2.6
A 15.1
BBB 9.9
Not rated 0.7
Split by country (Euro bn) Total
Italy 4.8
France 6.0
Germany 5.6
CEE 0.7
RoE 11.9
RoW 4.8

64Focus on 1H13 equity portfolio
5% 7% 2%
Life P&C Financial
Equity: Euro 15.8 bn
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Weight on own investments
Group net equity exposure
Gross
equity
exposure
Hedging PHs’
interest
Taxes Min.
interest
Net
equity
exposure
15.8
5.1
(0.6)(9.9)
(0.1)
(0.2)
12.5 2.7 0.6
%
Current
return
Comprehensive
return
Life 2.5% 2.7%
P&C 2.2% 3.0%
Split by industry (Euro bn) Life P&C
Financials 1.9 1.0
Consumer 1.3 0.3
Utilities 0.8 0.1
Industrial 1.0 0.2
Other 2.4 0.5
Alternative funds 3.1 0.6
Funds 2.0 0.1

65
(1) RoE includes Austria, Spain, Switzerland, Belgium, UK and Netherlands
(2) RoW includes Latin America, Far East and US.
1H13 Group real estate assets (1/2)
Country Total BV
(Euro bn)
% of
the total
Total MV
(Euro bn)
% of
the total
Italy 6.5 36% 9.4 40%
France 4.2 24% 5.7 24%
Germany 3.8 21% 3.9 16%
CEE 0.2 1% 0.2 1%
RoE(1) 3.2 17% 4.5 18%
RoW(2) 0.2 1% 0.2 1%
Total 18.1 100% 23.9 100%
Investment properties vs. self use Yield on investment properties
Self Use
14.2 %
Investment
properties
85.8 %
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% of Average NBV Current Return
Life 3.5%
P&C 3.5%
% based on Market Value

661H13 Group real estate assets (2/2)
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Country Area
(sqm m)
% of
total area
MV
(Euro bn)
% of
Total MV
Italy 2.5 38% 8.2 38%
France 1.6 24% 5.4 25%
Germany 1.1 17% 3.1 14%
CEE 0.1 2% 0.2 1%
RoE (1) 1.2 17% 4.4 20%
RoW (2) 0.1 2% 0.2 1%
Total 6.6 100% 21.4 100%
Residential 12%
Retail 16%
Logistic 3%
Other 7%
Office 62%
Direct Investments in leader countries
(1) RoE includes UK, Austria, Spain, Switzerland, Belgium
and Netherlands
(2) RoW includes Latin America, Far East and US

67Investment yields(1)
IV. BACK UP
Return (%) 1H12 1H13 1H12 1H13 1H12 1H13 1H12 1H13 1H12 1H13
LIFE
Current 2.2 1.9 2.3 2.5 3.6 3.5 0.9 1.0 2.1 2.0
Total P&L 2.3 2.3 -0.1 3.6 4.2 1.9 0.8 -0.4 2.1 2.1
Comprehensive 5.3 0.8 2.2 2.7 3.9 1.7 0.8 -0.4 4.7 0.9
NON LIFE
Current 2.0 1.7 1.8 2.2 4.1 3.5 1.0 1.8 2.2 2.0
Total P&L 2.0 1.9 -2.3 2.5 5.2 2.4 1.0 0.7 2.1 1.8
Comprehensive 4.3 1.0 -0.4 3.0 5.2 2.4 1.0 0.7 3.8 1.2
TOTAL
Current 2.1 1.9 2.2 2.4 3.8 3.5 0.7 0.7 2.0 1.9
Total P&L 2.2 2.2 -0.4 4.2 4.4 2.1 0.6 -0.2 2.0 2.1
Comprehensive 5.1 0.9 1.7 3.4 4.2 1.9 0.6 -0.2 4.4 0.9
Fixed Income Equities
Investment
Properties
Other Total

68
18,43318,775
478(468) 47(311)
(10)(78)
IFRS Shareholders’ equity roll forward – Quarterly evolution
Shareholders’
Equity 1Q2013
Δ in AFS
Reserve
2Q 2013
Net Result
Δ Currency
Translation
Reserve
Δ Cash Flow
Hedge Reserve
Dividend paid Other Shareholders’
Equity 1H13
-1.8%
(Euro m)
Change in AFS reserve (Euro m)
2,406
(66)
1,938
(42)
(360)
AFS Reserve
FY12
Impact Equity
Investments
Impact Bond
Investments
Other AFS Reserve
1H13
IV. BACK UP

69AFS reserve breakdown
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(Euro m) FY12 1Q13 1H13
Fixed income instruments 1,889 1,631 1,271
Government 1,111 860 764
Corporate 778 770 507
Equity 549 578 534
Investment funds and other 152 198 134
TOTAL 2,591 2,406 1,938

70
18.2 18.1
25.0 25.1
Regulatory Solvency I development in 2Q13
1H131Q13
138% 139%
(Euro bn)
Main drivers of change
IV. BACK UP
Available margin
 Consolidated result:
 Banca Generali shares placement:
 Financial markets and other elements:
Required Margin
+ 0.5
+ 0.2
- 0.6
- 0.1
Required margin Available margin Solvency I ratio

71Stress tests on Solvency I and Shareholders’ equity
Impact on solvency I ratio (%) Impact on Shareholders’ equity (Euro bn)
Total ratio 30.06.2013
Equities -30%
Interest rate +100bps
Interest rate -100bps
Credit spread +100bps
Real estate -10%
(1.0)
2.7
(2.7)
(1.5)Equities -30%
Interest rate +100bps
Interest rate -100bps
Credit spread +100bps
(1)
(1)
(1) Before hedging impact
IV. BACK UP
139
130
124
154
133
135

72
(12)
425
1,850
(344)
2,530
(307)
(1,326)
681
196(644)
1,032
(244) 270
1,308
2Q131Q134Q123Q122Q121Q124Q113Q112Q111Q114Q103Q102Q101Q10
Total comprehensive income(1)
(Euro m)
3M10 6M10 9M10 12M10 3M11 6M11 9M11 12M11 3M12 6M12 9M12 12M12 3M13 6M13
1,308 1,064 2,096 1,452 270 466 (860) (1,166) 2,530 2,186 4,036 4,717 425 413
+4,000 m
-1,000 m
IV. BACK UP

73Financial debt schedule
0
500
1,000
1,500
2,000
2,500
3,000
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2024 2026
Hybrid Subordinated Senior Loans
Bonds
Financial debt breakdown by expiry date/call date (Euro m)
IV. BACK UP
Euro 550 m
repayed
during 1H13

741H13 technical reserves
IV. BACK UP
(Euro m) Traditional Linked TOTAL
Life net technical reserves
(1)
Italy 83,487 5,697 89,184
France 66,569 15,504 82,073
Germany 81,854 15,312 97,166
CEE 5,460 1,579 7,039
GROUP TOTAL 261,862 56,300 318,162
(Euro m) Motor Non Motor TOTAL
P&C net technical reserves
Italy 4,902 6,964 11,866
France 2,316 3,431 5,747
Germany 2,041 2,613 4,654
CEE 1,210 757 1,967
GROUP TOTAL 13,877 17,158 31,035
(1) Including investment contracts for Euro 18,023 million

75Operating ratio on investments(1)
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Life operating ratio on investments (%)
P&C operating ratio on investments (%)
(%)
1H12 1H13 %pts
Italy 0.94 0.77 -0.17
France 0.42 0.37 -0.05
Germany 0.18 0.17 -0.01
CEE 1.26 1.03 -0.23
GROUP TOTAL 0.54 0.45 -0.09
(%)
1H12 1H13 %pts
Italy 1.02 2.83 1.81
France 2.38 2.19 -0.19
Germany 2.21 2.25 0.04
CEE 4.58 2.51 -2.07
GROUP TOTAL 2.11 2.41 0.30

76Number of shares(1)
(1) Calculation based on IAS 33
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Ordinary
Shares issued
(1)
Own
shares
(2)
Shares
outstanding
(1-2)
shares outstanding at 12.31.2012 1,556,873,283 15,996,870 1,540,876,413
Weighted number of shares outstanding at 12.31.2012 1,540,876,249
Capital increase
Stock grant plan -425,967 425,967
Exercise of stock options
Generali shares purchase 763,125 -763,125
Change in scope
shares outstanding at 06.30.2013 1,556,873,283 16,334,028 1,540,539,255
Weighted number of shares outstanding at 06.30.2013 1,540,790,961
Potential (dilutive) shares:
Stock options 0
Weighted number of shares outstanding at 06.30.2013
adjusted for the effects of all dilutive potential ordinary
shares.
1,540,790,961
Weighted number of shares outstanding at 12.31.2012
adjusted for the effects of all dilutive potential ordinary
shares.
1,540,876,249

77Per share indicators
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(1) Calculated on the basis of weighted shares outstanding during six months 2013 (1,540,875,841)
(2) Calculated on the basis of shares outstanding at 30.06.2013 (1,524,456,333)
(Euro) 1H13
Earnings per share(1)
0.7
Book Value per share
(2)
12.1
ANAV per share(2)
8.7
Embedded Value per share(2)
16.2

78
IV. Backup
Agenda
P&L
Balance sheet & capital
Life
Definitions

79Life new business: APE
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(Euro m) APE Annual Premiums Single Premiums
1H12 1H13
Like for like

1H12 1H13
Like for like

1H12 1H13
Like for like

Italy 790 860 8.9% 514 558 8.5% 2,760 3,026 9.6%
France 581 409 -29.6% 178 168 -5.8% 4,031 2,415 -40.1%
Germany 400 549 37.2% 283 289 2.2% 1,174 2,600 121.5%
CEE 74 84 -17.5% 68 79 -14.7% 61 47 -46.1%
RoE 322 315 -1.7% 214 192 -9.7% 1,071 1,224 14.4%
Austria 45 47 3.9% 36 35 -3.0% 95 124 29.6%
Spain 56 68 21.0% 24 29 19.2% 324 397 22.3%
Switzerland 55 33 -39.5% 49 32 -34.8% 55 10 -81.7%
RoW 112 86 8.4% 94 69 6.9% 183 171 18.1%
Total 2,280 2,303 1.3% 1,352 1,354 0.6% 9,281 9,483 2.2%
1H13 amounts include the contributions from Mexico & US Life Re only for 1Q13. Such contributions, as well as other perimeter and FX rates changes, are neutralized in the
like for like variation

80Life new business: Value and margins
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(Euro m) NBV Margin on APE
1H12 1H13
Like for like

1H12 FY12 1H13
Italy 188 149 -20.1% 23.8% 17.2% 17.3%
France 73 59 -19.7% 12.5% 12.8% 14.3%
Germany 83 128 54.6% 20.7% 20.2% 23.4%
CEE 26 38 5.2% 35.0% 31.4% 45.7%
RoE 80 77 -2.7% 24.9% 20.8% 24.6%
Austria 4 9 102.4% 9.7% 6.3% 18.9%
Spain 14 18 25.4% 25.4% 19.8% 26.3%
Switzerland 13 14 9.0% 23.9% 27.5% 43.0%
RoW 43 22 8.0% 38.2% 44.1% 25.7%
Total 493 473 -1.3% 21.6% 19.2% 20.6%
1H13 amounts include the contributions from Mexico and US Life Re only for 1Q13. Such contributions, as well as other perimeter and FX rates changes, are neutralized in
the like for like variation

81Value in force: Life & Health and asset gathering
Asset gathering (Euro m)
1H13FY12
+7.7%(1)
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1,1311,139
Life & Health (Euro m)
1H13FY12
+26.0%(1) 10,487
9,352
(1) on a like for like basis
1H13 Life & Health VIF valuation based on:
 30/06/2013 economic scenario (interest rates, volatilities, market value of assets)
 same market consistent methodology applied at FY12 (reference rates based on swap plus illiquidity premium)
 EUR illiquidity premium (100% bucket): 38bps, EUR extrapolation entry-point: 20 years
 FY12 operating assumptions (mortality, surrender, expenses)

82
IV. Backup
Agenda
P&L
Balance sheet
Life
Definitions

83
Definitions: P&L and balance sheet (1/3)
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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 (gross of investments related expenses)
Total P&L return: = current return + harvesting return (net realized gains, net impairments and net unrealized
gains reported in P&L) – investments related expenses
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

84
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
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.
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.”
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85
Operating RoE Operating Return on Equity indicates the return in terms of Operating Result on Group Shareholders’ Equity.
It is calculated according to the following ratio:
Total Operating Result adjusted to include:
- interest expenses on financial debt;
˗ income taxes based on a mid-term expected tax rate as assumed in 2015 Target;
- minorities interests.
Average Group Shareholders’ Equity at the beginning and at the end of each period of valuation, ex-cluding
gains and losses included in Other Comprehensive Income (OCI).
Other Comprehensive
Income (OCI)
Other Comprehensive Income includes net unrealized gains and losses on AFS investments, foreign currency
translation differences, net unrealized gains and losses on hedging derivatives.
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86Definitions: Life NBV and VIF
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Annual Premium
Equivalent (APE)
is defined as new business annualised regular premiums plus 10% of single premiums
New Business Value
(NBV)
is the present value, at the point of sale, of the projected stream of after tax industrial profits expected to be
generated by the covered new business written in the period, taking into account the actual acquisition costs
incurred in the period of sale, after allowance for:
 the cost of financial guarantees and options granted to policyholders
 the frictional costs of setting up and holding the required capital
 the cost of non hedgeable risks
NBV is defined as the sum of quarterly NBV, calculated with beginning of period economic and operating
assumptions
New Business Margin
(NBM)
is defined as the New Business Value divided by Annual Premium Equivalent
Value In-Force (VIF)
Life & Health
is the present value of the projected stream of after tax industrial profits that are expected to be generated by
the covered business in force at the valuation date, after allowance for:
 the cost of financial guarantees and options granted to policyholders
 the frictional costs of holding the required capital
 the cost of non hedgeable risks
Value In-Force
Asset Gathering
Retail asset gathering business relates to the group's two primary asset gatherers, BSI and Banca Generali.
The value of in-force asset gathering business in BSI is the present value of the projected stream of future
after-tax profits that are expected to be generated by the private banking arrangements which are in force at
the valuation date. For Banca Generali, the value of in-force business is the present value of the projected
stream of distribution margins and fees income, net of costs, that are expected to arise in Banca Generali and
in the group’s asset management companies, which is associated with the retail asset management products
in force at the valuation date. Note that since 2008, the value arising in Banca Generali relating to insurance
business has been considered as a look through in the Life Value In-Force.

87
Definitions: Group EV
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Available Capital (AC) It is internally defined as the sum of:
 the excess of market value of assets over market value of liabilities
 subordinated liabilities
Economic Balance
Sheet (EBS)
I) General definition: Balance sheet statement based on one of those accounting approaches using market-
consistent values for all current assets and current obligations relating to in-force business, including off-
balance sheet items
II) Within the Generali Group: common Group framework (methodology, models and tools) to assess and
report market (or fair) value of all assets and liabilities, of available capital and risk capital, both at entity and
Group level.
Embedded Value (EV) An estimate of the value to shareholders of a book of insurance business at a given date, consisting of the
following components:
 Free surplus allocated to the covered business
 Required capital, less the cost of holding required capital
 Value of future shareholder cash flows from in-force covered business
The embedded value concept is applicable to general insurance, although it is more commonly encountered in
the life and health context. The value of renewals of existing contracts is included, but the value of future new
contracts is excluded.
Normalised RoEV Annualised and normalised earnings on opening Embedded Value
Risk Capital or Risk
adjusted capital (RAC)
Within the EBS framework of the Generali Group, it is the capital necessary to absorb the maximum loss of
available capital, identified according to a 1-year value-at-risk approach, at a specified confidence level
consistent with the risk appetite (defined at 99,5% for Solvency II purposes and at higher level for Group
internal and rating purposes). It corresponds to the SCR calculated with the internal model.
RoEV Embedded Value earnings on opening Embedded Value

88
What’s next
November 7, 2013 - 9M 2013 Results
November 27, 2013 - Investor Day

89Investor Relations Team
Spencer Horgan (Tel.: +44-20-72656480)
Head of Investor Relations
Email: spencer_horgan@generali.com
Stefano Burrino (Tel.: +39-040-671202)
Email: stefano_burrino@generali.com
Emanuele Marciante (Tel.: +39-040-671347)
Email: emanuele_marciante@generali.com
Veronica Cherini (Tel.: +39-040-671488)
Email: veronica_cherini@generali.com
Rodolfo Svara (Tel.: +39-040-671823)
Email: rodolfo_svara@generali.com
Martina Vono (Tel.: +39-040-671402)
IR Events
Email: martina_vono@generali.com
Assicurazioni Generali
P.za Duca degli Abruzzi 2
34132 Trieste, Italy
Fax: +39 040 671338
e-mail: generali_ir@generali.com
www.generali.com

90Disclaimer
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, Alberto Minali,
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 2013 First Half Results

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