Generali Group 2010 first half results

March 2006
Generali Group
2010 First-Half Results
Milan, March xxx, 2010August 5, 2010

Assicurazioni Generali Group – 1H 2010 results
2Agenda
IV. Backup
III. Group Financials
Raffaele Agrusti - CFO
II. Insurance operations
Sergio Balbinot - Managing Director
I. 1H 2010 results overview
Giovanni Perissinotto - Group CEO
Page 3
Page 8
Page 12
Page 34

3Agenda
I. 1H 2010 results overview
Giovanni Perissinotto - Group CEO

4
!
Recovery still weak
Financial markets very volatile
Corporate/Sovereign risks force more careful allocation
Banks/States to cope with heavy debt exposures
Economic and financial framework
Euro dynamics favours exporters
Global demand driven by Emerging Markets
Proactive Government Policies – No Sovereign breakdown
Savings and Competitive focus on the rise
Insurance: strong life recovery; expected gradual P&C
improvement
I. 1H 2010 RESULTS OVERVIEW

5
16,652
17,146
Update on financial strength
Shareholders’ Equity (Euro m) Solvency Margin (%)
FY09 1H10
+3.0%
140%
161%
187%
142%
FY09
Economic Solvency calibrated on AA
rating
Solvency I
1H10
(1)
(1) Including off balance sheet unrealized gains on real estate, 8%pts of which
subject to authorities’ authorization

6
1,201
1,012
2,213
1,009
925 1,934
Net result (Euro m)
Operating result (Euro m)
1H1Q 2Q
2009 2010
2009 2010
Results progression
1H1Q 2Q
504400
104
1H1Q 2Q
527
346 873
1H1Q 2Q
+14.5%
+73.2%

72010 outlook
Confirmation of positive trend in life notwithstanding an expected less
buoyant growth in 2H10
Improvement of Non Life technical profitability, thanks to first results from
actions taken in Motor and Non Motor business
Operating result to be supported by resilient current yields on investment
portfolio
Trend expected for 2H 2010
Outlook of 2010 Total Operating Result (Euro 3.6 - 4.2 bn) overall
confirmed, but targets appear more challenging in the present scenario

8Agenda
II. Insurance operations
Sergio Balbinot - Managing Director

9Main industrial results
Net Inflows
(Euro bn)
Net Technical
Reserves
(Euro bn)
GWP
(Euro bn)
Loss ratio
(%)
NBM
(%)
+34.4%(1)
+5.6%
302.4286.4
+0.7%(1)
7.1
+0.4%pts
70.8
70.4
Life P&C
17.8%
19.4%
-1.6%pts
11.811.6
(1) On like for like basis
(2) Including investment contracts
(3) On like for like basis. On historical terms: +6.5%
NBV
(Euro m)
494464
-11.0 %(3)
Combined ratio
(%)
+0.9%pts
98.8
97.9
Reserving ratio
(%)
II. INSURANCE OPERATIONS
1H09 1H10
288.7287.4
+1.3%pts
FY09 1H10
1H09 1H10
1H09 1H10
GWP(2)
(Euro bn)
+13.3%(1)
9.6
23.1 26.4
1H09 1H10 1H09 1H10
1H09 1H10
1H09 1H10
1H09 1H10

10Strategic overview: focus on core European markets
Germany Life and Health:
Strong increase of Net Inflows (+ Euro 547 m), thanks to premium growth and higher persistency
Growth of Life single premiums, aimed at retaining customers and future cross-selling initiatives
Non Life:
Motor market still competitive: disciplined approach in both underwriting and claims handling
In terms of business mix, further increase of profitable Non-Motor share (+0.8%pts)
Marginal CoR increase (+0.2%pts) despite Xynthia impact (Euro 25 m net)
Satisfactory claims development in Personal and Commercial
Special initiatives:
Project Neue Generali well on track
Company fully operating, without negative impacts on distribution
IT Migration of Non-Life portfolio successfully completed at beginning 2010, now focus on Life
Further reduction of General Expenses, thanks to restructuring and to material costs reduction program
Italy
Life:
Life segment still attractive for customers, also due to present market environment (GWP +17,3%)
Opportunity to develop traditional insurance products characterized by low return’s volatility
Good results in life direct sales
Focus on technical margins and portfolio retention (Net Inflow +1,145 m)
Non Life:
First signs of recovery of Motor business GWP (increased average premium);
Specific portfolio reform activities (health, disease);
Strengthening of loss prevention activity in Corporate business
Increase customization of motor tariff and product range
Operational Improvement:
Further acceleration of specialization in claims management
Increased efficiency of traditional networks (agencies)
Alleanza – Toro fully operational

11Strategic overview: focus on core European markets
Life:
Strong UL sales (+ 61% in terms of APE), accounting for > 15%; Resilient sales in Life Risks (Individual + 5%)
Traditional guaranteed products down 2.1%
Internet sales in excess of Euro 0.53 bn, up 30%
Net inflows faring strong, close to Euro 2.9 bn
Non Life:
CoR continues to be impacted by Natural events: Q1 (Xynthia) and Q2 (Var floods and East hails)
Strong emphasis on technical discipline:
tariff increases > 6% across most lines of business
claims factory roll-out on target (significant advances in areas such as body-shop networks, recoveries, fraud
prevention, closed file review)
“Ambition Generali” project to put customer centricity as a top priority
CEE
France
Life:
GWP stable compared to last year
New production shows positive signs in Hungary and Poland
Life products margin increasing as effect of product redesign
Non Life:
Technical result affected by natural events in winter and spring (7.1%pts) but still showing good profitability of underlying
portfolio
New MTPL and Casco tariffs launched to enhance the segmentation in Czech Republic and Poland
Focus on adequacy of the Non Life tariffs i.r.o coverage of Natural Perils to properly address Cat exposure
Launch of new Competence Centre for Retail Property & Casualty

12Agenda
III. Group Financials
Raffaele Agrusti - CFO
Profit & loss review
Shareholders equity & Solvency I
Life & P&C profitability
RoEV
Capital update

13Revenue development by segment
III. GROUP FINANCIALS
(1) Including investment contracts for Euro 2,742 m in 1H10
(2) APE amounts are calculated with end of period perimeter and exchange rates – like for like variations neutralise impacts of variations of perimeter and exchange rates
+10.7
+0.7
+13.3
+9.1
∆ like for like
(%)
1,243
5,128
12,137
17,265
2Q10
+16.3
+1.9
+14.0
+9.9
∆ historical
(%)
+0.12,784
Life annual
premium
equivalent(2)
+1.526,351Life(1)
+1.538,129
Gross written
premiums
+1.711,778P&C
∆ like for like
(%)1H10(Euro m)

14
Consolidation
adjustments
Consolidated
operating result
Financial services
operating result
P&C
operating result
Operating holding
expenses
Life
operating result
(1) Excluding Intesa Vita in 2Q09 and 2Q10, according to IFRS 5 treatment for discontinued operations. On historical terms, the variations would be -0.6% for the life operating
result and +9.4% for the consolidated operating result
2,213
-83
-138
203
663
1,568
1,934
-141
-127
223
710
1,269
1,012
-52
-71
105
328
702
925
-109
-64
130
261
706
+52.2
+6.6
-19.7
+25.7
-10.4
-3.9
2Q10
2Q09
1H10 operating result (Euro m)
Operating result by segment
1H10
1H09
2Q10 operating result (Euro m)
(%)(1)
+41.4
+14.5
-8.9
-6.6
-8.7
+23.5
(%)

15Focus on operating result
+14.52,2131,934Total operating
result
+41.4(83)(141)Consolidation Adj.
-8.7(138)(127)Op. holding expenses
+30.6366280Germany
-40.2225377CEE
+10.5
+81.2
-18.8
+3.8
+47.9
∆ %
13373RoW
2,4342,202Operating result(1)
388478RoE
347334France
975660Italy
1H101H09
(Euro m)
Operating result by country(1)
229 190
94
221
91
167
114 145
119
99
20
65
4 30
12
68743
22
Italy 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

16From operating result to net result
(173)(527)Non operating investment income
(187)(371)Income and exp. from other financial instruments
1739Result from discontinued operations (Intesa Vita)
(383)(349)Non-operating holding expenses
(144)(259)Minority interests
+58.21,406889Consolidated result of the period before taxes
and minority interests
(405)(165)Income taxes
+22.7(808)(1,045)Total non operating result
14(156)Income and exp. from fin. assets at FV thr. P&L
+14.52,2131,934Total operating result
+73.2873504Net result of the period
(251)(170)Net other non operating expenses
(%)1H101H09(Euro m)
(1) Including interest expenses on financial debt
(1)

17Focus on non operating items: non operating investment income
(527)
(173)
108
76
170
+18.6%
(409)
(333)
(156)381H09
n.a.+281.8%∆%
141461H10
Non operating investment income (Euro m)
1H101H09
Net realised
gains
Net
impairments
Fair Value
thr. P&L
∆ Euro m

18Focus on non operating items: interest expenses on financial debt
334
319
52
Senior
36.2%
Total financial debt(1) (Euro 12.2 bn)Interest expenses on financial debt (Euro m)
1H101H09
Other
10.3%
Average cost & maturity of financial debt(1) (%)
7.37(1)7.83(1)Average maturity (years)
Average cost (%)
1H10FY09
5.35(1)5.35(1) Sub/Hybrid
53.5%
371
(2)
(1) Net of Euro 1,750 m senior bond refinanced in September 2009
(2) Interest related to Euro 1,750 m senior bond refinanced in September 2009

19A balanced investment(1) portfolio
Own investments(2) (Euro 322.5 bn) at 30.06.10
Fixed income
instruments (3)
79.4%
Other (4)
4.2%
Real Estate (5)
4.6%
Equity
8.4%
(1) FY09 own investments restated in order to include cash and cash equivalents. The related
weights of asset classes are: fixed income instruments 78.7%, real estate 4.7%, equity 9.0%,
cash & cash equivalents 3.4%, other 4.2%
(2) “Own Investments” exclude real estate for own use. With this asset class “Own Investments”
would amount to Euro 326.1 bn, compared to Euro 312.8 bn at FY09
(3) Including mortgage loans, policy loans, deposits under reinsurance business accepted, term
deposits with credit institutions and other financial investments, other loans
(4) Including investments in subsidiaries, associated companies and JVs, derivatives,
receivables from banks or customers
(5) Including real estate mutual funds
Cash & equival.
3.5%
Government bonds represent
54.5% of total bond portfolio
High quality corporate bond
portfolio. 81.3% rated ≥ A
Marginal decrease in equity
exposure due to market
movements and active
management

20
17,146
16,652
(27)(544)(13)
627
873
(422)
IFRS Shareholders’ equity roll forward
Dividend∆ Currency
Translation
Reserve
1H 2010
Net Result
Other Shareholders’
Equity 1H10
∆ Cash Flow
Hedge
Reserve
∆ in AFS
Reserve
Shareholders’
Equity FY09
+3.0%
(Euro m)
Change in AFS reserve (Euro m)
730
(82)
307
(476)
135
Other AFS Reserve
1H10
Impact Bond
Investments
Impact Equity
Investments
AFS Reserve
FY09

21
16.9 17.4
23.9 24.3
Solvency I update
Required margin Available margin
1H10FY09
142%(1) 140%(1)
(Euro bn)
Main drivers of change
(1) Including off balance sheet unrealized gains on real estate, 8%pts of which subject to authorities’ authorization
Available margin
Consolidated result:
Financial markets and other elements:
Required Margin
Increase in required margin due to
strong life business growth:
+1.0
-0.6
+0.6

22Life profitability - Operating result
+23.5
-2.7
+36.0
+1.8
(%)
1,5681,269Operating Result
(2,580)(2,513)Expenses
1,190875Investment Result
2,9582,907Technical Margin
1H101H09(Euro m)
Life operating profit driven by a strong increase (+36%) of the investment result
Expenses increasing much less than premiums
Operating ratio on investments confirmed at satisfactory level
Life Operating Result by driver
Definitions:
• "Technical Margin" includes loadings, risk result, surrender result; it is gross of acquisition and administration costs
• "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
• "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
0.52%0.49%
Life operating ratio on
Investments
1,568
1,269
(67)
315
51
1H10
1H09
Tech.M
Inv.R
Exp.

23Strong growth in life business
42.6243.8FY 2009
+9.6%+4.9%∆%
46.7255.71H 2010
Life net technical reserves(2) (Euro m)Life gross written premiums (Euro bn)
26.4
23.1
1H101H09
Life net inflows by country(1) (Euro m)
+13.3%(3)
1H10FY09
286.4 11.9 4.1
Traditional Unit Linked
∆
302.4
+133.41,758748RoE
+34.9863607RoW
+34.4
-48.5
+24.4
-8.6
+2,966.7
∆%(3)
9,6017,100TOTAL
165313CEE
2,7882,241Germany
2,8823,153France
1,14537Italy
1H101H09Country
+5.6%
(2) Including investment contracts; excluding Intesa Vita in 1H09 and 1H10,
according to IFRS 5 treatment for discontinued operations
(3) On like for like basis
(1) Net inflow: premiums written in the period less surrenders and maturity. It does
not include revaluation of mathematical reserves

24Life investment strategy and yields(1)
(1) Current return: interest, dividends and similar income / Quarterly average asset base at book value (excluding income related to unit/index linked investments)
(2) Including cash and cash equivalents
(3) Net of consolidation adjustments
3.33.02.02.42.22.2%
464
1H10
434
1H09
Equity Real
estate
Fixed
income
Half
Year
Current
return(1)
264
1H09
2884,6794,398Euro m
1H101H101H09
42,2% 42,2% 42,1%
32,2% 33,2%
9,2% 8,9%
8,0% 9,1% 8,4%
33,0%
8.6%
3,3%3,5%3,7%
4,0%3,6%4,7%
1H09 FY09 1H10
Other
Real estate
Equity
Other fixed income
Corporate bonds
Government
bonds
Life segment own investments(2) (% on total)
Euro
250.9 bn(3)
Euro
262.8 bn(3)
Euro
233.9 bn(3)
Increased bond duration from 6 to 6.4 years
No relevant change in bond portfolio composition. Sector rotation in corporate bonds in order to
improve the portfolio diversification
Decreased equity exposure due to market drop
Preference for stocks with high dividend and strong fundamentals

25Life New Business valuation
17.8%
30.8%
24.7%
35.8%
15.7%
10.5%
16.2%
1H10
21.7%
28.2%
23.3%
39.1%
17.7%
10.3%
28.5%
FY09
19.4%
25.4%
25.7%
35.5%
18.2%
8.6%
24.2%
1H09
Margins on APE
+10.7
+4.9
+48.7
-5.5
+2.1
+4.2
+10.9
Like for
like
%
2,393
182
276
81
504
644
705
1H09
APE
2,784
222
433
78
520
671
860
1H10
+16.3
+21.6
+56.8
-3.5
+3.1
+4.2
+22.0
Historical
%
+6.5
+47.6
+50.6
-2.5
-11.2
+26.0
-18.3
Historical
%
NBV(Euro m)
+26.07056France
-4.52829CEE
-11.0494464Total
46
71
92
171
1H09
68
107
82
139
1H10
+28.0
+37.2
-12.0
-43.5
Like for
like
%
RoW
RoE
Germany
Italy
APE: robust development (+10.7% on a like for like basis), driven by the excellent contribution of single
premiums and the recovery of unit linked business
NBM: despite the adverse actual economic environment, profitability remains in line with FY09 except for
Italy, where the extraordinary widening of Italian Government bond default spread (+85bps vs FY09) led
to a drop of 7.2%pts. and the related drop of Italian equity market led to an additional drop of 2.7%pts.

26P&C profitability - Operating result
(%)
-6.6
-33.4
+10.8
-44.0
663710Operating Result
(106)(79)Other
661596Investment Result
108193Technical Result
1H101H09(Euro m)
P&C Operating Result by driver
Definitions:
• “Technical Result” is calculated as the balance of net earned premiums, net insurance claims, acquisition costs, administration costs and other net technical items
• "Investment Result" includes interests and dividends, interest expenses on operating debt, G/L on foreign currency and investment expenses
• “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
1.79%2.01%
P&C operating ratio on
Investments
663
710
(26)
64
(85)
1H10
1H09
Tech.R
Inv.R
Other
Technical result reduction due to 0.9%pts of Combined Ratio increase
Investment driver benefits from higher asset base and resilience of current income
Operating ratio on investments almost in line with 1H09

27P&C Gross Written Premiums
+7.3+11.7653585RoW
-2.3+6.31,1591,091CEE
+4.4+4.42,1282,037France
+1.9
-1.0
-1.5
+1.2
Historical
%
+0.7
-1.8
-1.5
+1.2
Like for
like(1)
%
2,4012,426RoE
11,77811,558Total
1,8281,855Germany
3,6103,566Italy
1H101H09(Euro m)
(1) Calculated considering equivalent exchange rates and scope of consolidation
Stable P&C premium base, despite
the challenging economic
environment
Motor business:
in Italy, continuing recovery signs
(average new production premium
up 6.8%; average portfolio premium
up 1.3%);
in Spain, CEE, Germany and
France still under pressure
Positive growth in Non-Motor retail
and Accident/Health
First signs of recovery in Commercial

28
0.40.5
P&C profitability - Net combined ratio (1/2)
1H101H09
Combined ratio (%)
Combined ratio by country(%)
98.8
97.9
Loss ratio Expense ratio
+0.295.995.7Germany
+9.292.9(1)83.7CEE
+0.9
-1.6
+5.1
+0.3
-3.0
∆ %pts.
100.4102.0RoW
98.897.9Total
100.595.4RoE
99.899.5France
99.5102.5Italy
1H101H09
+0.9%pts.
Expense
ratio
Loss
ratio
27.9
70.8
27.4
70.4
(1) Excluding Nat Cat, the ratio would be 85.8%

29
6.1
21.3
0.0 0.66.1
21.9
P&C profitability - Net combined ratio (2/2)
70.471.7-3.22.01H 2009
71.8 70.8-3.22.31H 2010
Loss ratio (%)
1H 20101H 2009
70.4 70.8
0.3 0.0 0.1
Nat
CAT
Prior
years
Current
year
1H 20101H 2009 ∆ Admin ∆ Acq.
Acq. costs
Adm. costs
27.9
Expense ratio (%)
∆%pts
Reserving ratio (%)
1H 20101H 2009
1.3%pts
27.4
287.4% 288.7%
Nat cat impact still an important driver of
technical profitability
Prior years development and Reserving ratio
confirm stable and prudent reserving policy
Current year Loss ratio under control, in spite of
the competitive Motor environment

30P&C investment strategy and yields(1)
P&C segment own investments(2) (% on total)
Euro
37.0 bn(3)
4.34.31.92.31.92.0%
89
1H10
104
1H09
Equity Real
estate
Fixed
income
Half
Year
Current
return(1)
248
1H09
259425432Euro m
1H101H101H09
23,6% 23,4% 23,5%
24,8% 26,8% 28,1%
11,2% 9,9% 9,5%
13,5% 12,6% 12,3%
16,2%16,4%16,6%
10,4%10,8%10,3%
1H09 FY09 1H10
Other
Real estate
Equity
Other fixed income
Corporate bonds
Government
bonds
Euro
36.4 bn(3)
Euro
34.9 bn(3)
Sustaining current return in low interest rate environment
Further lengthening bond duration from 4 to 4.5 years in order to exploit the steepness of the yield
curve
Increased diversification in corporate bond portfolio with selective management
Duration target on bonds remains 5 years based on a ongoing portfolio approach
Active management of equity component to generate excess returns over market average
(1) Current return: interest, dividends and similar income / Quarterly average asset base at book value
(2) Including cash and cash equivalents

31
68.463.2
Financial segment
Operating result (Euro m)
Third party AUM (Euro bn)
Net fees and commissions (Euro m)
223 203
1H101H09
-8.9%
433375
1H101H09
+15.5%
94.5
83.6
1H10FY09
+13.0% +5.2%pts
1H101H09
Cost/income ratio (%)

32Group Embedded Value
Group Embedded Value roll-forward (Euro m)
Normalised
Earnings
Investment
and Tax
Variances
Cash
Dividend
09
EV 1H10
(3,165)
1,611
25,238
27,337
(545)
Opening
EV 10
Group EV per share16.4€
Graph of swap vs 10y government spreads
1.4 bn due to interest rates reduction
1.2 bn due to spread widening
(mainly of Italian government bonds)
0.6 bn due to negative impact from
equity investments and increased
volatility, only partially reduced by
positive impact from development of
exchange rates
Causes of Investment variance
-80
-40
0
40
80
120
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
EUR Italy 10 Year
EUR Germany 10 Year
11.8% Normalised RoEV (1)
(1) Normalised RoEV = Annualised and Normalised Earnings on opening EV

33Economic Solvency and Capital Allocation
Economic Solvency Coverage (Euro bn)
(1) ESC FY09 = AC FY09 (net of proposed dividend 2009 equal to 0.5 bn) divided by Risk Capital FY09
(2) ESC 1H10 = AC 1H10 divided by Risk Capital 1H10
31.8
19.8
ESC 161%(2)
1H10
Group
EV Group
RAC
Available
Capital
Group
Risk Capital
Sub. Debt
Available
Capital
Group
Risk Capital
Sub. Debt
Group
EV
Group
RAC
34.3
18.1
ESC 187%(1)
FY09
Strong Economic Solvency Coverage at 161% despite negative market
developments experienced in recent times

34
IV. Backup
Agenda
P&L
Balance sheet
Life

35
IV. Backup
Agenda
P&L
Balance sheet
Life

361H10 Total gross written premiums
IV. BACK UP
Gross P&C written premiumsGross life written premiums(1)Total gross written premiumsEuro (m)
11,778
653
385
779
792
2,401
1,159
1,828
2,128
3,610
GWP
+0.7
+7.3
+3.8
-0.8
-7.2
-1.8
-2.3
-1.5
+4.4
+1.2
(2)
YoY
% increase
30.9
1.7
1.0
2.0
2.1
6.3
3.0
4.8
5.6
9.5
Weight on
consoli-
dated
26,351
1,853
449
622
526
3,673
824
6,743
6,505
6,753
GWP
+13.3
+19.2
+3.6
+10.8
-17.4
+37.0
-0.5
+12.4
+1.2
+17.3
(2)
YoY
% increase
69.1
4.9
1.2
1.6
1.4
9.6
2.2
17.7
17.1
17.7
Weight on
consoli-
dated
100.0
6.6
2.2
3.7
3.5
15.9
5.2
22.5
22.6
27.2
Weight on
consoli-
dated
+4.01,401Austria
-11.61,318Spain
Of which:
-1.61,982CEE
(2)
+15.82,506
+9.138,129Total
RoW
+3.7834Switzerland
+18.56,073RoE
+9.18,571Germany
+1.98,633France
+11.210,364Italy
YoY
% increaseGWPCountry
(1) Including investment contracts
(2) On like for like basis with constant exchange rates

37Life premiums by country & business line
Life 1H10
Of which:
8241.3%10.2%21.4%67.1%CEE
Total life gross
direct premiums
25,80011.3%7.7%19.3%61.7%
1,51255.2%10.2%0.4%34.2%RoW
4490.2%1.0%78.3%20.6%Switzerland
618-18.4%27.6%54.0%Austria
52644.5%-1.7%53.8%Spain
3,66413.0%3.6%57.7%25.7%RoE
6,7437.5%18.0%24.0%50.5%Germany
6,3955.8%6.3%14.7%73.2%France
6,66410.9%-1.7%87.4%Italy
TotalGroupHealth
Unit/index
linkedTraditional(Euro m)
IV. BACK UP

38P&C premiums by country & business line
P&C 1H10
Of which:
1,14123.5%14.4%9.5%52.5%CEE
Total P&C gross
direct premiums
11,49922.7%21.4%14.1%41.8%
64428.7%4.1%6.7%60.4%RoW
3830.5%23.4%26.7%49.4%Switzerland
76231.3%18.7%10.1%39.9%Austria
77637.2%24.0%13.5%25.3%Spain
2,32527.8%20.4%15.8%35.9%RoE
1,8259.4%36.5%12.9%41.1%Germany
1,99923.4%35.7%12.1%28.9%France
3,56524.3%11.6%17.6%46.5%Italy
TotalCommercialPersonal
Accident/
HealthMotor(1)
(Euro m)
IV. BACK UP
(1) Including fleets

39
Loss
ratio
Expense
ratio
P&C - Combined ratio (%)
Total - Expense ratio (%)
70.4 70.8
27.4 27.9
15.9 14.9
10.8 9.8
1H101H09
1H101H09
1H101H09
97.9 98.8
Ratios
IV. BACK UP
Life - Expense ratio (%)

401H10 combined ratio reconciliation
108.2Technical resultA-B-C-D
13.3Other technical itemsD
98.8Combined ratio(B+C)/A
27.9Expense ratioC/A
70.8Loss ratioB/A
2,802.2Total acquisition and insurance related administration costsC
607.1Insurance related consolidated administration costs
29.3Non insurance related administration costs(1)
636.3Consolidated administration costs
2,195.1Consolidated acquisition costs
7,103.8Consolidated net insurance benefits and claimsB
10,027.4Net earned premiums (net of consolidation adjustments)A
(1) Administration expenses related to service companies, real estates and other companies not belonging to P&C segment
(Euro m)
IV. BACK UP

41Ratios by country
18.6
17.8
83.7
92.9
29.6
31.5
54.2
61.3
CEE
9.820.312.47.012.47.38.31H10
10.818.513.44.714.36.69.51H09
Life expense ratio by country
P&C Combined ratio
P&C Expense ratio
P&C Loss ratio
97.9
98.8
27.4
27.9
70.4
70.8
Consolidated
94.7
96.1
27.4
26.1
67.2
70.0
SWI
97.2
96.0
29.0
29.0
68.2
67.0
AUT
92.0
96.5
24.1
26.6
67.9
69.8
SPAFRA
102.5
99.5
22.6
22.4
79.9
77.1
95.799.51H09
95.999.81H10
30.428.11H09
29.528.51H10
1H09
1H10
65.371.3
66.471.3
GERITA(%)
IV. BACK UP

42Reclassified P&L account
(187)(371)Non-operating income from other financial instruments
7191,498Of which net income from fin. assets and liabilities where the risk is borne by the policyholders
1,5322,548Operating income from financial instruments at fair value through profit or loss
1739Result from discontinued operations (Intesa Vita)
(383)(349)Non-operating holding expenses
504
(259)
763
(165)
889
(170)
(15)
(334)
(156)
(1,045)
(192)
(127)
5,040
379
(5,532)
(31,948)
31,766
1,934
1H 09
873Result of the period
(144)Result of the period attributable to minority interests
1,017Consolidated result of the period
(405)Income taxes
1,406Earnings before taxes
(251)Net other non-operating expenses
(12)Other non-operating holding expenses
(371)Interest expenses on financial debt
14Non-operating income from financial instruments at fair value through profit or loss
(808)Non-operating result
(212)Net other operating expenses
(138)Operating holding expenses
6,233Operating income from other financial instruments
433Net fee and commission income and net income from financial service activities
(5,748)Acquisition and administration costs
(33,060)Net insurance benefits and claims
33,174Net earned premiums
2,213Operating result
1H 10
Total(Euro m)
IV. BACK UP

43
(156)---(156)-
Non-operating income from fin. instr.at fair value through
profit or loss
(2,088)--(2,088)of which var. of provisions related to unit linked business
1,498----1,498
of which net income from fin.assets and liabilities where the risk is
borne by the policyholders
2,548--89282,431
Operating income from fin. Instruments at fair value through
profit or loss
5,040(104)-1675684,409Operating income from other fin. Instruments
(476)
-
(349)
-
(349)
-
(127)
-
-
-
-
(127)
Unallocated holding
expenses
(349)----Non-operating holding expenses
(127)----Operating holding expenses
889
(170)
(371)
(1,045)
(192)
379
(5,532)
(31,948)
31,766
1,934
Total
(141)
-
-
-
-
(37)
-
-
-
(141)
Consolidation
adjustments
187
(30)
(5)
(36)
(45)
375
(364)
0.0
0.0
223
Financial(1)Non life
1,093
(66)
(111)
(177)
(61)
41
(2,415)
(24,916)
21,781
1,269
226Earnings before taxes
(255)Non-operating income from other fin.instr.
-
Net fee and commission income and net income from
financial service activities
710Operating result
Life(Euro m)
Reclassified P&L account by segment - 1H 2009
IV. BACK UP
(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report

44
14---14-
Non-operating income from fin. instr.at fair value through
profit or loss
(1,901)--(1,901)of which var. of provisions related to unit linked business
719----719
of which net income from fin.assets and liabilities where the risk is
borne by the policyholders
1,532--66951,371
Operating income from fin. Instruments at fair value through
profit or loss
6,233(24)-1635665,528Operating income from other fin. Instruments
(521)
-
(383)
-
(383)
-
(138)
-
-
-
-
(138)
Unallocated holding
expenses
(383)----Non-operating holding expenses
(138)----Operating holding expenses
1,406
(251)
(187)
(808)
(212)
433
(5,748)
(33,060)
33,174
2,213
Total
(81)
(1)
3
2
-
(59)
-
-
-
(83)
Consolidation
adjustments
168
(34)
(1)
(35)
(18)
433
(442)
0.0
0.0
203
Financial(1)Non life
1,388
(83)
(97)
(180)
(84)
59
(2,495)
(25,957)
23,147
1,568
452Earnings before taxes
(92)Non-operating income from other fin.instr.
-
Net fee and commission income and net income from
financial service activities
663Operating result
Life(Euro m)
Reclassified P&L account by segment - 1H 2010
IV. BACK UP
(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report

45
1,269
1,568
Life operating result
Life operating result (Euro m)
1H101H09
+23.5%
Life Operating result by country (Euro m)
IV. BACK UP
Of which:
-47.494179CEE
Total +23.51,5681,269
+129.69140RoW
+11.35549Switzerland
+166.35019Austria
-15.84958Spain
+30.9221169RoE
+66.9190114Germany
+7.9229212France
+33.6743556Italy
%1H101H09
(Euro m)

46P&C operating result
1H101H09
-6.6%
IV. BACK UP
Of which:
-37.0119189CEE
Total -6.6663710
+58.42013RoW
+21.32823Switzerland
+21.24537Austria
-31.66797Spain
-47.899189RoE
+3.6145140Germany
-6.0114121France
+184.716759Italy
%1H101H09
(Euro m)
710
663
P&C operating result (Euro m) P&C Operating result by country (Euro m)

47Other operating and non operating costs by segment
FinancialNon LifeLife
(34.3)
(24.0)
(10.3)
(18.2)
1H10
(19.7)(24.4)(23.3)(2.8)(2.9)Restructuring costs
(45.0)(109.9)(85.7)(84.2)(61.0)TOTAL NET OPERATING EXPENSES
(30.3)
(10.6)
1H09
(73.7)
(50.4)
1H09
(108.4)(79.8)(63.0)Other net non operating expenses(1)
(132.7)(82.7)(65.9)TOTAL NET NON OPERATING EXPENSES
1H101H101H09(Euro m)
(1) Other non operating expenses include mainly amortization of VOBA, run-off business and other non operating allocation to provisions
IV. BACK UP

48
409
602
1,011
193
79
78
661
1H09
110
586
696
16
69
73
537
1H09
-
16
16
12
-
1
3
1H09
300
-
300
166
9
4
121
1H09
122410314Other investments(2)
333
321
655
37
35
461
1H10
-
10
10
-
5
1
1H10
227
-
227
2
24
101
1H10
106
311
418
39
6
359
1H10
Of which
Total net impairments
Total
Operating net
impairments
Equity instruments
Fixed income
Real estate
Financial
Non operating net
impairments
Net impairments
P&CLife(Euro m)
IV. BACK UP
Focus on impairments(1)
(1) Net of reverse impairments
(2) Including subsidiaries and associated companies

49
38
362
400
10
76
461
(147)
1H09
(1)
351
350
(47)
52
383
(37)
1H09
(5)
11
6
(5)
-
12
(2)
1H09
45
-
45
41
46
66
(108)
1H09
16--13Other investments(2)
146
925
1,071
65
654
336
1H10
-
17
17
-
15
2
1H10
135
-
135
52
52
32
1H10
9
907
916
14
588
302
1H10
Of which
Total net realized gains
Total
Operating net realized
gains
Equity instruments
Fixed income
Real estate
Financial
Non operating net
realized gains
Net realized gains
P&CLife(Euro m)
IV. BACK UP
Focus on realised gains(1)
(1) Excluding financial instruments at fair value through profit and loss
(2) Including subsidiaries and associated companies

50
IV. Backup
Agenda
P&L
Balance sheet
Life

51Consolidated balance sheet
(1) Including reinsurance amounts of technical reserve
(2) Including assets and liabilities related to discontinued operations (Intesa Vita)
Assets Liabilities
445.8423.8Total Assets
48.6(2)46.3(2)Other assets (1)
3.93.8Tangible assets
13.811.3Other credits
357.7
11.2
341.5
10.5
Investments
Cash
10.610.4Intangible assets
1H10FY09(Euro bn)
10.69.2
Other debts and
allowances
324.0309.6Technical reserves
445.8423.8
Total Liabilities and
Shareholders’ Equity
36.2(2)34.7(2)Other liabilities
54.450.4
Subordinated and
financial liabilities
20.520.0Shareholders’ Equity
3.33.3Minority interests
17.116.7
Shareholders’ Equity
(Group share)
1H10FY09(Euro bn)
IV. BACK UP

52
322.5
46.4
94.5
1H10 Assets Under Management
Total
Euro 463.4 bn
Fixed income
instruments
79.4%
Other(2)
4.2%
Real Estate (4)
4.6%
Equity
8.4%
Available for sale
57.5%
Loans
25.6%
Real Estate (3)
3.9%
Group
participations
0.7%
Held to maturity
1.3%
Fin. Instr. at fair
value thr. P&L
7.6%
Unit Linked
Third parties AUM
“Own Investments” (1)
IV. BACK UP
(1) Own investments include own capital and insurance funds (i.e. unit linked excluded)
(2) Including investments in subsidiaries, associated companies and JVs, derivatives, receivables from banks or customers
(3) Excluding real estate mutual funds;
(4) Including real estate mutual funds
Cash & equival.
3.5%Cash & equival.
3.5%
GOVERNMENT BONDS
EXPOSURE TO PERIPHERAL EUROPE
0.53.2Greece
0.53.2Spain
1.911.9Total
0.31.8Ireland
0.63.7Portugal
NetGross(Euro bn)

53
101.5
209.8
11.2
Total
Euro 322.5 bn
Fixed income instruments
78.5%
Of which bonds 55.0%
Of which loans 23.5%
Real estate
12.4%
Other
6.9%
Subs, ass. & JVs
2.2%
IV. BACK UP
1H10 Own Investments at amortized cost and fair value(1)
Fixed income instruments
84.0%
Of which bonds 79.7%
Equity
12.9%
Other
3.1%
Investments at amortized cost
Investments at fair value
(1) Excluding unit linked and third parties
Cash & equivalents

54
33,89533,0146,4746,2423,6303,52523,96223,418Other fixed income
103,090101,5233,7763,79210,47710,40388,83687,329Corporate
123,608121,4452,2012,1978,7198,696112,688110,552Government
249,526 19,980
4,558 389 27,095
260,59212,45122,825
MVMVMV
10,430
225,486
22,147
MV
14,777
255,982
27,095
BV
Total(2)
3894,55822,147Equity
12,23022,624221,299Fixed income instruments
245,9868,767Real estate
BV
Financial
BVBVAsset classes
P&CLife(Euro m)
1H10 book value & market value of Own Investments(1)
IV. BACK UP
(1) Excluding unit linked and third parties

55Quality of 1H10 fixed income portfolio
1.9
2.2
% Current return
by segment
2.5Life
2.5
% Comprehensive
return by segment
P&C
By issuer (%)
Fixed income portfolio composition (Euro 256.0 bn)
50.0
38.4
18.0
47.4
39.5
46.0
31.0
39.7
12.9
51.0
15.610.5
Life P&C Financials Total
Government Corporate Other fixed income
IV. BACK UP
Bond portfolio by rating (%)
34.6% 34.9% 19.3%
7.6%
1.8%
1.7%
AAA AA A BBB NIG NR
4.0
6.0
FY 09
6.4Life
4.5
1H 10
P&C
Average bond portfolio
duration by segment (years)

56
39.440.0Italy
1.8
3.7
28.6
8.9
17.0
FY 09
10.2France
1.6
4.1
28.2
16.6
1H 10
Not rated
RoW
RoE
Germany
% Split by country
Focus on 1H10 government bond portfolio
42%
24%
9%
Life P&C Financial
(Euro 121.4 bn, 47.4% of total fixed income portfolio)
IV. BACK UP
% of segmental own investments% Split by accounting treatment
18.981.1
Amortized cost Fair Value
38.840.4AAA
0.8
0.1
3.1
3.9
51.6
FY 09
5.5A
1.0
1.9
1.9
51.0
1H 10
Not rated
Not investment grade
BBB
AA
% Split by rating

57Focus on 1H10 corporate bond portfolio
(Euro 101.5 bn, 39.7% of total fixed income portfolio)
IV. BACK UP
32.4
67.6
Amortized cost Fair Value
33% 28%
16%
Life P&C Financial
% of segmental own investments% Split by accounting treatment
(1) Net exposure to Tier 1 is Euro 0.6 bn
29.529.3AAA
3.1
1.3
11.4
37.4
17.5
FY 09
36.1A
2.5
1.7
14.5
15.7
1H 10
Not rated
Not investment grade
BBB
AA
% Split by rating
64.967.8Financials(1)
12.5
4.0
3.8
4.1
7.8
FY 09
4.1ABS
12.5
4.6
4.8
9.1
1H 10
Other
Industrial
Telecom
Utilities
% Split by industry

58Focus on 1H10 equity portfolio
8% 12% 2%
Life P&C Financial
1.9
2.0
% Current return
by segment
-4.6Life
-3.8
% Comprehensive
return by segment
P&C
(Euro 27.1 bn)
IV. BACK UP
% of total own investments
7.0
27.1
(0.4)(1.0)(17.7)
(0.9)
Group net equity exposure
MinoritiesTaxes Net
equity
exposure
Policyholders’
interests
HedgingGross
equity
exposure
22.224.9Financials
28.5
20.2
7.2
8.8
10.4
FY 09
9.0Telecom
30.1
22.2
6.5
10.0
1H 10
Funds
Other
Industrial
Consumer
% Split by industry

59Investment yields
2.3
2.3
3.5
3.1
3.1
4.3
2.0
2.0
3.0
1H09
4.8
0.7
2.6
4.6
-3.3
2.3
4.3
1.3
2.4
1H09
2.2
2.4
2.2
2.7
2.3
2.0
2.1
2.5
2.2
1H09
Bonds and Loans
2.4
2.5
2.1
2.5
2.1
1.9
2.5
2.6
2.2
1H10
2.71.4Total P&L return(2)
Investment propertiesEquities
TOTAL
2.7
3.7
3.3
4.3
2.3
3.3
1H10
-4.6Comprehensive return(3)
LIFE
NON LIFE
2.1Current return(1)
1H10(%)
(1) Current return: interest, dividends and similar income / Quarterly average asset base at book value (excluding income related to unit/index linked investments)
(2) Total P%L return: = current return + realised gains/losses + net impairments, net of investment expenses / Quarterly average asset base at book value (excluding
income related to unit/index linked investments)
(3) Comprehensive return:
a. for fair value investment (AFS, FVthPL) = current return + total change in fair value, net of investment expenses / average asset base at fair value (excluding income
related to unit/index linked investments)
b. for investment at amortised cost (Real estates, loans, HtM) = current return + realised gains/losses + net impairments, net of investment expenses / quarterly
average asset base at AC
IV. BACK UP

60IFRS Shareholders’ equity roll forward
730
1,241
307
(276)
(558)
(100)
17,146
16,652
18,002
(68)
346
(934)
333 11
(544)
-4.8%
IFRS Shareholders’ equity roll forward (Euro m)
Change in AFS reserve (Euro m)
Shareholders‘
Equity 1Q10
Dividend∆ Currency
Translation
Reserve
1H 2010
Net Result
Other Shareholders’
Equity 1H10
∆ Cash Flow
Hedge
Reserve
∆ in
AFS
Reserve
Shareholders’
Equity FY09
AFS Reserve
1Q10
Other AFS Reserve
1H10
Impact Bond
Investments
Impact Equity
Investments
AFS Reserve
FY09
IV. BACK UP

61
140
127
129
151
135
136
Stress tests on Solvency I and Shareholders’ equity
Impact on regulatory solvency ratio (%) Impact on 1H10 Shareholders’ equity (Euro bn)
Total ratio 1H10
Equities -30%
Interest rate +100bps
Interest rate -100bps
Credit spread +100bps
Real estate -10%
(2.2)
(1.8)
1.9
(0.9)
Equities -30%
Interest rate +100bps
Interest rate -100bps
Credit spread +100bps
(1) (1)
(1) Before hedging impact
IV. BACK UP

62Total comprehensive income(1)(2)
1,308
(1,031)
1,916
794
(178)
(1,010)
181
(505)
459
(245)
1Q10 2Q104Q093Q092Q091Q094Q083Q082Q081Q08
(Euro m)
IV. BACK UP
(1) 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
(2) According to new definition applied in annual report 2009, some residual change in equity components (FY09: Euro 11 m, FY08: Euro 28 m) were reclassified outside the
other comprehensive income as transactions with equity holders. Comparative information was restated accordingly
1,308
1Q10
1,0632,9902,532616(178)(2,365)(1,354)(1,536)(1,031)
1H10FY099M091H091Q09FY089M081H081Q08
+3,000 m
-3,000 m

63AFS reserve breakdown
163(416)(56)Corporate
197(38)281Government
(0.2)(263)475Equity
307(889)730TOTAL
(53)(172)29Investment funds and other
360
1H10
(454)
1H09
225Fixed income instruments
FY09(Euro m)
IV. BACK UP

64Financial debt schedule
0
500
1000
1500
2000
2500
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2024 2026
Hybrid Subordinated Senior Loans
2,500
2,000
1,500
1,000
500
0
Bonds
(1)
(1) Pro forma including refinancing of Euro 1,750 senior bond maturing in July 2010 already completed
Financial debt breakdown by expiry date/call date (Euro m)
IV. BACK UP

651H10 technical reserves
IV. BACK UP
302,35746,686255,671GROUP TOTAL
6,5111,0985,412CEE
81,80611,20470,601Germany
13,782
6,597
Linked
79,01465,232France
82,71076,112Italy
Life net technical reserves(1)
TOTALTraditional(Euro m)
(1) Including investment contracts for Euro 14,053 million
13,908
1,225
2,026
2,088
5,200
Motor
31,00217,094GROUP TOTAL
1,958733CEE
4,4612.434Germany
5,4573,369France
12,9867,786Italy
P&C net technical reserves
TOTALNon Motor(Euro m)

66Operating ratio on investments
IV. BACK UP
0.49
3.09
0.16
0.33
0.64
1H09 (%)
0.52
1.37
0.24
0.30
0.92
1H10(%)
+0.03GROUP TOTAL
-1.72CEE
+0.08Germany
-0.03France
+0.28Italy
(%pts.)
Life operating ratio on investments (%)
P&C operating ratio on investments (%)
2.01
7.34
2.36
2.29
0.47
1H09 (%)
1.79
3.84
2.31
2.10
0.75
1H10 (%)
-0.22GROUP TOTAL
-3.50CEE
-0.05Germany
-0.19France
+0.28Italy
(%pts.)
Definition: “Operating ratio on Investments” is calculated as Operating result on the average of Investments at book value

67Number of shares(1)
1,414,072,429
Weighted number of shares outstanding in year ending
12.31.2009 adjusted for the effects of all dilutive
potential ordinary shares.
1, 357,891,906
30.06.2009 adjusted for the effects of all dilutive
potential ordinary shares.
---Stock options
Potential (dilutive) shares:
1,540,840,351
06.30.2010
1,540,841,68616,031,5971,556,873,283shares outstanding at 06.30.2010
163(163)-Generali shares purchase
8,800-8,800Exercise of stock options
---Stock grant plan
---Capital increase
1,540,832,72316,031,7601,556,864,483shares outstanding at 12.31.2009
1,414,072,429
12.31.2009
Shares
outstanding
(1-2)
Own
shares
(2)
Ordinary
Shares issued
(1)
(1) Calculation based on IAS 33
IV. BACK UP

68
IV. Backup
Agenda
P&L
Balance sheet
Life

69Life new business: APE
+63.21,323803-9.5388424+2.1520504Germany
+1.15,1515,097+16.1155134+4.2671644France
-15.6352417+33.82922+1.36464Spain
+43.213086-11.56572-5.57881CEE
+93.32,1741,107+20.6216165+48.7433276RoE
+64.614472+3.83930+15.45337Austria
12,801
494
39
3,530
1H10
Single Premiums
1,504
172
38
507
1H10
Annual PremiumsAPE
2,784
222
42
860
1H10
10,347
305
26
2,950
1H09
(Euro m)
+26.9
+39.4
+31.9
+35.3
Like for like
%
-0.1
-2.1
-12.0
-1.5
Like for like
%
1,358+10.72,393Total
182
40
705
1H09
+4.9
-9.2
+10.9
Like for like
%
152RoW
37Switzerland
410
1H09
Italy
IV. BACK UP

70
983 1,087
FY09 1H10
1H10 Valuation of Life based on:
same market consistent methodology applied at FY09
1H10 actual economic scenario (interest rates, volatilities, market value of assets and asset-mix)
FY09 operating assumptions (mortality, surrender, expenses)
Life & Asset Gathering VIF
14,323
11,701
FY09 1H10
Life Value of In-force Business
(Euro m)
-18.3% (*)
Asset Gathering Value of In-force Business
(Euro m)
+10.6% (*)
(*) -20.6% on a like for like basis (*) -0.2% on a like for like basis
IV. BACK UP

71What’s next
November 11, 2010 - 9M 2010 Results

72Investor Relations Team
Paola Buratti (Tel.: +39-040-671157)
Head of Investor Relations
Email: paola_buratti@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
Marta Porczynska (Tel.: +39-040-671402)
IR Events
Email: marta_porczynska@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

73Disclaimer
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.

Generali Group 2010 first half results

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Generali Group 2010 first half results