May 13, 2011
Generali Group
1Q 2011 Results
Assicurazioni Generali Group – 1Q 2011 results
2Agenda
I. Overview
II. Group financials
III. Final remarks
IV. Backup
Page 3
Page 5
Page 20
Page 22
Assicurazioni Generali Group – 1Q 2011 results
3Agenda
I. Overview
1Q 2011 results at a glance
Assicurazioni Generali Group – 1Q 2011 results
4
Operating result (Euro m)
1Q 2011 results at a glance
1,1781,256
+6.6%
I. OVERVIEW
1Q10 1Q11
Combined ratio (%)
98.0 96.1
-1.9%pts.
1Q10 1Q11
527616
+16.8%
1Q10 1Q11
Net result (Euro m)
17,490 17,725
+1.3%
FY10 1Q11
Shareholders’ equity (Euro m)
Assicurazioni Generali Group – 1Q 2011 results
5Agenda
II. Group financials
Profit & loss review
Shareholders’ equity
Life & P&C profitability
Assicurazioni Generali Group – 1Q 2011 results
6Revenue development by segment
II. GROUP FINANCIALS
(1) Including investment contracts for Euro 755 m in 1Q11
(2) For the definitions refer to the related section within the backup
-14.4%
+2.1%
-13.2%
-8.3%
∆ historical
1,311
6,792
12,340
19,131
1Q
2011
-14.5%1,532
Life annual
premium
equivalent(2)
-13.8%14,214Life(1)
-9.0%20,864
Gross written
premiums
+1.2%6,650P&C
∆ like for like
1Q
2010(Euro m)
Assicurazioni Generali Group – 1Q 2011 results
7
Consolidation
adjustments
Total
operating result
Financial services
operating result
P&C
operating result
Operating holding
expenses
Life
operating result
1Q11
881
393
115
-74
-59
1,256
866
312
98
-67
-31
1,178
-91.3%
+6.6%
+16.7%
+26.0%
-10.4%
+1.7%
1Q10
�
Operating result by segment (Euro m)
Operating result by segment
II. GROUP FINANCIALS
Assicurazioni Generali Group – 1Q 2011 results
8Focus on operating result
+6.6%1,2561,178Total operating
result
-91.3%(59)(31)Consolidation Adj.
-10.4%(74)(67)Op. holding expenses
+5.1%169161Germany
-6.5%142152CEE
+8.8%
-43.8%
+39.3%
+37.3%
+4.9%
∆
67118RoW
1,3891,276Operating result(1)
248178RoE
268195France
495472Italy
1Q111Q10
(Euro m)
II. GROUP FINANCIALS
Operating result by country(1)
354
196103 58
12841
106
70
5576
71
14
35
2
118
49
11
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
Assicurazioni Generali Group – 1Q 2011 results
9From operating result to net result
(7)24Non operating investment income
(7)(4)Income and exp. from other financial instruments
015Result from discontinued operations (Intesa Vita)
(163)(193)Non-operating holding expenses
(87)(99)Minority interests
+14.1%1,032905Consolidated result of the period before taxes
and minority interests
(330)(295)Income taxes
+18.3%(223)(273)Total non operating result
028Income and exp. from fin. assets at FV thr. P&L
+6.6%1,2561,178Total operating result
+16.8%616527Net result of the period
(54)(105)Net other non operating expenses
�1Q111Q10(Euro m)
II. GROUP FINANCIALS
(1) Including interest expenses on financial debt
(1)
Assicurazioni Generali Group – 1Q 2011 results
10Investment portfolio
Own investments(1) at 31.03.11 (% on total)
(1) For the definitions refer to the related section within the backup
II. GROUP FINANCIALS
� Maintained stable asset
allocation with active portfolio
management
� Preference for government
bonds, representing 55.8% of
total bond portfolio
� Maintained a selective
approach within corporate bond
portfolio with preference for
high credit rating and capital
efficient investments.
39.2%
31.0% 31.1%
9.0% 9.0%
8.5% 8.4%
39.3%
4.9%4.9%
7.3%7.3%
FY10 1Q11
Other
Real estate
Equity
Other fixed
income
Corporate
bonds
Government
bonds
Euro 324.2 bnEuro 321.7 bn
+0.8%
Assicurazioni Generali Group – 1Q 2011 results
11
17,72517,490
(190)
616
(169)
14
(35)
IFRS Shareholders’ equity roll forward
∆ Currency
Translation
Reserve
1Q 2011
Net Result
Other Shareholders’
Equity 1Q11
∆ Cash Flow
Hedge Reserve
∆ in AFS
Reserve
Shareholders’
Equity FY10
+1.3%
II. GROUP FINANCIALS
(Euro m)
Change in AFS reserve (Euro m)
(184) (15) (375)
89
(265)
Other AFS Reserve 1Q11
Impact Bond Investments
Impact Equity Investments
AFS Reserve
FY10
Assicurazioni Generali Group – 1Q 2011 results
12
16.9 17.0
23.6 23.9
Solvency I update
II. GROUP FINANCIALS
Required margin Available margin
FY10
140%(1)
(Euro bn)
1Q11
140%(1)
Solvency I ratio
(1) Including off balance sheet unrealized gains on real estate, 8%pts of which subject to authorities’ authorization
Assicurazioni Generali Group – 1Q 2011 results
13Life profitability – operating result
+1.7%
-1.7%
+0.3%
+2.3%
�
881866Operating Result
(1,363)(1,340)Expenses
644643Investment Result
1,6001,564Technical Margin
1Q111Q10(Euro m)
Resilient life operating result
Life Operating Result by driver(1)
881
(23)
2
36
866
1Q11
Exp.
Inv.R
Tech.M
1Q10
II. GROUP FINANCIALS
(1) For the definitions refer to the related section within the backup
0.28%0.29%
Life quarterly
operating ratio
on investments
Assicurazioni Generali Group – 1Q 2011 results
14Life business development
50.5262.9FY 2010
-+0.8%∆%
50.5265.01Q 2011
Life net technical reserves(2) (Euro m)Life gross written premiums (Euro m)
Life net inflows by country(3) (Euro m)
1Q11FY10 Traditional Unit Linked
∆
-54.6%4891,062RoE
-27.3%409536RoW
-54.3%
-13.1%
-8.9%
-75.9%
-82.3%
∆(1)
2,8196,111TOTAL
116129CEE
1,0951,203Germany
5542,298France
157883Italy
1Q111Q10Country
12,34014,214
-13.8%(1)
(1) On like for like basis
(2) Including investment contracts
(3) For the definitions refer to the related section within the backup
313.3 2.1 0.0 315.5
+0.7%
II. GROUP FINANCIALS
1Q10 1Q11
Assicurazioni Generali Group – 1Q 2011 results
15Life New Business Annual Premium Equivalent
II. GROUP FINANCIALS
(Euro m) APE
1Q
2010
1Q
2011Historical
�
Like for like�
Italy 466 428 -8.2% -8.2%
France 413 294 -28.8% -28.8%
Germany 266 256 -3.8% -3.8%
CEE 40 40 -0.8% -0.7%
RoE 221 174 -21.1% -21.6%
RoW 125 118 -5.3% -4.7%
Total 1,532 1,311 -14.4% -14.5%
Solid APE (over 1.3 bn), with stable annual premiums and year on year downturn entirely
explained by the strong single premiums production registered in the 1st quarter 2010.
Assicurazioni Generali Group – 1Q 2011 results
16P&C profitability - operating result
����
+26.0%
-14.8%
-1.6%
+100.3%
393312Operating Result
(55)(48)Other
263267Investment Result
18592Technical Result
1Q111Q10(Euro m)
P&C Operating Result by driver(1)
393
(7)
(4)
93
312
1Q11
1Q10
Tech.R
Inv.R
Other
Restoring P&C technical profitability
II. GROUP FINANCIALS
(1) For the definitions refer to the related section within the backup
1.07%0.84%P&C quarterly operating
ratio on investments
Assicurazioni Generali Group – 1Q 2011 results
17P&C Gross Written Premiums
II. GROUP FINANCIALS
+17.6%+20.7%384319RoW
-1.0%+0.7%617613CEE
+3.3%+3.3%1,2631,223France
+2.1%
+0.8%
+2.6%
-0.9%
Historical�
+1.2%
-2.2%
+2.6%
-0.9%
Like for like�
1,5011,489RoE
6,7926,650Total
1,3251,292Germany
1,7011,715Italy
1Q111Q10(Euro m)
� In Motor, confirmation of premium recovery in Italy and France, first signs of recovery also in
Germany
� Retail Non Motor growing across the geographies
� Commercial business under competitive pressure, especially in Italy and Spain
Assicurazioni Generali Group – 1Q 2011 results
18P&C profitability (1/2)
(1.9)
0.0
1Q111Q10
Combined ratio (%)
� Expense
ratio
� Loss
ratio
-1.9%pts.
II. GROUP FINANCIALS
Combined ratio by country (%)
-4.5%pts.96.7%101.2%RoE
+0.5%pts87.6%87.1%CEE
+2.7%pts.99.3%96.6%RoW
-0.8%pts.98.2%99.0%France
-1.9%pts.
-4.2%pts.
-1.4%pts.
�
96.1%98.0%Total
95.3%99.5%Germany
96.2%97.6%Italy
1Q111Q10
27.8
68.3
27.8
70.2
96.198.0
Loss ratio Expense ratio
Assicurazioni Generali Group – 1Q 2011 results
19
0,00,0
21.8
6.0
21.8
6.0
P&C profitability – Net combined ratio (2/2)
70.2-3.62.371.51Q 2010
-2.7 68.30.470.61Q 2011
II. GROUP FINANCIALS
Loss ratio (%)
1Q 20111Q 2010
70.2 68.3-0.9 -1.9 +1.0
Current
year(1)
NAT
CAT
Prior
years
1Q111Q10 ∆ Admin ∆ Acq.
Acq. costs
Adm. costs
27.8
Expense ratio (%)
∆%pts
Reserving ratio (%)
1Q 20111Q 2010
-8%pts
27.8
(1) Excluding natural catastrophes
-1.9%pts
0%pts
509% 501%
� Nat cat activity particularly benign in the
Group geographies
� Improved current year loss ratio, thanks to
severe pricing discipline in Motor
� Stable trend of expense ratio
Assicurazioni Generali Group – 1Q 2011 results
20
III. Final Remarks
Agenda
Assicurazioni Generali Group – 1Q 2011 results
21Final remarks
III. FINAL REMARKS
Solid underlying development of revenues
Excellent level of life operating result confirmed
Improvement of non life technical profitability on track
Investment policy focused on sustaining current returns
Assicurazioni Generali Group – 1Q 2011 results
22
IV. Backup
P&L and Balance Sheet
Definitions
Assicurazioni Generali Group – 1Q 2011 results
23
IV. Backup
P&L and Balance Sheet
Definitions
Assicurazioni Generali Group – 1Q 2011 results
241Q11 total gross written premiums
0.9-75.3178Ireland
7.3+1.61,387RoW
Of which:
15.4-16.42,946RoE
21.9-20.34,190France
Total Gross Written Premiums(Euro m)
100.0-9.019,131Total
3.2-1.2615Switzerland
4.4+6.3839Austria
3.6+0.4688Spain
5.4-0.61,033Eastern Europe
24.4+4.84,663Germany
25.7-8.9 4,912Italy
% weight∆%(2)GWPCountry
0.9-75.3178
5.2-3.51,002
17.4+5.73,338
Gross Life Written Premiums(1)
64.6-13.812,340
1.2-4.1239
2.0+16.7375
1.4+16.7271
Of which:
7.6-27.31,446
2.2-0.1416
15.3-27.42,927
16.8-12.73,211
% weight∆%(2)GWP
---
2.0+17.6384
6.9+2.61,325
Gross P&C Written Premiums
35.41.26,792
2.0+0.7376
2.4-0.8464
2.2-7.9417
Of which:
7.8-2.21,501
3.2-1.0617
6.6+3.31,264
8.9-0.91,701
% weight∆%(2)GWP
(2) On like for like basis with constant exchange rates
(1) Including investment contracts
IV. BACK UP
Assicurazioni Generali Group – 1Q 2011 results
25Life Premiums by Country & Business Line
Life 1Q11
Of which:
4161.7%11.2%23.1%64.0%CEE
Total life gross
direct premiums
12,06613.3%9.1%16.5%61.1%
82748.4%13.2%0.8%37.7%RoW
2390.2%1.0%75.8%23.1%Switzerland
3740.0%15.7%18.9%65.5%Austria
27141.5%0.0%1.2%57.4%Spain
1,44219.2%4.7%38.6%37.5%RoE
3,3388.9%19.2%23.1%48.8%Germany
2,8747.4%8.3%17.5%66.8%France
3,17012.8%0.0%1.8%85.4%Italy
TotalGroupHealth
Unit/index
linked
Savings and
protection
(Euro m)
IV. BACK UP
Assicurazioni Generali Group – 1Q 2011 results
26P&C Premiums by Country & Business Line
P&C 1Q11
Of which:
40932.4%24.6%19.3%23.7%Spain
60727.5%14.9%10.4%47.2%CEE
21.1%
26.4%
0.4%
34.0%
24.0%
9.1%
26.1%
21.2%
Commercial
Total P&C gross
direct premiums
6,63021.4%13.9%43.5%
3714.5%7.9%61.2%RoW
37417.5%26.1%56.0%Switzerland
46019.0%8.9%38.1%Austria
1,47019.3%18.4%38.3%RoE
1,32331.8%9.7%49.4%Germany
1,18234.3%11.2%28.4%France
1,67812.1%17.9%48.9%Italy
TotalPersonal
Accident/
HealthMotor(1)
(Euro m)
(1) Including fleets
IV. BACK UP
Assicurazioni Generali Group – 1Q 2011 results
27Life & health new business: APE
(Euro m) APE Annual Premiums Single Premiums
1Q2010 1Q2011Like for like
�% 1Q2010 1Q2011Like for like
�% 1Q2010 1Q2011Like for like
�%
Italy 466 428 -8.2% 254 268 +5.7% 2,127 1,599 -24.8%
Germany 266 256 -3.8% 226 197 -12.9% 403 592 +46.9%
France 413 294 -28.8% 84 79 -6.2% 3,290 2,153 -34.6%
CEE 40 40 -0.7% 34 34 -1.8% 60 61 5.6%
RoE 221 174 -21.6% 105 121 +13.2% 1,159 536 -53.7%
Austria 28 45 +56.8% 22 35 +60.9% 67 96 +43.4%
Spain 29 32 +11.8% 16 16 +1.3% 131 163 +24.7%
Switzerland 19 17 -15.3% 17 16 -10.2% 21 10 -55.9%
Ireland 74 14 -80.8% 6 3 -56.5% 675 114 -83.0%
RoW 125 118 -4.7% 94 96 +2.6% 309 224 -26.9%
Total 1,532 1,311 -14.5% 797 794 -0.5% 7,347 5,165 -29.7%
IV. BACK UP
Assicurazioni Generali Group – 1Q 2011 results
28Life net inflows by country
IV. BACK UP
-80.3%139707Ireland
Of which:
+70.3%(31)(103)Spain
+117.5%12758Austria
-57.4%58119Switzerland
-54.0%4891,062RoE
-27.3%409536RoW
-54.3%
-13.1%
-8.9%
-75.9%
-82.3%
Like for like ∆
2,8196,111TOTAL
116129CEE
1,0951,203Germany
5542,298France
157883Italy
1Q111Q10Country
Assicurazioni Generali Group – 1Q 2011 results
29
Loss
ratio
Expense
ratio
Life – Expense ratio (%) P&C – Combined ratio (%)
Total – Expense ratio (%)
68.370.2
27.8 27.8
14.2 16.0
9.3 10.9
1Q111Q10
1Q111Q10
1Q111Q10
98.0% 96.1%
Ratios
IV. BACK UP
Assicurazioni Generali Group – 1Q 2011 results
30Ratios by country
18.7
18.5
87.1
87.6
30.0
32.6
57.2
55.0
CEE
5.6
8.3
99.0
98.2
27.1
27.0
71.9
71.2
FRA
10.920.112.14.512.49.71Q11
9.318.612.35.114.38.41Q10
Life expense ratios by country (%)
Combined ratio
Expense ratio
Loss ratio
98.0
96.1
27.8
27.8
70.2
68.3
Consolidated
93.8
97.4
22.6
25.9
71.2
71.5
SWI
97.3
96.6
31.2
30.9
66.0
65.6
AUT
99.0
92.4
25.9
26.5
73.1
65.9
SPAGER
97.6
96.2
21.8
21.0
75.8
75.2
99.51Q10
95.31Q11
28.71Q10
28.31Q11
1Q10
1Q11
70.8
67.0
ITAP&C ratios by
country (%)
IV. BACK UP
Assicurazioni Generali Group – 1Q 2011 results
31Combined ratio reconciliation
184.792.2Technical resultA-B-C-D
16.710.0Other technical itemsD
1Q111Q10
98.0
27.8
70.2
1,405.7
301.1
14.8
315.9
1,104.6
3,544.6
5,052 .5
96.1Combined ratio(B+C)/A
27.8Expense ratioC/A
68.3Loss ratioB/A
1,435.7Total acquisition and administration costsC
307.5Insurance activity related consolidated administration costs
16.8Non insurance activity related administration costs(1)
324.3Consolidated administration costs
1,128.2Consolidated acquisition costs
3,527.8Consolidated net claimsB
5,165.0Net earned premiums (net of consolidation adjustments)A
(1) Administration expenses related to service companies, real estate and other companies not belonging to P&C segment
(Euro m)
IV. BACK UP
Assicurazioni Generali Group – 1Q 2011 results
32Operating result by country
P&C operating result by market (Euro m)Life operating result by market (Euro m)
-53.0%4188RoW
+15.2%128111RoE
Of which:
-20.0%103129Germany
+51.5%196130France
+36.2%1914Austria
-0.7%5859CEE
881
42
28
354
1Q11
+46.9%28Switzerland
+1.7%866Total
+3.3%27Spain
+1.2%350Italy
�1Q10
-26.9%1419RoW
+127.7%7131RoE
Of which:
+173.6%5520Germany
+19.2%2218Austria
-13.2%7688CEE
393
10
41
70
106
1Q11
-32.0%14Switzerland
+26.0%312Total
+78.7%23Spain
+9.9%64France
+18.7%90Italy
�1Q10
IV. BACK UP
Assicurazioni Generali Group – 1Q 2011 results
33Reclassified P&L account
(7)(4)Non-operating income from other financial instruments
(394)758Of which net income from fin. assets and liabilities where the risk is borne by the policyholders
(294)1,524Operating income from financial instruments at fair value through profit or loss
015Result from discontinued operations (Intesa Vita)
(163)(193)Non-operating holding expenses
527
(99)
625
(295)
905
(105)
(8)
(185)
28
(273)
(106)
(67)
3,013
214
(2,914)
(18,286)
17,800
1,178
1Q10
616Result of the period
(87)Result of the period attributable to minority interests
703Consolidated result of the period
(330)Income taxes
1,032Earnings before taxes
(53)Net other non-operating expenses
(3)Other non-operating holding expenses
(160)Interest expenses on financial debt
0Non-operating income from financial instruments at fair value through profit or loss
(223)Non-operating result
(126)Net other operating expenses
(74)Operating holding expenses
3,326Operating income from other financial instruments
241Net fee and commission income and net income from financial service activities
(2,969)Acquisition and administration costs
(15,311)Net insurance benefits and claims
16,463Net earned premiums
1,256Operating result
1Q11
Total(Euro m)
IV. BACK UP
Assicurazioni Generali Group – 1Q 2011 results
34
28--0280Non-operating income from fin. instr.at fair value through profit or loss
(1,232)----(1,232)of which var. of provisions related to unit linked business
758----758of which net income from fin.assets and liabilities where the risk is borne by the policyholders
1,524--36141,475Operating income from fin. Instruments at fair value through profit or loss
3,013(7)-802542,686Operating income from other fin. Instruments
(260)
-
(193)
-
(193)
-
(67)
-
-
-
-
(67)
Unallocated holding expenses
(193)----Non-operating holding expenses
(67)----Operating holding expenses
905
(105)
(4)
(273)
(106)
214
(2,914)
(18,286)
17,800
1,178
Total
(31)
-
-
-
-
(24)
-
-
-
(31)
Consolidation adjustments
84
(14)
0
(14)
(20)
209
(207)
0
0
98
Financial(1)Non life
849
(34)
18
(17)
(34)
29
(1,297)
(14,741)
12,748
866
262Earnings before taxes
(57)Net other non-operating expenses
(21)Non-operating income from other fin.instr.
(50)Non-operating result
(53)Net other operating expenses
0.0Net fee and commission income and net income from financial service activities
(1,410)Acquisition and administration costs
(3,545)Net insurance benefits and claims
5,053Net earned premiums
312Operating result
Life(Euro m)
Reclassified P&L account by segment – 1Q 2010
IV. BACK UP
(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report
Assicurazioni Generali Group – 1Q 2011 results
35
0---00Non-operating income from fin. instr.at fair value through profit or loss
42----42of which var. of provisions related to unit linked business
(394)----(394)of which net income from fin.assets and liabilities where the risk is borne by the policyholders
(294)--397(340)Operating income from fin. Instruments at fair value through profit or loss
3,326(13)-802563,003Operating income from other fin. Instruments
(237)
-
(163)
-
(163)
-
(74)
-
-
-
-
(74)
Unallocated holding expenses
(163)----Non-operating holding expenses
(74)----Operating holding expenses
1,032
(53)
(7)
(223)
(126)
241
(2,969)
(15,311)
16,463
1,256
Total
(59)
-
-
-
(4)
(28)
-
(14)
-
(59)
Consolidation adjustments
107
(8)
1
(8)
(11)
233
(226)
0
0
115
Financial(1)Non life
847
(23)
(12)
(34)
(44)
36
(1,303)
(11,769)
11,298
881
375Earnings before taxes
(23)Net other non-operating expenses
4Non-operating income from other fin.instr.
(18)Non-operating result
(67)Net other operating expenses
0.0Net fee and commission income and net income from financial service activities
(1,440)Acquisition and administration costs
(3,528)Net insurance benefits and claims
5,165Net earned premiums
393Operating result
Life(Euro m)
Reclassified P&L account by segment – 1Q 2011
IV. BACK UP
(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report
Assicurazioni Generali Group – 1Q 2011 results
36
324.2
50.2
100.5
1Q11 Assets Under Management
Total
Euro 474.9 bn
Fixed income
instruments
79.3%
Other
3.7%
Real Estate
4.9%
Equity
8.4%
Available for sale
59.2%
Loans
23.8%
Real Estate
4.2%
Group
participations
0.8%
Held to maturity
1.3%Fin. Instr. at fair
value thr. P&L
7.1%
Unit Linked
Third parties AUM
“Own Investments”(1)
IV. BACK UP
Esposizioni nette a
governativi di
Grecia, Spagna,
Portogallo e Irlanda
(1) For the definitions refer to the related section within the backup
Cash & equival.
3.6%
Cash & equival.
3.6%
Assicurazioni Generali Group – 1Q 2011 results
37Investment yields(1)
0.2%
0.2%
0.4%
0.5%
0.5%
0.5%
0.3%
0.3%
0.6%
1Q11
0.5%
0.5%
0.4%
0.1%
0.1%
0.4%
0.8%
0.8%
0.5%
1Q10
Other
0.5%
1.1%
1.0%
1.0%
0.9%
1.0%
0.5%
1.2%
1.0%
1Q11
2.0%
1.3%
1.0%
1.7%
1.0%
1.0%
2.1%
1.3%
1.0%
1Q10
Total
1.7%1.4%1.6%1.6%1.1%1.3%Total P&L
1.8%1.4%1.1%0.6%0.9%1.0%Total P&L
1.6%1.4%1.5%1.8%1.1%1.4%Total P&L
Investment
properties
EquitiesBonds and Loans
TOTAL
2.0%
2.0%
1.9%
2.1%
2.1%
2.0%
1Q11
1.4%1.4%2.1%0.3%2.2%Comprehensive
LIFE
1.4%
1.9%
1.3%
2.2%
1.8%
1Q10
1.8%
0.2%
0.6%
0.3%
0.1%
1Q10
NON LIFE
0.3%1.1%1.1%Current
3.2%0.7%2.3%Comprehensive
0.4%0.9%1.0%Current
1.8%0.3%2.2%Comprehensive
0.2%1.1%1.1%Current
1Q111Q111Q10% return
(1) For the definitions refer to the related section within the backup
IV. BACK UP
Assicurazioni Generali Group – 1Q 2011 results
38Total comprehensive income(1)
270
(1,031)
1,308
(644)
1,033
(245)
794
4591,916
(178)
(1,010)
181
(505)
1Q114Q103Q101Q10 2Q104Q093Q092Q091Q094Q083Q082Q081Q08
(Euro m)
(1) For the definitions refer to the related section within the backup
270
1Q11
1,452
FY10
2,096
9M10
1,308
1Q10
1,0632,9902,532616(178)(2,365)(1,354)(1,536)(1,031)
1H10FY099M091H091Q09FY089M081H081Q08
+3,000 m
-3,000 m
IV. BACK UP
Assicurazioni Generali Group – 1Q 2011 results
39
IV. Backup
P&L and Balance Sheet
Definitions
Assicurazioni Generali Group – 1Q 2011 results
40Definitions: P&L and balance sheet (1/2)
IV. BACK UP
Operating result of life, P&C and financial segments, before holding expenses and consolidation adjustmentsOperating Result
Premiums inflows in the period less benefits paid to the policyholders. It does not include revaluation of
mathematical reserves
Life Net Inflows
calculated considering equivalent exchange rates and scope of consolidationLike for Like changes
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
Life Operating Result
is defined as new business annualised regular premiums plus 10% of single premiums.Annual Premium
Equivalent (APE)
Assicurazioni Generali Group – 1Q 2011 results
41
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.”
Total Operating Result
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 Comprehensive
Income
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
P&C Operating Result
does not include unit/index linked investments and consist of the following asset class (*):
i) Fixed income instruments include quoted and unquoted bonds, loans including deposits under reinsurance business
accepted, term deposits with credit institutions;
ii) Equity-like instruments include 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 include 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. They are net of consolidation adjustments.
Own Investments
Definitions: P&L and balance sheet (2/2)
IV. BACK UP
Assicurazioni Generali Group – 1Q 2011 results
42What’s next
August 5, 2011 - 1H 2011 Results
November 11, 2011 - 9M 2011 Results
Assicurazioni Generali Group – 1Q 2011 results
43Investor Relations Team
Paola Buratti (Tel.: +39-040-671157)
Head of Investor Relations
Email: [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 Events
Email: [email protected]
Assicurazioni Generali
P.za Duca degli Abruzzi 2
34132 Trieste, Italy
Fax: +39 040 671338
e-mail: [email protected]
www.generali.com
Assicurazioni Generali Group – 1Q 2011 results
44Disclaimer
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 13, 2011
Generali Group
1Q 2011 Results