46
1 Presentation of Cattolica Group Ezio Paolo Reggia – General Manager Kepler Equities ITALIAN FINANCIAL CEO CONFERENCE Milan, September 28th 2004
1
Presentation of Cattolica Group
Ezio Paolo Reggia – General Manager
Kepler EquitiesITALIAN FINANCIAL CEO CONFERENCE
Milan, September 28th 2004
2
Agenda
� Group Profile
� Business Strategy
� First Half 2004 Results
� Attachments
3
Agenda
� Group Profile
� Business Strategy
� First Half 2004 Results
� Attachments
4
Cattolica Group
� The Parent Company was founded in 1896 with co-operative legal-entity structure, operating in life and non-life businesses
� Today the Group is made by 20 companies , among which there are 12 insurance companies
� The focus on insurance business is guaranteed, other than by the Parent Company, by:
• 7 companies operating in life business
• 4 companies operating in non-life business
� The Group “not insurance” companies are two real-estate companies, four service companies, one asset management company and one ret ail-brokerage (Fas) company
Group Profile
− Duomo Previdenza
− Risparmio & Previdenza
− BPV Vita
− Lombarda Vita
− Eurosav
− Axa-Cattolica Prev. in Azienda
− San Miniato Previdenza
− Il Duomo Assicurazioni
− Verona Assicurazioni
− Cattolica Aziende
− Tua Assicurazioni
5
Business overview
� Multispecialist business , focused on different market segments
� Multichannel distribution network
� Main results:
• 31% Five Year CAGR in consolidated gross written pr emiums versus a 12% of the market
• 4.31% market share in 2003 (4.0% Non-Life; 4.5% Life)
• 7th Italian Group (7th Non-Life; 6th Life)
• 5th insurance Group
• strong bottom-line results (48% Five Years CAGR in Net Consolidated Result vs. Mkt 17%) and constant increase in dividends distributed
• 9.6% growth in 2003 embedded value with respect to the 2002 figure
� At the end of 2003, A.M. BEST Co. has affirmed the “A” (Excellent) financial strength rating of Cattolica (outlook stable)
Group Profile
6
Cattolica Group Structure
Sources: Consolidated Interim Report as at June 30th 2004 – Internal Analyses
Data as at June 30th 2004
Group Profile
3
diCadiCa97
97.09
83.71
Verona AssicurazioniVerona Assicurazioni
Cattolica AziendeCattolica Aziende
99.98
Duomo AssicurazioniDuomo Assicurazioni
Tua AssicurazioniTua Assicurazioni
EurosavEurosav
50
Duomo PrevidenzaDuomo Previdenza100
BPV VitaBPV Vita
66
Risparmio&PrevidenzaRisparmio&Previdenza88
93.91
50.1
Lombarda VitaLombarda Vita
Verona Gestioni SGRVerona Gestioni SGR
Cattolica ImmobiliareCattolica Immobiliare
Axa Cattolica Previdenza
In Azienda
Axa Cattolica Previdenza
In Azienda
San Miniato PrevidenzaSan Miniato Previdenza2
97
2 0.99
0.1
50
Verona ServiziVerona Servizi
99.9
Life insurance
Other
Services
Non-life insurance
Tua Retail Tua Retail
65
PrismaPrisma20
Cattolica Investimenti SIMCattolica Investimenti SIM
30
70
100
Nuova San Zeno
Immobiliare
Nuova San Zeno
Immobiliare
75.25
5
30
50
7
ASSURANCE
BANCASSURANCE
R I S P A R M I O
&
Agents
Brokers
Banks
Retail Corporate
CH
AN
NE
L
Multispecialist business focused on different market segmentsGroup Profile
CLIENT SEGMENT
8
Cattolica Group has more than doubled Italian market growth in volumes both in life and in non-life businesses
525756
1.053 1.267 1.392917
2.012
2.298
2.4642.820
1999 2000 2001 2002 2003
1,442
2,768
3,351
3,731
4,212
Consolidated Gross Premiums Written – direct & indir ect business(Euro mln)
27%36% 31% 34% 33%
Life
Non-Life
% Breakdown
Life
Non-Life
73%64% 69% 66% 67%
32%
28%
31%
99/03
CAGR
99/03
MKT
15%
7%
12%
Catt.
Sources: Consolidated Annual Report 2003, ANIA, ISVAP, McKinsey & Co, A.T. Kearney – Internal Analyses
+ 119%
+ 14%
+ 7%+ 14%
+ 44%+ 39% + 20%
+ 10%
+ 92%
+ 21%
+ 11%
+ 13%
Group Profile
9
(*) Premiums - direct business (Euro mln)
Bank branches
Other
Agencies
FAs
Total
LIFE 2003 NON-LIFE 2003
2,213
138
115
129
2,595
85.29%
5.31%
4.43%
4.97%
100.00%
9
60
1,276
-
1,363
0.66%
4.40%
93.62%
-
100.00%
New Business Weight
Brokers - - 18 1.32%
Group Profile
Breakdown of business by distribution channel
Premiums Weight(*) (*)
Sources: Consolidated Annual Report 2003 – Internal Analyses
10
Trend of multichannel distribution network
546
900 974 1,024 1,049
1999 2000 2001 2002 2003
337511
613
895
1,212
1999 2000 2001 2002 2003
2,066
2,653 2,717 2,748
3,053
1999 2000 2001 2002 2003
Agencies(no.)
FAs(no.)
Bank Branches(no.)
18%CAGR99/03
38%CAGR 99/03
10%CAGR99/03
Sources: Consolidated Annual Report 2003 – Internal Analyses
Group Profile
11
Business mix: Cattolica Group versus Market
MARKET 31.12.2003 CATTOLICA GROUP 31.12.2003
Non-Life35.3%
Non-Life32.6%
Life64.7%
Life67.4%
Total Total
Non-Life
Life
Non-Life
Life
Motor51.5%
Others48.5%
Motor60.8%
Others39.2%
Index e Unit42.3%
Traditional57.7%
Traditional46.2%
Index e Unit53.8%
Sources: Consolidated Annual Report 2003, ANIA - Internal Analyses
Group Profile
12
Market share trend
Group Market Share(2002 – 2003; Italian direct business)
Sources: Consolidated Annual Report 2003, ANIA - Internal Analyses
Non-Life Life Total
7
6
7
Ranking among Italian Insurance Groups (*)
(2002 – 2003; Italian direct business)
7
6
7
2002 2003
• FonSAI• Generali• Allianz• Unipol+W.• Toro• R. Mutua• Cattolica• Axa Italia• Zurich• Sara
• Generali• Allianz• SPV+Fid.• Unipol+W.• Poste Vita• Cattolica• Toro• Aviva• MPS• Mediolan,
• Generali• Allianz• FonSAI• Unipol+W.• SPV+Fid.• Toro• Cattolica• Poste Vita• Aviva• MPS
• FonSAI• Generali• Allianz• Unipol+W.• Toro• R. Mutua• Cattolica• Zurich • Axa Italia• Sara
• Generali• Allianz• SPV+Fid.• Unipol+W.• Poste Vita• Cattolica• Aviva• MPS• Fineco Vita• Mediolan,
• Generali• Allianz• FonSAI• Unipol+W.• SPV+Fid.• Poste Vita• Cattolica• Aviva• Toro• MPS
(*) Merger between Unipol and Winterthur (Unipol+W.), and between San Paolo Vita and Fideuram (SPV+Fid.) are considered for 2002 and 2003
Non-Life Life Total
4.31%
4.23%
4.49%
3.99%
4.46%
3.85%
2002 2003
Non-Life Life MS Total
Group Profile
Fifth Italian Group considering only “original insurers”
13
1990-2003: Main groups comparison
COMPETITORS VS CATTOLICA - LIFE AND NON-LIFE(Total Italian direct premiums; 2003 ANIA Group aggregates; 1990-2003)
Group Profile
Sources: ANIA, “Premi del lavoro diretti italiano” different fiscal years – Internal analysys
RE
DU
CT
ION
INV
ER
SIO
N
Generali vs Cattolica
FonSAI vs Cattolica Unipol vs Cattolica
RAS/Allianz vs Cattolica
Toro vs Cattolica Reale M. vs Cattolica
8.8 x5.6 x 5.8 x 5.3 x 4.7 x
1999 2000 2001 2002 2003
4.2 x 3.2 x 3.8 x 3.8 x 3.4 x
1999 2000 2001 2002 2003
3.1 x 2.0 x 2.3 x 2.3 x 2.1 x
1999 2000 2001 2002 2003
1.4 x 0.9 x 0.9 x 0.8 x 0.6 x
1999 2000 2001 2002 2003
1.0 x 0.7 x 0.7 x 0.6 x 0.5 x
1999 2000 2001 2002 2003
3.8 x 2.5 x 2.9 x 2.6 x 2.2 x
1999 2000 2001 2002 2003
14
Net profit of the Group(1999 – 2003; Euro mln)
Growth in volumes has been performed in combination w ith strong bottom-line results …
Sources: Consolidated Annual Report 2003, ANIA – Internal Analyses
Group Profile
47%
99/03
CAGR
99/03
MKT
17%
Catt.
1994 Result (€ 10 mln)
25
44 46
57
116
1999 2000 2001 2002 2003
+ 76%
+ 5%
+ 24%
+ 104%
15
… assuring a constant increase in dividends distributed
-Dividend yield
Other Indicators
2.28% 3.60% 4.59% 3.50%
17.3%
CAGR99/03
Sources: Cattolica Individual Annual Report 2003 – Internal Analyses
Dividend per share(1999 – 2003; Euro)
Group Profile
1999 2000 2001 2002 2003
0.620.70
1.00 1.00 1.02
0.78
0.22
Extraordinary dividend
Assignment of one new ordinary share for every ten shares
Pay-out (Euro mln) 17 30 43 4833 (ord.)43 (incl.extraord.)
16
1,176.9
983.6978.5
(165.5)
170.6
193.3
Net equityDAC, goodwill
and otherU.C.G. N.A.V.
Life business in
force
EmbeddedValue
Group Profile
Embedded Value(as at December 31st 2003; Euro mln)
Embedded Value as at December 2003
Sources: Internal calculations
17
Agenda
� Group Profile
� Business Strategy
� First Half 2004 Results
� Attachments
18
Main Strategic guidelines and evolutive trends in Ital ian insurance market
Sources: Prometeia, “Le assicurazioni quotate, Strumenti di valutazione” December 2003 – Internal Analyses
Evolutive trends (in volumes)Strategic elements and guidelines
� Integration (M&A) processes and rationalization and concentration in holding structures
� Volatile expectations on financial markets recovery , with impact on investment results and financial management issues
� Progressive improvement in technical management, through cost reduction policiesand strict portfolio selection
� Focus on expected profitability of Life products
� Strengthening of proprietary channels (agents and Fas) and consolidation of new distribution models
� Strong focus on product innovation with careful customer base segmentation
� Customers: quest for simplicity and transparency and greater demand for advice
� Slow-down of the growth rate in Life business
� Control on claims and strengthening of anti-fraud systems with consequent possible reduction in tariff dynamics in Motor TPL
� Growth in Non-Life business other than Motor TPL with an increasing focus on customer segments
Business Strategy
19
0,0
0,5
1,0
1,5
2,0
2,5
3,0
1997 1998 1999 2000 2001 2002 2003 08/04
1,25x
Non-life
1,05x
Life
The market is awarding the non-life business in terms of multiples granted to companies
European Market MultiplesPrice/ Life Embedded Value – Price/ Non-life Net As set Value
Sources: McKinsey IER – Internal Analyses
Business Strategy
20
Mission
Sources: Strategic Plan 2003 – 2005, Sustainability Report 2003 – Internal Analyses
Business Strategy
Mission
� Strategic focus on the core business
� Consolidation of existing businesses
� Development of new initiatives and strategic alliances
� excellence in customer relationship with an offering of complete, customised and competitive services
� permanent value creation for shareholders and stakeholders
� satisfactory risk/ return trade-off with steady development of future profits, featuring limited volatility to the benefit of capital robustness , with an attractive payout
� promotion of the ethical values that the Group has historically championed
Strategic Objectives
Maximisation of traditional networks’
commercial leverage
Sound Capital Structure
Enhancement of technical Risk Management capabilities
Strong coverage/
consolidation of banking
partnerships
Full activation of intercompany
synergies
Strategy based on “difference” to capture new
market share
Confirmation of multichannel sales
approach
In order to achieve:
21
Multi channel approach by product lines
Non-Life
Life
New Ventures
� Maximum customisation of Motor TPL tariff
� Maximum active and passive selection of customers
� Adequate profit margins from all channels
� Reduction of time-to-market
� Ability to innovate products
� Retention of outgoing capital
� Strong specialisation
� Competitive advantage
� Flexibility
GuidelinesProduct Lines
Channels
Agents Banks New Channels
Mainly retail with selective
approach to corporate risk
Focus on profitability rather than merely on
volumePension products still low today but
potentially attractive
High degree of standardisation,
with greater financial content
or guaranteed minimum return
Volumes growing but potential still
high
• TUA: innovative model similar to franchised selling
• Brokers: AXA –Cattolica Previdenza in Azienda’snetwork, focused on employee benefits
• Fas: channel for sale of third parties’ financial products (partner banks, Vegagest)
Business Strategy
22
Consolidated Premiums – Group Agencies Network(2000 - 2003; Euro mln)
17%
CAGR00/03
No. of Agencies
Premiums/ Agencies(Euro mln)
900 974 1.024 1.049
1.05 1.19 1.36 1.44
5%
12%
+ 131 agenciesin three years
Business Strategy
2000 2001 2002 2003
946
1,159
1,3971,513
1,070agencies at the end of
IIQ04
Growth in premiums written by agencies’ network is the result of the increase in number of agencies and related producti vity
AGENTS
23
Motor: a successful strategy
Consolidated Premiums – Motor(Euro mln)
Description
� Since 1994 driver-customised tariffs : unique in Italy and pricing defined by a team of dedicated actuaries (using some 20 parameters)
� In 2003 Motor premium growth +12.34%with 1,685,000 policies and 1,055,000 clients
� Duomo’s Motor TPL portfolio entirely renewed and aligned with that of Cattolica: 487,000 new Motor policies at December 31st 2003
� Centralised systematic vetting of all new policies/risk certifications and dedicated department against fraud
� “Autotutor” : new service to assist the customer directly on the place of accident.
1999 2000 2001 2002 2003
291
447
651
827
929
33.7%
CAGR99/03
Business StrategyAGENTS
24
Guidelines for bancassurance business
� Long Term growth of bank branches
� Good level of productivity per branch
� “Defence of margin ” :
• stability of average gross margin
• balanced mix linked vs. traditional
• reduction of average financial guarantee
� Cost reduction through integration and economies of scale: 20 bp(*)
(*) Other administrative expenses/average life technical reserves, as at December 2003
Business StrategyBANKS
25
Banca Lombarda
Banca Regionale Europea SpA
Banca di Valle Camonica SpA
Credito Bergamasco SpA
Cassa di Risparmio di Fabriano e Cupramontana SpA
Banca di Cividale S.p.A.
Cassa di Risparmio di S. Miniato
3.15%
6.62%
6.38%
1.00%
16.76%
7.78%
24.72%
Joint-ventures with banks
Equity Interests in Banks (bancassurance partners)Business StrategyBANKS
New evolutions in bancassurance partnerships: mainta ining business relationships selective reduction of capital employ ment
As at september 2004
26
1998 1999 2000 2001 2002 2003
2,043
1,789
776
356
2,170
2,389
Bancassurance
Agencies and other channels 2,646 branches as at 30.06.2004
5%-10%
> 10%
< 5%
Bancassurance Life business
Bancassurance Life Premiums(Euro mln)
46.3%
CAGR98/03
Market Share by Italian Region(no. of banking branches)
376235 674 790752 783Premiums/ branch (Eur ‘000)
Business StrategyBANKS
27
Development of Non-Life Bancassurance: start-up of a new joint-venture with BPVN
Description
� Company structure: 50/50% JV with Banco Popolare di Verona e Novara
� Mission:
� to satisfy the increasing demand of families for different non-life risk coverage
� to leverage commercial and operating sinergies between insurance and banking partners
� To ensure to costumers high levels of tailored advice and consulting service
� Operative areas:
− Motor TPL, fire, theft, TPL liabilities, health, accident & casualty
� Target: retail customer
Business StrategyBANKS
“Pioneering” opportunity
Integration between bancassurance expertise in life business and technical efficiency in non-life business
28
Tua Assicurazioni: an innovative driver in the Italia n Insurance Industry
Description
� First insurer in Italy which innovates the sales model in the agent channel and customer relationships …
� … via the offer of a specialised range of insurance and financial products/services able to provide an exhaustive and precise response to customers various needs in the “personal line”,…
� … new products created through deep market research (e.g. focus groups), readdressing the role of agents, focusing solely on commercial and activities based on a franchising logic…
� … also thanks to market-oriented operating processes permitting maximum efficiencyand the shortest time-to-market
2006 Target
Agencies
Clients
Non-Life Premiums
200
90,000
140
(no.)
(no.)
(Euro mln)
Business StrategyNEW CHANNELS
90(Euro mln)Life
Premiums
By now 15 agencies have been activated
29
Development of employee-benefit products: Axa-Cattol ica Previdenza in Azienda
Description
� Company structure: 50/50% JV with AxaItalia
� Mission:
− To develop innovative products and services aimed to small middle size companies in the domestic market , major concentration will be on pension and financial solutions for institutional clients
− To distribute integrated life & non life solutions in the broker, agents and banks channels with a “one stop shop”approach
− To deliver a high quality service to brokers and agents through high process innovation, high tech solutions and creativity
� Organization: flexible and thin model with strong operational outsourcing policies in order to leverage synergies with the two parent groups
Life Premiums
Non-Life Premiums
Technical Result
2006 Target
27(Euro mln)
11(Euro mln)
1.5(Euro mln)
Business StrategyNEW CHANNELS
Premi totali 0,016
Broker 15Al 30.06.2004Authorisation and start-up in H1 2004
30
Cattolica Investimenti SIMNEW CHANNELS
Mission:
� To complete the current product range with financial and banking solutions devised directly by banking partners and available to agency network
� To develop the current degree of customer retention
� To recruit “new” sales figures at agencies in order to reach new potential customers of insurance products
� To strengthen the agency image and territorial presence
Fas(licenced)
Results
2006 Target
More than 300(no.)
Break even(Euro mln)
Business Strategy
Description
Fas 70
Net inflows 32
(no.)As at H1 2004
(Eur mln)
31
Business strategy: global overviewBusiness Strategy
Generated resources
DIVIDENDS
R&S
EFFICIENCY
M&A
Constant growing remuneration to
shareholders
− New technologies
− New products
− New channels
− …
Investments abilitating the
services’ sharing and economies of
scale
Opportunities for selective external
line growth
32
Agenda
� Group Profile
� Business Strategy
� First Half 2004 Results
� Attachments
33
2004 Half Year Results confirm the positive trend in volumes (especially In Life business) and in net profitabili ty
Sources: Consolidated Quarterly Report as at June 30th 2004 – Internal Analyses
H1 04 H1 03 % Var.
2,286 2,036 +12.3%Total Net Premiums
Profit & Loss Account (Euro mln)
Life Net Premiums
Non-Life Net Premiums
1,659 1,483 +11.9%
627 553 +13.4%
Pre-tax profit 113 91 +24.2%
Taxes (54) (44) +22.7%
Net Profit for the period 54 42 +28.6%
Cattolica Group – Consolidated Half Year Results as at June 30 th 2004
2003 FY
3,921
2,808
1,113
210
(85)
116
39 34 +14.7%Underwriting Result 71
Minority interests in earnings (5) (5) - (9)
First Half 2004 Results
34
Main technical ratios: Non-Life Business
(1) Claims incurred/earned premiums (net of reinsurance)(2) Other administrative expenses/ earned premiums (net of reinsurance)(3) Acquisition expenses and commissions/ earned premiums (net of reinsurance)(4) Operating expenses/ earned premiums (net of reinsurance)(5) Underwriting result/earned premiums (net of reinsurance)
First Half 2004 Results
H1 2004
6.71%
75.79%
14.12%
NON-LIFE
5.70%
77.73%
13.83%
H1 2003
G & A ratio
Claims ratio
Commission ratio (3)
(1)
(2)
Total expense ratio
Combined ratio (5)
(4)20.83% 19.53%
99.28% 99.90%
5.98%
78.18%
13.25%
FY 2003
19.23%
98.90%
35
Main technical ratios: Life Business
(1) Other operating expenses/earned premiums (net of reinsurance) (2) Acquisition expenses/earned premiums (net of reinsurance) (3) Operating expenses/ earned premiums (net of reinsurance) (4) Life underwriting result/ earned premiums (net of reinsurance)
First Half 2004 Results
H1 2004
3.81%
0.68%
4.49%
LIFE
3.47%
0.75%
4.21%
H1 2003
2.06% 2.19%
G & A ratio
Commission ratio
Total expense ratio
(1)
(3)
(2)
Life underwriting margin(4)
3.94%
0.81%
4.75%
FY 2003
2.08%
36
(*) Premiums - direct business (Euro mln)
Bank branches
Other
Agencies
FAs
Total
LIFE H1 2004 NON-LIFE H1 2004
New Business Weight
Brokers
Breakdown of business by distribution channel
Premiums Weight(*) (*)
Sources: Consolidated Annual Report 2003 – Internal Analyses
1,485
20
64
11
1,580
93.99%
1.26%
4.05%
0.70%
100%
5
36
676
-
726
0.69%
4.96%
93.11%
-
100%
- - 9 1.24%
First Half 2004 Results
37
Agenda
� Group Profile
� Business Strategy
� First Half 2004 Results
� Attachments
38
248 253
367409
N.A.V.
Business in force
211
110
321
2000 2001 2002
119
Euro mln – Net of capital cost, taxes, policyholders and minorities
471
278
2003
Attachments
Life Embedded Value
156193
+62 mln
+15.2%
39
Attachments
Embedded Value Assumptions
2002
3%
8%
5%
Assumptions
2.75%
7.25%
4.5%
2003
100% ISVAP Minimum
37% 37.25%
Discount Rate
Premium risk
Average Life Products Investment return
Solvency margin
Taxation on profit
38.25%
ISVAP – Italian Insurance Surveillance Body
40
Constant growth of new business value
137
323029
2000 2001 2002 2003
New Business Value
33
Attachments
Life new business value
Euro mln – Net of capital cost, taxes, policyholders and minorities
41
Cars: Key Indicators
Parent Company
Attachments
Sources: Internal Analyses
Claims frequency
N. Reported claims
Current year
Previous years
Current year
Speed in claims settlement
Average claim settled
H1 2004 H1 2003 % Change
Parent Company
9.0% 9.0% -
34,945 34,260 2.0%
43.2% 36.3% 19.0%
1,144 1,121 2.1%
5,107 4,584 11.4%
42
Trucks: Key IndicatorsAttachments
2003 2002 % Change
Claims frequency
N. Reported claims
Current year
Previous years
Current year
Speed in claims settlement
Average claim settled
H1 2004 H1 2003 % Change
Parent Company
Sources: Internal Analyses
20.0% 20.0% -
15,830 15,520 2.0%
47.0% 39.5% 19.0%
1,213 1,219 -0.5%
3,880 3,447 12.6%
43
Motorcycles: Key IndicatorsAttachments
Claims frequency
N. Reported claims
Current year
Previous years
Current year
Speed in claims settlement
Average claim settled
H1 2004 H1 2003 % Change
Parent Company
Sources: Internal Analyses
4.0% 4.0% -
3,208 3,145 2.0%
40.8% 34.3% 19.0%
819 811 1.0%
3,779 3,901 -3.1%
44*Figures in mln/euro
Bancassurance Life Business - PremiumsAttachments
2001 2002 20031998 1999 2000
1,789 2,043Premiums
Bank branches (no.)
Premiums/branch (‘000)
776356 2,170 2,389
2,653 2,7172,0661,517 2,748 3,053
674 752376235 790 783
2002 2003 Change%
Premiums
Gross technical provisions
Net Profit
2.8%872848
51.7%2,2891,508
54.2%7.85.0
2002
Premiums
Gross technical provisions
Net Profit
18.2%1,142966
68.8%2,7031,601
88.9%8.64.6
2002 2003 Change%
(*)
(*)
(*)
(*)
(*)
(*)
(*)
45
This document has been prepared by Cattolica Assicurazioni – based on data from internal sources (year-end financial statements, consolidated group financial statements, internal reporting and other company documentation, etc.) – for the sole purpose of providing information on the group’s results and future operating strategies. Given this, it can in no way be used as a basis for possible investment decisions. It is not a solicitation to buy or sell shares. No part of the document can be taken to be the cause of or reason for agreements or commitments of any type or kind whatsoever, nor can it be relied upon for agreements and commitments.Information contained in the document concerning forecasts has been prepared according to various assumptions and/or elements that might ultimately materialise differently to present expectations. Results might therefore change. Cattolica therefore in no way provides any guarantee, either explicit or tacit, as regards the integrity or accuracy of the information or opinions contained in the document, nor can any degree of reliability be attributed to the same, inasmuch as it has not been subjected to independent verification. Responsibility for use of the information and opinions contained in the document lies solely with the user. In any case Cattolica, within legally admissible limits, will not consider itself liable for any damages, direct or indirect, that third parties might claim due to utilisation of incomplete or inaccurate information. For any further information concerning Cattolica Assicurazioni and its related group, reference must be made exclusively to the information given in the annual, quarterly, and interim reports and financial statements. The full versions of these documents, which constitute the factual basis and proof for all legal purposes, are lodged at the company’s registered offices and are available to anyone requesting them. Reproduction or full or partial publication and distribution of the information contained herein to third parties is prohibited. Acceptance of the present document automatically signifies recognition of the aforesaid constraints.
DISCLAIMER
46
Presentation of Cattolica Group
Ezio Paolo Reggia – General Manager
Kepler EquitiesITALIAN FINANCIAL CEO CONFERENCE
Milan, September 28th 2004
