May 11, 2012
Generali Group 1Q 2012 Results
2
Assicurazioni Generali Group –
1Q 2012 results
Agenda
I. Overview
II. Group financials
III. Final remarks
IV. Backup
Page 3
Page 5
Page 22
Page 24
3Agenda
I. Overview1Q 2012 results at a glance
Assicurazioni Generali Group –
1Q 2012 results
Following the announcement of the sale of related stake, Migdal qualified as a non-current asset held for sale and discontinued operations.
Therefore, in this presentation, Migdal is excluded from all 1Q12 figures, except as follows: net income; shareholders' equity; and the regulatory Solvency 1 margin. Except where specified, prior year
figures have not been adjusted.
Like for like comparisons are adjusted for the disposal of Migdal. See definition in the related section in the back-up.
4
Assicurazioni Generali Group –
1Q 2012 results
Operating result (Euro m)
-0.1%(1)
1Q11 1Q12
Combined ratio (%)
-0.7%pts.
1Q11 1Q12
1Q 2012 results at a glanceI. OVERVIEW
Net result (Euro m)
+16.3%
FY11 1Q12
Shareholders’ equity (Euro m)
567616
-7.9%
1Q11 1Q12
(1) On like for like basis
5
Assicurazioni Generali Group –
1Q 2012 results
Agenda
II. Group financials
Profit & loss review
Life and P&C segment profitability
Balance sheet and solvency I
6
Assicurazioni Generali Group –
1Q 2012 results
Revenue development by segmentII. GROUP FINANCIALS
(1) Including investment contracts (Euro 786 m in 1Q12, 755 in 1Q11)(2) On like for like basis
1Q11 1Q12 Like for like
∆
Gross written premiums 19,131 19,814 +6.1%
Life(1) 12,340 12,815 +6.9%
P&C 6,792 6,999 +4.7%
(Euro m)
1Q121Q11
+6.1%(2)
Gross written premiums (Euro m)
7
Assicurazioni Generali Group –
1Q 2012 results
Consolidation adjustments
Totaloperating result
Financial services operating result
P&C
operating result
Operating holdingexpenses
Life operating result
819
411
126
-74
-52
1,230
881
393
115
-74
-59
1,256
1Q12 total operating result (Euro m)
Operating result by segment
1Q12
1Q11
-11.9%
-0.1%
+12.2%
+3.8%
+0.3%
-4.2%
Like for like
II. GROUP FINANCIALS
8
Assicurazioni Generali Group –
1Q 2012 results
Focus on non operating result
1Q11 1Q12
Non operating investment income (1) (26) n.m.
Non operating holding expenses (163) (163) -0.2%
Net other Non operating expenses
(59) (77) +31.4%
Total Non operating result
(223) (266) +19.0%
(1)
II. GROUP FINANCIALS
(26)(1)
94
(39)
Non operating investment income (Euro m)
1Q121Q11
(Euro m) Net
realised gains
Net impair-
ments
Fair Value thr.
P&L
1Q 12 10 (52) 17
1Q 11 49 (56) 6
Δ (39) (4) +11
(1) Including interest expenses on financial debt
(Euro m)
9
Assicurazioni Generali Group –
1Q 2012 results
1Q11 1Q12
Total operating result 1,256 1,230 -0.1%(1)
Non operating result (223) (266) +19.0%
Consolidated result before taxes and minorities
1,032 964 -6.6%
Income taxes (330) (334) +1.3%
Result for discontinued operations
0 14 n.m.
Minorities (87) (77) -11.3%
Net result 616 567 -7.9%
II. GROUP FINANCIALS
Net income (Euro m)
-7.9%
1Q121Q11
From operating result to net result
(1) On like for like basis
(Euro m)
10
Assicurazioni Generali Group –
1Q 2012 results
Agenda
II. Group financials
Profit & loss review
Life and P&C segment profitability
Balance sheet and solvency I
11
Assicurazioni Generali Group –
1Q 2012 results
Life business development
Gross written premiums (Euro m)
+6.9%(1)
II. GROUP FINANCIALS
1Q11 1Q12
(1) On like for like basis(2) Including liabilities related to investment contracts
Net technical reserves(2) (Euro bn)
1Q12FY11R Traditional Unit Linked
Δ
301.5 1.7 3.4 306.6
+1.7%
Traditional Unit linked
253.6
47.9
255.3
51.3
Quarterly net inflows (Euro m)
316.6
FY11
15.1
Change in scope
258.3
58.3
Country 1Q11 1Q12
Italy 157 (235)
France 554 (888)
Germany 1,095 994
CEE 116 106
RoE 489 533
RoW 409 250
TOTAL 2,819 760
Net inflows by country (Euro m)
12
Assicurazioni Generali Group –
1Q 2012 results
Life profitability - Operating result
(Euro m) 1Q11 1Q12Like for like
Technical Margin 1,600 1,543 +0.2%
Investment Result 644 554 -8.1%
Expenses (1,363) (1,279) -0.7%
Operating Result 881 819 -4.2%
Life operating profitability on investments remains at the top of the sector
Life Operating Result by driver(1)
II. GROUP FINANCIALS
(1) For the definitions refer to the related section in the backup
Life quarterly operating ratio on investments
0.28% 0.27%
13
Assicurazioni Generali Group –
1Q 2012 results
Life New Business Annual Premium EquivalentII. GROUP FINANCIALS
(Euro m) 1Q11 1Q12 Like for like
Italy 428 416 -2.8%
France 294 432 +46.8%
Germany 256 217 -15.2%
CEE 40 39 -0.2%
RoE 174 165 -6.3%
RoW 118 60 -1.1%
Total 1,311 1,328 +6.0%
Solid APE production over 1.3 bn, with stable annual premiums (+0.6%) and strong single premiums increase (+14.0%) driven by France
1Q121Q11
+6.0%(1)
Annual Premium Equivalent (Euro m)
(1) On like for like basis
14
Assicurazioni Generali Group –
1Q 2012 results
P&C gross written premiums
(Euro m) 1Q11 1Q12Like for like
Italy 1,701 1,708 +0.4%
France 1,264 1,271 +0.5%
Germany 1,325 1,383 +4.4%
CEE 617 623 +4.4%
RoE 1,501 1,598 +4.8%
RoW 384 415 +49.3%
Total 6,792 6,999 +4.7%
II. GROUP FINANCIALS
(1) On like for like basis
Gross written premiums (Euro m)
1Q121Q11
+4.7%(1)
Premiums increased thanks to a favourable trend in both Motor and Non Motor lines
Motor premiums improved (+3.8%) thanks to positive performances in particular in Italy, Germany, Spain and Latin America
Non Motor business increased (+5.1%) pushed by all main lines of business
15
Assicurazioni Generali Group –
1Q 2012 results
P&C profitability - Operating result
(Euro m)1Q11 1Q12 Like for like
Technical Result 185 222 +15.0%
Investment Result 263 251 -2.7%
Other (55) (62) +12.7%
Operating Result 393 411 +3.8%
P&C Operating Result by driver(1)
Tech.R
Inv.R
Other
Positive development of P&C operating result driven by technical profitability
II. GROUP FINANCIALS
(1) For the definitions refer to the related section in the backup
P&C quarterly operating ratio on investments
1.07% 1.15%
16
Assicurazioni Generali Group –
1Q 2012 results
P&C profitability - Net combined ratio (1/2)
1Q121Q11
Combined ratio (%)
Expense ratio
Loss ratio
-0.7%pts.
II. GROUP FINANCIALS
Combined ratio by country
1Q11 1Q12
Italy 96.2% 95.0% -1.2%pts
France 98.2% 97.2% -1.0%pts
Germany 95.3% 95.5% +0.2%pts
CEE 87.6% 91.0% +3.4%pts
RoE 96.7% 95.6% -1.1%pts
RoW 99.3% 96.5% -2.8%pts
Total 96.1% 95.4% -0.7%pts
27.9
67.5
27.8
68.3
95.496.1
Loss ratio Expense ratio
17
Assicurazioni Generali Group –
1Q 2012 results
5.8
21.8
-0.2 +0.36.0
22.1
P&C profitability - Net combined ratio (2/2)
1Q12 70.3 0.7 -3.5 67.5
1Q11 70.6 0.4 -2.7 68.3
II. GROUP FINANCIALS
Loss ratio (%)
1Q121Q11
68.3 67.5-0.3 +0.3 -0.8
Currentyear
NATCAT
Prioryears
1Q121Q11 Δ
Admin. Δ
Acq.
Acq. costsAdm. costs
27.9
Expense ratio (%)
Δ%pts
Reserving ratio (%)
1Q121Q11
-3.4%pts (1)
27.8
-0.8%pts
+0.1%pts
500.7% 487.1%
(1) On an annualized basis
Quality of pricing and underwriting confirmed by the level of Current year loss ratio across the geographiesNat cat impact derives from medium events in continental Europe largely within the expected range
18
Assicurazioni Generali Group –
1Q 2012 results
Agenda
II. Group financials
Profit & loss review
Life and P&C segment profitability
Balance sheet and solvency I
19
Assicurazioni Generali Group –
1Q 2012 results
Life segment own investments(1) (%)
Euro 249.3 bn Euro 261.3 bn
(1) For the definitions refer to the related section in the backup. Starting from 1Q12, assets and liabilities of Group’s Israeli companies have been classified as “held for sale”
and are therefore excluded. Comparative figures have been restated accordingly.
II. GROUP FINANCIALS
Euro 34.4 bn Euro 36.4 bn
Investment portfolio by segment
P&C segment own investments(1) (%)
20
Assicurazioni Generali Group –
1Q 2012 results
18,002
15,486
55
(13)
15671,907
IFRS Shareholders’ equity roll forward
Shareholders’ Equity FY11
Δ
in AFS Reserve
1Q 2012Net Result
Δ
Currency Translation
Reserve
Δ
Cash Flow Hedge Reserve
Other Shareholders’ Equity 1Q12
+16.3%
II. GROUP FINANCIALS
(Euro m)
Change in AFS reserve (Euro m)
(249)
100
(2,156)
1,688
119
AFS Reserve FY11
Impact Equity Investments
Impact Bond Investments
Other AFS Reserve 1Q12
21
Assicurazioni Generali Group –
1Q 2012 results
Solvency I according to Italian regulation II. GROUP FINANCIALS
Required margin Available margin
1Q12FY11
117% 133%
(Euro bn)
Main drivers of change
Available margin
Consolidated result:
Financial markets and other elements:
Cap on locally admitted unrealized gains on real estate:
Required Margin
+ 0.6
+ 1.9
+ 0.5
+ 0.2
22
Assicurazioni Generali Group –
1Q 2012 results
III. Final Remarks
Agenda
23
Assicurazioni Generali Group –
1Q 2012 results
Final remarksIII. FINAL REMARKS
Focus on extracting further value from the existing operations
Life profitability back to pre-crisis levels
Excellent P&C performance in both profitability and growth
Outlook of 2012 Operating Result confirmed
24
Assicurazioni Generali Group –
1Q 2012 results
IV. BackupP&L and Balance Sheet
Definitions
25
Assicurazioni Generali Group –
1Q 2012 results
IV. BackupP&L and Balance Sheet
Definitions
26
Assicurazioni Generali Group –
1Q 2012 results
1Q12 total gross written premiums
(Euro m) Total Gross Written Premiums
Country GWPHistorical
∆Like for
like ∆%
weight
Italy 4,914 0.0 0.0 24.8
France 5,002 +19.4 +19.4 25.2
Germany 4,624 -0.8 -0.8 23.3
Eastern Europe 1,035 +0.2 +3.7 5.2
RoE 3,125 +6.0 +4.6 15.8
Of which:
Spain 711 +3.4 +3.4 3.6
Austria 760 -9.4 -9.4 3.8
Switzerland 689 +12.0 +5.1 3.5
RoW 1,114 -19.7 +20.5 5.6
Total 19,814 +3.6 +6.1 100
Gross Life Written Premiums(1)
GWPHistorical
∆Like for
like ∆%
weight
3,206 -0.2 -0.2 16.2
3,731 +27.5 +27.5 18.8
3,241 -2.9 -2.9 16.4
412 -1.0 +2.7 2.1
1,526 +5.6 +4.4 7.7
Of which:
276 +1.9 +1.9 1.4
292 -22.1 -22.1 1.5
264 +10.6 +3.7 1.3
699 -30.3 +7.6 3.5
12,815 +3.8 +6.9 64.7(1) Including investment contracts
IV. BACK UP
Gross P&C Written Premiums
GWPHistorical
∆Like for
like ∆%
weight
1,708 +0.4 +0.4 8.6
1,271 +0.6 +0.5 6.4
1,383 +4.4 +4.4 7.0
623 +1.0 +4.4 3.1
1,598 +6.5 +4.8 8.1
Of which:
435 +4.3 +4.3 2.2
468 +0.9 +0.9 2.4
425 +13.0 +6.0 2.1
415 +8.1 +49.3 2.1
6,999 +3.1 +4.7 35.3
27
Assicurazioni Generali Group –
1Q 2012 results
Life Premiums by Country & Business Line
(Euro m) Savings and pension Protection
Unit/index linked Total
Italy 2,960 74 135 3,169
France 3,076 359 239 3,675
Germany 1,433 1,031 776 3,241
CEE 247 60 105 412
RoE 554 286 683 1,522
Of which:
Spain 194 80 2 276
Austria 159 63 68 290
Switzerland 51 29 184 264
RoW 301 202 5 508
Total life gross direct premiums
8,571 2,011 1,944 12,526
IV. BACK UP
28
Assicurazioni Generali Group –
1Q 2012 results
P&C Premiums by Country & Business Line
(Euro m)Motor(1) Personal Commercial
Accident/ Health Total
Italy 835 206 351 296 1,687
France 337 420 315 127 1,198
Germany 686 433 128 135 1,382
CEE 257 91 169 95 612
RoE 605 305 348 306 1,563
Of which:
Spain 110 110 122 81 422
Austria 177 90 156 42 465
Switzerland 231 73 2 117 423
RoW 224 5 108 45 383
Total P&C gross direct premiums
2,944 1,458 1,419 1,004 6,824
(1) Including fleets
IV. BACK UP
29
Assicurazioni Generali Group –
1Q 2012 results
Life new business: APE
(Euro m) APE Annual Premiums Single Premiums
1Q11 1Q12Historical Like for
like 1Q11 1Q12Historical Like for
like 1Q11 1Q12Historical Like for
like
Italy 428 416 -2.8% -2.8% 268 258 -4.0% -4.0% 1,599 1,584 -0.9% -0.9%
France 294 432 +46.8% +46.8% 79 134 +69.2% +69.2% 2,153 2,983 +38.5% +38.5%
Germany 256 217 -15.2% -15.2% 197 168 -14.8% -14.8% 592 494 -16.6% -16.6%
CEE 40 39 -3.3% -0.2% 34 34 +0.9% +4.2% 61 45 -26.8% -24.4%
RoE 174 165 -5.5% -6.3% 121 109 -9.5% -10.5% 536 554 +3.4% +3.3%
Spain 32 29 -9.7% -9.7% 16 13 -17.1% -17.1% 163 159 -2.4% -2.4%
Austria 45 24 -46.5% -46.5% 35 19 -44.4% -44.4% 96 44 -54.0% -54.0%
Switzerland 17 24 +35.1% +25.2% 16 22 +31.8% +22.2% 10 19 +88.2% +74.4%
RoW 118 60 -49.3% -1.1% 96 50 -47.6% +1.5% 224 97 -56.7% -12.4%
Total 1,311 1,328 +1.3% +6.0% 794 752 -5.3% +0.6% 5,165 5,757 +11.5% +14.0%
IV. BACK UP
30
Assicurazioni Generali Group –
1Q 2012 results
Life net inflows by country IV. BACK UP
Country 1Q11 1Q12 Like for like Δ
Italy 157 (235) n.m.
France 554 (888) n.m.
Germany 1,095 934 -9.3%
CEE 116 106 -5.5%
RoE 489 534 7.3%
Of which:
Spain (31) (13) 56.7%
Austria 127 25 -80.3%
Switzerland 58 146 137.2%
RoW 409 250 10.1%
TOTAL 2,819 760 -71.4%
31
Assicurazioni Generali Group –
1Q 2012 results
Loss ratio
Expense ratio
Life - Expense ratio (%) P&C - Combined ratio (%)
Total - Expense ratio (%)
67.568.3
27.8 27.9
16.0 15.4
10.110.9
1Q121Q11
1Q121Q11
1Q121Q11
96.1% 95.4%
RatiosIV. BACK UP
32
Assicurazioni Generali Group –
1Q 2012 results
Ratios by country
(%) ITA FRA GER CEE RoE SPA AUT SWI RoW Consolidated
P&C Loss ratio
1Q12 74.5 71.4 66.7 53.9 66.4 64.9 65.1 71.8 56.8 67.5
1Q11 75.2 71.2 67.0 55.0 67.3 65.9 65.6 71.5 62.7 68.3
P&C Expense ratio
1Q12 20.5 25.8 28.8 37.1 29.2 26.9 31.1 25.0 39.7 27.9
1Q11 21.0 27.0 28.3 32.6 29.4 26.5 30.9 25.9 36.6 27.8
P&C Combined ratio
1Q12 95.0 97.2 95.5 91.0 95.6 91.7 96.2 96.8 96.5 95.4
1Q11 96.2 98.2 95.3 87.6 96.7 92.4 96.6 97.4 99.3 96.1
Life expense ratio by country
1Q12 9.7 6.4 12.7 19.1 11.9 4.5 14.7 20.4 14.3 10.1
1Q11 9.7 8.3 12.4 18.5 11.9 4.5 12.1 20.1 16.2 10.9
IV. BACK UP
33
Assicurazioni Generali Group –
1Q 2012 results
Combined ratio reconciliation
1Q11 1Q12A Net earned premiums (net of consolidation adjustments) 5,165.0 5,310.5
B Consolidated net claims 3,527.8 3,586.0
Consolidated acquisition costs 1,128.2 1,174.8
Consolidated administration costs 324.3 320.3
Non insurance activity related administration costs(1) 16.8 13.6
Insurance activity related consolidated administration costs 307.5 306.6
C Total acquisition and administration costs 1,435.7 1,481.5
B/A Loss ratio 68.3 67.5
C/A Expense ratio 27.8 27.9
(B+C)/A Combined ratio 96.1 95.4
D Other technical items 16.7 21.5
A-B-C-D Technical result 184.7 221.5(1) Administration expenses related to service companies, real estate and other companies not belonging to P&C segment
(Euro m)
IV. BACK UP
34
Assicurazioni Generali Group –
1Q 2012 results
Focus on operating result
1Q11 1Q12Like for
like ∆
Italy 497 561 +12.8%
France 266 246 -7.8%
Germany 169 132 -22.0%
CEE 142 122 -14.2%
RoE 248 219 -11.7%
RoW 66 76 +88.8%
Operating result(1) 1,389 1,356 -0.6%
Op. holding expenses (74) (74) +0.3%
Consolidation Adj. (59) (52) -11.9%
Total operating result
1,256 1,230 -0.1%
Operating result by country(1) (Euro m)
364
16684 58 94 53
138
79
34 5976
24
59
0
14 5
49
0
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
IV. BACK UP
35
Assicurazioni Generali Group –
1Q 2012 results
Operating result by country
P&C operating result by market (Euro m)Life operating result by market (Euro m)
1Q11 1Q12 Like for like ∆
Italy 354 364 +2.7%
France 196 166 -15.4%
Germany 103 84 -18.8%
CEE 58 58 -0.2%
RoE 128 94 -26.2%
Of which:
Spain 28 26 -6.4%
Austria 19 18 -6.0%
Switzerland 42 34 -18.6%
RoW 42 53 n.m.
Total 881 819 -4.2%
1Q11 1Q12 Like for like ∆
Italy 106 138 +29.7%
France 70 80 +13.4%
Germany 55 35 -37.3%
CEE 76 59 -22.7%
RoE 71 76 +6.0%
Of which:
Spain 41 44 +6.2%
Austria 22 21 -1.8%
Switzerland 10 11 +9.2%
RoW 14 24 +43.9%
Total 393 411 +3.8%
IV. BACK UP
36
Assicurazioni Generali Group –
1Q 2012 results
Reclassified P&L account(Euro m) Total
1Q11 1Q12
Operating result 1,256 1,230Net earned premiums 16,463 17,082Net insurance benefits and claims (15,311) (18,981)Acquisition and administration costs (2,969) (2,930)Net fee and commission income and net income from financial service activities 241 217Operating income from other financial instruments 3,316 2,808Operating income from financial instruments at fair value through profit or loss (284) 3,235
Of which net income from fin. assets and liabilities where the risk is borne by the policyholders (472) 2,609
Operating holding expenses (74) (74)Net other operating expenses (126) (126)
Non-operating result (223) (266)Non-operating income from other financial instruments (7) (42)Non-operating income from financial instruments at fair value through profit or loss 6 17Non-operating holding expenses (163) (163)
Interest expenses on financial debt (160) (162)
Other non-operating holding expenses (3) (1)
Net other non-operating expenses (59) (77)Earnings before taxes 1,032 964Income taxes (330) (334)Result from discontinued operations 0 14Consolidated result of the period 703 644Result of the period attributable to minority interests (87) (77)Result of the period 616 567
IV. BACK UP
37
Assicurazioni Generali Group –
1Q 2012 results
(Euro m) Life Non life Financial(1)Unallocated holding
expensesConsolidation
adjustments Total
Operating result 881 393 115 (74) (59) 1,256
Net earned premiums 11,298 5,165 0 - - 16,463
Net insurance benefits and claims (11,769) (3,528) 0 - (14) (15,311)
of which var. of provisions related to unit linked business (817) - - - - (817)
Acquisition and administration costs (1,303) (1,440) (226) - - (2,969)
Net fee and commission income and net income from financial service activities 36 0.0 233 - (29) 241
Operating income from other fin. Instruments 2,993 256 80 - (13) 3,316
Operating income from fin. Instruments at fair value through profit or loss (330) 7 39 - - (284)
of which net income from fin.assets and liabilities where the risk is borne by the policyholders (472) - - - - (472)
Operating holding expenses - - - (74) - (74)
Net other operating expenses (44) (67) (11) - (4) (126)
Non-operating result (34) (18) (8) (163) - (223)
Non-operating income from other fin.instr. (12) 4 1 - - (7)
Non-operating income from fin. instr.at fair value through profit or loss 0 6 - - - (6)
Non-operating holding expenses - - - (163) - (163)
Net other non-operating expenses (23) (28) (8) - - (59)
Earnings before taxes 847 375 107 (237) (59) 1,032
Reclassified P&L account by segment - 1Q 2011IV. BACK UP
(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report
38
Assicurazioni Generali Group –
1Q 2012 results
(Euro m) Life Non life Financial(1)Unallocated holding
expensesConsolidation
adjustments Total
Operating result 819 411 127 (74) (52) 1,230
Net earned premiums 11,771 5,311 - - - 17,082
Net insurance benefits and claims (15,395) (3,586) - - - (18,981)
of which var. of provisions related to unit linked business (2,666) - - - - (2,666)
Acquisition and administration costs (1,237) (1,486) (208) - - (2,930)
Net fee and commission income and net income from financial service activities 24 - 218 - (25) 217
Operating income from other fin. Instruments 2,482 244 106 - (24) 2,808
Operating income from fin. Instruments at fair value through profit or loss 3,185 7 42 - - 3,235
of which net income from fin.assets and liabilities where the risk is borne by the policyholders 2,609 - - - - 2,609
Operating holding expenses - - - (74) - (74)
Net other operating expenses (12) (80) (30) - (4) (126)
Non-operating result (72) (23) (9) (163) - (266)
Non-operating income from other fin.instr. (34) (5) (3) - - (42)
Non-operating income from fin. instr.at fair value through profit or loss - 17 - - - 17
Non-operating holding expenses - - - (163) - (163)
Net other non-operating expenses (38) (34) (6) - - (77)
Earnings before taxes 747 388 118 (237) (52) 964
Reclassified P&L account by segment - 1Q 2012IV. BACK UP
(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report
39
Assicurazioni Generali Group –
1Q 2012 results
(Euro m) Life P&C Financial Total
Net impairments 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12
Equity instruments 6 16 3 13 0 0 9 29
Fixed income 8 4 2 1 0 6 10 11
Real estate 0 2 (1) 0 0 0 (1) 2
Other investments(2) 6 4 50 30 1 1 57 35
Total net impairments 19 24 54 45 1 8 75 77
Of which
Operating net impairments 17 20 0 0 2 5 19 25
Non operating net impairments 2 4 54 45 (1) 3 56 52
Focus on impairments(1)
(1)
Net of reverse impairments(2)
Including subsidiaries and associated companies
IV. BACK UP
40
Assicurazioni Generali Group –
1Q 2012 results
(Euro m) Life P&C Financial Total
Net realized gains 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12
Net realized gains on Equities 349 84 31 (12) 2 0 408 72
Realised gains 489 206 67 37 7 4 562 247
Realised losses (140) (123) (36) (49) (4) (4) (181) (175)
Net realized gains on Fixed Income 164 26 2 1 1 0 168 27
Realised gains 258 655 23 46 2 8 284 708
Realised losses (94) (628) (21) (45) (1) (8) (116) (681)
Net realized gains on Real Estate 4 2 35 48 0 0 39 50
Realised gains 4 4 35 51 0 0 39 55
Realised losses 0 (2) 0 (4) 0 0 0 (5)
Net realized gains on Other(2) 21 1 (10) 2 0 0 12 4
Realised gains 37 5 0 1 0 1 38 6
Realised losses (16) (3) (10) 1 0 (1) (26) (3)
Total net realized gains 538 114 59 39 4 0 626 153
Of which
Operating net realized gains 547 144 0 0 4 0 577 144
Non operating net realized gains (10) (30) 59 39 0 0 49 9
Focus on realised gains(1)
(1) Excluding financial instruments at fair value through profit
and loss(2) Including subsidiaries and associated companies
IV. BACK UP
41
Assicurazioni Generali Group –
1Q 2012 results
320.5
51.7
89.0
1Q12 Assets Under Management
Total Euro 461.2 bn
Fixed income instruments 79.4%
Other 3.9%
Real Estate
4.7%
Equity
5.3%
Available for sale 60.0%
Loans
22.1%
Real Estate
4.0%
Group participations
0.5%
Held to maturity
2.4%Fin. Instr. at fair
value thr. P&L
4.3%
Unit Linked
Third parties AUM
“Own Investments”(1)
IV. BACK UP
(1) For the definitions refer to the related section in the backup
Cash & equival. 6.6%
Cash & equival. 6.6%
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Assicurazioni Generali Group –
1Q 2012 results
Investment yields(1)
Bonds and Loans Equities Investment properties
Other Total
% return 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12
LIFE
Current 1.1% 1.1% 0.3% 0.5% 2.0% 2.0% 0.6% 0.3% 1.1% 1.0%
Total P&L 1.2% 1.2% 2.1% 1.9% 1.6% 1.4% 0.9% 0.8% 1.2% 1.2%
Comprehensive 0.3% 5.2% 1.9% 8.3% 2.1% 2.3% 0.9% 0.8% 0.5% 4.8%
NON LIFE
Current 0.9% 1.0% 0.4% 0.4% 2.1% 2.1% 0.5% 0.2% 1.0% 1.0%
Total P&L 0.9% 1.1% 1.1% -0.3% 1.8% 1.9% 0.5% 0.6% 0.9% 0.9%
Comprehensive 0.7% 4.2% 3.2% 5.2% 1.9% 1.9% 0.5% 0.6% 1.0% 3.4%
TOTAL
Current 1.1% 1.1% 0.3% 0.5% 2.0% 2.0% 0.4% 0.3% 1.0% 1.0%
Total P&L 1.1% 1.2% 2.0% 1.6% 1.7% 1.6% 0.5% 0.6% 1.2% 1.1%
Comprehensive 0.3% 4.9% 2.3% 7.6% 2.0% 2.1% 0.5% 0.6% 0.6% 4.4%(1) For the definitions refer to the related section within the backup. Starting from 9M 2011 Israeli participating portfolio has been reclassified in unit-linked business.
Comparative numbers have been restated accordingly
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43
Assicurazioni Generali Group –
1Q 2012 results
Total comprehensive income(1)
2,530
270
(1,031)
1,308(644)
1,033
(245)794
459
1,916
(178)
(1,010)
181
(505)
196
(1,326)(306)
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
(Euro m)
(1) For the definitions refer to the related section in the backup
1Q08 1H08 9M08 FY08 1Q09 1H09 9M09 FY09 1Q10 1H10 9M10 FY10 1Q11 1H11 9M11 FY11 1Q12
(1,031) (1,536) (1,354) (2,365) (178) 616 2,532 2,990 1,308 1,063 2,096 1,452 270 466 (860) (1.166) 2,530
+3,000 m
-3,000 m
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44AFS reserve breakdown
(Euro m) FY10 FY11 1Q12
Fixed income instruments (562) (1,780) (93)
Government (396) (1,216) (193)
Corporate (166) (564) 100
Equity 277 (382) (263)
Investment funds and other 101 7 107
TOTAL (184) (2,156) (249)
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Assicurazioni Generali Group –
1Q 2012 results
45
Assicurazioni Generali Group –
1Q 2012 results
IV. BackupP&L and Balance Sheet
Definitions
46
Assicurazioni Generali Group –
1Q 2012 results
Definitions: P&L and balance sheet (1/2)
IV. BACK UP
Investments Returns are calculated on quarterly average asset base at IFRS book value and are defined as follows:
Current return: interests, dividends and similar income
Total P&L return: = current return + harvesting return (net realized gains, net impairments and net unrealized gains reported in P&L)
Comprehensive return:
i)
for fair value investment (AFS, FVthPL) = current return + total
change in fair value;
ii)
for investment at amortised cost (Real estates, loans, HtM) = Total P&L return
Investment returns for Life segment include income from bonds and loans issued by Group companies and investments in consolidated subsidiaries backing policyholders’
liabilities
Life Net Inflows Premiums inflows in the period less benefits paid to the policyholders. It does not include revaluation of
mathematical reserves
Life Operating Result consists of the following elements:i)
"Technical Margin" includes loadings, risk result, surrender result; it is gross of acquisition and administration costs
ii)
"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
iii)
"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
Like for Like changes calculated considering equivalent exchange rates and scope of consolidation. For operating result, like for like comparisons on account of consolidation changes adjust for Migdal only
Operating Result Operating result of life, P&C and financial segments, before holding expenses and consolidation adjustments
47
Assicurazioni Generali Group –
1Q 2012 results
Own Investments do not include unit/index linked investments and consist of the following asset class (*):i)
Fixed income instruments as quoted and unquoted bonds, loans including deposits under reinsurance business accepted and term deposits with credit institutions
ii)
Equity-like instruments as quoted and unquoted equities and alternative
investments
iii)
Real estate investments excluding own used properties
iv)
Cash and cash equivalent including Repo and Reverse repo
v)
Other investments as investments in non-consolidated subsidiaries, derivatives, receivables from banks or customers
(*)
Investment fund units are allocated to each asset class on a look through basis
Own investments for life segment include bonds and loans issued by Group companies and investments in consolidated subsidiaries backing policyholders’
liabilities.
P&C Operating Result consists of the following elements:I)
"Technical Result" is net of acquisition and administration costs
ii)
"Investment Result" includes interests and dividends, interest expenses on operating debt and investment expenses
iii)
“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
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.
Total Operating Result Operating result of life, P&C and financial segments, after holding expenses and consolidation adjustments.Operating result is a non-GAAP indicator and may differ from similar measure presented by other companies. Management uses this non-GAAP measure as key indicator in assessing Generali’s performance and believes that the presentation of these KPI provide useful and relevant information's to shareholders and users on Generali’s performance. Please refer to the ‘Methodological note on alternative performance measures’included in the Management Report for details on operating result methodology.”
Definitions: P&L and balance sheet (2/2)
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48
Assicurazioni Generali Group –
1Q 2012 results
Investor Relations Team
Salvatore Colotti (Tel.: +39-040-671317)Head of Investor Relations & Head of Life Technical DepartmentEmail: [email protected]
Stefano Burrino (Tel.: +39-040-671202)Email: [email protected]
Emanuele Marciante (Tel.: +39-040-671347)Email: [email protected]
Veronica Cherini (Tel.: +39-040-671488)Email: [email protected]
Rodolfo Svara (Tel.: +39-040-671823)
Email: [email protected]
Marta Porczynska (Tel.: +39-040-671402)IR EventsEmail: [email protected]
Assicurazioni Generali P.za Duca degli Abruzzi 2
34132 Trieste, Italy
Fax: +39 040 671338 e-mail: [email protected]
www.generali.com
49
Assicurazioni Generali Group –
1Q 2012 results
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, 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.
May 11, 2012
Generali Group 1Q 2012 Results
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