Morgan Stanley – European Financials Conference London, 19.03.2013 Mario Greco – Group CEO

1. Morgan Stanley European Financials Conference
Reshaping Generali:
Discipline, simplicity and focus
Mario Greco
Group Chief Executive Officer
Milan, March xxx, 2010
March 19, 2013

2. Agenda 2
I. Reshaping Generali Page 3
II. Update on strategy & results Page 14
III. Key take-aways Page 20
Morgan Stanley European Financials Conference, March 2013

3. Agenda 3
I. Reshaping Generali
Morgan Stanley European Financials Conference, March 2013

4. My mandate 4
One simple mission: to significantly improve shareholder returns
250
Generali total shareholder returns(1), relative to peers
200
150
100
50
(2)
Generali Average peers
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
(1) Total return index (data as at 10/01/2013)
(2) Allianz, AXA, Zurich
Morgan Stanley European Financials Conference, March 2013

5. Key findings 5
Strengths Identified priorities
 Highly regarded brand
 Strong core franchise 1 Enhance management team and
 leadership in key mature European markets governance structure
 distinctive presence in high growth
CEE and China
2 Remove uncertainty on GPH
 Strong agency network and well positioned
direct distribution platform 3 Refocus on core business
 Growing P&C business with sound underlying
operating profitability 4 Strengthen capital and balance sheet
 Robust life operating profitability despite
5 Introduce tighter control of the cost base
challenging financial environment
Morgan Stanley European Financials Conference, March 2013

6. First steps taken/Early actions 6
Appointment of a cohesive and effective management team and implementation
of a rigorous corporate governance framework
1.a
 10 representatives: CEO, CFO, Chief Insurance Officer, CIO, CRO, COO,
Creation of international Head of Global Business Lines and country heads for Italy, France and
Group Management Germany
Committee (GMC)
 In charge of sharing and discussing the main topics of the Group
1.b
 Enhancement of the management structure. Internal talent complemented by
external hires (Alberto Minali as new Group CFO, Nikhil Srinivasan as new
Group CIO and Carsten Schildknecht as new Group COO)
Management structure
 Redefinition of the CFO, CIO and CRO roles
review
 Definition of new functions: Chief Insurance Officer, COO, Global Business
Lines, Strategy & Business development, integrated Legal / Compliance /
Corporate Affairs functions
1.c
 Introduction of three new management committees: product, capital
management / ALM, finance
Rigorous decision process  Identification of six key processes: capital management, annual planning,
implemented performance management, ALM, product development and M&A
 Reinforcing these committees and processes with strict documentation
procedures (proposer, approval rationale, approver)
Morgan Stanley European Financials Conference, March 2013

7. First steps taken/Early actions 7
Areas for development Actions already taken
2
The GPH transaction removes uncertainty
 Fixed price, with clear timing
 Significant reduction in contractual complexity
 Two-tranche payment giving funding flexibility
Remove
Clear strategic benefits
uncertainty on GPH
 CEE is an area of strategic focus – significantly higher growth
expected than in Western Europe
 GPH well positioned in the market
 Full management control from first tranche allows us to better integrate
into Generali and extract more value
Morgan Stanley European Financials Conference, March 2013

8. Focus on GPH: strategic rationale 8
CEE has a robust growth outlook, and historically solid profitability
GDP growth Insurance penetration GWP growth Profitability
CAGR '11-’17, %, real terms GWP/ GDP, 2011, % CAGR '11-‘17, % PAT/GWP, avg '07-'11,%
x3 x2 x2.5
1/3
8.8%
8.3%
2.6%
5.8%
3.2%
3.3%
3.2%
0.9%
Western CEE Western CEE Western CEE Western CEE
Europe Europe Europe Europe
Note: Western Europe includes Austria, Belgium, France, Germany, Ireland, Italy, Netherlands, Portugal, Spain, Switzerland, UK
Note: For Croatia and Czech Rep. PAT/GWP relates to 2007-10, Montenegro based on major players' data
Note: CEE includes 10 countries in Central Europe and South-Eastern Europe: Czech Republic, Hungary, Poland, Slovakia, Slovenia, Serbia, Romania, Bulgaria, Croatia and Montenegro
Source: Regulators / Supervisors and Insurance associations of the respective countries, internal analysis, EIU
Morgan Stanley European Financials Conference, March 2013

9. First steps taken/Early actions 9
Areas for development Actions already taken
3
 Approved plan to restructure Italian operations
Refocus on core
 Renegotiated and completed sale of Migdal
business
 Launched disposal of selected non core businesses
4  Euro 1.25 bn LT2 issuance successfully completed in December 2012
Strengthen capital and
balance sheet
 Detailed review of balance sheet items completed
5  Simplify group structures and remove duplication
Tighter control of the
 Centralised reinsurance policy
cost base
 Group-wide expense program to enhance operational efficiency
Morgan Stanley European Financials Conference, March 2013

10. Generali: our vision for 2015 10
Reshaped approach to maximise value creation
1 Focused on core insurance business, with greater contribution from P&C
2 Stronger capital position and disciplined balance sheet management
3 Superior customer acquisition and retention, with focus on retail and affluent space
4 Consistent technical excellence and tight control of costs
The mission is to deliver
top quartile shareholder returns and profitability
Morgan Stanley European Financials Conference, March 2013

11. Key execution guidelines 11
Key actions Execution plan
1 Focus on core business  Insurance focus
 Optimise geographic reach
 Run-off / disposal of non core businesses
 Shift mix in the direction of P&C
2 Restore capital strength  Introduce risk adjusted profitability and cash creation targets for each line of business
 Business/geographical rebalancing to reduce capital absorption
 Balance sheet optimisation
 Target >160% Solvency 1 ratio, “AA” philosophy
3 Change approach to  Better client segmentation and product innovation to drive a more targeted approach to
clients clients and improve retention
 Achieve a true multi-channel distribution model, with increased contribution from
bancassurance and direct channels
 Tap unexploited demand from affluent clients in life, and corporate clients in P&C
4 Consistent technical  Business restructuring and simplification (incl. Italy)
excellence and tight
control of costs  Improvement/centralisation of IT and non IT procurement costs
 Embed technical best practice, led from centre
 Euro 0.6 bn cost reduction by 2015
Target > 13% operating return on equity(1)
(1) Operating profit after interest expense, tax and minorities / average shareholders equity excluding gains and losses included in other comprehensive income. Over the
cycle target.
Morgan Stanley European Financials Conference, March 2013

12. Consistent technical excellence and tight control of costs (1/2) 12
Italian restructuring
Industrial case Pre restructuring Post restructuring
Brand 10 brands 3 brands
 Creation of a strong new player in the Italian market
 Full consolidation of businesses / brands with
similar characteristics in terms of target Sole integrated
6 distinct
customers, products and distribution models distribution network
Distribution indipendent
(Generali, Ina-Assitalia, Toro, Fata with shared mandate
distribution networks
Assicurazioni) and brand
 Three insurance brands with a distinctive market
positioning and proposition Overlapping of Simplification and
Products product offer within rationalisation of the
1. Generali: focus on retail and middle the Group product portfolio
market business, Life and P&C;
dedicated Commercial & Corporate
business unit IT and operations
2. Alleanza: Italian families strongly loyal to Operations only partially Integrated platform
Alleanza brand; Life and P&C; centralised
distinctive distribution network
Indicative timetable
3. Genertel: Life and P&C through
 2013 Legal entity reorganisation (split between holding
alternative channels (phone, web,
and operating company, creation of
bancassurance)
Assicurazioni Generali Italia)
 Enhanced efficiency  2014 Integration of operational structures, product ranges
 Full integration of the operating models and and information systems
streamlining of overlapping services  2015 Commercial integration
Morgan Stanley European Financials Conference, March 2013

13. Consistent technical excellence and tight control of costs (2/2) 13
Identified actions to reduce expenses* by Euro 600 m in 2015
Main drivers
Structure  Simplification of processes
simplification  Removal of duplication
 Merger of entities
 Optimisation of sales networks
IT efficiency  Centralised procurement of IT
hardware, software
 More efficient / centralised data
warehousing solutions
 Telecommunication costs
Non-IT  Creation of centralised Group
procurement procurement function
* Administrative expenses and non commission related acquisition costs
Morgan Stanley European Financials Conference, March 2013

14. Agenda 14
II. 2012 Results & Strategy update
Morgan Stanley European Financials Conference, March 2013

15. FY 2012 results at a glance 15
Operating result (Euro m) Operating RoE (%)
+10.5%(1) +1.1%pts
Target 2015: Euro >5 bn
Target 2015: >13%
11.9
10.8
FY11 FY12 FY11 FY12
(1) On like for like basis
Solvency ratios (%) Cash flow (Euro bn)
Solvency I Target 2015: >160% +17.0%
Target 2015: Euro >2 bn
Solvency I
Economic
solvency
FY11 FY12 FY11 FY12 FY11 FY12
Morgan Stanley European Financials Conference, March 2013

16. Results of balance sheet review: focus on Q4 impairments 16
(Euro m)
Asset AFS Telco Real Estate Loans and Other assets TOTAL
investments receivables
KPI
Operating profit
(45) (1) (3) 0 (2) (52)
Net Income
(792) (148) (56) (118) (156) (1,271)
Shareholders’
Equity (47) (148) (55) (118) (136) (505)
Solvency I
-0.3%pts. -0.8%pts. -0.3%pts. -0.7%pts. -0.6%pts. -2.7%pts.
 Table shows impact of impairment charges taken in Q4 2012
 No material impact on Economic Solvency
 Impairment triggers for AFS securities changed from 3 years or 50% fall in value on average (differing by
sector), to 1 year or 30% decline in value (with no differentiation between sectors)
 Better aligns Generali with European peers
Morgan Stanley European Financials Conference, March 2013

17. Net result hit by balance sheet review and extraordinary tax charge 17
(Euro m)
4,219
(1,363)
(668)
(465)
(307)
90
(1,326)
Operating Non Interest Other non Income Discontinued Net Result
result operating costs operating taxes operations &
investment expenses minorities
income
Morgan Stanley European Financials Conference, March 2013

18. Strategy update 18
Restructuring underway
 Group Management Committee in place
 Italian re-organisation commenced
 Cost saving initiatives underway
Asset review completed
 Detailed review of all asset positions to ensure proper valuation
 Euro 1.7 bn impact on net Income in 2012 (Euro 1.3 bn in Q4)
 Limited impact on capital adequacy (-2.7%pts. impact on Solvency I; negligible from economic
and rating capital perspective)
 Impairment criteria aligned with European insurance peers
New remuneration structure in place
 Aligns incentives for senior management with new strategy and the delivery of enhanced
shareholder value
Positive start to mix shift to P&C
 Strong performance provides solid base for further growth in operating profitability
Morgan Stanley European Financials Conference, March 2013

19. New incentive plans align strategic objectives to reward 19
The mission is to deliver top quartile shareholder
returns and profitability
Short term incentive Long term incentive
 Operating and net result drive  Top 160 managers eligible
overall funding
 Based on operating RoE, and
 Individual awards based on Total Shareholder Return
personal targets relative to peer group
 Paid in cash  Paid in shares after 3 years; A
portion cannot be sold for a
further 1-2 years
Morgan Stanley European Financials Conference, March 2013

20. Agenda 20
III. Key take-aways
Morgan Stanley European Financials Conference, March 2013

21. Key take-aways 21
1 Be disciplined, focused and more simple in executing our strategy
2 Improve client experience across our business
3 Introduce consistent technical excellence
4
Strengthen our balance sheet and capital position
and enhance cash flow and value generation
Morgan Stanley European Financials Conference, March 2013

22. What’s next 22
April 30, 2013 - General Shareholders’ Meeting
May 10, 2013 - 1Q 2013 Results
August 2, 2013 - 1H 2013 Results
November 8, 2013 - 9M 2013 Results
November 27, 2013 - Investor Day
Morgan Stanley European Financials Conference, March 2013

23. Investor Relations Team 23
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)
Assicurazioni Generali
Email: emanuele_marciante@generali.com
P.za Duca degli Abruzzi 2
Veronica Cherini (Tel.: +39-040-671488) 34132 Trieste, Italy
Email: veronica_cherini@generali.com
Fax: +39 040 671338
Rodolfo Svara (Tel.: +39-040-671823) e-mail: generali_ir@generali.com
Email: rodolfo_svara@generali.com
www.generali.com
Martina Vono (Tel.: +39-040-671402)
IR Events
Email: martina_vono@generali.com
Morgan Stanley European Financials Conference, March 2013

24. Disclaimer 24
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.
Morgan Stanley European Financials Conference, March 2013

25. Morgan Stanley European Financials Conference
Reshaping Generali:
Discipline, simplicity and focus
Mario Greco
Group Chief Executive Officer
Milan, March xxx, 2010
March 19, 2013