1. Generali Group
2011 Results
Milan, March xxx, 2010
March 21, 2012
March 2006

2. Agenda 2
I. FY 2011 results overview Page 3
Giovanni Perissinotto - Group CEO
II. Insurance operations Page 8
Sergio Balbinot - Managing Director
III. Group financials Page 12
Raffaele Agrusti - CFO
IV. Backup Page 36
Assicurazioni Generali Group – FY 2011 results

3. Agenda 3
I. FY 2011 results overview
Giovanni Perissinotto - Group CEO
Assicurazioni Generali Group – FY 2011 results

4. I. FY 2011 RESULTS OVERVIEW
2011: at the bottom of the crisis 4
Life operating result (Euro m) P&C operating result (Euro m)
-16.0% +38.3%
Large impairments on Strong P&C
3,026 Greek government operating result
2,542
bonds affecting Life driven by improved
operating result 1,561 technical profitability
1,128
Top market Life net Combined ratio at
inflows (Euro 5.8 bn), 96.5%; almost
despite a difficult reached 96% mid
FY10 FY11 environment FY10 FY11 term target
Financial services operating result (Euro m) Net result (Euro m)
-3.3% -49.7%
Resilient financial Net result strongly
services operating 1,702 affected by
result impairments on
856 Greek government
354 Third parties AuM bonds, Telco and
342
increase (+3.4%)(1) equity portfolio
during 2011
FY10 FY11 FY10 FY11
(1) On like for like basis
Assicurazioni Generali Group – FY 2011 results

5. I. FY 2011 RESULTS OVERVIEW
Restoring capital adequacy 5
Solvency ratios recovery during first months of 2012 mainly thanks to narrowing spreads on
Italian government debt
Regulatory solvency I ratio (%) Economic solvency ratio (%)
160%
132% 141%
132% 126% 124%
118% 117%
2010 9M11 2011(1) March 01 2010 9M11 2011 March 01
2012 2012
(1) Calculation based on new ISVAP’s rule
Assicurazioni Generali Group – FY 2011 results

6. I. FY 2011 RESULTS OVERVIEW
2011 proposed cash dividend 6
Cash dividend per share (Euro)
0.90
0.75
0.54
0.43 0.45
0.28 0.33 0.35
(1) 0.20
0.15
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Payout ratio
41.5% 41.7% 39.7% 41.8% 41.6% 41.1%
35.9% 36.4%
24.6%
(1) 2008 dividend included also Euro 0.63=dividend in shares, corresponding to 1/25 of the share, at the official price of 21 May 2009 (dividend payment date), leading to a total
dividend per share of Euro 0.78
Assicurazioni Generali Group – FY 2011 results

7. I. FY 2012 RESULTS OVERVIEW
Outlook on operating result 7
(Euro bn)
Outlook 2011
Min. Max. Actual Life and total
operating result
Life 2.7 3.2 2.5 affected by additional
P&C 1.3 1.7 1.6 impairment on Greek Mid term
bonds in the last part
Total 4.0 4.7 3.9
of the year
operating result
ambition
Outlook 2012
> Euro 5 bn
Min. Max.
Life 2.4 2.8 10% average growth
P&C 1.5 1.9 on like for like
Total 3.9 4.5
Assicurazioni Generali Group – FY 2011 results

8. Agenda 8
II. Insurance operations
Sergio Balbinot - Managing Director
Assicurazioni Generali Group – FY 2011 results

9. II. INSURANCE OPERATIONS
Main industrial results 9
Life P&C
GWP(1) GWP
(Euro bn) 51.1 46.4 (Euro bn)
22.1 22.8
FY10 FY11 FY10 FY11
Net Inflows Loss ratio
(Euro bn) (%)
16.1 71.3 69.0
5.8
FY10 FY11 FY10 FY11
NBM Combined ratio
(%) (%) 98.8
20.4 96.5
19.7
FY10 FY11 FY10 FY11
(1) Including investment contracts
Assicurazioni Generali Group – FY 2011 results

10. II. INSURANCE OPERATIONS
Strategic overview: focus on core European markets 10
Italy Germany
Life Life
Single premiums drop (APE -20.0%) but NBM Market outperformance in a tough NBM
positive annual premiums performance environment:
(APE +7.7%) Pure Life: -2.2% vs. mkt -4.8%
More favourable product mix drives Strong Net Inflows: Euro 3,433 m
Net Inflows Net Inflows
NBM increase high performance multichannel
Confirmed positive Life net inflows: distribution
Euro 1,085 m
Non Life Premiums Non Life Premiums
Motor profitability improvement: Confirmed market outperformance:
GWP +3.4% CoR -4.0%pts better than the market
Current year loss ratio -4.7%pts Good GWP development:
Strong performance of COR Motor (+1.2%) and Non-Motor (+2.7%) COR
Non-Motor retail business: GWP +3.2%
Operational efficiency Operational efficiency
Strict cost management: stable administration Further general expenses reduction: Euro -11 m
expense ratio
Assicurazioni Generali Group – FY 2011 results

11. II. INSURANCE OPERATIONS
Strategic overview: focus on core European markets 11
France CEE
Life Life
On-going product mix improvement: NBM NBM
UL share at 17%(1) (mkt 14%);
APE: Czech Republic +2.1%,
Individual Protection +4%;
Hungary -0.3%
Individual Pensions +9%
NBM among highest in the market: NBM among the highest in the
Net inflows area: 35.8% Net Inflows
13.7%
Leadership via Internet
(> Euro 1 bn) and IFAs
Non Life Premiums Non Life Premiums
Tariffs increases: Net loss ratio among the lowest in the
Motor >5% market: 54.5%
Household +10% MTPL initiatives and innovations in
COR COR
Health +6% Ceska, selective underwriting approach
Corporate + 5% for fleets in Slovakia and Czech
Republic
Operational efficiency Operational efficiency
Claims factory set up and industrialization complete; General expense reduction (4% in Ceska)
enlarged network of external experts (Non Life) Strong focus on claims fraud detection
Reduction in Non Life acquisition and administration
expense ratios
(1) UL share on individual savings
Assicurazioni Generali Group – FY 2011 results

12. Agenda 12
III. Group Financials
Raffaele Agrusti - CFO
Profit & loss review
Life, P&C and financial segment profitability
Balance sheet and capital
Assicurazioni Generali Group – FY 2011 results

13. III. GROUP FINANCIALS
Revenue development by segment 13
(Euro m) Gross written premiums (Euro m)
∆ like
FY10 FY11 ∆ historical -5.5%(3)
for like
Gross written
73,188 69,159 -5.5% -5.5%
premiums
Life(1) 51,098 46,394 -9.2% -9.3% FY10 FY11
Life APE (Euro m)
P&C 22,090 22,765 +3.1% +3.2% -9.0%(3)
Life APE(2) 5,333 4,787 -10.2% -9.0%
FY10 FY11
(1) Including investment contracts for Euro 3,187 m in FY11
(2) For the definitions refer to the related section in the backup
(3) On like for like basis
Assicurazioni Generali Group – FY 2011 results

14. III. GROUP FINANCIALS
Operating result by segment 14
FY11 total operating result (Euro m)
Net impact from impairments of:
2,542 •Greek gov. bonds: ~Euro 378 m(1)
Life •Telco: ~Euro 30 m
operating result 3,026 -16.0%
P&C 1,561
operating result 1,128 +38.3%
Financial services 342
operating result -3.4%
354
Operating holding -294
expenses
-2.0%
-288
Consolidation -222
adjustments
-55.6%
-143
Total 3,928 -3.7%
operating result 4,077
FY11
FY10
(1) For details, please see slide n. 63 in the back up
Assicurazioni Generali Group – FY 2011 results

15. III. GROUP FINANCIALS
Focus on non operating result 15
(Euro m) Non operating investment income (Euro m)
Net impact from impairments of:
•Greek gov. bonds: ~Euro 309 m(2)
FY10 FY11 6 •Telco: ~Euro 186 m
(300)
Non operating
6 (941) n.m.
investment income (575)
(71) (941)
FY10 FY11
(1)
Non operating
(726) (680) +6.4%
holding expenses
∆ Euro m
Net Net Fair
Net other realised impair- Value thr.
Non operating (479) (392) +18.2% gains ments P&L
expenses
FY 11 180 (1,087) (34)
Total FY 10 480 (512) 37
Non operating (1,200) (2,013) -67.8%
result ∆% -62.5% +112.3% n.m.
(1) Including interest expenses on financial debt
(2) For details, please see slide n. 63 in the back up
Assicurazioni Generali Group – FY 2011 results

16. III. GROUP FINANCIALS
From operating result to net result 16
(Euro m) FY10 FY11 Net income (Euro m)
Total operating result 4,077 3,928 -3.7% Impact from impairments of:
•Greek gov. bonds: ~Euro 472 m(1)
•Telco: ~Euro 307 m
• AFS equities: ~Euro 239 m
Non operating result (1,200) (2,013) -67.8%
-49.7%
Consolidated result before 2,877 1,914 -33.5%
taxes and minorities
1,702
Income taxes (909) (762) +16.2%
856
Result for discontinued 51 0 n.m.
operations (Intesa Vita)
Minorities (316) (297) +6.0%
FY10 FY11
Net result 1,702 856 -49.7%
(1) For details, please see slides n. 63 in the back up
Assicurazioni Generali Group – FY 2011 results

17. Agenda 17
III. Group Financials
Profit & loss review
Life, P&C and financial segment profitability
Balance sheet and capital
Assicurazioni Generali Group – FY 2011 results

18. III. GROUP FINANCIALS
Life business development 18
Life gross written premiums (Euro m) Life net inflows by country(2) (Euro m)
-9.3%(1) Country FY10 FY11
Italy 1,790 1,085
51,098 46,394
France 4,444 (2,061)
Germany 4,923 3,433
CEE 534 475
FY10 FY11
RoE 2,823 1,473
RoW 1,619 1,441
TOTAL 16,133 5,846
(1) On like for like basis
(2) For the definitions refer to the related section in the backup
Assicurazioni Generali Group – FY 2011 results

19. III. GROUP FINANCIALS
Life profitability - Operating result 19
Life operating profitability affected by financial environment
Life Operating Result by driver(1)
FY10 FY11 FY10 3,026
(Euro m)
Technical Margin 5,996 6,225 +3.8% Tech.M 229
Investment Result 2,382 1,715 -28.0% Inv.R (667)
Expenses (5,352) (5,398) -0.9% Exp. (46)
Operating Result 3,026 2,542 -16.0% FY11 2,542
0.93% 0.97%
0.89%
Life operating 0.80%
0.68%
ratio on 0.97% 0.80%
Investments
FY07 FY08 FY09 FY10 FY11
(1) For the definitions refer to the related section in the backup
Assicurazioni Generali Group – FY 2011 results

20. III. GROUP FINANCIALS
Life net technical provisions(1) 20
(Euro bn) (Euro bn)
+5.3% CAGR +1.0%
313.3 316.6
286.4 316.6
257.4 261.4 313.3 5.8 4.8
(6.2) (1.1)
Life net Net Loadings, risk Policyh. Exchange Life net
FY07 FY08 FY09 FY10 FY11 technical inflows and surrender share of rates technical
provisions result invest. and other provisions
FY10 (to P&L) result FY11
313.3 5.9 316.6 44.6 (38.8)
(19.1) Surrenders
(2.7)
(19.7) 5.8
Cash in Cash out Net inflows
FY10 Traditional Unit FY11
Linked Ratios on life net technical provisions (average of the year) of:
FY 2011 258.3 58.3 Net inflows Surrenders
FY 2010 252.4 61.0 FY 2011 1.9% 6.2%
∆% +2.3% -4.4% FY 2010 5.4% 4.6%
(1) Life net technical provisions including investment contracts and excluding Intesa Vita; starting from 9M 2011 Israeli participating portfolio has been reclassified in unit-
linked business. Comparative figures have been restated accordingly.
Assicurazioni Generali Group – FY 2011 results

21. III. GROUP FINANCIALS
Life investment strategy and yields(1) 21
Life segment own investments(1) (%)
Reduced cross-border exposure to peripheral
Euro 258.7 bn Euro 254.6 bn
European government bonds
2 .7 % 2 .4 % Preference for covered bonds within corporate
2 .7 % 6 .8 %
3 .3 % bonds segment
7 .3 % 3 .9 %
5 .3 %
Other Further gradual strategic increase of real estate
7 .5 %
8 .6 %
exposure
Cash & cash
equivalent Tactical increase of liquidity buffer to face market
3 2 .8 % Real estate volatility and to catch investment opportunities
3 3 .5 %
Equity Current Fixed Equity Real
return(1) income Estate(2)
Other fixed inco me
Co rpo rate bo nds
4 3 .7 %
3 9 .6 % FY10 FY11 FY10 FY11 FY10 FY11
Go vernment
bo nds
Euro m 9,483 9,736 617 628 603 696
FY10 FY11 % 4.4 4.5 3.2 3.8 7.3 7.3
(1) For the definitions refer to the related section in the backup; starting from 9M 2011 Israeli participating portfolio has been reclassified in unit-linked business.
Comparative figures have been restated accordingly.
(2) Real estate current returns are gross of related expenses
Assicurazioni Generali Group – FY 2011 results

22. III. GROUP FINANCIALS
Life new business value and profitability 22
APE slowdown (-9.0%) driven by single premiums drop (-24.8% vs. high 2010 production), partly offset
by positive annual premiums performance (+2.7%)
Solid NBM (20.4%) thanks to improved product/business mix and rigorous pricing
NBV resilient at Euro 976 m
(Euro m) APE Margins on APE NBV
Historical Like for Historical Like for
FY10 FY11 FY10 FY11 ∆ %pts FY10 FY11
like like
Italy 1,766 1,715 -2.9% -2.9% 18.4% 21.8% +3.3% 326 374 +14.7% +14.8%
France 1,172 939 -19.8% -19.8% 12.5% 13.7% +1.2% 146 128 -12.4% -12.4%
Germany 976 908 -7.0% -7.0% 17.7% 18.3% +0.6% 173 166 -3.9% -3.9%
CEE 172 147 -14.5% -8.9% 32.3% 35.8% +3.4% 56 52 -5.5% +0.0%
RoE 792 657 -17.1% -17.4% 24.9% 20.4% -4.5% 197 134 -32.1% -32.5%
RoW 455 421 -7.4% +7.0% 33.5% 28.8% -4.7% 153 121 -20.4% -11.9%
Total 5,333 4,787 -10.2% -9.0% 19.7% 20.4% +0.7% 1,050 976 -7.1% -5.6%
Assicurazioni Generali Group – FY 2011 results

23. III. GROUP FINANCIALS
Focus on new business guarantees 23
Stable average guarantee, with an increased weight of low-capital intensive types of guarantee(1)
Total APE by type of guarantee
YE 2010
NIL At maturity Eurozone Average Guarantee(2): 1.5%
29% 21%
Yearly basis: 1.4%
Matched Yearly basis =0
3% 14% At maturity: 1.9%
Yearly basis >0
34%
YE 2011
NIL At maturity Eurozone Average Guarantee(2): 1.5%
26% 22%
Yearly basis: 1.4%
Matched Yearly basis =0
3% 17% At maturity: 1.9%
Yearly basis >0
33%
(1) Excluding yearly basis guarantee > 0
(2) Weighted on APE
Assicurazioni Generali Group – FY 2011 results

24. III. GROUP FINANCIALS
P&C gross written premiums 24
Motor and Non Motor retail are driving the very positive premium development, boosted by selected
pricing policy
Motor is growing in Italy, France and Germany thanks to the increase in average portfolio premium
Commercial suffers from economic environment, mainly in Italy and Spain, while CEE over
performing
Historical Like for like P&C gross written premiums (Euro m)
(Euro m) FY10 FY11
Italy 7,440 7,501 +0.8% +0.8% +3.2%(1)
France 3,892 4,057 +4.2% +4.2% 22,090 22,765
Germany 2,998 3,062 +2.2% +2.2%
CEE 2,246 2,261 +0.7% +1.3%
RoE 4,203 4,330 +3.0% +1.6%
RoW 1,312 1,555 +18.6% +23.8% FY10 FY11
Total 22,090 22,765 +3.1% +3.2%
(1) On like for like basis
Assicurazioni Generali Group – FY 2011 results

25. III. GROUP FINANCIALS
P&C profitability - Operating result 25
Strong increase of P&C operating result driven by technical profitability
P&C Operating Result by driver(1)
(Euro m) FY10 FY11 FY10 1,128
Technical Result 184 669 +263.2% Tech.R 485
Investment Result 1,196 1,120 -6.3% Inv.R (76)
Other (252) (229) +9.2% Other 23
Operating Result 1,128 1,561 +38.3% FY11 1,561
P&C operating ratio on
3.07% 4.32%
Investments
(1) For the definitions refer to the related section in the backup
Assicurazioni Generali Group – FY 2011 results

26. III. GROUP FINANCIALS
P&C profitability - Net combined ratio (1/2) 26
Combined ratio (%) Combined ratio by country (%)
-2.3%pts.
FY10 FY11 ∆
98.8 0.1
96.5
(2.3) Italy 99.6% 96.8% -2.8%pts.
27.5 27.6
France 101.3% 98.7% -2.6%pts.
Germany 95.2% 94.4% -0.8%pts.
69.0 CEE 93.2% 89.5% -3.7%pts.
71.3
RoE 99.3% 96.4% -2.9%pts.
FY10 Expense Loss FY11
ratio ratio RoW 101.6% 104.2% +2.6%pts.
Loss ratio Expense ratio
Total 98.8% 96.5% -2.3%pts.
Assicurazioni Generali Group – FY 2011 results

27. III. GROUP FINANCIALS
P&C profitability - Net combined ratio (2/2) 27
Loss ratio (%) Reserving ratio (%)
-2.3%pts -2.6%pts
71.3 -1.7 -1.0 +0.4 69.0
148.8% 146.2%
Current NAT Prior FY10 FY11
FY10 year(1) CAT years FY11
FY11 71.6 0.9 -3.5 69.0
FY10 73.3 1.9 -3.9 71.3
(1) Excluding natural catastrophes
Expense ratio (%)
+0.1%pts Remarkable improvement of current
27.5 27.6
year loss ratio driven by strict pricing
6.0 0.0 +0.1 6.0 and underwriting discipline in Motor,
especially in Italy
2011 nat cat impact more benign in the
Acq. costs
21.5 21.6 Group geographies than 2010
Adm. costs
Confirmed positive prior years
development and prudent reserving
FY10 ∆ Admin. ∆ Acq. FY11 policy
Assicurazioni Generali Group – FY 2011 results

28. III. GROUP FINANCIALS
P&C investment strategy and yields(1) 28
P&C segment own investments(1) (%)
Continuing gradual strategic de-risking of portfolios
Euro 36.4 bn Euro 35.0 bn
by reducing exposure to equity and real estate
2 .6 % 1.8 % Accurate selection of sovereign risk in the portfolio
8 .7 % 9 .9 % management
17 .5 %
Other Maintained strong current profitability despite
15 .7 %
challenging market conditions
Cash & cash
11.0 %
9 .2 % equivalent Focus on liquidity of assets
Real estate
8 .6 %
7 .3 %
Equity Current Fixed Equity Real
return(1) income Estate(2)
2 7 .3 % Other fixed inco me
2 6 .9 %
Co rpo rate bo nds
FY10 FY11 FY10 FY11 FY10 FY11
Go vernment
2 7 .6 % bo nds
2 5 .9 %
Euro m 846 887 118 104 533 497
FY10 FY11 % 3.8 3.9 2.6 2.8 8.7 8.6
(1) For the definitions refer to the related section in the backup; starting from 9M 2011 Israeli participating portfolio has been reclassified in unit-linked business.
Comparative figures have been restated accordingly.
(2) Real estate current returns are gross of related expenses
Assicurazioni Generali Group – FY 2011 results

29. III. GROUP FINANCIALS
Financial segment 29
Operating result (Euro m) Net fees and commissions (Euro m)
-3.4% -3.9%
894 859
354 342
FY10 FY11 FY10 FY11
Third party AUM(1) (Euro bn) Cost/income ratio (%)
+3.4%(2) +2.7%pts
93.0 88.2
70.5% 73.2%
FY10 FY11 FY10 FY11
(1) Including only third party AUM related to financial segment companies
(2) On like for like basis. On historical basis, the variation is -5.1%
Assicurazioni Generali Group – FY 2011 results

30. Agenda 30
III. Group Financials
Profit & loss review
Life, P&C and financial segment profitability
Balance sheet and capital
Assicurazioni Generali Group – FY 2011 results

31. III. GROUP FINANCIALS
Total expected cash flow generation 2011 31
(Euro bn)
Life Group total
Profit(1) 1.2
Var. Req
Capital (0.1) Free Cash Flow 1.9
Free Cash
Flow 1.0
P&C and Financial Holding exp.(3) (0.7)
Profit(2) 1.0
Var. Req
(0.1) Free Cash Flow
Capital 1.3
before dividend
Free Cash 0.9
Flow
(1) Expected profit based on EV calculations (see slide 89)
(2) P&C and Financial Segment Operating Result net of taxes and minorities
(3) Holding expenses (incl. int. on financial debt) net of taxes and minorities
Assicurazioni Generali Group – FY 2011 results

32. III. GROUP FINANCIALS
IFRS Shareholders’ equity roll forward 32
(Euro m)
-11.5%
17,490
856 58
15,486
(109)
(1,971) (699) (139)
Shareholders’ ∆ in AFS FY 2011 ∆ Currency ∆ Cash Flow Dividend Other Shareholders’
Equity FY10 Reserve Net Result Translation Hedge Equity FY11
Reserve Reserve
Change in AFS reserve (Euro m)
(184)
(659)
(1,218) (94) (2,156)
AFS Reserve Impact Equity Impact Bond Other AFS Reserve
FY10 Investments Investments FY11
Assicurazioni Generali Group – FY 2011 results

33. III. GROUP FINANCIALS
Solvency I according to Italian regulation 33
(Euro bn)
Required margin Available margin
132% Main drivers of change 117%
Available margin
Consolidated result: + 1.2
Proposed dividends(1): - 0.5
22.3 Financial markets and other elements: - 1.6
20.8
Cap on locally admitted unrealized - 0.5 17.8
16.9
gains on real estate(2):
Required Margin
Growth of life technical provisions and
financial sector capital requirements: + 0.9
FY10 FY11
(1) Proposed dividend for Shareholders: Euro 0.3 bn; proposed dividend for Minorities: Euro 0.2 bn
(2) The new rule allows the exclusion of AFS losses related to government bonds in the calculation of the cap on locally admitted unrealized gains on real estate
Assicurazioni Generali Group – FY 2011 results

34. III. GROUP FINANCIALS
Group Embedded Value roll-forward 34
(Euro m) Including:
4.5 bn due to spread widening and drop of stock market
3,576 2.4 bn due to the decrease in interest rates
26,968
22,431
(7,414)
(699)
Robust return on embedded value,
driven by positive combined ratio at
96.5% and Life NBV of Euro 976 m
EV FY 10 EV earnings Investment and Tax 2010 Cash Dividend EV FY 11
Variances
Return on Embedded Value Group Embedded Value
Group EV FY11
13.3% Normalised RoEV (1) -14.2% RoEV (1) 14.6€ Group EV per share
(1) For the definitions refer to the related section in the backup
Assicurazioni Generali Group – FY 2011 results

35. III. GROUP FINANCIALS
Economic Solvency 35
Economic Solvency Ratio based on Group Internal Model calibrated on 1year VAR at 99.95% confidence level
The ratio based on a 99.5% confidence level (consistent with a BBB rating) would be about 159%
Economic Solvency Ratio
(Euro bn) FY10 FY11
Sub.
33.6 Debt
ESR = 160%(1) ESR = 124%(2)(3)
29.0
23.2(3)
20.6
Group Group
AC AC
Group Group
RAC 99,5% RAC 99,5%
Conf. Level Conf. Level
Group Group
RAC 15.7 RAC 18.0
ESR 210% ESR 159%
Available Group Available Group
Capital Risk Capital Capital Risk Capital
(1) ESR FY10 = AC FY10 (net of dividend 2010 equal to 0.7bn) divided by Risk Capital FY10
(2) ESR FY11 = AC FY11 (net of dividend 2011 equal to 0.3bn) divided by Risk Capital FY11
(3) Preliminary figures
Assicurazioni Generali Group – FY 2011 results

36. Agenda 36
IV. Backup
P&L
Balance sheet
Life
Capital
Sustainability
Definitions
Assicurazioni Generali Group – FY 2011 results

37. Agenda 37
IV. Backup
P&L
Balance sheet
Life
Capital
Sustainability
Definitions
Assicurazioni Generali Group – FY 2011 results

38. IV. BACK UP
FY11 Total gross written premiums 38
Euro (m) Total gross written premiums Gross life written premiums(1) Gross P&C written premiums
Weight on Weight on Weight on
YoY consoli- YoY consoli- YoY consoli-
Country GWP % increase dated GWP % increase dated GWP % increase dated
(2) (2) (2)
Italy 20,212 -4.8% 29.2% 12,711 -7.9% 18.4% 7,501 +0.8% 10.8%
France 13,064 -14.5% 18.9% 9,007 -20.9% 13.0% 4,057 +4.2% 5.9%
Germany 16,597 -0.9% 24.0% 13,534 -1.6% 19.6% 3,062 +2.2% 4.4%
CEE 3,938 -2.0% 5.7% 1,678 -6.2% 2.4% 2,261 +1.3% 3.3%
RoE 9,916 -10.4% 14.3% 5,587 -18.0% 8.1% 4,330 +1.6% 6.3%
Of which:
Spain 2,426 +5.8% 3.5% 1,052 +14.3% 1.5% 1,374 +0.2% 2.0%
Austria 2,538 +1.1% 3.7% 1,194 +2.5% 1.7% 1,344 -0.1% 1.9%
Switzerland 1,760 +0.8% 2.5% 1,102 +0.5% 1.6% 658 +1.2% 1.0%
RoW 5,433 +11.2% 7.9% 3,877 +6.8% 5.6% 1,555 +23.8% 2.2%
Total 69,159 -5.5% 100.0% 46,394 -9.3% 67.1% 22,765 +3.2% 32.9%
(1) Including investment contracts
(2) On like for like basis with constant exchange rates
Assicurazioni Generali Group – FY 2011 results

39. IV. BACK UP
Life premiums by country & business line 39
Life FY11
Savings and Unit/index
(Euro m) protection linked Health Group Total
Italy 85.2% 2.0% 0.0% 12.8% 12,324
France 68.0% 14.3% 10.2% 7.5% 8,795
Germany 51.6% 24.0% 17.7% 6.6% 13,533
CEE 60.8% 26.7% 11.2% 1.3% 1,677
RoE 35.4% 46.1% 4.8% 13.7% 5,558
Of which:
Spain 65.0% 1.3% 0.0% 33.8% 1,051
Austria 57.0% 23.5% 19.6% 0.0% 1,177
Switzerland 24.7% 74.3% 0.8% 0.2% 1,102
RoW 28.8% 14.6% 4.8% 51.8% 3,114
Total life gross 60.8% 18.3% 8.7% 12.3% 45,002
direct premiums
Assicurazioni Generali Group – FY 2011 results

40. IV. BACK UP
P&C premiums by country & business line 40
P&C FY11
Accident/
(1)
(Euro m) Motor Health Personal Commercial Total
Italy 44.4% 17.9% 11.7% 26.1% 7,356
France 29.4% 12.6% 38.0% 20.0% 3,785
Germany 35.7% 15.4% 39.6% 9.2% 3,059
CEE 45.5% 13.9% 15.7% 24.9% 2,220
RoE 37.2% 15.6% 23.8% 23.4% 4,174
Of which:
Spain 27.5% 12.8% 28.9% 30.8% 1,338
Austria 39.7% 10.8% 23.5% 26.0% 1,325
Switzerland 48.1% 22.9% 28.5% 0.5% 656
RoW 58.1% 7.6% 3.7% 30.5% 1,499
Total P&C gross 40.3% 15.1% 22.2% 22.4% 22,092
direct premiums
(1) Including fleets
Assicurazioni Generali Group – FY 2011 results

41. IV. BACK UP
Ratios 41
Life – Expense ratio (%) P&C – Combined ratio (%)
98.8 96.5
Expense 27.5
ratio
27.6
11.6 Loss
10.4 ratio
71.3 69.0
FY10 FY11 FY10 FY11
Total – Expense ratio (%)
15.3 16.6
FY10 FY11
Assicurazioni Generali Group – FY 2011 results

42. IV. BACK UP
FY11 combined ratio reconciliation 42
(Euro m)
A Net earned premiums (net of consolidation adjustments) 20,662.5
B Consolidated net insurance benefits and claims 14,247.4
Consolidated acquisition costs 4,461.9
Consolidated administration costs 1,303.4
Non insurance related administration costs(1) 65.4
Insurance related consolidated administration costs 1,238.0
C Total acquisition and insurance related administration costs 5,699.9
B/A Loss ratio 69.0%
C/A Expense ratio 27.6%
(B+C)/A Combined ratio 96.5%
D Other technical items 45.8
A-B-C-D Technical result 669.4
(1) Administration expenses related to service companies, real estates and other companies not belonging to P&C segment
Assicurazioni Generali Group – FY 2011 results

43. IV. BACK UP
Ratios by country 43
(%) ITA FRA GER CEE RoE SPA AUT SWI RoW Consolidated
P&C Loss ratio
68.0 68.2 69.0
FY11 74.7 71.2 65.1 54.5 68.3 65.4 69.0
71.2 68.3 69.0
FY10 77.5 73.3 65.1 60.2 71.4 64.3 71.3
P&C Expense ratio
26.8 27.1 26.5
FY11 22.0 27.5 29.4 35.0 28.1 38.8 27.6
26.8 26.9 26.9
FY10 22.1 28.1 30.1 33.0 28.0 37.2 27.5
P&C Combined ratio
94.8 95.3 95.5
FY11 96.8 98.7 94.4 89.5 96.4 104.2 96.5
98.1 95.2 95.9
FY10 99.6 101.3 95.2 93.2 99.3 101.6 98.8
Life expense ratio by country
4.4 18.6 16.3
FY11 9.7 9.5 12.8 19.8 12.1 16.3 11.6
6.7 19.6 15.2
FY10 8.7 8.2 12.4 17.3 9.8 15.2 10.4
Assicurazioni Generali Group – FY 2011 results

44. IV. BACK UP
Focus on operating result 44
Operating result by country(1) Operating result breakdown(1) (Euro m)
(Euro m)
1,499
FY10 FY11 ∆
131
Italy 1,537 1,499 -2.5%
France 754 557 -26.2% 399
Germany 713 684 -4.1%
878
98
684
CEE 419 503 +20.1% 557 46
335
10 503
RoE 697 878 +26.0% 969 259 22 322
252
286 35
RoW 387 322 -16.8% 29
378 444
295 259
Operating result(1) 4,508 4,444 -1.4% 195
Op. holding expenses (288) (294) -2.0% Italy France Germany CEE RoE RoW
Consolidation Adj. (143) (222) -55.8%
Life P&C Financial
Total operating 4,077 3,928 -3.7%
result
(1) Operating result = operating result of life, P&C and financial segments, before holding expenses and consolidation adjustments
Assicurazioni Generali Group – FY 2011 results

45. IV. BACK UP
Life operating result 45
Life operating result (Euro m) Life Operating result by country (Euro m)
(Euro m)
FY10 FY11
-16.0% Italy 1,188 970 -18.4%
France 596 295 -50.5%
3,026
Germany 354 379 +6.9%
2,542
CEE 177 195 +10.3%
RoE 417 444 +6.5%
Of which:
Spain 110 114 +3.5%
Austria 64 61 -4.9%
Switzerland 128 116 -9.1%
RoW 293 259 -11.7%
FY10 FY11
Total 3,026 2,542 -16.0%
Assicurazioni Generali Group – FY 2011 results

46. IV. BACK UP
Life net inflows by country 46
Country FY10 FY11 Like for like ∆
Italy 1,790 1,085 -39.4%
France 4,444 (2,061) n.m.
Germany 4,923 3,433 -30.3%
CEE 534 475 -12.0%
RoE 2,823 1,473 -49.9%
Of which:
Spain (522) (253) +51.6%
Austria 163 171 +4.8%
Switzerland 545 549 +0.7%
RoW 1,619 1,441 -8.9%
TOTAL 16,133 5,846 -64.0%
Assicurazioni Generali Group – FY 2011 results

47. IV. BACK UP
P&C operating result 47
P&C operating result (Euro m) P&C Operating result by country (Euro m)
(Euro m)
FY10 FY11
+38.3% Italy 206 399 +94.4%
France 149 252 +69.1%
1,560
Germany 308 259 -15.8%
CEE 218 286 +30.9%
1,128
RoE 199 335 +68.4%
Of which:
Spain 105 139 +32.0%
Austria 102 107 +5.5%
Switzerland 46 51 +11.3%
FY11 RoW 48 28 +40.6%
FY10
Total 1,128 1,561 +38.3%
Assicurazioni Generali Group – FY 2011 results

48. IV. BACK UP
Other operating and non operating costs by segment 48
Life Non Life Financial
(Euro m) FY10 FY11 FY10 FY11 FY10 FY11
TOTAL NET OPERATING EXPENSES (74.6) (47.3) (288.7) (259.3) (28.7) (39.7)
Restructuring costs (26.2) (32.6) (63.0) (39.0) (19.8) (12.9)
Other net non operating expenses(1) (84.1) (132.2) (244.1) (123.4) (36.7) (52.1)
TOTAL NET NON OPERATING EXPENSES (110.3) (164.9) (307.2) (162.4) (56.5) (64.9)
(1) Other non operating expenses include mainly amortization of VOBA
Assicurazioni Generali Group – FY 2011 results

49. IV. BACK UP
Focus on impairments(1) 49
(Euro m) Life P&C Financial Total
FY10 FY11 FY10 FY11 FY10 FY11 FY10 FY11
Net impairments
Equity instruments 447 637 133 178 2 1 581 816
Fixed income 12 2,115 38 242 15 3 64 2,359
Real estate 20 16 (1) 8 - - 19 25
Other investments(2) 17 635 212 225 19 1 248 862
Total net impairments 496 3,403 381 653 35 6 913 4,062
Of which
Operating net
366 2,967 - - 35 6 401 2,975
impairments
Non operating net
130 436 381 653 - - 512 1,087
impairments
(1) Net of reverse impairments
(2) Including subsidiaries and associated companies, and receivables
Assicurazioni Generali Group – FY 2011 results

50. IV. BACK UP
Focus on realised gains(1) 50
(Euro m) Life P&C Financial Total
FY10 FY11 FY10 FY11 FY10 FY11 FY10 FY11
Net realized gains
Equity instruments 473 119 157 (15) 1 1 631 105
Fixed income 1,322 1,419 131 18 14 3 1,468 1,440
Real estate 90 178 141 151 - - 231 329
Other investments(2) 10 160 (16) 90 (2) 79 (9) 329
Total net realized gains 1,896 1,876 412 244 13 83 2,321 2,203
Of which
Operating net realized
1,839 2,019 - - 15 4 1,854 2,023
gains
Non operating net
57 (143) 412 244 (2) 79 467 180
realized gains
(1) Excluding financial instruments at fair value through profit and loss
(2) Including subsidiaries and associated companies, and receivables
Assicurazioni Generali Group – FY 2011 results

51. IV. BACK UP
Focus on non operating items: interest expenses on financial debt 51
Interest expenses on financial debt (Euro m) Total financial debt (Euro m)
704
646
59
12,272 12,218
(1)
645 646 10.9% 9.5%
FY10 FY11 53.0% 54.1%
Average cost & maturity of financial debt (%) 36.1% 36.5%
FY10 FY11
FY10 FY11
Average cost (%) 5.36% 5.37% Senior Sub/Hybrid Other
Average maturity (years) 6.87 5.88
(1) Net of interest expenses related to Euro 1,750 m senior bond repaid on 20/07/2010
Assicurazioni Generali Group – FY 2011 results

52. IV. BACK UP
Reclassified P&L account 52
(Euro m) Total
FY10 FY11
Total Operating result 4,077 3,928
Net earned premiums 65,727 62,739
Net insurance benefits and claims (67,720) (55,036)
Acquisition and administration costs (11,638) (11,807)
Net fee and commission income and net income from financial service activities 868 933
Operating income from other financial instruments 12,638 10,658
Operating income from financial instruments at fair value through profit or loss 4,880 (2,905)
of which net income from fin. assets and liabilities where the risk is borne by the policyholders 3,824 (3,158)
Operating holding expenses (288) (294)
Net other operating expenses (389) (360)
Non-operating result (1,200) (2,013)
Non-operating income from other financial instruments (32) (907)
Non-operating income from financial instruments at fair value through profit or loss 37 (34)
Non-operating holding expenses (726) (680)
Interest expenses on financial debt (704) (646)
Other non-operating holding expenses (22) (34)
Net other non-operating expenses (479) (392)
Earnings before taxes 2,877 1914
Income taxes (909) (762)
Result from discontinued operations (Intesa Vita) 51 -
Consolidated result of the period 2,018 1,153
Result of the period attributable to minority interests (316) (297)
Result of the period 1,702 856
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53. IV. BACK UP
Reclassified P&L account by segment - FY 2010 53
Unallocated holding Consolidation
(Euro m) Life Non life Financial(1) expenses adjustments Total
Total Operating result 3,026 1,128 354 (288) (143) 4,077
Net earned premiums 45,453 20,274 - - - 65,727
Net insurance benefits and claims (53,265) (14,451) - - (4) (67,720)
of which var. of provisions related to unit linked business (6,158) - - - - (6,158)
Acquisition and administration costs (5,137) (5,602) (900) - - (11,638)
Net fee and commission income and net income from
financial service activities 109 - 894 - (135) 868
Operating income from other fin. Instruments 11,212 1,152 280 - (6) 12,638
Operating income from fin. Instruments at fair value through
profit or loss 4,728 44 108 - - 4,880
of which net income from fin.assets and liabilities where the risk is
borne by the policyholders 3,824 - - - - 3,824
Operating holding expenses - - - (288) - (288)
Net other operating expenses (75) (289) (28) - 3 (389)
Non-operating result (183) (239) (59) (726) 7 (1,200)
Non-operating income from other fin.instr. (73) 31 (3) - 13 (32)
Non-operating income from fin. instr.at fair value through
profit or loss - 37 - - - 37
Non-operating holding expenses - - - (726) - (726)
Net other non-operating expenses (110) (307) (56) - (5) (479)
Earnings before taxes 2,843 889 295 (1,014) (136) 2,877
(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report
Assicurazioni Generali Group – FY 2011 results

54. IV. BACK UP
Reclassified P&L account by segment - FY 2011 54
Unallocated holding Consolidation
(Euro m) Life Non life Financial(1) expenses adjustments Total
Total Operating result 2,542 1,561 342 (294) (222) 3,928
Net earned premiums 42,076 20,662 - - - 62,739
Net insurance benefits and claims (40,770) (14,247) - - (19) (55,036)
of which var. of provisions related to unit linked business 2,132 - - - - 2,132
Acquisition and administration costs (5,176) (5,715) (915) - (1) (11,807)
Net fee and commission income and net income from
financial service activities 178 - 859 - (104) 933
Operating income from other fin. Instruments 9,336 1,080 328 - (85) 10,658
Operating income from fin. Instruments at fair value through
profit or loss (3,055) 41 109 - - (2,905)
of which net income from fin.assets and liabilities where the risk is
borne by the policyholders (3,158) - - - - (3,158)
Operating holding expenses - - - (294) - (294)
Net other operating expenses (47) (259) (40) - (14) (360)
Non-operating result (744) (606) 16 (680) - (2,013)
Non-operating income from other fin.instr. (579) (409) 81 - - (907)
Non-operating income from fin. instr.at fair value through
profit or loss - (34) - - - (34)
Non-operating holding expenses - - - (680) - (680)
Net other non-operating expenses (165) (162) (65) - - (392)
Earnings before taxes 1,798 955 357 (974) (222) 1,914
(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report
Assicurazioni Generali Group – FY 2011 results

55. IV. BACK UP
Focus on 4Q11 results 55
(Euro m)
4Q11/
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
4Q10
Life premiums(1) 14,214 12,137 10,921 13,826 12,340 11,503 10,543 12,009 -13.0%(2)
P&C premiums 6,650 5,128 4,780 5,532 6,792 5,219 4,931 5,823 +6.1%(2)
Total premiums 20,864 17,265 15,700 19,359 19,131 16,722 15,474 17,832 -7.6%(2)
Life operating
866 702 734 724 881 782 315 564 -22.2%
result
P&C operating
312 274 296 246 393 406 405 356 +44.7%
result
Financial
98 105 74 77 115 96 69 63 -17.9%
operating result
Other(3) (98) (123) (108) (103) (133) (131) (96) (156) -51.5%
Total operating
1,178 958 997 944 1,256 1,153 693 826 -12.5%
result
Net result 527 346 440 389 616 190 20 31 -92.0%
(1) Including investment contracts
(2) On like for like basis
(3) Including operating holding expenses and consolidation adjustments
Assicurazioni Generali Group – FY 2011 results

56. Agenda 56
IV. Backup
P&L
Balance sheet
Life
Capital
Sustainability
Definitions
Assicurazioni Generali Group – FY 2011 results

57. IV. BACK UP
Consolidated balance sheet 57
Assets Liabilities
(Euro bn) FY10 FY11 (Euro bn) FY10 FY11
Shareholders’ Equity
Intangible assets 10.7 10.4 (Group share) 17.5 15.5
Investments 364.3 346.7 Minority interests 2.6 2.6
Shareholders’ Equity 20.0 18.1
Cash 11.0 25.6
Operating debt 41.6 46.9
Other credits 11.5 11.3 Financial debt 12.3 12.2
Technical reserves 329.6 325.0
Tangible assets 3.8 4.9 Payables and other
provisions 9.1 9.0
Other assets (1) 21.2 24.2 Other liabilities 9.7 11.8
Total Liabilities and
Total Assets 422.4 423.1 Shareholders’ Equity 422.4 423.1
(1) Including reinsurance amounts of technical reserve, deferred tax assets, deferred acquisition costs and other assets
Assicurazioni Generali Group – FY 2011 results

58. IV. BACK UP
FY11 Assets Under Management 58
Total
Euro 466.6 bn Esposizioni nette a
governativi di
Third parties AUM Grecia, Spagna,
97.5 Portogallo e Irlanda
58.3 Unit Linked
Available for sale Loans Fixed income Other
56.5% 24.7% instruments 4.0%
Real Estate 77.6%
4.2% Real Estate
Group 4.9%
participations 310.8
0.6% Equity
Held to maturity 5.5%
Fin. Instr. at fair 1.7%
value thr. P&L Cash & equival. “Own Investments”(1) Cash & equival.
4.3% 7.9% 7.9%
(1) For the definitions refer to the related section in the backup
Assicurazioni Generali Group – FY 2011 results