Generali Group 2014 First Half Results

© Generali July 31, 2014 2014 First Half Results
GENERALI GROUP
2014 First Half Results
Please note that prior year’s figures have been restated throughout the whole presentation to reflect the new perimeter of the Group.
Net income, Shareholders’ Equity, Solvency I, Life Value KPIs, Embedded Value, Economic Solvency are not adjusted for disposed entities.
The like for like change of written premiums, life net inflows, APE and NBV is on equivalent terms (on equivalent exchange rates and consolidation area).

Agenda
2
- Business Update Page 3
Mario Greco – Group CEO
- 2014 First Half Group Financials Page 10
Alberto Minali – Group CFO
- Backup Page 33

Agenda
3
I. Business Update
Mario Greco – Group CEO

4
 All of the targets set out in the 2015 turnaround plan are either concluded or within sight: aiming to
achieve remaining targets as soon as practicable
 Our business now has solid foundations and is well positioned for growth: TechEx and OpEx initiatives
bearing fruit with new products and markets delivering profitable growth
 For the first time in many years we have a new normal for Generali: capital target reached,
transparency and cohesion across our businesses and enhanced profitability
The power of Discipline, Simplicity and Focus
Turning the page to a new normal for Generali
CEO – Business overview

5
The power of Discipline, Simplicity and Focus
A focus on profitability and cost savings
Solid and continuous
improvement in operating profit
Great strides towards cost
savings goals
Solid net result despite
detrimental one-off items
€2.5 bn
€2.3 bn
1H14
1H13
1H12
1H11
€2.2 bn
€2.2 bn
+9.5%
Group operating profit
Life segment
€1.6 bn
€1.5 bn
€1.6 bn
€1.6 bn
1H14
1H13
1H12
1H11
New
Business
Margin
+6.2
%pts.
P&C segment
€1.0 bn
€0.9 bn
€0.7 bn
€0.8 bn
1H14
1H13
1H12
1H11
Combined
Ratio
-1.8
%pts.
1H14/1H13
1H14/1H13
P&C Expense Ratio
Life Expense Ratio
Well on track to achieve €520 m cost
savings cumulatively (2013/14)
+4.8%
+14.8%
806 842
1,081 1,075
(€ m)
Net Result
Net income excluding
discontinued
operations, +12.5%
1H11 1H12 1H13 1H14
27.6 27.6 27.5
27.1
1H11 1H12 1H13 1H14
11.0 10.9
10.6
9.6
1H11 1H12 1H13 1H14

Operation
Closing
Date
Proceeds
(€ bn)
Exit
multiple
(historic)
Solvency 1
impact
Migdal 4Q12 0.7 17x +2%pts.
Banca Generali
(12% placement)
2Q13 0.2 12x +1%pts.
Generali USA
Life Re
4Q13 0.7 15x +1%pts.
Mexico 4Q13 0.6 18x +4%pts.
Fata 2Q 14 0.2 15.5x +1%pts.
BSI(1) By 1H15 1.2 n/m +9%pts
Cumulative
Total
3.7 +18%pts.
Completion of asset disposals a year ahead of schedule
Non-core asset disposal programme generated 18%pts of Solvency I capital
Disposal programme brings
multiple benefits
 Completion of disposal
programme has significantly
contributed to higher solvency
and debt reduction
 Together with the acquisition of
minority holdings the group is
simpler and more focus on the
business of insurance
 With completion of BSI,
Generali will have minimal
exposure to non-insurance
activities
(1) Subject to final adjustment

 Completion of disposal programme, retained earnings, and improved financial market conditions
result in target being met one year early
 Solvency I impact of the acquisition of GPH minorities (-7%pts) and the announced sale of BSI
(+9%pts)(1) expected in 3Q 2014 / 1H 2015 respectively
7
Balance sheet strength restored
Solvency I ratio at target, and at highest level for a decade
136%
118%
143%
123%
128%
132%
117%
145%
141%
152%
162%
FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 1Q14 1H14
Target 160%
Solvency I Ratio(%)

8
The power of discipline, simplicty and focus
Continued focus on delivering operational excellence and reducing costs and debt
Rapid delivery to complete remaining
targets
 Refinancing completed to 2016 with €60m
lower interest costs and overall debt
reduction of €1bn
 On track with delivery of additional €1bn
in cost savings
 Generali Deutschland squeeze out and
Fata disposal completed and Telco
demerged approved
 Issuance of first Cat Bond by the group for
European wind peril
 S&P rating affirmed at A-, after the group
demonstrated its ability to withstand
S&P’s extreme sovereign stress scenario
 Citylife restructuring completed after deal
reached with financing banks and Allianz
With our November investor day giving an
insight into the potential of our group as we
move to complete our 2015 vision
 A detailed look “under the bonnet” of our
core markets from:
 CEE, Luciano Cirinà
 Generali Italy, Philippe Donnet
 Generali France, Eric Lombard
 Generali Deutschland, Dietmar Meister
 And how each will help to deliver top
quartile returns for our shareholders

Our vision for Generali in 2015
 Superior customer acquisition
and retention; focus on retail
and affluent space
 Consistent technical excellence
and tight control
of costs
 Focused on core insurance
business, with greater
contribution from P&C
 Stronger capital position and
disciplined balance sheet
management
The mission is to deliver top quartile
shareholder returns and profitability

Agenda
2014 First Half Group Financials
10
- Profit & Loss and Balance Sheet Page 11
- Business review Page 19

Agenda
11
- Business review Page 19

 Operating Result: Good development thanks to all business segments
 Life: Increasing thanks to lower expenses and improved investment result. Strong increase in
new business and net inflows, especially unit linked
 P&C: Positive performance thanks to significantly higher technical result
 Net Result: Stable reflecting one-off effects from discontinued operations
 Solvency I: Significant improvement of Solvency capital position thanks to successful placement of
subordinated bond and financial market development
1H13 1H14 LFL D 2Q13 2Q14 LFL D
Operating result (€ m) 2,295 2,512 9.5% 1,040 1,253 +20.4%
Operating RoE 6.9% 7.3% +0.4%pts. 3.1% 3.6% +0.5%pts.
Net result (€ m) 1,081 1,075 -0.5% 478 415 -13.0%
EPS (€) 0.70 0.69 -1.5% 0.31 0.27 -13.9%
Net operating EPS (€) 0.76 0.84 +10.4% 0.34 0.43 +24.8%
Shareholders’ equity(1) 19,778 22,125 +11.9%
Solvency I(1) 141% 162% +21%pts
12
Key First Half 2014 financials at a glance
CFO – Profit & Loss
(1) Comparative data FY13

2,295
71 133
31 14 2,512
(32)
1H13 LIFE P&C FINANCIAL
SERVICES
HOLDING EXP. CONS.AD 1H14
13
Operating result by segment
1H14 1,551 1,033 226 (197) (101)
1H13 1,481 900 195 (165) (116)
D +4.8% +14.8% +15.8% +19.3% -12.3%
(€ m)
+9.5%

14
From operating result to net profit
1H14 2,512 (74) (409) (170) (636) (24) (124) 1,075
1H13 2,295 (23) (395) (185) (603) 128 (135) 1,081
D +9.5% n.m. +3.4% -8.3% +5.4% n.m. -7.7% -0.5%
2,512
(74)
(409)
(170)
(636) (24)
(124)
1,075
OPERATING
RESULT
NON OPER.
INVESTMENT
INCOME
NON OPER.
HOLDING
EXPENSES
NET OTHER
NON OPER.
EXPENSES
INCOME TAXES DISC.
OPERATIONS
MINORITIES NET RESULT
(€ m)
Including:
- € 383 m: Interest costs
Including:
- € 70 m: VOBA amortization
Including:
- € 113 m: impact from BSI
disposal
Net income excluding discontinued operations, +12.5%
Including:
- € 190 m: Ingosstrakh
impairment

19,778
2,420 1,075
22,125
(701) (447)
SHAREHOLDERS'
EQUITY FY13
Δ AFS RESERVE 1H 2014 NET
RESULTS
DIVIDEND OTHER SHAREHOLDERS
EQUITY 1H14
15
Shareholders’ equity
CFO – Balance Sheet
Change in AFS reserve (€ m)
Shareholders’ equity sensitivities (€ bn)
-1.2
2.8
-2.9
-1.8
Credit spread + 100 bps
Interest rate -100 bps
Interest rate +100 bps
Equities -30%
+11.9%
Shareholders’ equity rollforward (€ m)
2,501
2,338
158
4,921
(77)
AFS RESERVE FY13 IMPACT EQUITY
INVESTMENT
IMPACT BOND
INVESTMENTS
OTHER AFS RESERVE 1H14

16
Solvency I
CFO – Capital
+21%pts
157
154
177
144
151
162
Real estate -10%
Credit spread +
100bps
Interest rate -
100bps
Interest rate
+100bps
Equities -30%
Total ratio
30.06.2014
Solvency I ratio sensitivities (%)
Solvency I rollforward (%)
141% 7%pts. 5%pts
12%pts 162%
(2%pts.) (1%pts.)
SOLVENCY I FY13 REQUIRED
MARGIN GROWTH
M&A (1) CONSOLIDATED
RESULT
SUBORDINATED
DEBT
FINANCIAL
MARKETS AND
OTHER
SOLVENCY I 1H14
(2)
(1) Including disposal of Fata Danni and acquisition of the remaining minorities (4%) of GDH
(2) For interim closings, no accrued dividends are deducted from available margin
 Significant improvement of Solvency capital position driven by:
 result of the period
 successful placement of subordinated bond
 financial market development
 Impact of GPH (-7%pts.) to be booked in 3Q14 and BSI
(+9%pts.) expected to close by 1H15

28,830
1,789
28,873
(145)
(900) (701)
EV Official FY13 Change in Perimeter Normalised EV
earnings
Investment, Tax and
other Variances
Cash Dividend EV 1H14
17
Group embedded value rollforward
Balance sheet – Capitalisation & Leverage
Return on Embedded Value
RoEVNormalised RoEV
Group Embedded Value
Group EV per share
Group EV 1H14
12.5% 6.2% 18.6 €
Including
- € 1.7 bn: decrease in interest
rates (VIF and P&C liab)
+ € 0.7 bn: spread narrowing and
increase in stock market
Robust return on embedded
value, mainly driven by Life
NBV at € 651 m and a
positive combined ratio at
92.8%

184% 0%pts.
+9%pts.
187%
(7%pts.)
ESR FY13 Change in perimeter Change in AC Change in RAC ESR 1H14
18
Economic solvency
Balance sheet – Capitalisation & Leverage
Economic solvency rollforward (%)
 The increase in available capital is driven by the new placement of subordinated bond
 Good overall performance of financial markets support the increase of available capital
 Capital requirement increase due to asset allocation and lowered yield curve, partially mitigated by beneficial
effects of spread narrowing
Of which 5% attributable to new
subordinated bond issued

Agenda
19
- Business Review Page 19

(€ m) 1H13 1H14 LFL D 2Q13 2Q14 LFL D
Gross written premiums 23,115 24,192 +5.4% 11,256 12,131 +8.5%
Net inflows 4,935 5,926 +22.0% 2,125 3,037 +44.7%
Life operating result 1,481 1,551 +4.8% 700 772 +10.3%
Life operating ratio on
investments (bps)(1) 45 42 -3 26 26 0
APE 2,303 2,520 +8.6% 1,089 1,250 +12.6%
New Business Value 473 651 +43.0% 220 332 +52.3%
Margins on APE (%) 20.6% 25.8% +6.2%pts. +20.2% 26.5% +6.9%pts.
20
Life key financial indicators
CFO – Life Insurance
(1) Not annualized

1,481
35
154 1,551
(118)
1H13 TECHNICAL MARGIN INVESTMENT RESULT EXPENSES 1H14
21
Life Operating result by driver
1H14 2,692 1,146 (2,287)
1H13 2,809 1,112 (2,440)
D % -4.2% +3.1% -6.3%
 Improving thanks to increasing investment result and decreasing expense ratio
 Technical margin lower due to policyholder share of lower expenses, and lower risk
result
(€ m)
+4.8%

22
Life inflows and technical reserves(1)
(1) Including liabilities related to investment contracts
(€ m) 1H13 1H14
Italy 486 2,203
France 95 41
Germany 2,893 1,649
CEE 270 219
EMEA 846 1,575
Lat. Am. 155 120
Asia 161 82
International 29 36
TOTAL 4,935 5,926
 Sharp increase in net inflows (+ 22%)
- Notable improvement in Italy and EMEA
- Decrease in Germany due to contraction of cash-in
following planned reduction of single premiums
- Share of unit linked in total net inflows up from 30% to 53%
 Overall growth in reserves of 3.4% from end 2013 (of which
+7.8% increase in unit linked)
+3.4%
266.4
5.9 7.6 0.2
272.8
58.9 63.5
325.3 336.4
(2.7)
FY13
RESTATED
NET INFLOWS LOADINGS,
RISK &
SURRENDER
RESULT
POLICYH.
SHARE OF
INVEST.
RESULT
EXCHANGE
RATES &
OTHER
1H14
+7.8%
+ 2.4%
Unit linked Traditional

23
Life investment performance
43.3% 44.5%
34.6% 35.1%
8.1%
8.9%
4.7%
4.3%3.5%
3.3%3.8% 2.0%
1.9% 1.8%
FY13 1H14
Other
Cash & cash
equivalent
Real estate
Equity
Other fixed
income
Corporate bonds
Government
bonds
Life segment general account investments (%)
Euro 282.4 bn
Current
return(1)
Fixed income Equity
Real
Estate
Total
1H13 1H14 1H13 1H14 1H13 1H14 1H13 1H14
Euro m 4,453 4,676 311 316 284 274 5,324 5,407
% 1.94 1.82 2.52 2.43 2.90 2.75 1.94 1.84
Euro 304.0 bn
 Current return generally affected by reinvestment in a lower yield
environment
(1) Not annualized

 Good development of APE (+8.6%) with progressions for both annual (+5.9%) and single premiums
(+12.5%), boosted by strong unit linked production (+29.1%)
 NBM improves (+6.2%pts. on homogeneous basis) thanks to the more favourable economic assumptions
and to the sharp reduction of guarantees (from 1.22% at 1H13 to 0.96% at 1H14 in Euro area)
 Solid NBV at Euro 651 m (+43.0%)
24
Life new business analysis
(€ m) APE NBV Margin on APE (NBM)
1H13 1H14 LFL r 1H13 1H14 LFL r 1H13 1H14 LFL r
Italy 860 1,177 +36.9% 149 319 +115.2% 17.3% 27.1% +9.8%pts.
France 409 425 +3.8% 59 56 -4.7% 14.3% 13.1% -1.2%pts.
Germany 549 418 -28.0% 128 134 -1.0% 23.4% 32.1% +8.7%pts.
CEE 84 64 -12.2% 38 22 -20.3% 45.7% 34.8% -3.5%pts.
EMEA 315 363 +11.2% 77 110 +39.4% 24.6% 30.2% +6.1%pts.
Lat. Am & Asia 86 73 +9.8% 22 11 +94.4% 25.8% 14.5% +6.3%pts.
Total 2,303 2,520 +8.6% 473 651 +43.0% 20.6% 25.8% +6.2%pts.

25
P&C key financial Indicators
CFO – P&C Insurance
(€ m) 1H13 1H14 LFL D 2Q13 2Q14 LFL D
Gross written premiums, of which:
Primary Motor
Primary Non Motor
11,476
4,693
6,405
11,169
4,516
6,306
-0.7%
+0.1%
-0.9%
4,921
1,896
2,830
4,753
1,815
2,737
-1.2%
+0.2%
-2.5%
Combined ratio (%) 94.6% 92.8% -1.8%pts. 95.7% 92.9% -2.7%pts.
Nat Cat impact (%) 2.1% 1.3% -0.8%pts. 4.3% 2.0% -2.3%pts.
P&C operating result 900 1,033 +14.8% 402 517 +28.5%

900
130 0 4 1,033
1H13 TECHNICAL MARGIN INVESTMENT RESULT OTHER 1H14
26
P&C Operating result by driver
1H14 638 499 (104)
1H13 508 500 (108)
D % +25.5% -0.0% -3.3%
 Improving result reflecting better underlying underwriting margins
(€ m)
+14.8%

(€ m) 1H13 1H14 LFL r
Italy 3,160 3,032 -4.0%
France 1,545 1,416 -8.4%
Germany 2,070 2,130 +2.9%
CEE 1,025 989 +0.2%
EMEA 2,490 2,465 -0.9%
Lat Am 553 524 +27.1%
Asia 50 49 +1.1%
International 584 563 -3.6%
Total 11,476 11,169 -0.7%
27
P&C gross written premiums trends
Overall stable premium development:
 Decline in Italy primarily driven by Motor. Growth
in Personal and Commercial lines offset by lower
premiums in Accident & Health
 Decline in France driven by a competitive market
environment and portfolio restructuring activities
 Improvement in Germany thanks both to Motor
and Non-Motor (driven by Personal and
Commercial)
 Sharp increase in Latin America (on like for like
basis), driven by Brazil and Argentina (reflecting
inflation effect)

67.1
0.6
65.7
(1.1) (0.8)
1H13 Current year NATCAT Prior years 1H14
67.1 65.7
27.5 27.1
(1.4)
(0.4)
94.6 92.8
1H13 Δ Expense ratio Δ Loss ratio 1H14
21.4 21.4
6.0 5.7
(0.1)
27.5 27.1
1H13 Δ Admin Δ Acq. 1H14
(0.3)
28
Combined ratio analysis
Combined ratio (%)
Loss ratio Expense ratio
Expense ratio (%)
Δ%pts
- 0.4%pts.
1H14 68.6 1.3 -4.2 65.7
1H13 69.8 2.1 -4.7 67.1
Loss ratio (%)
- 1.4%pts.
- 1.8%pts.
Acquisition
costs
Administr.
costs
Current year loss ratio improved 1.1%pts.

29
Combined ratio by country
 Combined Ratio still improving in Italy,
despite Nat Cat impact (+1.0%pts.)
 Combined Ratio in France strongly
impacted by Nat Cat (3.6%pts. compared
to 0.7%pts. in 1H13) and continues to
reflect current portfolio restructuring
activities
 Excellent underlying performance of
Germany and CEE, also benefitting from
lower Nat Cat events (significant flood
losses in 1H13)
COUNTRY 1H13 1H14 ∆
Italy 91.3% 88.1% -3.2%pts.
France 99.3% 105.1% +5.9%pts.
Germany 96.0% 93.7% -2.3%pts.
CEE 90.6% 84.2% -6.4%pts.
EMEA 95.6% 94.6% -1.0%pts.
Lat Am 103.1% 105.3% +2.2%pts.
Asia 148.6% 104.4% -44.1%pts.
International 88.1% 83.2% -4.9%pts.
Total 94.6% 92.8% -1.8%pts.

30
P&C investment performance
P&C segment general account investments (%)
Euro 37.7 bn Euro 39.1 bn
29.1%
24.3%
30.2%
33.5%
6.5% 9.1%
9.9% 10.2%
13.1% 12.5%
10.0% 9.1%
1.1% 1.4%
FY13 1H14
Other
Cash & cash
equivalent
Real estate
Equity
Other fixed
income
Corporate
bonds
Government
bonds
 Higher current fixed income yield thanks to higher exposure to
corporate bonds
Current
return(1)
Fixed income Equity
Real
Estate
Total
1H13 1H14 1H13 1H14 1H13 1H14 1H13 1H14
Euro m 423 437 57 61 154 147 696 685
% 1.65 1.69 2.18 1.62 2.97 2.98 1.89 1.75
(1) Not annualized

31
Financial segment key financial indicators(1)
CFO – Financial Segment
1H13 1H14 LFL D 2Q13 2Q14 LFL D
Operating result (€ m) 195 226 +15.8% 113 119 +5.9%
Net fees and commissions (€ m) 237 251 +6.0% 118 133 +12.4%
Cost / income ratio (%) 49.7% 47.3% -2.4%pts. 46.2% 47.2% +1%pts.
Third party AUM(2) (€ bn) 36.5 36.2 -1.0%pts.
(1) Excluding BSI
(2) Comparative data FY13

32CFO – Final remarks
 Solvency I above target levels, and highest level in
recent years
 Further strong improvement of underlying P&C
underwriting margins
 Good momentum of Life volumes, with improving
mix; Good operational performance despite low
yields
Final remarks

Agenda
33
IV. Backup
- Investments Page 34
- Financial debt Page 40
- Life Page 44
- Definitions Page 46

Agenda
34
IV. Backup
- Life Page 44

35
Assets under management
Investments
77%
14%
9%
General account
investments
Unit Linked
Third party
investments
5%
87%
4%
3%
1%
Equity
Fixed income
Real estate
Cash & Cash Equivalent
Other
By Asset Class
By Region
Total portfolio € 450 bn Breakdown by region and asset class
31%
23%
29%
3% 10%
4%
Italy
France
Germany
CEE
EMEA
RoW and other
operations

5%
8%
38%
39%
8%
2%
Corporate € 89 bn
AAA AA A BBB Not Investment Grade Not Rated
69%
12%
10%
7%
1% 1%
Covered € 32 bnTotal Portfolio € 302 bn
14%
34%
3%
47%
2% 0%
Government € 150 bn (1)
36Investments
Fixed Income PortfolioFixed Income Portfolio
(1) Italian government bond exposure is 84% of BBB
Bond duration FY13 1H14
Life 7.2 7.8
P&C 4.0 4.6
49.5%
12.8%
16.6%
10.6%
10.5%
Other fixed Income
Covered
Corporate non fin.
Corporate fin.
Government

39%
20%
6%
6%
19%
3%
7%
Government bonds € 150 bn
Italy France Germany CEE RoE RoW Supranational
Focus on Government Bonds
Exposure by country
Investments
 Italian government bond exposure
decreased by 4% since 2012-end, despite
market appreciation (BTP 10Y-yield dropped
from 4.49% as at December 2012 to 2.85%
as at June 2014)
 Further reductions will continue during 2014
for diversification purposes
58.5
56.2
FY12 1Q13 1H13 9M13 FY13 1Q14 1H14
Exposure to Italian Government Bonds (1) (€ bn)
(1) Includes only pure sovereign notes.
37

63%
21%
16%
Equity Equity Funds Alternatives
38Investments
Equity & Equity-like
Life, P&C and
Financial
Total portfolio (€ 17.5 bn)
Equity (€ 11.0 bn)Alternative investments (€ 2.9 bn)
Life, P&C and
Financial
Life, P&C and
Financial
Listed and
Unlisted
67%
16%
17%
Life
P&C
Financial
79%
21%
0%
Life
P&C
Financial
74%
25%
1%
Life
P&C
Financial
85%
15%
Quoted
Unquoted

85%
15%
Breakdown by utilization (2)
Investment
properties
Own use
65%
15%
11%
3%
6%
Breakdown by use (2)
Office
Retail
Residential
Logistics
Other/Mixed
39Investments
37%
25%
16%
2%
19%
1% Breakdown by country (2)
Italy
France
Germany
CEE
RoE
RoW
Asset Allocation: Real Estate(1)
(1) Data, at fair value, includes own use assets and property inventory
(2) Detail referred to direct investments in real estate only
Total portfolio (€ 24.6 bn (1))

Agenda
40
IV. Backup
- Life Page 44

Debt refinancing operations completed
Financing until 2016 call dates completed; € 1 bn net reduction in debt levels by end 2015
12.8
1.3
(0.5)
1.0
(1.5)
12.9
(0.8)
12.2
(0.5)
11.7
FY13 SENIOR BOND
ISSUED JAN
2014
REPAYMENT
OF INELIGIBLE
LOAN
SUB DEBT
ISSUED MAY
2014
SENIOR DEBT
REPAYMENT
MAY 2014
1H14 NOVEMBER
2014 SENIOR
MATURITIES
EXPECTED
FY14
2015
MATURITIES
EXPECTED
FY15
(€ bn)
 Advantage taken of market conditions to pre-finance until 2016 call dates:
 € 1.25 bn senior debt issued in January, with € 2.25 bn senior maturing this year (remainder financed from
internal resources, in excess of 1/3rd target)
 € 1.0 bn subordinated bond issued in May to 1) Replace € 500 m ineligible loan at year end, and 2) Pre-
finance 2015 maturities of € 0.5 bn.
 Net € 1 bn improvement in debt position expected by 2015, with lower interest expenses ( € 60 m)
Financial debt 41

42
Focus on financial debt
Financial debt
Total financial debt (€ m)
Average cost & maturity of financial debt (%)(1)
4,468 4,218
7,612 8,085
678 617
FY13 1H14
Senior Sub/Hybrid Other
FY13 1H14
Average cost (%) 5.93% 5.72%
Subordinated/Hybrid 6.54% 6.42%
Senior 4.81% 4.26%
Average maturity (years) 5.27 5.96
€ 12,921 m€ 12,758 m
(1) The data take into account the senior bond of Euro 750 m euro due in November 2014 that will be reimboursed with available internal resources and the Euro 500 m bond
due in May 2015, already refinanced.
(1)

43
Financial debt breakdown by expiry date/call date (€ m)
2014 2015 2016 2017 2018 2019 2020 2022 2024 2026
Senior Hybrid Subordinated
Financial debt
750
500
2,154
1,268
250
770
2,618
1,750
1,437
1,250

Agenda
44
IV. Backup
- Life Page 44

45
Life new business: APE
Life Insurance
(€ m) APE Annual Premium Single Premium
1H13 1H14 LFL r 1H13 1H14 LFL r 1H13 1H14 LFL r
Italy 860 1,177 +36.9% 558 702 +25.8% 3,026 4,757 +57.2%
France 409 425 +3.8% 168 162 -3.4% 2,415 2,625 +8.7%
Germany 549 418 -28.0% 289 278 -9.0% 2,600 1,404 -49.0%
CEE 84 64 -12.2% 79 60 -11.8% 47 36 -17.6%
EMEA 315 363 +11.2% 193 180 -11.4% 1225 1,825 +48.6%
Austria 47 51 +8.0% 35 35 +1.0% 124 158 +27.4%
Spain 68 59 -13.5% 29 31 +7.3% 397 284 -28.4%
Switzerland 33 26 -20.5% 32 25 -20.3% 10 7 -28.2%
Lat. Am & Asia 86 73 +9.8% 68 60 +4.1% 170 133 +46.1%
Total 2,303 2,520 +8.6% 1,354 1,442 +5.9% 9,483 10,781 +12.5%

Agenda
46
IV. Backup
- Life Page 44

Definitions
Definitions
Total Operating Result Total operating result represents earnings before taxes, gross of interest expense on liabilities linked to financing activities,
specific net income from investments and non-recurring income and expenses
Adjusted Shareholders’
Equity
Shareholders’ Equity gross of minorities excluding gains and losses included in Other Comprehensive Income (OCI)
Operating RoE Operating Return on Equity indicates the return in terms of Operating Result on Group Shareholders’ Equity. It is calculated
according to the following ratio:
Total Operating Result adjusted to include:
- interest expenses on financial debt
˗ income taxes based on a mid-term expected tax rate as assumed in 2015 Target
- minorities interests
Adjusted Shareholders’ Equity
Financial Leverage Financial Debt / Financial Debt + Adjusted Shareholders’ Equity
Fixed Charge Coverage EBIT/interest expenses on financial debt
Gross/Net Expected
Surplus
For Life segment it is calculated as the sum of Earnings and capital release from existing business and New Business
Strain
For Non Life and Financial segments it is calculated as operating result net of taxes, minorities and change in capital
requirements (S1)
Net Free Surplus is calculated as Gross Expected Surplus minus holding expenses net of taxes and minorities
Gross Remitted Cash The percentage of Gross Free Surplus actually remitted or passed up to the parent company
47

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, Alberto Minali, 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.
48

49
Next events
06.11.2014
9M 2014 results reporting
19.11.2014
2014 Investor Day
12.03.2015
FY 2014 results reporting
30.04.2015
Annual General Meeting
14.05.2015
1Q 2015 results reporting
30.07.2015
1H 2015 results reporting
05.11.2015
9M 2015 results reporting
18.11.2015
2015 Investor Day

Team
Marta Porczynska
Team Assistant & Event Manager
Marta.Porczynska@Generali.com
+39 040 671402
Martina Vono
Team Assistant & Event Manager
Martina.Vono@Generali.com
+39 040 671548
Assicurazioni Generali
P.za Duca degli Abruzzi 2
34132 Trieste, Italy
Fax: +39 040 671338
e-mail: ir@generali.com
www.generali.com
Spencer Horgan
Head of Investor & Rating Agency Relations
Spencer.Horgan@Generali.com
+44 20 7265 6480
Stefano Burrino
Senior IR Manager
Stefano.Burrino@Generali.com
+39 040 671202
Emanuele Marciante
Senior IR Manager - Credit & Rating Agency Relations
Emanuele.Marciante@Generali.com
+39 040 671347
Veronica Cherini
IR Manager
Veronica.Cherini@Generali.com
+39 040 671488
Rodolfo Svara
IR Manager
Rodolfo.Svara@Generali.com
+39 040 671823
50

GENERALI GROUP
2014 First Half Results

Generali Group 2014 First Half Results

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