2014 Generali Full Year Results

GENERALI GROUP
2014 Results
The power of Discipline, Simplicity and Focus
Please note that prior year’s figures have been restated throughout the whole presentation to reflect the new perimeter of the Group.
Net income, Shareholders’ Equity, Solvency I, Life Value KPIs, Embedded Value, Economic Solvency are not adjusted for disposed entities.
The like for like change of written premiums, life net inflows, APE and NBV is on equivalent terms (on equivalent exchange rates and consolidation area).

© Generali March 12, 2014 Results 2014
Agenda
I. Business Overview Page 3
Mario Greco – Group CEO
II. 2014 Group Financials Page 12
Alberto Minali – Group CFO
Backup Page 37
2

Agenda
I. Business Overview
3
Mario Greco – Group CEO

Key messages
CEO – Business Overview 4
Financial turnaround achieved with key solvency and
profitability targets delivered one year ahead of schedule
Excellent operating results in 2014 in both life and P&C.
Core markets performing well.
Our discipline, simplicity and focus gives us confidence in
the future, driving a +33% increase in dividend to Euro 0.60
per share
Completion of financial turnaround enables us to close
this period of internal focus: next phase of our development
to be presented in May

We delivered against our 2013-15 financial priorities
Operating RoE
(%)
Net profit
(Euro bn, Continuing operations before mins.)
Improve
profitability
 Operating RoE exceeded the
target level of 13% one year
ahead of plan
 Very strong performances from
both Life and P&C contributed to
an early achievement of target
 Net-tax profit from continuing
operations rose +22%
 Our focus on core insurance
business delivering results in
profit growth
 Net profit excluding identified
extraordinary one offs(1) amounts
to Euro 2.1 bn
9.6
10.9 11.7
13.2
2011 2012 2013 2014
0.5
-0.1
1.4
1.7
2011 2012 2013 2014
(1) Ingosstrakh impairment, Liability Management , Poland, discontinued operations

We delivered against our 2013-15 financial priorities
Solvency I Ratio
(%)
Interest cover ratio
(x)
Restore
solvency
 Pro-forma Solvency I exceeded
160% target more than one year
ahead of plan
 Much optimisation work still to be
done on Solvency II preparations,
but applying full effort of discipline
and focus to this task
Reduce
Leverage
 Interest cover improved to 5.3x,
due to profitability improvements
and debt reduction
 Debt leverage ratio improved
1.1%pts. to 38.5%
(1)
(1) Pro-forma for agreed BSI disposal
117
145 141
164
2011 2012 2013 2014
4.0
3.6
4.2
5.3
2011 2012 2013 2014

Operating performance highlights
Italy Operating profit
Life +31%
P&C +21%
 Integration program ahead of initial plan
 Outstanding results despite restructuring focus
 Combined ratio further improved by 3.2%pts to
89.2% in P&C;
 Very strong life net inflows, almost triple the level of
the previous year, with improving mix
Germany Operating profit
Life +11%
P&C +25%
 Excellent performance in P&C, with combined ratio
3.1%pts lower at 92.6%, and volumes up 3.3%
 Life operating result has outperformed
expectations, despite the very challenging interest
rate environment
 New CEO brings extensive experience from across
our group to help accelerate the transformation of
our German business

Operating performance highlights
France Operating profit
Life +6%
P&C n/m
 Leading the way in fostering a more client centric
model and improved segmentation
 Life business returning to growth – net flows
returned to positive territory in 2014
 P&C result still impacted by portfolio pruning and
restructuring; Improved results expected in 2015
CEE Operating profit
Life -16%
P&C +1%
 Final tranche acquired January 2015 – now at
100% ownership
 We continue to reap the benefits of our strong
regional position in P&C – Combined ratio excellent
once again at 87.7%
 Life result impacted by one-off adjustment for
surrender fees in Poland

Costs development
CEO – Business overview 9
Group operating expense development, relative to 2012 baseline
(OpEx view)
(Euro bn)
 Gross savings reached Euro 501 m at FY2014 (in line with forecasts, and on track to achieve Euro
750 m planned by FY15)
 Net costs show 0.9% increase vs. 2012 baseline, with savings in mature markets offsetting
investments in growth and competencies
5.0
5.2
5.4
5.6
5.8
6.0
6.2
6.4
Cost base
FY 2012
Mature markets Growth markets Head
office
Cost base
FY 2014
+0.9%

Dividend increased +33%
Dividend per share
(Euro)
 Strong operational performance reflected
in increasing dividend
 Euro 0.60 per share proposed in respect of
2014 (2013: Euro 0.45)
 Proposed dividend equates to a payout
ratio of 56% (45% excluding identified one
off extraordinary items(1))0.20 0.20
0.45
0.60
2011 2012 2013 2014
(1) Ingosstrakh impairment, Liability Management , Poland, discontinued operations

Conclusion and looking ahead
We bring to a close a period of internal transformation. We will apply the same discipline,
simplicity and focus as we define a new strategic vision for the future Generali
CEO – Business Overview
 We have instilled the principles of Discipline, Simplicity and Focus within the organisation
 We will turn our attention to applying this approach outside: to business, markets and
products
 We will leverage a distinctive brand positioning and a consistent product and service
proposition to nurture, retain and grow our client base
 We will instil a culture of excellence, efficiency and innovation across our group; and
 We will consequently grow and deliver sustainable and progressive shareholder
remuneration.
11
We have created a strong base to build on for future growth and profitability

Agenda
II. 2014 Group Financials
12
Profit & Loss and Balance Sheet Page 13
Business review Page 24

 Operating Result: Strong positive development (+10.8%) thanks to both Life and P&C business
 Operating RoE: Up 150bp; Exceeded target of 13% for the first time
 Net Result: Increasing (+21.6%) excluding the one-off effects from discontinued operations, thanks to
the operating performance of the period, lower non-operating items and lower minority interest
 Solvency I: Significant improvement of Solvency capital position thanks to successful placement of
subordinated bond and financial market development, despite higher dividend and buy-out of GPH.
164% pro-forma for disposal of BSI.
Key 2014 financials at a glance
CFO – Profit & Loss 13
FY13 FY14 LFL D 4Q13 4Q14 LFL D
Operating result (Euro m) 4,071 4,508 +10.8% 832 840 +1.0%
Operating RoE 11.7% 13.2% +1.5%pts. 2.2% 2.3% +0.1%pts.
Net result (Euro m) 1,915 1,670 -12.8% 324 81 -74.8%
Net result from continuing oper. (Euro m) 1,429 1,739 +21.6% 1 143 n.m.
EPS (Euro) 1.24 1.07 -13.2% 0.21 0.05 -75.0%
Net operating EPS (Euro) 1.31 1.52 +16.0% 0.25 0.27 +7.5%
Shareholders’ equity 19,778 23,204 +17.3%
Solvency I 141% 156% +15%pts.

(33)
4,071
392
211
(133)
4,508
FY13 Life P&C Holding & Other
businesses
Cons. Adj FY14
Operating result by segment
+10.8%
(Euro m)
FY 14 2,978 1,831 -5 -295
FY 13 2,585 1,619 128 -262
D +15.2% +13.1% n.m. +12.8%

New segment reporting
(Euro m)
2013 as
reported
last year
Four steps to get from operating result published last year, to new segments
 Step 1: Adjust for disposals, i.e. take out BSI and Argentina which are now in discontinued operations
 Step 2: Add together the old "Financial" and "Holding" segments, into one new one, "Holding and Other“
 Step 3: Some entities have been moved out of the Life and P&C segments, into the "Holding and Other" category
(e.g. pure holding companies, intermediate service companies, etc. are moved into Holding & Other).
Step 3 shows the relevant adjustments.
 Step 4: We amend intercompany consolidation rules. In particular: Interest income and dividends earned by Life, P&C
and Financial operating entities are presented in the relative segment operating result, and eliminated in the
consolidation adjustments (if the transaction involves companies from different segments and countries)
-182Cons
-354Hold
483FIN
2,645LH
1,616P&C
4,207Total
Adjustments
for disposals
(BSI, Argentina)
-1
5
-96
-50
0
-142
2013 current
perimeter,
old segments
-183
-349
387
2,595
1,616
4,065
Step 1
H&O
2013 current pe-
rimeter, Financial
& Holding merged
-183
38
2,595
1,616
4,065
Step 2
Differences
due to scope (1)
0
90
-10
-76
5
Step 3
Differences due
to IC consoli-
dation (2)
-79
0
0
79
0
Step 4
New
-262
128
2,585
1,619
4,071

From operating result to net profit
4,508
(203)
(819)
(441)
(1,124) (69)
(182)
1,670
Operating
Result
Non Oper.
Investment
Income
Non Oper.
Holding
Expenses
Net Other
Non Oper.
Expenses
Taxes Disc.
Operations
Minorities Net
Result
Including:
-€ 741 m: Interest costs
Including:
-€ 182 m: Restructuring costs
-€ 139 m: VOBA amortisation
FY 14 4,508 (203) (819) (441) (1,124) (69) (182) 1,670
FY 13 4,071 19 (802) (795) (835) 485 (227) 1,915
D +10.8% n.m. +2.1% -44.5% +34.5% n.m. -19.8% -12.8%
(Euro m) Including:
-€ 79 m: Liability Management
-€ 249 m: Ingosstrakh impairment

2014 Group Free Cash Flow
Focus on 2014 cash generation by country
CFO – Cash Flow 17
(Euro bn) Gross expected
free surplus
Remitted cash
Holding & int.
expenses
Net free cash flow
before dividend
 Gross Free Surplus in line with 2013
results despite high new business
volumes
 Significant and stable dividend
capability in Italy
 As previously indicated, no dividend
from France this year
 Scope for CEE to expand following
our full ownership
 Remain on track to reach
ambition of €1.5bn net fee cash
flow before dividend in 2015
Life Expected free surplus
P&C & Financial surplus
+
+
+
+
+
0.8 1.2- =
0.4
0.4
0.3
0.7+
EMEA and
Other
0.30.3Reinsurance
0.1
0.1
0.2
0.3CEE +
0
0.2
0
0.2France +
0.3
0.2
0.3
0.5Germany +
0.9
0.3
0.5
0.8Italy +
+
+
+
+
+
2.02.8Total
=
73%
=
Group remittance ratio

Shareholders’ equity rollforward
(Euro m)
19,778
3,997
1,670
(701)
(1,540)
23,204
Shareholders'
Equity FY13
Δ in AFS
Reserve
FY 2014 Net
Results
Dividend Other Shareholders'
Equity FY14
Shareholders’ equity
CFO – Balance Sheet 18
Change in AFS reserve
(Euro m)
+17.3%
2,501
4,005
(486) 479
6,498
AFS Reserve FY13 Impact Bond
Investment
Impact Equity
Investments
Other AFS Reserve FY14
Shareholders’ equity sensitivities
(Euro bn)
Equities
-30bps
Interest rate
+100bps
Interest rate
-100bps
Credit spread
+100bps
-1.8
-2.8
2.3
-0.9
Including:
-€ 648 m: GPH buyout
-€ 149 m: GDH squeeze out
-€ 733 m: defined benefit plan

Solvency I
CFO – Capital 19
+15%pts
152
151
168
140
146
156
Real estate -10%
Credit spread + 100bps
Interest rate -100bps
Interest rate +100bps
Equities -30%
Total ratio 31.12.2014
164%
141%
(5%pts)
(8%pts)
10%pts
(6%pts)
6%pts
18%pts 156%
Solvency I
FY13
Required
Margin
Growth
M&A (2) Consolidated
Result
Proposed
dividend
2014 (3)
Subordinated
Debt
Financial
Markets
and Other
Solvency I
FY14
Solvency I pro
forma
FY14
 Solvency ratio pro forma for BSI reaches 164%(1) net of
proposed dividend
 Substantial strengthening of Solvency Capital position despite
the GPH full ownership acquisition, thanks to:
 Result of the period
 Subordinated debt
 Financial markets development
Solvency I rollforward (%)
Solvency I ratio sensitivities (%)
(1) At FY14, the estimated positive impact of BSI disposal amounts to 8% pts
(2) Including disposal of Fata Danni (+1%pts), acquisition of the 24% minorities of GPH (-7%pts) and 4% minorities squeeze out of GDH (-1% pts)
(3) Proposed dividend for Shareholders: Euro 0.9 bn; proposed dividend for Minorities: Euro 0.1 bn

Leverage
CFO – Leverage 20
 Reduction of Senior debt stock by Euro 1 bn secured
 Euro 0.5 bn senior debt maturing in 2015 already
pre-financed with subordinated, improving debt structure
 Successful Liability Management transaction completed in
November 2014 for an amount of Euro 1.5 bn, aiming at
efficiently manage the debt maturities
 Lower amount of interest expenses(1) due to debt reduction,
and refinancing at lower rates
(1) Around Euro 32 m of interests saving considering the double accounting for the refinanced bonds
Debt leverage
(%)
3.6 4.2 5.3Interest
Coverage
Ratio
Targets achieved:
 Debt reduction by Euro 1 bn
 Rebalancing of debt structure
40.4
39.6
38.5
39.5
2012 2013 2014
1.0%pts. pre-financing
of 2015 maturities

28,830
2,922
26,390
(537)
(4,125) (701)
EV FY13 Change in Perimeter Normalised EV
earnings
Investment, Tax and
other Variances
2013 Dividend EV FY14
21
Group embedded value rollforward
CFO – Balance sheet & capital
Return on Embedded Value
RoEVNormalised RoEV
Group Embedded Value
Group EV per share
Group EV FY14
10.3% -4.3% 17.0 €
Mainly driven by the impact of low
interest rate curves and higher
volatilities of the market
Robust return on embedded
value, mainly driven by Life
NBV at € 1,239 m and a
positive combined ratio at
93.8%
(Euro m)

184%
151%
157%
(5%) (0%)
(24%) (4%)
ESR FY13 Change in
perimeter
Change in AC Change in RAC Proposed dividend
2014
ESR FY14 Proforma ESR
FY14
Economic solvency
Economic solvency rollforward (%)
CFO – Balance sheet & capital
 New placement of eligible subordinated bonds offsets the impact of negative economic variances on
the Available Capital
 Financial and credit risk drive up capital requirement
 Lower interest rates led to reduced loss absorbing capacity with Germany being the biggest driver
 Economic solvency ratio pro forma for BSI reaches 157%
22
-33%pts.

Agenda
II. 2014 Group Financials
23
Profit & Loss and Balance Sheet Page 13
Business review Page 24

Gross written premiums 44,941 49,813 +11.2% 12,280 14,202 +15.9%
Net inflows 8,557 12,747 +49.7% 2,160 3,727 +73.0%
Life operating result 2,585 2,978 +15.2% 574 727 +26.6%
Life operating ratio on
investments (bps)
78 81 +3 17 19 +2
APE 4,470 5,163 +14.2% 1,259 1,497 +18.2%
New Business Value 937 1,239 +33.7% 267 305 +13.3%
Margin on APE (%) 21.0% 24.0% +3.5%pts. 21.2% 20.4% -0.9%pts.
Life key financial indicators
CFO – Life Insurance 24
(Euro m)

2,585
(165)
506 52 2,978
FY13 Technical Margin Investment result Expenses FY14
Life Operating result by driver
 Strong improvement driven by the investment result and decreasing expense ratio
 Technical margin lower due to policyholder share of lower expenses, and lower risk result
 Large part of the improvement driven by Italy (+30.7%)
+15.2%
(Euro m)
FY 14 5,532 2,240 (4,795)
FY 13 5,697 1,734 (4,846)
D % -2.9% +29.2% -1.1%

Life inflows and technical reserves(1)
(1) Including liabilities related to investment contracts
FY13 FY14
Italy 1,972 5,699
France -184 615
Germany 4,377 2,958
CEE 541 425
EMEA 1,436 2,703
Lat. Am. 122 118
Asia 275 197
International 18 32
TOTAL 8,557 12,747
 Sharp increase in net inflows (+49.7%)
- Continued very strong performance in Italy and EMEA
- Positive trend in France, favoured by positive 4th quarter
- Decrease in Germany mainly due to contraction of cash-in
following planned reduction of single premiums
 Overall growth in reserves of 6.9% from end 2013 (of which
+14.5% increase in unit linked)
+6.9%
265.9
1.7
279.7
58.9
67.5
324.8 12.7
(5.5)
13.4
1.7
347.2
FY13
Restated
Net
Inflows
Loadings,
Risk &
Surrender Result
Policyh. Share
of Invest. Result
Exchange
Rate & Other
FY14
+14.5%
+5.2%
Unit linked
Traditional
(Euro m)

Life investment performance
Euro 280 bn Euro 321 bn
(1) Net of depreciation expenses
43.7 47.0
34.9
34.5
8.0
7.7
4.7
4.0
3.4
3.1
3.7 2.1
1.6 1.6
FY13 FY14
Other
Cash & cash
equivalent
Real estate
Equity
Other fixed
income
Corporate
bonds
Government
bonds
Euro m %
Fixed income
FY13 9,251 3.9
FY14 9,588 3.6
Equity
FY13 388 3.1
FY14 449 3.5
Real Estate(1)
FY13 555 5.9
FY14 547 5.6
Total(1)
FY13 10,517 3.8
FY14 10,907 3.6
Life segment general account
(%)
Current returns

Life new business analysis
APE NBV MARGIN ON APE
FY13 FY14 LFL D FY13 FY14 LFL D FY13 FY14 LFL D
Italy 1,845 2,492 +35.1% 336 641 +91.1% 18.2% 25.7% +7.5%pts.
France 752 817 +9.0% 96 89 -6.8% 12.7% 10.9% -1.8%pts.
Germany 938 862 -12.6% 248 265 +1.6% 26.5% 30.7% +4.3%pts.
CEE 191 148 -13.2% 73 49 -18.6% 38.5% 32.8% -2.2%pts.
EMEA 598 684 +9.7% 156 177 +11.2% 26.1% 25.9% +0.4%pts.
Lat. Am.&Asia 146 159 +16.0% 28 19 +49.0% 19.0% 11.8% +2.7%pts.
TOTAL 4,470 5,163 +14.2% 937 1,239 +33.7% 21.0% 24.0% +3.5%pts.
 APE development (+14.2%) driven by the good growth of annual premiums (+5.9%) and the excellent
single premium increase (+27.2%)
 NBM improves (+3.5%pts.) thanks to the higher weight of the profitable unit linked business and to the
reduction of the guarantees (in Euro area from 1.17% at FY13 to 0.91% at FY14)
 Higher volumes and improved profitability lead the NBV to Euro 1,239 m (+33.7%)
(Euro m)

P&C key financial Indicators
CFO – P&C Insurance 29
Gross written premiums, of which: 20,940 20,617 +0.2% 5,024 5,053 +2.5%
Primary Motor 8,282 8,062 +0.8% 1,732 1,743 +4.9%
Primary Non Motor 11,955 11,859 +0.0% 3,128 3,111 +0.2%
Combined ratio (%) 95.6% 93.8% -1.9%pts. 97.9% 94.8% -3.1%pts.
Nat Cat impact (%) 2.3% 1.2% -1.1% 1.7% 1.3% -0.5%pts.
P&C operating result 1,619 1,831 +13.1% 285 300 +5.3%
(Euro m)

P&C Operating result by driver
1,619
287
(5)
(71)
1,831
FY13 Technical Margin Investment result Other FY14
 Significant improvement in technical margin, due to 1.9%pts reduction in combined ratio. Improvements
in all major markets
 Investment return stable despite low interest rate environment
 Increase in Other due to write-off of legacy IT systems in Italy, and reallocation of pension related items
between segments
+13.1%
(Euro m)
FY 14 1,082 1,007 (258)
FY 13 794 1,012 (187)
D % +36.2% -0.5% +37.7%

FY13 FY14 LFL 
Italy 6,316 6,132 -2.9%
France 2,722 2,545 -6.5%
Germany 3,436 3,547 +3.3%
CEE 1,924 1,884 +1.3%
EMEA 4,218 4,246 +0.6%
Lat Am 1,112 1,057 +22.9%
Asia 92 103 +12.6%
International 1,118 1,102 -1.5%
Total 20,940 20,617 +0.2%
P&C gross written premiums trends
Overall stable premium development:
 Decline in Italy both in Motor (decrease in average
premium but stable number of contracts) and Non-Motor
(increase in Personal lines partially mitigates decrease in
Accident & Health, stable Commercial lines)
 Decline in France reflecting economic and competitive
market environment, in addition to portfolio restructuring
activities. 4Q14 shows decreasing premiums decline
 Improvement in Germany thanks both to Motor and Non-
Motor (Personal and Commercial lines more than offset a
reduction in Accident & Health)
 Sharp increase in Latin America (on like for like basis),
mainly driven by Argentina (reflecting inflation effect) and
Brazil (strong growth in corporate business)
(Euro m)

68.5 66.7
27.1 27.1
(1.8)
(0.1)
95.6 93.8
FY13 Δ Expense ratio Δ Loss ratio FY14
21.3 21.2
5.9 5.9
27.1
(0.1)
27.1
FY13 Δ Admin Δ Acq. FY14
Combined ratio analysis
Loss ratio
Expense ratio
68.5
(0.3) (1.1) (0.4)
66.7
FY13 Current year NATCAT Prior years FY14
Combined ratio
(%)
-1.9%pts.
FY 14 69.3 1.2 -3.8 66.7
FY 13 69.5 2.3 -3.4 68.5
Expense ratio
(%)
Loss ratio
(%)
Acquisition costs
Administr. costs
-0.1%pts.
-1.8%pts.

Combined ratio by country
FY13 FY14 LFL 
Italy 92.4% 89.2% -3.2%pts.
France 105.5% 104.9% -0.6%pts.
Germany 95.7% 92.6% -3.1%pts.
CEE 88.8% 87.7% -1.0%pts.
EMEA 95.8% 95.5% -0.3%pts.
Lat Am 100.9% 113.3% +12.4%pts.
Asia 120.0% 97.6% -22.4%pts.
International
Operations
90.6% 83.8% -6.9%pts.
Total 95.6% 93.8% -1.9%pts.
 Combined ratio still improving in Italy, despite heavier
Nat Cat impact (+1.2%pts. compared to FY13)
 Slight improvement in France thanks to loss ratio
(favoured by lower impact of NAT CAT), stable expense
ratio
 Lower NAT CAT events benefit combined ratio both in
Germany and CEE
 In LatAm, strong impacts on loss ratio from restructuring
in motor business (Brazil) and large fire claims (Panama)
 In Asia, strong contraction of loss ratio from FY13 levels,
which were impacted by large claims in Thailand and
earthquake in Japan
(%)

P&C investment performance
Euro 36 bn Euro 39 bn
(1) Net of depreciation expenses
30.2
26.0
31.3
35.4
5.1 5.9
9.3 8.7
12.9 11.1
8.2 9.8
3.0 3.1
FY13 FY14
Other
Cash & cash
equivalent
Real estate
Equity
Other fixed
income
Corporate
bonds
Government
bonds
Euro m %
Fixed income
FY13 863 3.5
FY14 861 3.4
Equity
FY13 94 3.6
FY14 121 3.6
Real Estate(1)
FY13 283 5.9
FY14 268 5.9
Total(1)
FY13 1,356 3.9
FY14 1,307 3.5
P&C segment general account
(%)
Current returns

FY13 FY14 LFL  4Q13 4Q14 LFL 
Financial 343 374 +8.9% 95 82 -13.8%
of which Banca Generali(1) 198 221 +11.7% 56 44 -21.3%
Operating holding expenses (349) (418) +19.8% (86) (128) +49.2%
Other businesses(2) 134 40 -70.3% 39 (47) n.m.
Total 128 (5) n.m. 49 (92) n.m.
Focus on Holding & Other businesses segment
CFO – Holding & Other businesses 35
(Euro m)
(1) Banca Generali’s operating contribution as per Generali’s view
(2) Including pure financial holdings, international service activities and any other non-core businesses

Final remarks
CFO – Final remarks 36
 Operating RoE above 13% for first time
 Strong operational performance in both main
segments
 Solvency I target achieved; All focus on Solvency II
preparations

Agenda
III. Backup
37
Costs Page 38
Investments Page 40
Financial debt Page 46
Life EV Page 49
Capital Page 54
Definitions Page 57

FY 2014 Cost development
Back up: Focus on costs 38
Group operating expense development
(OpEx view)
(Euro bn)
Reconciliation of general expenses from
IFRS view to OpEx view
(FY 2014, Euro bn)
 Overall costs broadly in line with ambition of remaining
flat at 2012 baseline (+0.9% deviation)
 Slight increase in FY14 reflects higher HO costs
(Competency build-out, including C&C) and increased
investment in Asia, offsetting lower costs in mature
markets
Acquisition & Admin costs, accounting view
(per segmental operating profit analysis)
Adjustments from accounting view
Adjusted general expense base
5.3
4.8
0.8
(5.9)
1.0 0.4 6.4
IFRS Admin
& Acquisition
costs
Commissions
& DAC
Claims
settlemement
costs
(included
in claims &
benefits)
Other items &
adjustments
Total general
expenses
(OpEx view)
Holding & other
Life
P&C
2012 2013 2014
+0.9%
Costs relative
to 2012 baseline:
-1.0%
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0

Agenda
III. Backup
39
Costs Page 38
Investments Page 40
Life EV Page 49
Capital Page 54
Definitions Page 57

40
Assets under management
Backup: Investments
76.1
14.1
9.7
General
account
Unit Linked
Third party
investments
5
87
4
3
1
Equity
Fixed income
Real estate
Cash & Cash Equivalent
Other
By Asset Class
By Region
31
23
29
3
10
4 Italy
France
Germany
CEE
EMEA
RoW and other operations
Total Portfolio: Euro 480 bn
(%)
Breakdown by region and asset class
(%)

4 6
36
40
12
2
AAA AA A BBB Not Investment Grade Not Rated
73
6
12
8 1
0
14
35
4
44
2
0
Fixed Income Portfolio
Backup: Investments 41
(1) Italian government bond exposure is 83% of BBB
(2) Duration gap = duration of fixed income assets – duration of liabilities x (Best estimate liabilities/Market Value of fixed income assets)
Bond duration FY13 FY14
Life 7.3 8.2
P&C 4.1 4.6
Life duration Gap(2) FY13 FY14
-0.6 -1.0
51.7
12.8
17.5
9.1
8.9
Other fixed
Income
Covered
Corporate non
fin.
Corporate fin.
Government
Total Portfolio
Euro 319 bn
(%)
Covered
Euro 29 bn
(%)
Corporate
Euro 97 bn
(%)
Government
Euro 165 bn(1)
(%)

16
13
19
312
38
Italy Germany France CEE USA Other
8
16
27
1
1
47
37
5
22
6
3
28
Fixed Income Portfolio by country
51.7
12.8
17.5
9.1
8.9
Other fixed
Income
Covered
Corporate non
fin.
Corporate fin.
Government
Total Portfolio
Euro 319 bn
(%)
Covered
Euro 29 bn
(%)
Corporate
Euro 97 bn
(%)
Government
Euro 165 bn
(%)

76
20
3
Life
P&C
H&O
83
17
Quoted
Unquoted
60
8
32
Life
P&C
H&O
76
23 0
Life
P&C
H&O
56
27
17
Equity Equity Funds Alternatives
Equity & Equity-like
Life, P&C and
Financial
Life, P&C and
Financial
Life, P&C and
Financial
Listed and
Unlisted
Total Portfolio: Euro 18 bn
(%)
Alternative funds:
Euro 3 bn
(%)
Equity:
Euro 10 bn
(%)
Equity funds:
Euro 5 bn
(%)

85
15
Investment
properties
Own use
65
16
11
3 4
Office
Residential
Retail
Logistic
Other/Mixed
Asset Allocation: Real Estate1
35
16
25
2
20
2
Italy
Germany
France
CEE
RoE
RoW
1 Data, at fair value, includes own use assets and property inventory
2 Detail referred to direct investments in real estate only
FY13 FY14
Gross Unrealised Gains and
Losses (UGL)
5,532 5,437
Shareholders’ share of UGL
(after P/H share, tax &
minorities)
3,610 3,444
Total Portfolio: Euro 25 bn1
Breakdown by use2
(%)
Breakdown by country2
(%)
Breakdown by utilization2
(%)
Off balance sheet gains
(Euro m)

Agenda
45
III. Backup
Costs Page 38
Investments Page 40
Life EV Page 49
Capital Page 54
Definitions Page 57

Focus on financial debt
Backup: Financial debt 46
4,468
3,477
7,539
8,315
678
460
FY13 FY14
Senior Sub/Hybrid Other
FY13 FY14
Average cost (%) 5.93% 5.62%
Subordinated/Hybrid 6.54% 6.21%
Senior 4.81% 4.13%
Average maturity
(years)
5.27 6.87
Euro 12,685 m Euro 12,253 m (1)
Total financial debt
(Euro bn)
Average cost & maturity of financial debt
(%)
(1) The amount of financial debt as of December, 31, includes the subordinated bond issued in May 2014 for a nominal amount of Euro 1 bn partly to refinance 2015
maturities

500(1)
1,199
887
250
770
1,250
2,638
1,750
1,500 1,451
2015 2016 2017 2018 2019 2020 2022 2024 2025 2026
Senior Hybrid Subordinated
Financial debt breakdown by expiry date/call date
Backup: Financial debt 47
(Euro m)
(1) The senior bond due in 2015 was already refinanced

Agenda
III. Backup
48
Costs Page 38
Investments Page 40
Life EV Page 49
Capital Page 54
Definitions Page 57

26,136 310 26,446
1,239 1,248
25,082(315)
(1,905)
(62)
(1,568)
EV FY13 Perimeter, FX Adjusted EV
FY13
NBV Expected
contribution
Operating
variance
Economic
variance
Other
variance
Capital Flow EV FY14
Including the VIF impacts due to:
- reference rates drop (-2.9 bn)
- the narrowing of spreads (+1.4 bn)
- increased volatility (-1.2 bn)
49Back up: Life EV
Life embedded value earnings (Euro m) Return on Life embedded value
RoEV
Normalised RoEV
Adjusted embedded value FY13 26,446
Embedded value earnings 204
Normalised EV earnings(3)
2,172
0.8%
8.2%
Life EV(1) roll-forward
(Euro m)
(1) Calculated with methodology and assumptions compliant with “Market Consistent Embedded Value Principles” as defined by CFO Forum
(2) “ Other variance ” includes model changes, extraordinary expenses and residual variance
(3) “Normalised EV earnings” defined as NBV + Expected contribution + Operating variance
(2)

50
FY14 Life Embedded Value sensitivities
Back up: Life EV
-2.5
-1.5
-5.1
-3.5
3.5
-15.9
6.8
Euro m 25,082Life Embedded Value
Risk Free Rate +100bps
Risk Free Rate -100bps
Equity +10%
Equity -10%
Zero Liquidity Premium
Equity Implied Volatility +25%
Swaption Implied Volatility +25%
(%)

51
Expected Life cash flow generation
Back up: Life EV
2,204
1,392
709
(860)
(661)
Existing Run Off 2013 New Business 2013 Free Cashflow 2013
2,277
1,408
657
(926)
(600)
Existing Run Off 2014 New Business 2014 Free Cashflow 2014
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Years
1-5
Years
6-10
Years
11-15
Years
16-20
Years
21-25
Years
26-30
Years
31+
-2,000
-1,500
-1,000
-500
-
500
1,000
1,500
Year 0 Years
1-5
Years
6-10
Years
11-15
Years
16-20
Years
21-25
Years
26-30
Years
31+
Life expected free cash flows (Euro m)
2014 In-force – Expected undiscounted cash flows 2014 New Business – Expected undiscounted cash flows
Profit
Capital

Update on Guarantees
Back up: Focus on guarantees
46.6% 47.3% 46.9% 47.8% 51.1%
52.7%
53.4% 52.7% 53.1% 52.2%
48.9% 47.3%
2.37%
2.04% 2.02%
1.21%
0.86%
0.65%
1.56%
1.23%
1.00%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
2009 2010 2011 2012 2013 2014
Low capital intensity guarantees (1) (% of portfolio) High capital intensity guarantees (% of portfolio)
Existing Portfolio Guarantee Average new business guarantee (premiums)
Average new business guarantee (APE)
 Portfolio guarantee profile continues to improve in terms of type (52.7% of reserves is made of low capital
intensity guarantees) and average guarantee (currently 2.02%)
 Improvements driven by new business: in 2014, 78.0% of total new business APE is made of low capital
intensity guarantees and the average guarantee is 1.00% (0.65% on new business premiums)
52
(1) Low capital intensity guarantees = no guarantees, matched, at maturity guarantees and yearly 0% guarantees

Agenda
III. Backup
53
Costs Page 38
Investments Page 40
Life EV Page 49
Capital Page 54
Definitions Page 57

2.1 2.1
1.5 1.6
0.8 0.8
0.8 0.9
5.5
8.4
8.9
9.4
19.6
23.1
FY13 FY14
Financial
Credit
Life UW
Non Life UW
Operational
Not under IM
36
21
19
24
Italy
France
Germany
Other
FY14 Group RAC breakdown by segment
(%)
54
Group Risk Capital (RAC)
Backup: Capital
(6%)
(52%)
(11%)
(-2%)
(5%)
(0%)
(1) Not under IM refers to top down approach for minor insurance entities and to regulatory capital requirements for financial segment
(1)
Group RAC at 99.5% after diversification
(Euro m)
FY14 Group RAC geographical breakdown
(%)
67
26
6
Life
Non Life
Financial

55
Reconciliation of IFRS equity to Group Embedded Value
Backup: Capital
1 Includes subordinated and senior bonds issued
2 Mainly VIF AuM, CoC and DTL on subordinated debt
(Euro m)
Life Other Financial
MCEV operations Debt1
IFRS Equity 18.359 17.113 -12.268 23.204
Goodwill, DAC, VoBA and other intangibles -5.563 -4.399 0 -9.962
Mark to market of assets non backing 2.071 1.735 0 3.806
Double counting on life AFS reserves and on other investments -3.039 0 0 -3.039
Adjustment on debt 0 0 -1.088 -1.088
Other adjustments 284 -732 0 -448
Adjusted Net Asset Value 12.113 13.717 -13.357 12.473
In-force value (Life & AuM) 12.969 948 13.917
Embedded value 25.082 14.665 -13.357 26.390
Adjustments -550
Subordinated debt 9.767
Available Capital 25.082 14.665 -13.357 35.606
Group

Agenda
III. Backup
56
Costs Page 38
Investments Page 40
Life EV Page 49
Capital Page 54
Definitions Page 57

Definitions
Backup: Definitions 57
Total Operating Result Total operating result represents earnings before taxes, gross of interest expense on liabilities linked to financing activities,
specific net income from investments and non-recurring income and expenses
Adjusted Shareholders’
Equity
Shareholders’ Equity gross of minorities excluding gains and losses included in Other Comprehensive Income (OCI)
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
Adjusted Shareholders’ Equity
Financial Leverage Financial Debt / Financial Debt + Adjusted Shareholders’ Equity
Fixed Charge Coverage EBIT (net of disposals gains) / interest expenses on financial debt
Gross/Net Expected
Surplus
For Life segment it is calculated as the sum of Earnings and capital release from existing business and New Business
Strain
For Non Life and Financial segments it is calculated as operating result net of taxes, minorities and change in capital
requirements (S1)
Net Free Surplus is calculated as Gross Expected Surplus minus holding expenses net of taxes and minorities
Gross Remitted Cash The percentage of Gross Free Surplus actually remitted or passed up to the parent company

Disclaimer
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.
58

Next events
30 April 2015
Annual General Meeting
14 May 2015
1Q 2015 results reporting
27 May 2015
2015 Investor Day
30 July 2015
1H 2015 results reporting
5 November 2015
9M 2015 results reporting
59

Team
Marta Porczynska
Team Assistant & Event Manager
Marta.Porczynska@Generali.com
+39 040 671402
Martina Vono
Team Assistant & Event Manager
Martina.Vono@Generali.com
+39 040 671548
Assicurazioni Generali
P.za Duca degli Abruzzi 2
34132 Trieste, Italy
Fax: +39 040 671338
e-mail: ir@generali.com
www.generali.com
Spencer Horgan
Head of Investor & Rating Agency Relations
Spencer.Horgan@Generali.com
+44 20 7265 6480
Stefano Burrino
Senior IR Manager
Stefano.Burrino@Generali.com
+39 040 671202
Emanuele Marciante
Senior IR Manager – Credit & Rating Agency Relations
Emanuele.Marciante@Generali.com
+39 040 671347
Veronica Cherini
IR Manager
Veronica.Cherini@Generali.com
+39 040 671488
Rodolfo Svara
IR Manager
Rodolfo.Svara@Generali.com
+39 040 671823
60

2014 Generali Full Year Results

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