Generali Group presented results for the first 9 months of 2013. Operating result increased 6.2% to €3.36 billion due to strong performances in P&C and financial services segments. Net result grew 40.4% to €1.59 billion. Life operating result declined 2% due to low interest rates while P&C operating result rose 20.3% with an improved combined ratio of 95.1%. Shareholders' equity increased 1.1% to €19.22 billion and the solvency ratio was 152% at the end of October.

1. Generali Group
9M 2013 Results
November 7, 2013

2. Agenda
2
I. Overview
Page 3
II. Group financials
Page 5
III. Final remarks
Page 24
IV. Backup
Page 26
Assicurazioni Generali Group – 9M 2013 results

3. Agenda
I. 9M 2013 results overview
9M 2013 results at a glance
Following the announcement of the sale of related stake, Generali Banorte and Generali US Life RE qualified as a “non-current asset held for
sale and discontinued operations”.
The like for like change of written premiums and net cash inflows is on equivalent terms (on equivalent exchange rates and consolidation area).
The like for like change of operating results and own investments is calculated excluding Generali Banorte and Generali US Life RE from the
comparative period.
Assicurazioni Generali Group – 9M 2013 results
3

4. I. OVERVIEW
9M 2013 results at a glance
Operating result (Euro m)
4
Net result (Euro m)
+6.2%(1)
+40.4%
1,591
3,361
3,292
1,133
9M13
9M12
9M12
9M13
(1) On like for like basis
Shareholders’ equity (Euro m)
Solvency I ratio (%)
152% at October 24
+1.1%
-2%pts.
19,013
19,223
145
143
01/01/13(2)
9M13
01/01/13(2)
9M13
(2) FY12 shareholders’ equity was restated including the effects of revised IAS 19
Assicurazioni Generali Group – 9M 2013 results

5. Agenda
II. Group financials
Profit & loss review
Life and P&C segment profitability
Balance sheet and solvency I
Assicurazioni Generali Group – 9M 2013 results
5

6. II. GROUP FINANCIALS
Revenue development by segment
Gross written premiums (Euro m)
6
(Euro m)
9M12
9M12
excluding
Mexico & US
Life Re
9M13
Like for
like ∆
50,945
49,393
49,053
+0.6%
Life(1)
33,500
32,354
32,808
+0.9%
P&C
17,444
17,039
16,245
+0.1%
Contribution from US
Life Reassurance and
Mexican operations
+0.6%(2)
50,945
1,552
49,053
Gross written
premiums
49,393
9M12
9M13
(1) Including investment contracts (Euro 2,549 m in 9M13, Euro 2,669 m in 9M12)
(2) On like for like basis
Assicurazioni Generali Group – 9M 2013 results

7. II. GROUP FINANCIALS
Operating result by segment
7
9M13 total operating result (Euro m)
Like for like 
Life
operating result
2,114
P&C
operating result
1,113
Financial services
operating result
Operating holding
expenses
Consolidation
adjustments
2,071
2,196
-2.0%
1,339
1,158
+20.3%
367
320
+14.8%
-268
-221
+21.0%
-149
-161
Total
operating result
Contribution from US
Life Reassurance and
Mexican operations(1)
-7.9%
3,164
3,361
3,292
+6.2%
9M13
9M12
(1) The contribution for 9M12 life operating result was Euro 82 m, for 9M12 P&C operating result was Euro 45 m and for total operating result was Euro 128 m
Assicurazioni Generali Group – 9M 2013 results

8. II. GROUP FINANCIALS
Focus on non operating result
8
(Euro m)
Non operating investment income (Euro m)
9M12
9M13
Like for
like 
92
333
26
(95)
(304)
Non operating
investment income
(304)
26
n.m.
9M12
Non operating
holding expenses
Of which: interest costs
Net other
Non operating
expenses
Of which: VOBA
amortization
Total
Non operating
result
(496)
(597)
+20.4%
(493)
(564)
+14.4%
9M13
(246)
(318)
(Euro m)
Net
realised
gains
+29.3%
Net
impairments
Fair Value
thr. P&L
9M 13
(1,046)
(132)
(889)
(280)
(75)
9M 12
(138)
381
48
(372)
20
n.m.
-24.7%
n.m.
-4.4%%
-14.9%
Δ(1)
(1) On like for like basis
Assicurazioni Generali Group – 9M 2013 results

9. II. GROUP FINANCIALS
From operating result to net result
9
(Euro m)
Net income (Euro m)
9M12
Total operating result
Non operating result
9M13

3,292
3,361
+6.2%(1)
(1,046)
(889)
-14.9%(1)
+40.4%
2,473
+16.7%(1)
Consolidated result before
taxes and minorities
2,246
Income taxes
(869)
(738)
-15.1%
(22)
60
n.m.
Minorities
(222)
(205)
-8.0%
Net result
1,133
1,591
+40.4%
1,591
Result for discontinued
operations
(1) On like for like basis
Assicurazioni Generali Group – 9M 2013 results
1,133
9M12
9M13

10. Agenda
II. Group financials
Profit & loss review
Life and P&C segment profitability
Balance sheet and solvency I
Assicurazioni Generali Group – 9M 2013 results
10

11. II. GROUP FINANCIALS
Life business development
11
Gross written premiums (Euro m)
Net technical reserves(2) (Euro bn)
+3.4%(1)
+0.9%(1)
33,500
32,808
313.8
7.5
53.6
3.0
56.6
(3.4)
264.3
260.2
9M12
FY12
9M13
320.9
Change in
perimeter
Traditional
Traditional
Unit
Linked
9M13
Unit linked
Net inflows by country (Euro m)
Country
9M12
9M13
Italy
(535)
787
(1,949)
67
3,333
3,635
CEE
282
424
RoE
(611)
1,163
RoW
623
400
1,142
6,477
France
Germany
TOTAL
(1) On like for like basis
(2) Including liabilities related to investment contracts
Assicurazioni Generali Group – 9M 2013 results
 Italy: Positive development thanks to significant
decrease of outflows, in particular maturities
 France: Positive trend due the significant drop
in surrenders
 Germany: Confirms good development thanks
to the positive development of volumes
 Rest of Europe: 9M12 negatively influenced by
the decision not to renew a large Group contract
with low profitability

12. II. GROUP FINANCIALS
Life profitability – Operating result
12
Life operating profitability hit by low interest rate environment
Life Operating Result by driver
(Euro m)
9M12
9M13
 Like for like
Technical Margin
4,365
4,264
+0.4%
Investment Result
1,498
1,443
-1.2%
(3,667)
(3,636)
+1.2%
2,196
2,071
-2.0%
Expenses
Operating Result
31
2,196
(101)
Life operating
result 9M12
Δ Technical margin
Life operating ratio on
Investments
Assicurazioni Generali Group – 9M 2013 results
2,071
(55)
Δ Investment result
0.70%
Δ Expenses
0.62%
Life operating
result 9M13

13. II. GROUP FINANCIALS
Life investment strategy and yields
13
Life segment own investments (%)
 Current
+1.9%(1)
Euro 277.0 bn
2.0%
3.4%
3.6%
4.8%
8.4%
8.4%
remains
affected
by
a
low
reinvestment yield environment
Euro 278.6 bn
2.1%
4.7%
3.5%
4.5%
profitability
 Reduction in Cash and cash equivalents, that have been
deployed in more profitable investments
Other
 Increased exposure to corporate bonds to improve the
overall return and diversification of the investment
Cash & cash
equivalent
33.9%
35.0%
portfolio
Real estate
Equity
Current
return
Fixed
income
Equity
Real
Estate
Other fixed
income
43.0%
42.9%
Corporate
bonds
Government
bonds
FY12
9M13
(1) On like for like basis
Assicurazioni Generali Group – 9M 2013 results
9M12
Euro m
%
9M13
9M12
9M13
9M12
9M13
7,006
6,929
372
343
544
538
3.2
2.9
2.9
2.7
5.6
5.4

14. II. GROUP FINANCIALS
Life new business value and profitability
14

APE increases (+1.1%), with positive development of unit linked (+11.3%) and protection
business (+7.7%);

Profitability improves to 20.9% thanks to the improved product mix and to the lower
guarantees offered on saving business
Margin on APE
(NBM)
APE
(Euro m)
NBV
9M12
9M13
Like for like

9M12
9M13
9M12
9M13
1,106
1,235
11.6%
21.2%
17.8%
234
219
-5.3%
France
742
573
-22.7%
12.4%
13.2%
92
76
-17.8%
Germany
621
724
15.6%
19.8%
24.9%
123
181
45.7%
CEE
108
126
-14.1%
35.2%
44.5%
38
56
6.6%
RoE
447
440
-1.2%
22.6%
25.7%
101
113
12.9%
RoW
159
113
2.3%
40.7%
22.6%
65
25
-10.4%
Total
3,184
3,211
1.1%
20.5%
20.9%
653
670
7.3%
Italy
Like for like

9M13 amounts include the contributions from USA and MEXICO only for 1Q13. Such contributions, as well as other perimeter and FX rates changes, are neutralized in the like for like variation.
Assicurazioni Generali Group – 9M 2013 results

15. II. GROUP FINANCIALS
P&C gross written premiums
15
 Slightly positive performance of Motor lines, thanks in particular to the excellent performance in Germany
 Non Motor lines remained stable, despite negative trends in Italy and France that offset the good
performance in Germany
 Commercial under pressure mainly in Spain, Italy and France, due to the difficult economic environment
Gross written premiums (Euro m)
(Euro m)
9M12
9M13
Like for like

Italy
4,963
4,690
-5.6%
France
3,231
2,752
-5.6%
Germany
2,687
2,804
+4.4%
CEE
1,820
1,465
-1.1%
RoE
3,542
3,541
+0.6%
RoW
1,202
993
+42.4%
Total
17,444
16,245
+0.1%
+0.1%(1)
17.444
9M12
16.245
9M13
(1) On like for like basis
Assicurazioni Generali Group – 9M 2013 results

16. II. GROUP FINANCIALS
P&C profitability – Operating result
16
Confirmed strong P&C operating profitability driven by excellent technical results
P&C Operating Result by driver
9M12
9M13
 like for like
Technical Result
490
699
+52.0%
Investment Result
798
789
+0.7%
Other
(130)
(149)
+14.9%
Operating Result
1,158
1,339
+20.3%
(Euro m)
209
1,158
1,339
(9)
P&C operating
result 9M12
Δ Technical result
P&C operating ratio on Investments
Assicurazioni Generali Group – 9M 2013 results
(19)
Δ Investment result
3.24%
Δ Other
P&C Operating
result 9M13
3.57%

17. II. GROUP FINANCIALS
P&C profitability – Net combined ratio
Combined ratio (%)
17
(1/2)
Combined ratio by country
-1.6%pts.
9M12
97.6%
91.5%
-6.1%pts.
France
98.5%
98.4%
-0.1%pts.
94.9%
95.9%
+1.0%pts.
90.4%
89.3%
-1.1%pts.
RoE
96.3%
95.8%
-0.5%pts.
RoW
97.7%
105.7%
+8.0%pts.
Total
96.6%
95.1%
-1.6%pts.
(1.1)
(0.4)
27.2
26.7
69.5
9M12
Italy
CEE
95.1%

Germany
96.6%
9M13
68.3
 Expense
ratio
 Loss
ratio
Loss ratio
Assicurazioni Generali Group – 9M 2013 results
9M13
Expense ratio

18. II. GROUP FINANCIALS
P&C profitability – Net combined ratio
(2/2)
Loss ratio (%)
 Current loss ratio still improving,
both in Motor and non-Motor
-1.1%pts.
69.5
9M12
-0.8
Current
year
+0.5
-0.8
NAT
CAT
68.3
 Positive development of prior years
confirmed, returning to more normal
level in Q3
Prior
years
9M13
9M13
69.9
2.5
-4.1
68.3
9M12
70.8
2.0
-3.3
69.5
 Nat Cat affecting Q2 and Q3 2013
Expense ratio (%)
-0.4%pts.
27.2
5.9
26.7
0.0
-0,5
Acq. costs
Δ%pts
20.9
21.3
9M12
Δ Admin
5.9
Δ Acq.
Assicurazioni Generali Group – 2009 results
Assicurazioni Generali Group – FY 9M 2013 results
9M13
Adm. costs
18

19. II. GROUP FINANCIALS
P&C investment strategy and yields
19
P&C segment own investments (%)
 Higher incidence of Equities mainly due to positive
+1.9%(1)
Euro 38.0 bn
Euro 37.2 bn
1.6%
8.0%
1.4%
7.5%
13.9%
13.9%
market performance and tactical acquisitions
 Increased exposure to corporate bonds to improve the
overall return and diversification of the investment
6.9%
9.0%
10.7%
6.8%
Other
Cash & cash
equivalent
portfolio
 Current
profitability
remains
affected
by
a
low
reinvestment yield environment
Real estate
Equity
29.2%
31.3%
Other fixed income
Current
return
Fixed
income
Equity
Real
Estate
Corporate bonds
9M12
9M13
9M12
9M13
9M12
9M13
Euro m
685
661
63
68
330
276
%
2.9
2.6
2.1
2.4
6.1
5.3
Government bonds
29.7%
FY12
30.2%
9M13
(1) On like for like basis
Assicurazioni Generali Group – 9M 2013 results

20. II. GROUP FINANCIALS
Financial segment
20
Operating result (Euro m)
Net fees and commissions (Euro m)
+3.3%
+14.8%
367
320
621
9M12
9M13
Third party AUM(1) (Euro bn)
641
9M12
9M13
Cost/income ratio (%)
-1.9%pts.
+3.7%
96.4
99.9
67.9
FY12
9M13
(1) Including only third party AUM related to financial segment companies
Assicurazioni Generali Group – 9M 2013 results
66.0
9M12
9M13

21. Agenda
II. Group financials
Profit & loss review
Life and P&C segment profitability
Balance sheet and solvency I
Assicurazioni Generali Group – 9M 2013 results
21

22. II. GROUP FINANCIALS
IFRS Shareholders’ equity roll forward
22
(Euro m)
+1.1%
19,828
19,223
(128)
(815)
Shareholders’
Equity FY12
1,591
19,013
60
(311)
(440)
Impact from
revised IAS 19
01/01/2013
Δ in AFS
Reserve
9M 2013
Net Result
Δ Currency
Translation
Reserve
Δ Cash Flow
Hedge
Reserve
Dividend
paid
Change in AFS reserve (Euro m)
2,591
2,151
272
(732)
AFS Reserve
FY12
Impact Equity
Investments
Assicurazioni Generali Group – 9M 2013 results
Impact Bond
Investments
19
Other
AFS Reserve
9M13
(563)
Other
(including
Euro 477 m
GPH 25%
minorities
buyout)
Shareholders’
Equity 9M13

23. II. GROUP FINANCIALS
Solvency I update
(Euro bn)
23
Required margin
Available margin
Solvency I ratio
152% at October 24
150%
26.9
17.9
Main drivers of change
145%(1)
Main drivers of change
143%
26.1
17.9
26.0
Available margin:
18.2
 Consolidated result:
+1.8
 GPH 25% minorities buyout:
- 1.3
 Other M&A
+ 0.2
transactions(2)
 Eligible debt:
- 0.2
 Financial markets and other elements:
- 0.6
Required Margin:
FY12
01/01/13
(1) FY12 shareholders’ equity was restated including the effects of revised IAS 19
(2) Banca Generali and own shares placement, GDH 3% minorities buyout
Assicurazioni Generali Group – 9M 2013 results
+ 0.2
9M13

24. Agenda
III. Final Remarks
Assicurazioni Generali Group – 9M 2013 results
24

25. III. FINAL REMARKS
Final remarks
25
Excellent underlying P&C performance
Resilient Life profitability in a challenging market environment
Progressing reinvestment of excess cash
Assicurazioni Generali Group – 9M 2013 results

26. Agenda
IV. Backup
P&L
Balance sheet
Life
Definitions
Assicurazioni Generali Group – 9M 2013 results
26

27. Agenda
IV. Backup
P&L
Balance sheet
Life
Definitions
Assicurazioni Generali Group – 9M 2013 results
27

28. IV. BACK UP
9M13 Total gross written premiums
(Euro m)
Total gross written premiums
28
Gross life written premiums(1)
YoY
Country
GWP
% increase
YoY
Weight on
total GWP
GWP
(2)
Italy
Gross P&C written premiums
% increase
YoY
Weight on
total GWP
GWP
(2)
% increase
Weight on
total GWP
(2)
13,910
+2.0%
28.4%
9,220
+6.4%
28.1%
4,690
-5.6%
28.9%
8,635
-18.0%
17.6%
5,883
-22.8%
17.9%
2,752
-5.6%
16.9%
14,082
+10.0%
28.7%
11,278
+11.5%
34.4%
2,804
+4.4%
17.3%
CEE
2,637
-1.3%
5.4%
1,172
-1.6%
3.6%
1,465
-1.1%
9.0%
RoE
7,801
+2.3%
15.9%
4,260
+3.8%
13.0%
3,541
+0.6%
21.8%
Spain
1,700
-6.0%
3.5%
724
-1.9%
2.2%
976
-8.8%
6.0%
Austria
1,966
+0.8%
4.0%
845
-1.2%
2.6%
1,121
+2.3%
6.9%
Switzerland
1,373
-4.2%
2.8%
745
-7.9%
2.3%
628
+0.6%
3.9%
RoW
1,988
+29.4%
4.1%
995
+18.0%
3.0%
993
+42.4%
6.1%
Total
49,053
+0.6%
100.0%
32,808
+0.9%
100.0%
16,245
+0.1%
100.0%
France
Germany
Of which:
(1) Including investment contracts
(2) On like for like basis with constant exchange rates
Assicurazioni Generali Group – 9M 2013 results

29. IV. BACK UP
9M13 Life premiums by country and business line(1)
Savings and pension
(Euro mln)
GDP
YoY %
(2)
increase
Protection
Unit/Index linked
YoY %
GDP
29
(2)
increase
YoY %
GDP
(2)
increase
Total
GDP
YoY %
(2)
increase
Italy
8,423
+7.1%
159
-7.8%
373
-4.0%
8,955
+6.3%
France
3,468
-36.5%
1,287
-3.8%
913
+46.7%
5,668
-23.7%
Germany
5,698
+23.2%
3,077
+1.6%
2,503
+1.9%
11,278
+11.5%
CEE
636
-11.1%
185
+8.6%
350
+15.5%
1,172
-1.5%
RoE
1,514
-3.3%
672
+3.5%
2,054
+9.7%
4,241
+3.8%
Spain
573
-1.8%
144
-3.3%
7
+17.7%
724
-1.9%
Austria
454
-2.0%
197
+4.9%
180
-6.2%
831
-1.4%
Switzerland
117
-14.8%
97
+3.4%
531
-8.1%
745
-7.9%
575
+14.6%
350
+13.3%
69
+150.6%
994
+18.7%
20,315
-2.0%
5,730
+1.1%
6,262
+10.5%
32,307
+0.7%
Of which:
RoW
Total Life gross
direct premiums
(1) Including investment contracts
(2) On like for like basis with constant exchange rates
Assicurazioni Generali Group – 9M 2013 results

30. IV. BACK UP
9M13 P&C premiums by country and business line
Motor (1)
(Euro mln)
Italy
GDP
Personal
YoY %
increase(2)
Commercial
YoY %
GDP
increase(2)
YoY %
GDP
increase(2)
30
Accident/Health
YoY %
GDP
increase(2)
Total
GDP
YoY %
increase (2)
2,151
-9.6%
604
+1.6%
1,045
-4.4%
772
-5.1%
4,571
-6.3%
779
-8.6%
1,189
-4.2%
601
-5.8%
0
n.a.
2,569
-6.0%
1,141
+7.9%
1,033
+2.5%
223
+2.2%
402
+1.0%
2,800
+4.4%
CEE
695
-2.6%
265
+1.9%
392
-0.3%
80
-0.3%
1,432
-1.1%
RoE
1,304
+0.7%
814
+3.4%
720
-6.3%
568
+3.3%
3,405
+0.2%
Spain
267
-8.4%
315
+1.8%
241
-20.1%
137
-1.7%
960
-7.9%
Austria
430
+1.0%
251
+2.1%
304
+2.9%
118
+3.3%
1,102
+2.0%
Switzerland
316
-1.9%
154
+3.5%
3
-7.1%
155
+4.3%
627
+0.9%
655
+49.9%
33
+145.7%
194
+27.2%
46
+92.4%
928
+48.0%
6,725
+0.4%
3,938
+0.9%
3,175
-2.5%
1,868
+0.2%
15,706
-0.1%
France
Germany
Of which:
RoW
Total P&C gross
direct premiums
(1) Including fleets
(2) On like for like basis with constant exchange rates
Assicurazioni Generali Group – 9M 2013 results

31. IV. BACK UP
Life net inflows by country
31
Country
9M12
9M13
Like for like Δ
Italy
(535)
787
n.a.
(1,949)
67
n.a.
3,333
3,635
+9.1%
CEE
282
424
+68.1%
RoE
(611)
1,163
n.a.
(1,709)
(141)
-91.8%
Austria
114
133
+15.8%
Switzerland
476
410
-11.9%
623
400
+36.2%
1,142
6,477
+605.6%
France
Germany
Of which:
Spain
RoW
TOTAL
Assicurazioni Generali Group – 9M 2013 results

32. IV. BACK UP
9M13 technical ratios
32
Life - Expense ratio (%)
P&C - Combined ratio (%)
96.6
11.2
9M12
27.2
26.7
Loss
ratio
69.5
68.3
9M12
11.1
95.1
Expense
ratio
9M13
9M13
Total - Expense ratio (%)
16.4
9M12
Assicurazioni Generali Group – 9M 2013 results
16.1
9M13

33. IV. BACK UP
9M13 combined ratio reconciliation
33
(Euro m)
9M12
9M13
A Net earned premiums (net of consolidation adjustments)
15,763
15,173
B Consolidated net claims
10,949
10,369
Consolidated acquisition costs
3,358
3,164
Consolidated administration costs
983
926
56
33
927
893
4,284
4,057
69.5%
27.2%
96.6%
68.3%
26.7%
95.1%
40
48
490
699
Non insurance activity related administration costs (1)
Insurance activity related consolidated administration costs
C Total acquisition and administration costs
B/A Loss ratio
C/A Expense ratio
(B+C)/A Combined ratio
D Other technical items
A-B-C-D Technical result
(1) Administration expenses related to service companies, real estates and other companies not belonging to P&C segment
Assicurazioni Generali Group – 9M 2013 results

34. IV. BACK UP
9M13 technical ratios by country
(%)
34
ITA
FRA
GER
CEE
RoE
SPA
AUT
SWI
RoW
Consolidated
9M13
71.3%
71.1%
67.5%
57.5%
67.8%
65.9%
67.8%
70.6%
65.1%
68.3%
9M12
77.4%
71.8%
66.5%
52.6%
67.8%
65.9%
69.1%
70.0%
59.3%
69.5%
9M13
20.2%
27.3%
28.4%
31.8%
28.0%
27.9%
27.2%
24.5%
40.6%
26.7%
9M12
20.2%
26.7%
28.4%
37.8%
28.5%
28.1%
27.5%
26.0%
38.5%
27.2%
9M13
91.5%
98.4%
95.9%
89.3%
95.8%
93.8%
95.0%
95.1%
105.7%
95.1%
9M12
97.6%
98.5%
94.9%
90.4%
96.3%
94.0%
96.6%
96.0%
97.7%
96.6%
P&C Loss ratio
P&C Expense ratio
P&C Combined ratio
Life expense ratio by country
9M13
9.8%
12.8%
10.1%
18.0%
12.3%
4.9%
14.6%
19.2%
23.2%
11.1%
9M12
10.3%
9.0%
11.5%
19.9%
12.8%
4.8%
14.6%
18.8%
15.1%
11.2%
Assicurazioni Generali Group – 9M 2013 results

35. IV. BACK UP
Focus on operating result
35
Operating result by country(1) (Euro m)
Operating result breakdown(1) (Euro m)
9M12
Italy
9M13
Like for
like ∆
1,432
1,590
11.0%
1,590
190
France
529
560
5.8%
Germany
463
490
6.0%
CEE
349
307
-12.1%
517
733
560
RoE
RoW
Operating result(1)
700
201
733
98
4.7%
883
33.4%
3,674
3,778
6.5%
Op. holding expenses
(221)
(268)
(161)
(149)
155
34
208
405
248
127
307
274
19
159
129
333
CEE
RoE
+21.0%
Consolidation Adj.
490
-7.9%
Italy
France Germany
Life
Total operating
result
3,292
3,361
+6.2%
(1) Operating result = operating result of life, P&C and financial segments, before holding expenses and consolidation adjustments
Assicurazioni Generali Group – 9M 2013 results
P&C
Financial
98
26
74
-2
RoW

36. IV. BACK UP
Operating Return on Equity: calculation
36
(Euro m)
9M 2013(1)
FY 2012
FY 2011
FY 2010
Consolidated Operating result
3,361
4,219
3,928
4,077
Interest expenses on financial debt
(564)
(668)
(646)
(704)
Operating taxes(2)
(965)
(1,225)
(1,132)
(1,163)
Minority interest
(123)
(287)
(278)
(258)
Net IFRS Total Operating result
1,710
2,040
1,872
1,951
Average shareholder's equity (excluding
OCI(3))
17,268
17,131
17,252
16,699
9.9%
11.9%
10.8%
11.7%
Operating RoE
(1) 9M13 Operating RoE not annualised
(2) Taxes based on mid-point of long term expected range of 33-36%
(3) For the definitions refer to the related section in the backup
Assicurazioni Generali Group – 9M 2013 results

37. IV. BACK UP
Life operating result
37
Operating result (Euro m)
Operating result by country (Euro m)
9M12
883
-10.9%
348
405
+16.3%
Germany
236
248
+5.1%
CEE
136
129
-5.0%
RoE
2,071
991
France
2,196
Like for
like 
Italy
-2.0%(1)
9M13
335
333
-0.7%
Of which:
%
Spain
Assicurazioni Generali Group – 9M 2013 results
51
57
+12.7%
90
103
+15.0%
RoW
150
74
+9.2%
Total
(1) On like for like basis
-6.8%
Switzerland
9M13
82
Austria
9M12
88
2,196
2,071
-2.0%

38. IV. BACK UP
P&C operating result
38
Operating result (Euro m)
Operating result by country (Euro m)
9M12
517
+87.9%
181
155
-14.5%
Germany
187
208
+11.0%
CEE
195
159
-18.7%
RoE
1,158
275
France
1,339
Like for
like 
Italy
+20.3%(1)
9M13
267
274
+2.6%
Of which:
%
Spain
67
83
+24.9%
38
40
+5.6%
RoW
53
26
+249.5%
Total
Assicurazioni Generali Group – 9M 2013 results
+2.6%
Switzerland
(1) On like for like basis
117
Austria
9M12
114
1,158
1,339
+20.3%
9M13

39. IV. BACK UP
Focus on impairments(1)
Life
(Euro m)
Net impairments
39
P&C
Financial
Total
9M12
9M13
9M12
9M13
9M12
9M13
9M12
9M13
Equity instruments
461
262
99
43
3
1
563
307
Fixed income
163
(18)
16
(4)
6
(1)
184
(23)
36
89
5
10
0
0
41
99
Other investments(2)
8
108
91
112
7
(4)
106
216
Total net impairments
667
441
212
163
16
(4)
894
599
Operating net
impairments
509
319
0
0
13
0
522
319
Non operating net
impairments
158
122
212
163
3
(4)
372
280
Real estate
Of which
(1) Net of reverse impairments
(2) Including subsidiaries and associated companies
Assicurazioni Generali Group – 9M 2013 results

40. IV. BACK UP
Focus on realised gains(1)
(Euro m)
40
Life
P&C
Financial
Total
9M12
9M13
9M12
9M13
9M12
9M13
9M12
9M13
124
387
(20)
72
1
118
105
573
443
478
82
95
1
118
526
687
(319)
(90)
(102)
(23)
0
0
(421)
(114)
238
1,169
43
133
(1)
16
280
1,318
2,308
1,294
173
151
6
19
2,487
1,465
(2,070)
(125)
(130)
(18)
(7)
(3)
(2,207)
(146)
70
52
72
101
0
0
142
154
Realised gains
76
59
76
117
0
0
153
176
Realised losses
(7)
(7)
(4)
(15)
0
0
(11)
(22)
11
20
26
1
(2)
2
35
24
Realised gains
11
35
26
6
1
2
38
43
Realised losses
0
(15)
0
(5)
(3)
0
(3)
(20)
Total net realized gains
443
1,629
121
306
(2)
136
561
2,069
Operating net realized gains
512
1,641
0
0
0
50
513
1,688
Non operating net realized gains
(69)
(11)
121
306
(2)
86
48
381
Net realized gains on Equities
Realised gains
Realised losses
Net realized gains on Fixed Income
Realised gains
Realised losses
Net realized gains on Real Estate
Net realized gains on Other(2)
(1) Excluding financial instruments at fair value through profit and loss
(2) Including subsidiaries and associated companies
Assicurazioni Generali Group – 9M 2013 results

41. IV. BACK UP
Reclassified P&L account
41
Total
(Euro m)
Total Operating result
Net earned premiums
Net insurance benefits and claims
Acquisition and administration costs
Net fee and commission income and net income from financial service activities
Operating income from other financial instruments
Operating income from financial instruments at fair value through profit or loss
of which net income from fin. assets and liabilities where the risk is borne by the policyholders
Operating holding expenses
Net other operating expenses
Non-operating result
Non-operating income from other financial instruments
Non-operating income from financial instruments at fair value through profit or loss
Non-operating holding expenses
Interest expenses on financial debt
Other non-operating holding expenses
Net other non-operating expenses
Earnings before taxes
Income taxes
Result from discontinued operations
Consolidated result of the period
Result of the period attributable to minority interests
Result of the period
Assicurazioni Generali Group – 9M 2013 results
9M12
9M13
3,292
45,847
(46,972)
(8,487)
590
8,325
4,463
3,361
44,893
(45,782)
(8,184)
592
9,545
2,906
3,409
2,278
(221)
(253)
(1,046)
(324)
20
(496)
(268)
(341)
(889)
101
(75)
(597)
(493)
(564)
(3)
(33)
(246)
2,246
(869)
(22)
1,355
(222)
1,133
(318)
2,473
(738)
60
1,795
(205)
1,591

42. IV. BACK UP
Reclassified P&L account by segment – 9M12
42
Life
Non life
Financial(1)
Unallocated
holding
expenses
2,196
1,158
320
(221)
(161)
3,292
30,084
15,763
-
-
0
45,847
(36,023)
(10,949)
-
-
(1)
(46,972)
(3,279)
-
-
-
-
(3,279)
(3,555)
(4,295)
(637)
-
-
(8,487)
70
-
621
-
(101)
590
Operating income from other fin. Instruments
7,314
764
297
-
(51)
8,325
Operating income from fin. Instruments at fair
value through profit or loss
4,322
35
106
-
-
4,463
3,409
-
-
-
-
3,409
-
-
-
(221)
-
(221)
(17)
(160)
(67)
-
(9)
(253)
(341)
(173)
(26)
(496)
(11)
(1,046)
(227)
(91)
(5)
-
(2)
(324)
Non-operating income from fin. instr.at fair value
through profit or loss
-
20
-
-
-
20
Non-operating holding expenses
-
-
-
(496)
-
(496)
(114)
(102)
(21)
-
(9)
(246)
1,855
986
294
(717)
(172)
2,246
(Euro m)
Total Operating result
Net earned premiums
Net insurance benefits and claims
of which var. of provisions related to unit linked business
Acquisition and administration costs
Net fee and commission income and net income
from financial service activities
of which net income from fin.assets and liabilities where
the risk is borne by the policyholders
Operating holding expenses
Net other operating expenses
Non-operating result
Non-operating income from other fin.instr.
Net other non-operating expenses
Earnings before taxes
(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report
Assicurazioni Generali Group – 9M 2013 results
Consolidation
adjustments
Total

43. IV. BACK UP
Reclassified P&L account by segment – 9M13
43
Unallocated
holding
expenses
Consolidation
adjustments
Total
Life
Non life
Financial(1)
2,071
1,339
367
(268)
(149)
3,361
29,720
15,173
-
-
-
44,893
(35,413)
(10,369)
-
-
-
(45,782)
(2,605)
-
-
-
-
(2,605)
(3,487)
(4,069)
(628)
-
-
(8,184)
61
-
641
-
(110)
592
Operating income from other fin. Instruments
8,495
763
324
-
(36)
9,545
Operating income from fin. Instruments at fair value
through profit or loss
2,763
26
116
-
-
2,906
2,278
-
-
-
-
2,278
-
-
-
(268)
-
(268)
(67)
(185)
(86)
-
(3)
(341)
(267)
(79)
55
(597)
-
(889)
(133)
144
91
-
-
101
Non-operating income from fin. instr.at fair value
through profit or loss
-
(75)
-
-
-
(75)
Non-operating holding expenses
-
-
-
(597)
-
(597)
(134)
(148)
(36)
-
-
(318)
1,804
1,259
422
(864)
(149)
2,473
(Euro m)
Total Operating result
Net earned premiums
Net insurance benefits and claims
of which var. of provisions related to unit linked business
Acquisition and administration costs
Net fee and commission income and net income from
financial service activities
of which net income from fin.assets and liabilities where the
risk is borne by the policyholders
Operating holding expenses
Net other operating expenses
Non-operating result
Non-operating income from other fin.instr.
Net other non-operating expenses
Earnings before taxes
(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report
Assicurazioni Generali Group – 9M 2013 results

44. IV. BACK UP
Focus on 3Q13 results
(Euro m)
44
3Q13/
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
Life premiums(1)
10,543
12,009
12,815
10,415
10,271
13,309
12,282
11,259
9,687
-2.2%
P&C premiums
4,931
5,823
6,999
5,419
5,027
5,359
6,863
5,050
4,530
-1.5%
Total premiums
15,474
17,832
19,814
15,834
15,298
18,668
19,145
16,309
14,217
-2.0%
Life net inflows
1,678
(651)
760
(1,138)
1,515
2,399
2,913
2,109
1,566
+11.3%
Combined ratio %
96.7%
96.4%
95.4%
98.8%
95.7%
92.8%
93.6%
95.8%
95.9%
+0.3%
Life operating result
315
564
819
832
545
462
797
683
591
+13.2%
P&C operating result
405
357
411
344
404
505
520
389
430
+11.7%
68
63
126
85
109
88
119
153
95
-12.1%
Operating holding expenses
and cons. adj.
(96)
(155)
(126)
(148)
(109)
(128)
(108)
(176)
(133)
+21.8%
Total operating result
692
827
1,230
1,113
949
928
1,328
1,049
984
+8.5%
20
31
567
274
291
(1,043)
603
478
510
+75.2%
Financial operating result
Net result
(1) Including investment contracts
(2) On like for like basis
Assicurazioni Generali Group – 9M 2013 results
Q312(2)

45. Agenda
IV. Backup
P&L
Balance sheet
Life
Definitions
Assicurazioni Generali Group – 9M 2013 results
45

46. IV. BACK UP
Consolidated balance sheet
46
9.7
19.8
19.2
2.7
1.8
Shareholders’ Equity
22.6
21.1
50.7
50.2
13.2
12.7
336.4
340.7
Payables and other
provisions
9.9
9M13
9M13
Financial debt
Intangible assets
FY12
FY12
Operating debt
(Euro bn)
9.5
10.2
Other liabilities
9.4
15.6
441.7
450.5
(Euro bn)
Shareholders’ Equity
(Group share)
Minority interests
Investments
Cash
Other credits
Tangible assets
Other assets (1)
Total Assets
374.1
381.0
21.6
17.7
11.1
5.0
12.1
5.0
20.0
25.0
441.7
450.5
Technical reserves
Total Liabilities and
Shareholders’ Equity
(1) Including reinsurance amounts of technical reserve, deferred tax assets, deferred acquisition costs and other assets
Assicurazioni Generali Group – 9M 2013 results

47. IV. BACK UP
Assets under management
47
Total
Total
Euro 490 bn
Euro 497 bn
97.4
53.8
99.9
56.7
Third parties AUM
Unit Linked
Fixed income
instruments
81.2%
338.8
339.0
Other
3.4%
Real Estate
4.5%
Equity
5.1%
Cash & equival.
4.9%
“Own Investments”(1)
FY12
(1) For definitions refer to the related section in the backup
Assicurazioni Generali Group – 9M 2013 results
9M13

48. IV. BACK UP
Investment yields(1)
Fixed Income
48
Investment
Properties
Equities
Other
Total
9M12
9M13
9M12
9M13
9M12
9M13
9M12
9M13
9M12
9M13
Current
3.2
2.9
2.9
2.7
5.6
5.4
1.2
1.5
3.1
2.9
Total P&L
3.4
3.5
1.6
5.4
4.1
3.2
1.8
-0.1
3.2
3.3
Comprehensive
9.6
1.9
7.7
9.7
3.7
3.1
1.8
-0.1
8.6
2.1
Current
2.9
2.6
2.1
2.4
6.1
5.3
1.3
2.6
3.2
2.9
Total P&L
3.1
3.1
-1.8
3.4
3.9
4.0
1.8
1.6
2.5
2.9
Comprehensive
7.6
2.2
4.0
8.3
3.8
3.9
1.6
1.7
5.9
2.7
Current
3.1
2.9
2.7
2.7
5.7
5.4
0.9
1.1
3.0
2.8
Total P&L
3.3
3.4
1.1
5.7
3.9
3.5
1.3
0.2
3.0
3.2
Comprehensive
9.1
1.9
7.0
9.9
3.7
3.4
1.2
0.2
7.9
2.2
Return (%)
LIFE
P&C
TOTAL
(1) For definitions refer to the related section in the backup.
Assicurazioni Generali Group – 9M 2013 results

49. IV. BACK UP
IFRS Shareholders’ equity roll forward – Quarterly evolution
49
(Euro m)
+4.3%
18,433
510
213
(4)
Shareholders’
Equity 1H2013
Δ in AFS
Reserve
3Q 2013
Net Result
35
37
Δ Currency
Translation
Reserve
0
Δ Cash Flow
Hedge Reserve
Dividend paid
Change in AFS reserve (Euro m)
1,938
288
38
2,151
(113)
AFS Reserve
1H13
Impact Equity
Investments
Assicurazioni Generali Group – 9M 2013 results
Impact Bond
Investments
19,223
Other
AFS Reserve
9M13
Other
Shareholders’
Equity 9M13

50. IV. BACK UP
AFS reserve breakdown
50
FY12
1H13
9M13
1,889
1,271
1,158
1,111
764
665
778
507
493
Equity
549
534
822
Investment funds and other
152
134
171
2,591
1,938
2,151
(Euro m)
Fixed income instruments
Government
Corporate
TOTAL
Assicurazioni Generali Group – 9M 2013 results

51. IV. BACK UP
Regulatory Solvency I development in 3Q13
51
(Euro bn)
Required margin
139%
Solvency I ratio
Available margin
Main drivers of change
143%
26.0
25.1
Available margin
+ 0.2
- 0.2
 Financial markets and other elements:
+ 0.2
Required Margin
Assicurazioni Generali Group – 9M 2013 results
+ 0.6
 GDH 3% minorities buyout
1H13
 Consolidated result:
 Own shares placement:
18.1
+ 0.1
18.2
9M13

52. IV. BACK UP
Total comprehensive income(1)
52
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13
(Euro m)
681
1,850
+4,000 m
2,530
1,032
(344)
1,308
(644)
(244)
270
773
196
425
(12)
(1,326)
-1,000 m
3M10
6M10
9M10 12M10
1,308
1,064
2,096
1,452
(307)
3M11
6M11
9M11
12M11
3M12
6M12
9M12 12M12
270
466
(860)
(1,166)
2,530
2,186
4,036
(1) For definitions refer to the related section in the backup
Assicurazioni Generali Group – 9M 2013 results
4,717
3M13
6M13
9M13
425
413
1.186

53. Agenda
IV. Backup
P&L
Balance sheet
Life
Definitions
Assicurazioni Generali Group – 9M 2013 results
53

54. IV. BACK UP
Life new business: APE
54
APE
(Euro m)
Annual Premiums
Single Premiums
9M12
9M13
Like for like

9M12
9M13
Like for like

9M12
9M13
Like for like

1,106
1,235
11.6%
730
795
8.9%
3,765
4,401
16.9%
France
742
573
-22.7%
225
237
5.4%
5,171
3,365
-34.9%
Germany
621
724
15.6%
409
403
-2.4%
2,119
3,207
50.5%
CEE
108
126
-14.1%
100
120
-11.8%
78
66
-41.2%
RoE
447
440
-1.2%
298
272
-8.3%
1,494
1,685
12.9%
Austria
73
66
-9.0%
57
50
-12.4%
160
164
3.0%
Spain
79
90
13.0%
33
38
15.0%
463
517
11.6%
Switzerland
70
44
-35.9%
63
43
-30.4%
75
14
-81.4%
RoW
159
113
2.3%
131
93
1.9%
279
198
5.8%
Total
3,184
3,211
1.1%
1,893
1,919
1.5%
12,906
12,921
0.7%
Italy
9M13 amounts include the contributions from USA and MEXICO only for 1Q13. Such contributions, as well as other perimeter and FX rates changes, are neutralized in the like for like variation.
Assicurazioni Generali Group – 9M 2013 results

55. Agenda
IV. Backup
P&L
Balance sheet
Life
Definitions
Assicurazioni Generali Group – 9M 2013 results
55

56. IV. BACK UP
Definitions: P&L and balance sheet
Investments Returns
(1/3)
are calculated on quarterly average asset base at IFRS book value and are defined as follows:
Current return: interests, dividends and similar income (gross of investments related expenses)
Total P&L return: = current return + harvesting return (net realized gains, net impairments and net unrealized
gains reported in P&L) – investments related expenses
Comprehensive return:
i) for fair value investment (AFS, FVthPL) = current return + total change in fair value;
ii) for investment at amortised cost (Real estates, loans, HtM) = Total P&L return
Investment returns for Life segment include income from bonds and loans issued by Group companies and
investments in consolidated subsidiaries backing policyholders’ liabilities
Life Net Inflows
Premiums inflows in the period less benefits paid to the policyholders. It does not include revaluation of
mathematical reserves
Life Operating Result
consists of the following elements:
i)
"Technical Margin" includes loadings, risk result, surrender result; it is gross of acquisition and administration costs
ii)
"Investment Result" includes interests and dividends, interest expenses on operating debt, G/L on foreign currency
and investment expenses, net of policyholder benefits; it includes also operating realised and unrealised G/L, net of
policyholder benefits
iii)
"Expenses" include acquisition and administration costs and other net operating items (it does not consider any
loading charged to policyholders)
“Operating ratio on Investments” is calculated as Operating result on the average of Investments at book
value
Like for Like changes
The change of written premiums, net cash inflow, APE and NBV is on equivalent terms (on equivalent
exchange rates and consolidation area). The change of operating results, AUM and technical reserves is
calculated excluding Generali Banorte and Generali US Life RE from the comparative period
Operating Result
Operating result of life, P&C and financial segments, before holding expenses and consolidation adjustments
Assicurazioni Generali Group – 9M 2013 results
56

57. IV. BACK UP
Definitions: P&L and balance sheet
Own Investments
(2/3)
do not include unit/index linked investments and consist of the following asset class (*):
i) Fixed income instruments as quoted and unquoted bonds, loans including deposits under reinsurance business
accepted and term deposits with credit institutions
ii) Equity-like instruments as quoted and unquoted equities and alternative investments
iii) Real estate investments excluding own used properties
iv) Cash and cash equivalent including Repo and Reverse repo
v) Other investments as investments in non-consolidated subsidiaries, derivatives, receivables from banks or customers
(*) Investment fund units are allocated to each asset class on a look through basis
Own investments for life segment include bonds and loans issued by Group companies and investments in
consolidated subsidiaries backing policyholders’ liabilities.
P&C Operating Result
consists of the following elements:
I) "Technical Result" is net of acquisition and administration costs
ii) "Investment Result" includes interests and dividends, interest expenses on operating debt and investment expenses
iii) “Other" includes other net operating items not considered in Technical Result and in Investment Result
“Operating ratio on Investments” is calculated as Operating result on the average of Investments at book
value
Total Comprehensive
Income
Change in shareholders’ equity during the period related to income and expenses recognized in profit or loss
or directly in shareholders’ equity resulting from transactions and events other than transactions with equity
Owners.
Total Operating Result
Operating result of life, P&C and financial segments, after holding expenses and consolidation adjustments.
Operating result is a non-GAAP indicator and may differ from similar measure presented by other companies.
Management uses this non-GAAP measure as key indicator in assessing Generali’s performance and believes
that the presentation of these KPI provide useful and relevant information's to shareholders and users on
Generali’s performance. Please refer to the ‘Methodological note on alternative performance measures’
included in the Management Report for details on operating result methodology.”
Assicurazioni Generali Group – 9M 2013 results
57

58. IV. BACK UP
Definitions: P&L and balance sheet
Operating RoE
(3/3)
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.
Average Group Shareholders’ Equity at the beginning and at the end of each period of valuation, ex-cluding
gains and losses included in Other Comprehensive Income (OCI).
Other Comprehensive
Income (OCI)
Other Comprehensive Income includes net unrealized gains and losses on AFS investments, foreign currency
translation differences, net unrealized gains and losses on hedging derivatives.
Assicurazioni Generali Group – 9M 2013 results
58

59. IV. BACK UP
Definitions: Life APE and NBV
Annual Premium
Equivalent (APE)
is defined as new business annualised regular premiums plus 10% of single premiums
New Business Value
(NBV)
is the present value, at the point of sale, of the projected stream of after tax industrial profits expected to be
generated by the covered new business written in the period, taking into account the actual acquisition costs
incurred in the period of sale, after allowance for:

the cost of financial guarantees and options granted to policyholders

the frictional costs of setting up and holding the required capital

the cost of non hedgeable risks
NBV is defined as the sum of quarterly NBV, calculated with beginning of period economic and operating
assumptions
New Business Margin
(NBM)
is defined as the New Business Value divided by Annual Premium Equivalent
Assicurazioni Generali Group – 9M 2013 results
59

60. What’s next
November 27, 2013 - Investor Day
Assicurazioni Generali Group – 9M 2013 results
60

61. Investor Relations Team
61
Spencer Horgan (Tel.: +44-20-72656480)
Head of Investor Relations
Email: spencer_horgan@generali.com
Stefano Burrino (Tel.: +39-040-671202)
Email: stefano_burrino@generali.com
Emanuele Marciante (Tel.: +39-040-671347)
Email: emanuele_marciante@generali.com
Assicurazioni Generali
Veronica Cherini (Tel.: +39-040-671488)
Email: veronica_cherini@generali.com
Rodolfo Svara (Tel.: +39-040-671823)
Email: rodolfo_svara@generali.com
P.za Duca degli Abruzzi 2
34132 Trieste, Italy
Fax: +39 040 671338
e-mail: generali_ir@generali.com
Marta Porczynska (Tel.: +39-040-671402)
IR Events
Email: marta_porczynska@generali.com
Martina Vono (Tel.: +39-040-671548)
IR Events
Email: martina_vono@generali.com
Assicurazioni Generali Group – 9M 2013 results
www.generali.com

62. 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.
Assicurazioni Generali Group – 9M 2013 results
62

63. Generali Group
9M 2013 Results
November 7, 2013
March 2006