2. Agenda 2
I. Group Financials
II. Final Remarks
III. Backup
Assicurazioni Generali Group – 1Q 2008 results
3. Agenda 3
I. Group Financials
Profit & loss review
Shareholders’ equity
Investments
Life & P&C profitability
Assicurazioni Generali Group – 1Q 2008 results
4. I. GROUP FINANCIALS
Key data 4
Operating result (Euro m) P&C combined ratio (%)
-15.6% -0.8%pts
1,375
93.9 93.1
1,161
1Q07 1Q07
1Q08 1Q08
Net result (Euro m) Shareholders’ equity (Euro m)
-7.0%
+27.2%
14.790
13.758
910
715
FY07
1Q07 1Q08
1Q08
Note: First consolidation of Ceska Group from 1H 2008.
Assicurazioni Generali Group – 1Q 2008 results
5. I. GROUP FINANCIALS
Revenues development by segment 5
1Q ∆ ∆ like for like(1)
1Q
2007 (%) (%)
2008
(Euro m)
Gross written premiums 18,480.7 18,429.2 -0.3 +0.8
Life(2) 12,087.9 12,058.0 -0.2 -0.3
P&C 6,392.8 6,371.2 -0.3 +2.8
(1) Calculated considering equivalent exchange rates and scope of consolidation (divestiture of Nuova Tirrena)
(2) Including investment contracts for Euro 410.3 m in 1Q 2008 and Euro 306.3 m in 1Q 2007
1Q ∆(3) ∆ like for like(4)
1Q
2007 (%) (%)
2008
(Euro m)
Life Annual Premium Equivalent 1,127.1 1,364.8 +21.1 +17.0
(3) 1Q 2008 includes 51% of APE produced by Generali PPF Holding
(4) Calculated considering equivalent exchange rates and scope of consolidation (divestiture of Nuova Tirrena, inclusion of Central Kranken and effects of Generali PPF
deal)
Assicurazioni Generali Group – 1Q 2008 results
6. I. GROUP FINANCIALS
Operating result by segment 6
Operating result by segment (Euro m)
%
Life 578.5
-29.6
821.2
operating result
P&C 583.9
+6.4(1)
548.7
operating result
Financial services 88.0
-21.5
112.1
operating result
Operating holding -71.2
-4.6
-68.1
expenses
Consolidation -18.0
+53.7
-38.9
adjustments
Total 1,161.2 -15.6
operating result 1,375.0
1Q08
1Q07
(1) +9.8% considering the divestiture of Nuova Tirrena
Assicurazioni Generali Group – 1Q 2008 results
7. I. GROUP FINANCIALS
From operating result to net result 7
(Euro m) 1Q07 1Q08 %
Total operating result(1) 1,375.0 1,161.2 -15.6
Non operating investment income(2) 112.6 341.3
Non-operating holding expenses (154.9) (171.8)
Interest expenses on financial debt (151.0) (166.3)
Other non-operating holding expenses (3.9) (5.5)
Net other non operating expenses(3) (35.3) (21.3)
Total non operating result (77.7) 148.3
Consolidated result of the period before taxes and 1,297.4 1,309.4 +0.9
minority interests
Income taxes (437.9) (314.9)
Minority interests (144.1) (84.2)
Net result of the period 715.4 910.3 +27.2
(1) The operating result of Germany and Austria is not adjusted for estimated income taxes attributable to the policyholders
(2) P&C net realised and unrealised gains on investments + life and financial services net realised and unrealised gains on strategic investments, net of policyholders’ share
(3) Restructuring charges and other non-recurring income and expenses
Assicurazioni Generali Group – 1Q 2008 results
8. I. GROUP FINANCIALS
IFRS Shareholders’ equity roll forward 8
(Euro m)
-7.0%
14,790
910 13,758
(165)
(1,777)
Shareholders’ Equity Change in AFS 1Q 2008 Other Shareholders’ Equity
FY07 reserve Net Result 1Q08
Assicurazioni Generali Group – 1Q 2008 results
9. I. GROUP FINANCIALS
Assets Under Management 9
(Euro bln)
+6.3%
423.0
Third parties
(2)
398.0
AUM 20.5
58.1
61.4
Unit Linked
47.3
50.7
Fixed income
instruments (3)
Other (4)
76.8%
7.0%
“Own
297.1
285.9 Real Estate (5)
Investments” (1)
4.6%
Equity
11.6%
FY07 1Q08
(1) “Own Investments” exclude real estate for own use. With this asset class “Own Investments” would amount to € 300.0 bln, compared to € 288.7 bln at the end of 2007
(2) Banca del Gottardo third parties AUM
(3) Including mortgage loans, policy loans, deposits under reinsurance business accepted, term deposits with credit institutions and other financial investments,
other loans; these items represented 7.7% of own investments in 1Q 2008 and 7.1% of own investments in FY 2007
(4) Including investments in subsidiaries, associated companies and JVs, derivatives, receivables from banks or customers
(5) Including real estate mutual funds
Assicurazioni Generali Group – 1Q 2008 results
10. I. GROUP FINANCIALS
Life & Health: New Business Annual Premium Equivalent 10
Strong growth rates in APE confirm our commitment to value creation
Italy: reduction of single premiums related to
(Euro m)
Like for like(3)
(2)
corporate business and bancassurance offset
%
1Q 2007 %
1Q 2008
by strong growth of annual premiums (+23%).
Italy 344.1 333.5 -3.1 -2.7
APE generated by proprietary networks(1) grew
about 34%.
France 327.0 354.8 +8.5 +8.5 despite slowdown of unit-linked
France:
production and Internet distribution channel
(due to weak financial markets), good growth
Germany 194.5 369.3 +89.9 +66.6
of APE thanks to multi-channel strategy
Germany: excellent increase of APE (+67%
RoE 162.7 200.9 +23.5 +17.8
neutralising the inclusion of Central Kranken),
driven by strong “Riester” production
(excluding the impact of the “Riester-step”,
RoW 98.8 106.2 +7.6 +14.4
APE increased by 11%)
Total 1,127.1 1,364.8 +21.1 +17.0
(1) Agents, financial advisors and salaried workforce
(2) 1Q 2008 includes 51% of APE produced by Generali PPF Holding
(3) Calculated considering equivalent exchange rates and scope of consolidation (divestiture of Nuova Tirrena, inclusion of Central Kranken and effects of Generali PPF
deal)
Assicurazioni Generali Group – 1Q 2008 results
11. I. GROUP FINANCIALS
Life operating result and net technical reserves 11
Life operating result (Euro m) Life Operating result by market (Euro m)
%
1Q 2007
-29.6% 1Q 2008
Italy 370.9 293.0 -21.0
France 179.2 166.5 -7.1
Germany 83.1 73.5 -11.6
821.2
578.5 Spain 19.1 24.5 +28.2
CEE 8.0 8.4 +5.0
RoW(1) 161.0 12.7 -92.1
1Q07 1Q08
Total 821.2 578.5 -29.6
(1) Including all countries not listed above
(Euro m) FY 2007 %
1Q 2008
Life Net Tech. Reserves(2) +0.1
281,172.6 281,352.7
+1.4
traditional 230,388.1 233,675.8
linked 50.784.5 47,676.9 -6.1
(2) Including investment contracts
Assicurazioni Generali Group – 1Q 2008 results
12. I. GROUP FINANCIALS
P&C Gross Written Premiums 12
Growth continues despite a challenging environment
Italy: weak growth in motor (-1.4%) in a
(Euro m)
Like for like(1)
1Q 1Q
context of decreasing new car sales, also due
2007 %
2008 %
to cancellation of non profitable fleet contracts;
Italy 1,976.7 1,800.0 -8.9 +0.2
positive development of non motor retail lines
(+1.5%)
France 1,113.4 1,147.0 +3.0 +3.1
France: good growth in non motor (+5.3%)
pushed by Accident & Health (+6.0%); stable
Germany 1,332.2 1,329.7 -0.2 -0.2
motor premiums (-0.1%)
Germany: good growth in all non motor lines
Spain 482.6 506.1 +4.9 +4.9
(overall +1.7%); weak growth in motor (-1.9%)
due to strong price competition
CEE 253.6 308.2 +21.5 +21.2
RoW(2) 1,234.2 1,280.2 +3.7 +5.0
Total 6,392.8 6,371.2 -0.3 +2.8
(1) Calculated considering equivalent exchange rates and scope of consolidation (divestiture of Nuova Tirrena)
(2) Including all countries not listed above
Assicurazioni Generali Group – 1Q 2008 results
13. I. GROUP FINANCIALS
P&C profitability – net combined ratio 13
Combined ratio (%) Combined ratio by country (%)
-0.8 pts.
1Q 2007 %pts
1Q 2008
Italy(1) 91.5 91.0 -0.5
93.9 93.1
(1.0)
0.2
France 96.3 95.8 -0.5
26.9 27.1
Germany 97.4 95.7 -1.7
Spain 86.5 84.7 -1.8
67.0 66.0 CEE 95.3 94.9 -0.4
RoW(2) 96.5 94.7 -1.8
Loss
1Q07 Expense 1Q08
ratio
ratio
Total 93.9 93.1 -0.8
Loss ratio Expense ratio
(1) Excluding foreign branches
(2) Including all countries not listed above
Assicurazioni Generali Group – 1Q 2008 results
14. I. GROUP FINANCIALS
P&C profitability – operating result 14
P&C operating result (Euro m) P&C Operating result by market (Euro m)
%
1Q 2007 1Q 2008
+9.8%(1)
Italy 150.8 189.0 +25.3
France 73.8 96.1 +30.1
Germany 62.0 88.5 +42.7
584
549
Spain 80.4 85.0 +5.8
CEE 21.0 21.4 +1.7
RoW(2) 160.6 103.9 -35.3
1Q07 1Q08
Total 548.7 583.9 +6.4
(1) Calculated considering the divestiture of Nuova Tirrena (2) Including all countries not listed above
Assicurazioni Generali Group – 1Q 2008 results
15. Agenda 15
II. Final Remarks
Assicurazioni Generali Group – 1Q 2008 results
16. II. FINAL REMARKS
Conclusion 16
Solid premium & profit growth in P&C
Resilient life profitability despite unfavourable financial markets
Ongoing actions to further improve efficiency
Generali’s industrial strategy proved right
Assicurazioni Generali Group – 1Q 2008 results
17. Agenda 17
III. Backup
Assicurazioni Generali Group – 1Q 2008 results
18. III. BACK UP
Total gross written premiums 18
(Euro m) Gross Life Written Premiums(1) Gross P&C Written Premiums
Total Gross Written Premiums
YoY YoY
YoY
GWP increase % weight GWP increase % weight
Country GWP increase % weight
(2) (2)
(2)
1,800 0.2 9.8
Italy 5,432 -13.3 29.5 3,632 -18.8 19.7
1,330 -0.2 7.2
Germany 4,174 3.7 22.7 2,845 5.6 15.4
1,147 3.1 6.2
France 4,573 8.9 24.8 3,426 11.0 18.6
506 4.9 2.7
Spain 834 0.1 4.5 328 -6.4 1.8
Eastern Europe 471 21.9 2.6 308 21.2 1.7
163 23.3 0.9
Rest of Europe 1,989 13.0 10.8 974 2.9 5.3
1,015 24.6 5.5
Far East 113 32.7 0.6 18 17.2 0.1
94 36.0 0.5
South America 366 24.1 2.0 191 20.9 1.0
175 27.9 1.0
Rest of World 477 8.7 2.5 97 -4.8 0.5
380 12.7 2.0
Total 18,429 0.8 100.0 12,058 -0.3 65.4 6,371 2.8 34.6
(1) Including investment contracts
(2) Calculated considering equivalent exchange rates and scope of consolidation (divestiture of Nuova Tirrena)
Assicurazioni Generali Group – 1Q 2008 results
19. III. BACK UP
Life premiums by country & business line 19
Life 1Q08
(Euro m) Unit/index Investment
Traditional linked Health Group contracts Total
Italy 78.9% 10.2% 0.0% 8.4% 2.4% 3,602.8
Germany 47.2% 26.8% 18.9% 7.1% 0.1% 2,843.9
France 71.3% 15.8% 5.9% 6.6% 0.5% 3,376.4
Spain 42.5% 1.6% 0.0% 55.9% 0.0% 327.7
Austria 49.5% 32.2% 18.3% 0.0% 0.0% 284.7
Switzerland 23.2% 64.0% 1.2% 0.5% 11.1% 197.7
Eastern Europe 27.7% 39.9% 3.2% 5.9% 23.2% 162.8
Other Europe 22.6% 5.3% 1.1% 24.6% 46.4% 529.4
Rest of World 27.5% 11.3% 9.8% 51.3% 0.0% 533.0
Total life gross 61.0% 17.2% 7.2% 11.2% 3.5% 11,858.4
direct premiums
Assicurazioni Generali Group – 1Q 2008 results
20. III. BACK UP
P&C premiums by country & business line 20
P&C 1Q08
(Euro m) Accident/ Other
(1)
Motor Health personal Commercial Total
Italy 48.2% 18.3% 11.4% 22.1% 1,782.4
Germany 51.1% 9.3% 30.3% 9.4% 1,327.1
France 30.3% 10.8% 33.5% 25.4% 1,082.5
Spain 30.5% 13.8% 14.8% 40.9% 504.8
Austria 45.5% 8.3% 26.4% 19.8% 455.1
Switzerland 60.6% 23.4% 15.7% 0.4% 280.9
Eastern Europe 57.9% 6.7% 14.1% 21.3% 307.0
Other Europe 39.6% 12.4% 13.5% 34.5% 206.9
Rest of World 57.8% 6.7% 4.6% 30.8% 300.8
Total P&C gross 45.3% 12.9% 20.7% 21.1% 6,247.5
direct premiums
(1) Personal and commercial
Assicurazioni Generali Group – 1Q 2008 results
21. III. BACK UP
Life & Health: New Business Annual Premium Equivalent 21
Like for like(2)
(1)
(Euro m) %
1Q 2007 %
1Q 2008
Italy 344.1 333.5 -3.1 -2.7
France 327.0 354.8 +8.5 +8.5
Germany 194.5 369.3 +89.9 +66.6
RoE 162.7 200.9 +23.5 +17.8
of which:
Spain 31.4 33.8 +7.6 +7.6
CEE 31.9 49.4 +54.9 +34.3
RoW 98.8 106.2 +7.6 +14.4
Total 1,127.1 1,364.8 +21.1 +17.0
(1) 1Q 2008 includes 51% of APE produced by Generali PPF Holding
(2) Calculated considering equivalent exchange rates and scope of consolidation (divestiture of Nuova Tirrena, inclusion of Central Kranken and effects of Generali PPF
deal)
Assicurazioni Generali Group – 1Q 2008 results
22. III. BACK UP
Ratios 22
Life – Expense ratio (%) P&C – Combined ratio (%)
93.9 93.1
Expense
26.9 27.1
ratio
Loss
11.3 67.0 66.0
9.7 ratio
1Q07 1Q07
1Q08 1Q08
Total – Expense ratio (%)
15.8
14.6
1Q07 1Q08
Assicurazioni Generali Group – 1Q 2008 results
23. III. BACK UP
Ratios by country 23
ITA GER FRA SPA AUT SWI CEE Consolidated
P&C ratios by
country (%)
Loss ratio
1Q08 69.2 65.9 69.4 61.7 68.2 71.7 63.6 66.0
(1)
1Q07 70.4 67.7 69.6 63.9 65.1 74.0 66.6 67.0
Expense ratio
1Q08 21.8 29.8 26.3 23.0 31.4 23.8 31.3 27.1
(1)
1Q07 21.0 29.6 26.6 22.6 31.8 22.7 28.7 26.9
Combined ratio
1Q08 91.0 95.7 95.8 84.7 99.6 95.5 94.9 93.1
1Q07 91.5 97.4 96.3 86.5 96.9 96.7 95.3 93.9
Life expense ratios by country (%)
1Q08 9.2 17.3 6.8 4.4 15.0 22.9 26.2 11.3
1Q07 7.3 15.1 6.0 4.9 17.5 18.5 22.9 9.7
(1) 1Q07 combined ratio components recalculated in order to reflect a more correct allocation of expenses
Assicurazioni Generali Group – 1Q 2008 results
24. III. BACK UP
Combined ratio reconciliation 24
(Euro m)
1Q 2007 1Q 2008
A Net earned premiums (net of consolidation adjustments) 4,714.6 4,780.0
B Consolidated net claims 3,158.0 3,156.8
Consolidated acquisition costs 990.7 1,011.7
Consolidated administration costs 301.3 303.8
Non insurance activity related administration costs(1) 21.1 22.3
Insurance activity related consolidated administration costs 280.2 281.5
C Total acquisition and administration costs 1,270.9 1,293.2
B/A Loss ratio 67.0% 66.0%
C/A Expense ratio 26.9% 27.1%
(B+C)/A Combined ratio 93.9% 93.1%
(1) Administration expenses related to service companies, real estate and other companies not belonging to P&C segment
Assicurazioni Generali Group – 1Q 2008 results
25. III. BACK UP
Operating result by country 25
Life operating result by market (Euro m) P&C operating result by market (Euro m)
1Q07 %
1Q07 % 1Q08
1Q08
Italy 150.8 189.0 +25.3
Italy 370.9 293.0 -21.0
France 73.8 96.1 +30.1
France 179.2 166.5 -7.1
Germany 62.0 88.5 +42.7
Germany 83.1 73.5 -11.6
Spain 80.4 85.0 +5.8
Spain 19.1 24.5 +28.2
Austria 8.5 13.9 +63.5
Austria 32.4 0.6 -98.1
Switzerland 27.9 3.0 -89.2 Switzerland 11.7 19.4 +65.8
CEE 8.0 8.4 +5.0 CEE 21.0 21.4 +1.7
RoW 100.7 9.1 -91.0 RoW 140.4 70.6 -49.7
Total 821.2 578.5 -29.6 Total 548.7 583.9 +6.4
Assicurazioni Generali Group – 1Q 2008 results
26. III. BACK UP
Reclassified P&L account 26
(Euro m) Total
1Q 2007 1Q 2008
Operating result(1) 1,375.0 1,161.2
Net earned premiums 16,303.2 16,257.1
Net insurance benefits and claims -16,581.0 -11,436.1
Acquisition and administration costs -2,543.5 -2,787.5
Net fee and commission income and net income from financial service activities 135.6 184.8
Operating income from investments 4,254.3 -776.1
Operating holding expenses -68.1 -71.2
Net other operating expenses -125.5 -209.8
-77.7
Non-operating result(1) 148.3
Non-operating income from investments(2) 112.6 341.3
Non-operating holding expenses -154.9 -171.8
Interest expenses on financial debt -151.0 -166.3
Other non-operating holding expenses -3.9 -5.5
Net other non-operating expenses -35.3 -21.3
Earnings before taxes 1,297.4 1,309.4
Income taxes -437.9 -314.9
Consolidated result of the period 859.5 994.5
Result of the period attributable to minority interests -144.1 -84.2
Result of the period 715.4 910.3
(1) 1Q07 figures recalculated gross of unallocated holding expenses. The operating result of Germany and Austria is not adjusted for estimated income taxes attributable to
the policyholders
(2) P&C net realized and unrealized gains on investments + life and financial services net realized and unrealized gains on strategic investments, net of policyholders’ share
Assicurazioni Generali Group – 1Q 2008 results
27. III. BACK UP
27
Reclassified P&L account by segment – 1Q 2007
Unallocated
holding Consolidation
(Euro m) Life Non life Financial expenses adjustments Total
Operating result(1) 821.2 548.7 112.1 -68.1 -38.9 1,375.0
11,588.6 4,714.6 0.0 - - 16,303.2
Net earned premiums
-13,423.0 -3,158.0 0.0 - - -16,581.0
Net insurance benefits and claims
-1,136.9 -1,292.0 -114.6 - - -2,543.5
Acquisition and administration costs
Net fee and commission income and net
3.3 0.0 147.6 - -15.3 135.6
income from financial service activities
3,753.1 441.3 78.9 - -19.0 4,254.3
Operating income from investments
- - - -68.1 - -68.1
Operating holding expenses
36.1 -157.3 0.1 - -4.4 -125.5
Net other operating expenses
-77.7
Non-operating result(1) 7.3 81.3 -0.7 -154.9 -10.7
16.6 106.6 0.0 - -10.6 112.6
Non-operating income from investments(2)
- - - -154.9 - -154.9
Non-operating holding expenses
-9.3 -25.3 -0.7 - -
Net other non-operating expenses -35.3
828.5 630.0 111.4 -223.0 -49.5
Earnings before taxes 1,297.4
(1) 1Q07 figures recalculated gross of unallocated holding expenses. The operating result of Germany and Austria is not adjusted for estimated income taxes attributable to
the policyholders
(2) P&C net realized and unrealized gains on investments + life and financial services net realized and unrealized gains on strategic investments, net of policyholders’ share
Assicurazioni Generali Group – 1Q 2008 results
28. III. BACK UP
28
Reclassified P&L account by segment – 1Q 2008
Unallocated
holding Consolidation
(Euro m) Life Non life Financial expenses adjustments Total
Operating result(1) 578.5 583.9 88.0 -71.2 -18.0 1,161.2
11,477.1 4,780.0 0.0 - - 16,257.1
Net earned premiums
-8,279.4 -3,156.8 0.0 - 0.1 -11,436.1
Net insurance benefits and claims
-1,314.1 -1,315.6 -157.9 - 0.1 -2,787.5
Acquisition and administration costs
Net fee and commission income and net
23.8 0.0 172.9 - -11.9 184.8
income from financial service activities
-1,234.5 365.4 89.4 - 3.6 -776.1
Operating income from investments
- - - -71.2 - -71.2
Operating holding expenses
-94.5 -89.2 -16.4 - -9.7 -209.8
Net other operating expenses
Non-operating result(1) -8.2 329.5 -1.2 -171.8 0.0 148.3
1.1 332.5 7.8 - 0.0 341.3
Non-operating income from investments(2)
- - - -171.8 0.0 -171.8
Non-operating holding expenses
-9.3 -3.0 -8.9 - 0.0 -21.3
Net other non-operating expenses
570.2 913.4 86.8 -243.0 -18.0 1,309.4
Earnings before taxes
(1) The operating result of Germany and Austria was not adjusted for estimated income taxes attributable to the policyholders
(2) P&C net realized and unrealized gains on investments + life and financial services net realized and unrealized gains on strategic investments, net of policyholders’ share
Assicurazioni Generali Group – 1Q 2008 results
29. III. BACK UP
Investments 29
FY07 % on total
(Euro m) 1Q08 % on total
Real Estate(1) 11,907 3.5 12,128 3.5
Group Participations 2,736 0.8 5,991 1.7
Loans 61,371 18.2 69,088 20.1
Held to maturity 1,148 0.3 1,080 0.3
Available for sale 180,933 53.8 179,284 52.1
Fin. Instr. at fair value thr. P&L 78,522 23.4 76,810 22.3
Total investments 336,617 100.0 344,381 100.0
(1) Excluding real estate mutual funds
Assicurazioni Generali Group – 1Q 2008 results
31. Disclaimer 31
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 SpA 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 responsible for the preparation of the company’s financial reports, Benoît
Jaspar, declares, pursuant to paragraph 2 of article 154-bis of the Consolidated Law on
Financial Intermediation, that, on the basis of the information available to him by virtue of
his position, the accounting information (IAS 1, paragraph 8) contained in this
presentation corresponds to internal documentation, accounting books and accounting
records.
Assicurazioni Generali Group – 1Q 2008 results
