1. Generali Investor Day 2010
Final Remarks
Raffaele Agrusti
General Manager &
Chief Financial Officer
Venice, November 26, 2010

2. Disclaimer 2
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 in charge of 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.
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

3. V. FINAL REMARKS
Our Solvency II strategy 3
Main issues Generali response
Capital Capital position under SII
management (AA calibrated internal capital model)
stronger than under SI
Investment Life: Competitive advantage in
management asset allocation due to our Life VIF
P&C: Optimisation of risk / return
profile
Product Focus on Traditional & Unit Linked
design products with lower capital
absorption
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

4. V. FINAL REMARKS
Products in Solvency II world 4
Solvency I Solvency II
Risk based, volatile according to
Volume based
market environment
Solvency position volatility driven by the existing business and future new products
Inforce management
Management of asset mix and of the duration gap also via macro hedge
New business management
Traditional products
Still attractive both for policyholder and shareholder thanks to book accounting.
In case of efficient volatility absorbers (i.e Policyholder Funds) not available, products will
have at maturity guarantee and/or guarantee reduction
Single premiums
Allow good ALM procedure
Annual premiums
Have to evolve towards products where the minimum guarantee of subsequent premiums
is linked to a swap based benchmark and fixed year by year
Mark to market products
In addition on Unit Linked Business we want to offer evolution of CPPI, efficient in SII, and
simple Variable Annuities, hedging always the most relevant market risks
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

5. V. FINAL REMARKS
Generali on new life production 5
We evaluate new life products across 5 dimensions:
Margins Italy France Germany
on APE 28.5% 10.3% 17.7%
Total CEE RoE RoW
21.7% 39.1% 23.3% 28.2%
Profitability
Riskiness / Capital Absorption Capital remuneration
Capital Italy France Germany Italy France Germany
Strain(1) / IRR
NBP(2) 2.3% 2.3% 2.2% 13.7% 10.5% 18.7%
Total CEE RoE RoW Total CEE RoE RoW
2.5% 1.9% 2.1% 8.4% 13.1% 15.1% 11.9% 15.0%
1st Year P&L impact Payback period
P&L Italy France Germany Payback Italy France Germany
Strain(3) / Period
NBP(2) 5.8% 1.6% 1.1% (years) 7 8 6
Total CEE RoE RoW Total CEE RoE RoW
3.7% 23.3% 4.5% 5.7% 7 6 7 7
(1) Required capital due to new business production
(2) New business premiums
(3) P&L cost of investment in life new business
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

6. V. FINAL REMARKS
Final remarks 6
Prudent asset and capital management made us resilient through the crisis
A strong capital position plus continued optimisation
to enhance return on risk capital
Tight risk control allows Generali to face a persistently challenging environment
Good returns and benefits from diversification through real estate
Product strategy preserves profitability of traditional products under SII
Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

7. Generali Investor Day 2010
Final Remarks
Raffaele Agrusti
General Manager &
Chief Financial Officer
Venice, November 26, 2010